v3.25.4
Capital disclosures (Tables)
 12 Months Ended
Dec. 31, 2025
Disclosure of Objectives, Policies and Processes for Managing Capital1 [Abstract]  
Disclosure of key measurements used to monitor our capital position
Two key measurements used to monitor our capital position are total debt to total capital and net debt to total capital, calculated as follows:
December 31,December 31,
As at20252024
Debt
Operating loans$— $— 
Current and non-current lease obligation3329
Current and non-current debt300200
Derivative liabilities1
——
Open letters of credit1
3836
Total debt371265
Shareholders’ equity5,8496,954
Total capital$6,220$7,219
Total debt to capital6%4%
Total debt$371$265
Cash and cash equivalents(202)(641)
Open letters of credit
(38)(36)
Derivative liabilities
——
Cheques issued in excess of funds on deposit——
Net debt131(412)
Shareholders’ equity5,8496,954
Total capital$5,980$6,542
Net debt to capital2%(6%)
1.Letters of credit facilities and the fair value of derivative liabilities are part of our bank covenants’ total debt calculation.