v3.26.1
DERIVATIVE FINANCIAL INSTRUMENTS
 12 Months Ended
Dec. 31, 2025
Derivative Financial Instruments [Abstract]  
DERIVATIVE FINANCIAL INSTRUMENTS DERIVATIVE FINANCIAL INSTRUMENTS
(a)Derivative assets
The following is a summary of the Company’s derivative assets at December 31, 2025 and 2024:
NoteDecember 31,
2025		December 31,
2024
Foreign exchange contracts$9,176 $— 
Other113 81 
$9,289 $81 
Classified and presented as:
Current(1)
$8,573 $— 
Non-current(2)
716 81 
$9,289 $81 
(1)    Included in other current assets.
(2)     Included in other non-current assets.
Foreign exchange contracts
In accordance with its foreign currency exchange risk management program, the Company has entered into foreign exchange contracts to manage its exposure to currency risk on expenditures in CAD, Brazilian Réal (“BRL”), and Mexican Pesos (“MXN”). At December 31, 2025, the Company had in place USD:CAD, USD:BRL, and USD:MXN put and call options with the following notional amounts, weighted average rates and maturity dates:
USD notional amountCall options’ weighted average strike pricePut options’ weighted average strike price
CurrencyWithin 1 year1-2 years
CAD$289,000 $55,000 1.35 1.41 
BRL159,000 4,000 5.80 6.35 
MXN5,000 — 19.29 22.80 
15.    DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)
(a)Derivative assets (continued)
Foreign exchange contracts (continued)
The following table summarizes the changes in the carrying amount of the foreign exchange contracts during the years ended December 31, 2025 and 2024:
20252024
Net (liability) asset – beginning of year$(54,280)$18,072 
Settlements(6,592)(9,625)
Change in fair value70,030 (62,727)
Net asset (liability) – end of year$9,158 $(54,280)
The fair value of the foreign exchange contracts at December 31, 2025 and 2024 is presented as follows:
December 31,
2025		December 31,
2024
Net asset (liability) presented as:
Current derivative assets$8,573 $— 
Non-current derivative assets603 — 
Current derivative liabilities(1)(47,792)
Non-current derivative liabilities(17)(6,488)
$9,158 $(54,280)
The outstanding USD:BRL foreign exchange contracts were fully settled on January 23, 2026, prior to their contractual maturity.
(b)Derivative liabilities
The following is a summary of the Company’s derivative liabilities at December 31, 2025 and 2024:
NoteDecember 31,
2025		December 31,
2024
Foreign exchange contracts15(a)$18 $54,280 
Gold contracts15(b)(i)58,472 20,501 
Greenstone Contingent Consideration15(b)(ii)94,328 86,223 
2025 Convertible Notes conversion option15(b)(iii)40,816 — 
Equinox Gold warrant liability15(b)(iv)37,247 — 
Other— 1,931 
$230,881 $162,935 
Classified and presented as:
Current$184,171 $116,563 
Non-current46,710 46,372 
$230,881 $162,935 
(i)Gold contracts
The Company did not enter into any gold contracts during the year ended December 31, 2025.
During the year ended December 31, 2024, the Company entered into gold collar contracts with a weighted average put and call strike price of $2,139 and $2,806, respectively, per ounce for a total of 367,996 notional ounces over the period from February 2024 to June 2026. At December 31, 2025, the Company had 19,998 total notional ounces remaining under its outstanding gold collar contracts with a weighted average put and call strike price of $2,100 and $3,487, respectively.
15.    DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)
(b)Derivative liabilities (continued)
(i)Gold contracts (continued)
In March 2023 and June 2023, the Company entered into financial swap agreements for gold bullion in connection with certain of the Gold Prepay Transactions (note 14(b)), whereby the Company would receive $2,170 and $2,109 per ounce in exchange for paying the spot price for 1,290 and 264 ounces per month, respectively, from October 2024 to July 2026. On October 29, 2024, the swap agreements were amended to change the effective date of the swap period to March 2025 through September 2026 and increase the total notional ounces over the swap period by 736 ounces to 34,919 ounces. Under the amended swap agreements, the Company receives a weighted average of $2,204 per ounce in exchange for paying the spot price.
The following table summarizes the changes in the carrying amount of the gold contracts during the years ended December 31, 2025 and 2024:
20252024
Liability – beginning of year$20,501 $4,009 
Settlements(50,628)(23,482)
Change in fair value88,599 39,974 
Liability – end of year$58,472 $20,501 
The fair value of the gold contracts at December 31, 2025 and 2024 is presented as follows:
December 31,
2025		December 31,
2024
Current derivative liabilities$58,472 $9,871 
Non-current derivative liabilities— 10,630 
$58,472 $20,501 
(ii)Greenstone Contingent Consideration
As part of the consideration for the Company’s acquisition of a 10% interest in Greenstone in April 2021, the Company assumed a contingent payment obligation to deliver 2,200 ounces of refined gold, the cash equivalent value of such refined gold, or a combination thereof, upon reaching each production milestone of 250,000 ounces, 500,000 ounces and 700,000 ounces at Greenstone. On May 13, 2024, as part of the Greenstone Acquisition (note 5(c)), the Company assumed an obligation to deliver an additional 8,911 ounces for a total of 11,111 ounces deliverable upon reaching each of the above production milestones.
On October 2, 2025, the Company paid to the counterparty $41.0 million in cash, representing the cash equivalent value of 11,111 ounces of refined gold, upon reaching the production milestone of 250,000 ounces.
The following table summarizes the changes in the carrying amount of the Greenstone Contingent Consideration during the years ended December 31, 2025 and 2024:
Note20252024
Balance – beginning of year$86,223 $11,279 
Assumed on Greenstone Acquisition5(c)— 51,698 
Settlement(41,044)— 
Change in fair value49,149 23,246 
Balance – end of year$94,328 $86,223 
15.    DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)
(b)Derivative liabilities (continued)
(ii)Greenstone Contingent Consideration (continued)
The fair value of the Greenstone Contingent Consideration at December 31, 2025 and 2024 is presented as follows:
December 31,
2025		December 31,
2024
Current derivative liabilities$47,635 $57,839 
Non-current derivative liabilities46,693 28,384 
$94,328 $86,223 
(iii)2025 Convertible Notes conversion option
The following table summarizes the changes in the carrying amount of the 2025 Convertible Notes conversion option (note 13(d)) during the years ended December 31, 2025 and 2024:
Note20252024
Balance – beginning of year$— $— 
Assumed on Calibre Acquisition5(a), 13(d)11,419 — 
Change in fair value29,397 — 
Balance – end of year$40,816 $— 
(iv)Equinox Gold warrant liability
On closing of the Calibre Acquisition, the outstanding warrants previously issued by Calibre which became exercisable for Equinox Gold common shares (note 5(a)) (“Equinox Gold Warrants”), were recognized as derivative liabilities. The following table summarizes the changes in the Equinox Gold Warrants outstanding during the years ended December 31, 2025 and 2024:
NoteNumber of warrantsWeighted
average exercise
price (C$)
Outstanding – December 31, 2023 and 2024
— $— 
Assumed on Calibre Acquisition5(a)4,856,455 9.93 
Exercised(585,395)6.26 
Outstanding and exercisable – December 31, 2025
4,271,060 $10.43 
The following table summarizes the changes in the carrying amount of the Equinox Gold Warrants during the years ended December 31, 2025 and 2024:
Note20252024
Balance – beginning of year$— $— 
Assumed on Calibre Acquisition5(a)10,578 — 
Exercised(4,709)— 
Change in fair value31,378 — 
Balance – end of year$37,247 $—