v3.25.4
Consolidated Statements of Cash Flows - CAD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Operating activities    
Net income $ 47,504 $ 121,411
Items not affecting cash:    
Income tax expense (recovery) 7,819 (84,879)
Unrealized gain on risk management contracts (11,264) (169)
Depletion and depreciation 84,250 80,725
Stock-based compensation 2,923 6,344
Financing expense 36,557 14,554
Foreign exchange (gain) loss (10,539) 26,529
Gain on revaluation of warrants (14,176) (326)
Other income (294)
Decommissioning costs (1,133)
Change in non-cash working capital (5,186) (19,642)
Cash provided by operating activities 136,461 144,547
Financing activities    
Repayment of long-term debt (329,315) (84,278)
Debt redemption premium (19,738) (4,214)
Proceeds on issuance of common shares 298,653
Share issuance costs (3,482)
Payment of lease liabilities (4,299) (6,934)
Cash used in financing activities (58,181) (95,426)
Investing activities    
Property, plant and equipment expenditures (111,766) (87,404)
Acquisitions (4,390)
Change in non-cash working capital (accrued additions to PP&E) 11,543 (2,611)
Cash used in investing activities (100,223) (94,405)
Exchange rate impact on cash and cash equivalents held in foreign currency (3,502) 3,178
Change in cash and cash equivalents (25,445) (42,106)
Cash and cash equivalents, beginning of year 67,419 109,525
Cash and cash equivalents, end of year $ 41,974 $ 67,419