v3.26.1
SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2025
Disclosure of operating segments [abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
Operating results of operating segments are regularly reviewed by the Company’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and to assess performance. The Company’s operating segments are managed and assessed separately, with each segment comprising a single mine or mines that are exposed to similar operating, financial and regulatory risks.
The following tables present significant information about the Company’s reportable operating segments as reported to the Company’s CODM:
Year ended December 31, 2025
RevenueOperating
expense		Depreciation
and depletion		Exploration and evaluation
expense		Other operating
expenses		Income
(loss) from
operations
Continuing operations
Greenstone$777,594 $(308,475)$(171,975)$— $— $297,144 
Valentine(1)(2)
80,530 (55,476)(7,368)(2,393)— 15,293 
Mesquite286,894 (120,959)(49,045)2,435 — 119,325 
Nicaragua(1)
491,593 (201,509)(93,100)(8,306)— 188,678 
Castle Mountain(3)
29,635 (5,349)1,469 (507)(7,691)17,557 
Los Filos(4)
109,448 (122,305)(12,937)(912)(87,300)(114,006)
Pan(1)
41,501 (20,516)(6,738)— — 14,247 
Corporate— — — (1,201)(104,698)(105,899)
1,817,195 (834,589)(339,694)(10,884)(199,689)432,339 
Discontinued operations
Brazil Operations(5)
891,941 (432,636)(160,776)(8,615)(686)289,228 
$2,709,136 $(1,267,225)$(500,470)$(19,499)$(200,375)$721,567 
(1)The above segment information includes the results of Valentine and Nicaragua from the date of acquisition (note 5(a)), and the results of Pan from the date of acquisition (note 5(a)) to October 1, 2025, the date of disposition (note 5(b)). The Nicaragua reportable segment consists of La Libertad and El Limon.
(2)The results of Valentine reflect the achievement of commercial production in November 2025 (note 10(b)).
(3)In August 2024, the Company suspended mining at Castle Mountain for the duration of the permitting period for the mine’s phase 2 project and residual heap leach processing commenced. Residual leaching and gold production continued through 2025. Other operating expenses at Castle Mountain for the year ended December 31, 2025 relate to care and maintenance costs, of which $4.1 million relates to salaries and employee benefits.
(4)On April 1, 2025, the Company announced that operations at Los Filos had been indefinitely suspended following the expiry of its land access agreement with one of the communities where Los Filos is located. Other operating expenses at Los Filos for the year ended December 31, 2025 relate to care and maintenance costs incurred in connection with the winding down and shut down of operating activities, of which $29.8 million relates to salaries, employee benefits and severance costs, and $16.2 million relates to depreciation and depletion, respectively.
(5)The segment information for the current period reflects the presentation of the Brazil Operations as discontinued operations (note 9).
28.    SEGMENT INFORMATION (CONTINUED)
Year ended December 31, 2024
RevenueOperating
expense		Depreciation
and depletion		Exploration and evaluation
expense		Other operating
expenses		Income
(loss) from
operations
Continuing operations
Greenstone(1)
$278,369 $(116,843)$(19,309)$(139)$— $142,078 
Mesquite173,223 (103,663)(28,943)— — 40,617 
Castle Mountain(2)
49,004 (49,512)(6,171)(433)(580)(7,692)
Los Filos412,244 (326,903)(55,373)(463)— 29,505 
Corporate— — — (596)(52,208)(52,804)
912,840 (596,921)(109,796)(1,631)(52,788)151,704 
Discontinued operations
Brazil Operations(3)
601,280 (392,665)(110,691)(10,862)(802)86,260 
$1,514,120 $(989,586)$(220,487)$(12,493)$(53,590)$237,964 
(1)    The results of Greenstone reflect the achievement of commercial production in November, 2024 (note 10(b)).
(2)    The results of Castle Mountain for the year ended December 31, 2024 reflect the suspension of mining in August 2024 and residual heap leach processing for the remainder of the year.
(3)    The segment information for the year ended December 31, 2024 has been restated to conform with the current period presentation of the Brazil Operations as discontinued operations (note 9).
Total assetsTotal liabilities
At December 312025202420252024
Continuing operations
Greenstone$3,922,963 $3,774,047 $(1,263,416)$(1,136,784)
Valentine2,225,144 — (869,978)— 
Mesquite319,723 319,572 (58,831)(44,267)
Nicaragua1,208,712 — (462,009)— 
Castle Mountain357,732 333,317 (14,082)(13,253)
Los Filos1,034,275 1,162,039 (195,147)(248,196)
Corporate538,514 203,375 (1,645,950)(1,721,376)
9,607,063 5,792,350 (4,509,413)(3,163,876)
Discontinued operations
Brazil Operations(1)
928,332 921,245 (230,675)(152,167)
$10,535,395 $6,713,595 $(4,740,088)$(3,316,043)
(1)    The above segment information for the current and comparative periods reflects the presentation of the Brazil Operations as discontinued operations (note 9).
28.    SEGMENT INFORMATION (CONTINUED)
Capital expenditures(1)
Years ended December 3120252024
Continuing operations
Greenstone$224,967 $327,887 
Valentine204,177 — 
Mesquite53,846 35,578 
Nicaragua76,671 — 
Castle Mountain8,755 5,567 
Los Filos11,212 43,858 
Pan7,084 — 
Corporate7,041 249 
593,753 413,139 
Discontinued operations
Brazil Operations(2)
160,168 110,551 
$753,921 $523,690 
(1)    Capital expenditures in the above table represent capital expenditures on an accrual basis. Expenditures on mineral properties, plant and equipment in the consolidated statements of cash flows represent capital expenditures on a cash basis. Expenditures on mineral properties, plant and equipment in the consolidated statement of cash flows for the year ended December 31, 2025 exclude non-cash additions and capitalized borrowing costs (note 10) and include a decrease in accrued expenditures of $41.5 million (2024 – $27.6 million).
(2)    The above segment information for the current and comparative periods reflects the presentation of the Brazil Operations as discontinued operations (note 9).
The following table presents the Company’s non-current assets, other than financial instruments and deferred income tax assets, by region:
At December 3120252024
Canada$5,917,848 $3,623,404 
United States629,968 591,461 
Mexico1,017,328 897,612 
Nicaragua932,820 — 
Total$8,497,964 $5,112,477 
The following table presents revenue from sales to major customers that exceeded 10% of the Company’s revenue from continuing operations for the years ended December 31, 2025 and 2024:    
20252024
Customer 1(1)
$1,172,252 $335,280 
Customer 2(2)
210,037 350,063 
Customer 3(3)
301,002 196,149 
Total revenue from major customers(4)
$1,683,291 $881,492 
(1)Revenue from Customer 1 for the years ended December 31, 2025 relates to all segments except Pan (2024 - relates to all segments except Los Filos).
(2)Revenue from Customer 2 for the years ended December 31, 2025 and 2024 relates to Greenstone and Los Filos.
(3)Revenue from Customer 3 for the years ended December 31, 2025 relates to all segments except Greenstone and Nicaragua (2024 - relates to Los Filos).
(4)Total revenue from major customers for the year ended December 31, 2025 represented 92.6% of total revenue (2024 – 96.6%).