v3.26.1
Share Capital (Tables)
 12 Months Ended
Dec. 31, 2025
Disclosure of share capital, reserves and other equity interest [Abstract]  
Schedule of Common Stock Outstanding Roll Forward
Number of SharesAmount
Outstanding at December 31, 2023396,956,984 $3,738.6 
Shares issued through:
Argonaut acquisition (Note 6)
20,423,051 360.1 
Share-based compensation plans1,006,149 8.6 
Orford acquisition (Note 10)
908,689 13.3 
Flow-through share financing (ii)451,990 6.5 
DRIP (iii)
349,088 5.8 
ESPP (iv)
401,537 6.3 
Exercise of Manitou and Orford warrants and stock options88,308 1.4 
Cancellation of unexchanged shares(220,745)(2.1)
Outstanding at December 31, 2024420,365,051 $4,138.5 
Shares issued through:
Share-based compensation plans411,984 4.5 
DRIP (iii)
90,767 2.6 
ESPP (iv)
252,730 6.6 
Exercise of Orford replacement stock options67,141 1.5
Shares repurchased and cancelled (i)
(1,326,929)(13.1)
Outstanding at December 31, 2025419,860,744 $4,140.6 
Disclosure of number and weighted average exercise prices of share options
The following is a continuity of the changes in the number of stock options outstanding:
NumberWeighted average exercise price (CAD$)
Outstanding at December 31, 20232,766,377 $9.32 
Granted471,177 16.07 
Exercised(1,006,149)7.94 
Outstanding at December 31, 20242,231,405 $11.37 
Granted275,485 33.59 
Exercised(411,984)10.75 
Forfeited(55,072)14.27 
Outstanding at December 31, 20252,039,834 $14.43 
Weighted average fair value assumptions used in the Black-Scholes valuation for stock options The following table presents the weighted average fair value assumptions used in the Black-Scholes valuation:
For options granted in the year ended:December 31, 2025December 31, 2024
Weighted average share price at grant date (CAD$)$33.59 $16.07 
Average risk-free rate2.46 %3.77 %
Average expected dividend yield0.43 %0.78 %
Expected stock price volatility (based on historical volatility)37 %40 %
Expected life of option (months)4242
Weighted average per share fair value of stock options granted (CAD$)$9.50$5.08
Disclosure of number and weighted average remaining contractual life of outstanding share options
Stock options outstanding and exercisable as at December 31, 2025:
OutstandingExercisable
Range of exercise prices (CAD$)Number of optionsWeighted average exercise price (CAD$)Weighted average remaining contractual life (years)Number of optionsWeighted average exercise price (CAD$)
$6.58 - $7.0010,167 6.58 0.2010,167 6.58 
$7.01 - $8.00283,745 7.63 1.02283,745 7.63 
$8.01 - $11.00772,618 9.46 2.57772,618 9.46 
$11.01 - $15.00292,522 14.05 4.18160,052 14.05 
$15.01 - $23.83405,297 16.09 5.17106,961 16.15 
$23.84 - $36.72275,485 33.59 6.18— — 
2,039,834 $14.43 4.091,333,543 $10.14 
Stock options outstanding and exercisable by range of exercise prices
Stock options outstanding and exercisable as at December 31, 2025:
OutstandingExercisable
Range of exercise prices (CAD$)Number of optionsWeighted average exercise price (CAD$)Weighted average remaining contractual life (years)Number of optionsWeighted average exercise price (CAD$)
$6.58 - $7.0010,167 6.58 0.2010,167 6.58 
$7.01 - $8.00283,745 7.63 1.02283,745 7.63 
$8.01 - $11.00772,618 9.46 2.57772,618 9.46 
$11.01 - $15.00292,522 14.05 4.18160,052 14.05 
$15.01 - $23.83405,297 16.09 5.17106,961 16.15 
$23.84 - $36.72275,485 33.59 6.18— — 
2,039,834 $14.43 4.091,333,543 $10.14 
Continuity of the changes in the number of other long-term incentive plans (LTIP) outstanding
The following is a continuity of the changes in the number of other long-term incentive plans ("LTI") outstanding for the years ended December 31, 2025 and 2024:
Restricted share units ("RSU")Deferred share units ("DSU")Performance share units ("PSU")
Outstanding units, December 31, 20231,911,738 1,013,234 1,159,288 
Granted719,978 93,546 348,474 
Forfeited(195,159)— (63,254)
Settled(524,965)— (412,713)
Outstanding units, December 31, 20241,911,592 1,106,780 1,031,795 
Granted397,329 56,947 194,945 
Forfeited/expired(151,915)— — 
Settled(641,670)(436,264)(399,966)
Outstanding units, December 31, 20251,515,336 727,463 826,774 
Schedule of Earnings (loss) per share
For the years ended
December 31, 2025December 31, 2024
Net earnings$885.8 $284.3 
Weighted average number of common shares outstanding (in thousands)420,444 408,165 
Basic earnings per share$2.11 $0.70 
Dilutive effect of potential common share equivalents (in thousands)2,218 2,381 
Diluted weighted average number of common shares outstanding (in thousands)422,662 410,546 
Diluted earnings per share$2.10 $0.69 
Share units excluded from calculation of diluted earnings per share for the years ended:
(in thousands)December 31, 2025December 31, 2024
Stock options— 5 
Schedule of share-based compensation expense
The impact of mark-to-market adjustments on the share-based compensation expense recognized in the Consolidated Statements of Comprehensive Income arising from the change in the Company's share price for the year ended December 31, 2025 and 2024 was as follows:

For the years ended
December 31, 2025December 31, 2024
Increase in share-based compensation expense due to mark-to-market adjustments (1)
$41.8 $16.2 
(1) Of the total increase in share-based compensation expense due to mark-to market adjustments, $10.1 million was included in cost of sales for the year ended December 31, 2025 (2024 - $nil).