v3.26.1
Consolidated Statements of Cash Flows
$ in Thousands, $ in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2025
CAD ($)
Dec. 31, 2024
CAD ($)
Operating activities    
Net loss $ (159,474) $ (57,253)
Adjustments for:    
Share-based compensation 3,996 3,414
Depreciation 6,280 7,813
Finance costs 4,315 4,058
Share of (loss) income of associates (108) 868
Change in fair value of financial assets and liabilities at fair value through profit and loss (1,090) (366)
Change in fair value of warrant liability 88,438 (19,497)
Unrealized foreign exchange (gain) loss (10,786) 11,124
Deferred income tax (recovery) expense (543) 648
Impairment of assets 28,108 5,741
Cumulative catch-up adjustment on contract liability (710) (78)
Proceeds from contract liability (212) (56)
Environmental rehabilitation obligations 18,621  
Other 3,281 3,253
Environmental rehabilitation obligations paid (667) (2,005)
Net cash flows used in operating activities before changes in non-cash working capital items (20,551) (42,336)
Changes in non-cash working capital items (7,321) (900)
Net cash flows used in continuing operating activities (27,872) (43,236)
Net cash flows provided in discontinued operating activities 2,873 (9,069)
Net cash flows used in operating activities (24,999) (52,305)
Investing activities    
Additions to mining interests and property, plant and equipment (95,874) (36,302)
Additions to exploration and evaluation assets (7,306) (9,380)
Proceeds on disposals of property, plant and equipment and assets classified as held for sale 532 4,987
Proceeds on disposals of investments 3,070 3,075
Acquisition of investments in associates (2,000) (448)
Acquisition of other investments (1,200)  
Reclamation deposit   585
Other   534
Net cash flows used in continuing investing activities (102,778) (36,949)
Net cash flows used in discontinued investing activities (11) 1,714
Net cash flows used in investing activities (102,789) (35,235)
Financing activities    
Proceeds from equity financings 362,852 126,851
Other issuance of common shares 98 108
Share and warrant issue expense and financing fees (21,574) (4,239)
Proceeds from exercise of warrants and options 3,570  
Long-term debt and financing of equipment draw down 141,696 66,788
Repayment of long-term debt and leases (38,709) (43,851)
Withholding taxes on settlement of restricted units (1,071) (177)
Net cash flows provided by continuing financing activities 446,862 145,480
Net cash flows used in discontinued financing activities (18) (10)
Net cash flows provided by financing activities 446,844 145,470
Increase in cash and cash equivalents before impact of exchange rate 319,056 57,930
Effects of exchange rate changes on cash and cash equivalents (3,344) 5,268
Increase in cash and cash equivalents 315,712 63,198
Cash balance related to asset held for sale 82  
Cash and cash equivalents - Beginning of period 106,653 43,455
Cash and cash equivalents - End of period $ 422,283 $ 106,653