Operating segments are determined by the way information is reported and used by the Company's Chief Operating Decision Maker ("CODM") to review operating performance. The Company monitors the operating results of its operating segments independently for the purpose of making decisions about resource allocation and performance assessment.

The Company’s reporting segments include its three operating mines in Brazil, the Caraíba Operations, the Tucumã Operation, and the Xavantina Operations, and its corporate head office in Canada. Significant information relating to the Company's reportable segments is summarized in the tables below:


Year ended December 31, 2025	Caraíba (Brazil)		Tucumã (Brazil)		Xavantina (Brazil)		Corporate and Other		Consolidated

Revenue	$	358,289	$	261,447	$	166,108	$	—	$	785,844

Cost of production	(188,765)		(65,193)		(37,900)		—		(291,858)
Depreciation and depletion	(76,478)		(17,360)		(20,325)		—		(114,163)
Sales expense	(8,139)		(20,143)		(5,842)		—		(34,124)
Other expense	(1,070)		—		—		—		(1,070)
Cost of sales	(274,452)		(102,696)		(64,067)		—		(441,215)

Gross profit	83,837		158,751		102,041		—		344,629

Expenses
General and administrative	(20,198)		(10,202)		(6,736)		(12,315)		(49,451)
Share-based compensation	—		—		—		(24,580)		(24,580)

Operating income (loss)	$	63,639	$	148,549	$	95,305	$	(36,895)	$	270,598










Capital expenditures(1)	176,577		47,119		28,038		21,308		273,042

Assets
Current	$	82,230	$	91,466	$	90,087	$	12,429	276,212
Non-current	1,015,424		476,957		119,617		35,668		1,647,666
Total Assets	$	1,097,654	$	568,423	$	209,704	$	48,097	$	1,923,878
Total Liabilities	$	152,880	$	37,099	$	176,287	$	619,750	$	986,016

(1) Capital expenditures include additions to mineral properties, plant and equipment and additions to exploration and evaluation asset, net of non-cash additions such as change in estimates to mine closure costs, capitalized depreciation expense, capitalized borrowing costs, and additions of right-of-use assets.

During the year ended December 31, 2025, the Company had seven significant customers (December 31, 2024 - six), including four copper customers (December 31, 2024 - four) and three gold customers (December 31, 2024 - two).


Year ended December 31, 2024	Caraíba (Brazil)		Tucumã (Brazil)		Xavantina (Brazil)		Corporate and Other		Consolidated

Revenue	$	311,777	$	31,179	$	127,303	$	—	$	470,259

Cost of production	(158,006)		(4,805)		(30,055)		—		(192,866)
Depreciation and depletion	(65,194)		(149)		(20,390)		—		(85,733)
Sales expense	(7,443)		(1,695)		(1,969)		—		(11,107)

Cost of sales	(230,643)		(6,649)		(52,414)		—		(289,706)

Gross profit	81,134		24,530		74,889		—		180,553

Expenses
General and administrative	(26,044)		(2,172)		(6,545)		(14,837)		(49,598)
Share-based compensation	—		—		—		(9,983)		(9,983)
Write-down of exploration and evaluation asset	(1,299)		—		—		(10,752)		(12,051)
Operating income (loss)	$	53,791	$	22,358	$	68,344	$	(35,572)	$	108,921









Capital expenditures(1)	165,681		126,782		24,625		7,847		324,935

Assets
Current	$	65,116	$	16,600	$	12,691	$	47,383	141,790
Non-current	818,324		400,889		85,013		12,012		1,316,238
Total Assets	$	883,440	$	417,489	$	97,704	$	59,395	$	1,458,028
Total Liabilities	$	166,730	$	40,174	$	85,448	$	574,602	866,954