| Mineral, Property, Plant and Equipment |
Mineral Properties, Plant and Equipment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Buildings | | Mining Equipment | | Mineral Properties(1) | | Projects in Progress(2) | | Equipment & Other Assets | | Deposit on Projects | | Mine Closure Costs | | Right-of-Use Assets | | Total | Cost: | | | | | | | | | | | | | | | | | | Balance, December 31, 2023 | $ | 37,246 | | | $ | 285,489 | | | $ | 697,808 | | | $ | 419,657 | | | $ | 26,613 | | | $ | 49,542 | | | $ | 18,509 | | | $ | 49,329 | | | $ | 1,584,193 | | Additions(2) | 3,888 | | | 53,331 | | | 82,063 | | | 145,333 | | | 3,986 | | | 25,991 | | | — | | | 18,012 | | | 332,604 | | Capitalized borrowing costs | — | | | — | | | — | | | 36,467 | | | — | | | — | | | — | | | — | | | 36,467 | | Change in estimates | — | | | — | | | — | | | — | | | — | | | — | | | 7,890 | | | — | | | 7,890 | | Disposals | — | | | (3,160) | | | (940) | | | (5) | | | (253) | | | — | | | — | | | (4,450) | | | (8,808) | | Transfers (Note 8) | 4,705 | | | 32,316 | | | 30,585 | | | (2,158) | | | 2,929 | | | (55,906) | | | — | | | (789) | | | 11,682 | | Foreign exchange | (9,246) | | | (73,032) | | | (165,758) | | | (98,237) | | | (6,303) | | | (6,927) | | | (5,063) | | | (12,107) | | | (376,673) | | Balance, December 31, 2024 | 36,593 | | | 294,944 | | | 643,758 | | | 501,057 | | | 26,972 | | | 12,700 | | | 21,336 | | | 49,995 | | | 1,587,355 | | Additions | 1,794 | | | 27,939 | | | 101,503 | | | 104,520 | | | 4,513 | | | 12,318 | | | — | | | 25,007 | | | 277,594 | | Capitalized borrowing costs | — | | | — | | | — | | | 31,773 | | | — | | | — | | | — | | | — | | | 31,773 | | Change in estimates | — | | | — | | | — | | | — | | | — | | | — | | | (4,859) | | | — | | | (4,859) | | Disposals | — | | | (401) | | | — | | | — | | | (16) | | | — | | | — | | | (4,871) | | | (5,288) | | Transfers | 50,050 | | | 133,601 | | | 182,516 | | | (343,387) | | | 254 | | | (23,034) | | | — | | | — | | | — | | Foreign exchange | 5,945 | | | 40,893 | | | 84,505 | | | 44,742 | | | 3,233 | | | 789 | | | 2,594 | | | 6,374 | | | 189,075 | | Balance, December 31, 2025 | $ | 94,382 | | | $ | 496,976 | | | $ | 1,012,282 | | | $ | 338,705 | | | $ | 34,956 | | | $ | 2,773 | | | $ | 19,071 | | | $ | 76,505 | | | $ | 2,075,650 | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Buildings | | Mining Equipment | | Mineral Properties(1) | | Projects in Progress(2) | | Equipment & Other Assets | | Deposit on Projects | | Mine Closure Costs | | Right-of-Use Assets | | Total | Accumulated depreciation: | | | | | | | | | | | | | | | | | | Balance, December 31, 2023 | $ | (6,984) | | | $ | (68,917) | | | $ | (209,939) | | | $ | — | | | $ | (9,368) | | | $ | — | | | $ | (6,316) | | | $ | (30,671) | | | $ | (332,195) | | Depreciation expense | (2,022) | | | (25,707) | | | (41,025) | | | — | | | (2,001) | | | — | | | (732) | | | (14,069) | | | $ | (85,556) | | Disposals | — | | | 2,950 | | | — | | | — | | | 62 | | | — | | | — | | | 3,537 | | | $ | 6,549 | | Foreign exchange | 1,787 | | | 17,999 | | | 51,053 | | | — | | | 2,097 | | | — | | | 1,474 | | | 7,931 | | | $ | 82,341 | | Balance, December 31, 2024 | (7,219) | | | (73,675) | | | (199,911) | | | — | | | (9,210) | | | — | | | (5,574) | | | (33,272) | | | (328,861) | | Depreciation expense | (4,985) | | | (39,057) | | | (68,891) | | | — | | | (2,317) | | | — | | | (1,180) | | | (18,167) | | | (134,597) | | Disposals | — | | | 325 | | | — | | | — | | | — | | | — | | | — | | | 3,057 | | | 3,382 | | Foreign exchange | (908) | | | (9,503) | | | (25,062) | | | — | | | (1,052) | | | — | | | (707) | | | (4,288) | | | (41,520) | | Balance, December 31, 2025 | $ | (13,112) | | | $ | (121,910) | | | $ | (293,864) | | | $ | — | | | $ | (12,579) | | | $ | — | | | $ | (7,461) | | | $ | (52,670) | | | $ | (501,596) | | | | | | | | | | | | | | | | | | | | Net book value, December 31, 2024 | $ | 29,374 | | | $ | 221,269 | | | $ | 443,847 | | | $ | 501,057 | | | $ | 17,762 | | | $ | 12,700 | | | $ | 15,762 | | | $ | 16,723 | | | $ | 1,258,494 | | Net book value, December 31, 2025 | $ | 81,270 | | | $ | 375,066 | | | $ | 718,418 | | | $ | 338,705 | | | $ | 22,377 | | | $ | 2,773 | | | $ | 11,610 | | | $ | 23,835 | | | $ | 1,574,054 | |
(1) Mineral properties include $64.7 million (2024 - $57.9 million) of costs on expansion of near-mine resource potential which are not currently being depreciated. (2) Additions to projects in progress was net of $10.1 million in value added taxes that were transferred to other receivables during the year ended December 31, 2024 as a result of the completion of a recoverability assessment.
On July 1, 2025, the Company announced that Tucumã Operation achieved commercial production which is the point at which the mine is capable of operating in the manner intended by the Company's management. Upon commercial production, $388.1 million of Projects in Progress was allocated to specific mineral properties, plant and equipment categories.
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