v3.26.1
Commitments, Option Agreements and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments, Option Agreements and Contingencies [Abstract]  
COMMITMENTS, OPTION AGREEMENTS AND CONTINGENCIES
24.COMMITMENTS, OPTION AGREEMENTS AND CONTINGENCIES

 

Commitments

 

As at December 31, 2025, the Company had the following contractual commitments and obligations:

 

   Total   Less than
1 Year		   Years 2 – 5   After
5 Years		 
   $   $   $   $ 
Other lease commitments (a)   341,465    341,465    
     –
    
        –
 
    341,465    341,465    
–
    
–
 

 

(a)Lease commitments represent contractual lease payments payable over future periods.

 

Option Agreements

 

The Company has the option to terminate its option agreements at any time. Future expenditures are therefore dependent on the success of exploration and development programs and a decision by management to continue or exercise its option(s) for the relevant project and agreement.

As at December 31, 2025, the expected timing of payments, in respect of the Company’s option agreements under the assumption that the Company continues to exercise its option(s) for the relevant project and agreement are as follows:

 

   Total   Less than
1 Year		   Year 2   Year 3   Year 4   After
4 years		 
   $   $   $   $   $   $ 
Second Guayabales Option   5,300,000    250,000    250,000    250,000    250,000    4,300,000 
Third Guayabales Option   7,400,000    1,480,000    1,480,000    1,480,000    1,480,000    1,480,000 
Fourth Guayabales Option (a)   7,000,000    
–
    
–
    7,000,000    
–
    
–
 
First San Antonio Option (b)   4,000,000    750,000    750,000    
–
    
–
    2,500,000 
Second San Antonio Option   150,000    150,000    
–
    
–
    
–
    
–
 
Other Option agreements (c)   2,077,947    1,065,970    1,011,977    
–
    
–
    
–
 
Balance, end of period   25,927,947    3,695,970    3,491,977    8,730,000    1,730,000    8,280,000 

 

(a)Includes a one-time payment of $7,000,000 on October 1, 2028, to exercise the option agreement (See Note 9 (a)(iii)).

 

(b)Includes a one-time payment of $2,500,000 in lieu of the NSR upon reaching commercial production (See Note 9 (b)(i)).

 

(c)Amounts disclosed related to the option agreements to purchase surface rights (See Note 9 (a)(iv) and 9 (a)(v)).

 

Environmental Contingencies

 

The Company’s exploration activities are subject to Colombian laws and regulations governing the protection of the environment. These laws are subject to change and may generally become more restrictive. The Company may be required to make future expenditures to comply with such laws and regulations, the amounts for which are not determinable and have not been recognized in the consolidated financial statements.