Income Taxes

12 Months Ended

Dec. 31, 2024

Major components of tax expense (income) [abstract]

Note 11 - Income Taxes

Deferred Income Tax Liability

The tax effects of temporary differences between amounts recorded in the Company's accounts and the corresponding amounts as computed for income tax purposes gives rise to deferred tax liabilities as follows:


	As at December 31,
	2024		2023
Royalty interest	$	(7,709)	$	(14,162)
Tax loss carryforwards	5,675		12,504
Other	449		843
Total Liability	$	(1,585)	$	(815)

As at December 31, 2024 and 2023, no deferred tax assets were recognized on the following temporary differences as it was not probable that sufficient future taxable profit will be available to realize such assets:


	As at December 31,
	2024		2023		Expiry Date Range
Non-capital loss carryforwards	$	11,361	$	9,729	2026-2044
Capital loss carryforwards	11,135		2,295		No expiry
Exploration and evaluation assets	11,925		11,733		No expiry
Other	36,092		24,070		No expiry

Income Tax Expense


	For the year ended December 31,
	2024		2023
Current tax expense	$	2,960	$	1,522
Deferred tax expense (recovery)	770		(282)
Total	$	3,730	$	1,240

Note 11 - Income Taxes (continued)

The provision for income taxes differs from the amount calculated using Canadian federal and provincial statutory income tax rates is as follows:


	For the year ended December 31,
	2024		2023
Net loss before taxes	$	442	$	(3,393)
Statutory tax rate (%)	27		27
Expected income tax (recovery)	$	119	$	(916)
Impact of inflationary adjustments	(1,836)		(5,393)
Non-deductible other losses	574		-
Non-deductible expenses arising from thin-capitalization	-		4,181
Differences in foreign statutory tax rates	(99)		975
Permanent differences	682		895
Change in unrecognized deductible temporary differences and other	4,001		1,289
Withholding taxes	236		244
Foreign exchange	53		(35)
Total	$	3,730	$	1,240

On December 31, 2023, legislative changes became effective in Türkiye for hyperinflation tax accounting for the year ended December 31, 2023. The changes did not have a material impact on the Company's current and deferred tax balances.

The Company operates in multiple jurisdictions with complex tax laws and regulations which are evolving over time. The Company has taken certain tax positions in its tax filings and these filings are subject to audit and potential reassessment after the lapse of considerable time. Accordingly, the actual income tax may differ significantly from that estimated and recorded by management.