v3.25.4
Condensed interim consolidated statements of cash flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Operating activities    
Net loss for the period $ (49,729) $ (36,319)
Adjustments for the following items:    
Depletion and amortization 15,710 18,618
Income tax expense 795 469
Accretion on decommissioning provision 471 469
Share-based payments 9,007 634
Non-cash expenses from common shares issued 0 577
Provision on other long-term liabilities 6 46
Interest and financing expense 564 4,197
Net charges on post-employment benefit obligations (537) (504)
Inventory write-downs 3,379 871
Gain on disposal of assets (967) 0
Loss on metals contract liabilities 26,889 10,044
Other loss (gain) on derivatives (3,625) 566
Fair value loss on royalty payable 300 729
Changes in non-cash working capital items:    
Trade and other receivables (3,466) 2,036
Inventories (2,900) (1,034)
Prepaid expenses (986) (472)
Trade and other payables (7,460) 1,473
Net cash generated from (used in) operating activities (12,549) 2,400
Investing activities    
Expenditures on property, plant and equipment (28,762) (13,575)
Proceeds from disposal of assets 998 0
Net cash used in investing activities (27,764) (13,575)
Financing activities    
Pre-payment facility 550 (750)
Credit facility (600) 10,000
Lease payments (811) (487)
Equity offering, net 0 5,026
Non-brokered private placements, net 18,455 441
Term loan facility, net 49,763 0
Metals contract liability, net (12,691) (113)
Royalty agreement, net 0 (628)
Derivative instruments 58 0
Proceeds from exercise of options and warrants 6,744 0
Contribution from non-controlling interests 0 1,995
Net cash generated from financing activities 61,468 15,484
Effect of foreign exchange rate changes on cash (2,057) 845
Increase in cash and cash equivalents 19,098 5,154
Cash and cash equivalents, beginning of period 20,002 2,061
Cash and cash equivalents, end of period 39,100 7,215
Interest paid during the period $ 1,425 $ 2,214