v3.26.1
Consolidated statements of cash flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Operating activities    
Net loss for the period $ (87,446) $ (49,004)
Depletion and amortization 21,234 24,091
Income tax expense 4,623 679
Accretion on decommissioning provision 627 616
Share-based payments 12,063 1,454
Non-cash expenses from common shares issued 0 769
Provision on other long-term liabilities (37) (4)
Interest and financing expense 1,000 3,886
Net charges on post-employment benefit obligations (720) (946)
Inventory write-downs 3,670 1,299
Impairment to property, plant and equipment 10,400 0
Gain on disposal of assets (967) (18)
Loss on metals contract liabilities 46,347 10,183
Other loss (gain) on derivatives (6,316) 164
Fair value loss on royalty payable 351 875
Cash flows from (used in) operations before changes in working capital 4,829 (5,956)
Changes in non-cash working capital items:    
Trade and other receivables (1,648) 2,382
Inventories (3,459) (3,346)
Prepaid expenses 334 (35)
Trade and other payables (4,001) 3,887
Net cash generated from (used in) operating activities (3,945) (3,068)
Investing activities    
Expenditures on property, plant and equipment (69,240) (18,850)
Proceeds from disposal of assets 998 0
Net cash used in investing activities (68,242) (18,850)
Financing activities    
Glencore pre-payment facility 0  
Net movements in pre-payment facility (2,000) (250)
Net movements in credit facility (2,400) 9,372
Lease payments (1,250) (679)
Repayment of promissory notes 0 (4,275)
Equity offering, net 0 5,026
Non-brokered private placements, net 20,335 9,243
Private placement of subscription receipts, net 0 33,431
Bought deal private placement, net 126,899 0
Acquisition of non-controlling interests 0 (9,989)
Term loan facility, net 49,763 0
Metals contract liability (18,233) (8,079)
Royalty agreement (360) (2,061)
Derivative instruments 1,001 0
Proceeds from exercise of options and warrants 9,141 620
Contribution from non-controlling interests 0 2,762
Net cash generated from financing activities 182,896 35,121
Effect of foreign exchange rate changes on cash (928) 4,738
Increase in cash and cash equivalents 109,781 17,941
Cash and cash equivalents, beginning of year 20,002 2,061
Cash and cash equivalents, end of year 129,783 20,002
Interest paid during the year $ 4,630 $ 3,240