| Schedule of Property, Plant and Equipment |
Equipment
and other fixed assets consist of the following:
| | |
Land
and Buildings (a) | | |
Exploration
Equipment
and structures | | |
Computer
Equipment
and furniture | | |
Leasehold
Improvement | | |
Right
of use
assets
(ROU) (b) | | |
Total | |
| | |
$ | | |
$ | | |
$ | | |
$ | | |
$ | | |
$ | |
| Opening
net book value, January 1, 2025 | |
| 58,749 | | |
| 343,704 | | |
| 34,123 | | |
| 96,971 | | |
| 146,515 | | |
| 680,062 | |
| Additions | |
| 8,929,870 | | |
| 177,132 | | |
| 251,985 | | |
| – | | |
| 1,930,872 | | |
| 11,289,859 | |
| ROU
re-measurement | |
| – | | |
| – | | |
| – | | |
| – | | |
| 54,723 | | |
| 54,723 | |
| Disposals
and write-downs | |
| – | | |
| (234 | ) | |
| (1,093 | ) | |
| – | | |
| – | | |
| (1,327 | ) |
| Depreciation
(c) | |
| (3,326 | ) | |
| (164,925 | ) | |
| (72,205 | ) | |
| (45,818 | ) | |
| (522,836 | ) | |
| (809,110 | ) |
| Net
book value, December 31, 2025 | |
| 8,985,293 | | |
| 355,677 | | |
| 212,810 | | |
| 51,153 | | |
| 1,609,274 | | |
| 11,214,207 | |
| Balance,
December 31, 2025 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Cost | |
| 8,995,746 | | |
| 781,922 | | |
| 444,976 | | |
| 295,610 | | |
| 2,132,109 | | |
| 12,650,363 | |
| Accumulated
depreciation | |
| (10,453 | ) | |
| (426,245 | ) | |
| (232,166 | ) | |
| (244,457 | ) | |
| (522,835 | ) | |
| (1,436,156 | ) |
| Net
book value | |
| 8,985,293 | | |
| 355,677 | | |
| 212,810 | | |
| 51,153 | | |
| 1,609,274 | | |
| 11,214,207 | |
| | |
Land
and
Buildings | | |
Exploration
Equipment
and structures | | |
Computer
Equipment | | |
Leasehold
Improvement | | |
Right
of use
assets
(ROU) (b) | | |
Total | |
| | |
$ | | |
$ | | |
$ | | |
$ | | |
$ | | |
$ | |
| Opening
net book value, January 1, 2024 | |
| 62,075 | | |
| 335,433 | | |
| 64,636 | | |
| 87,541 | | |
| 106,534 | | |
| 656,219 | |
| Additions | |
| – | | |
| 133,217 | | |
| 29,905 | | |
| 75,800 | | |
| 124,778 | | |
| 363,700 | |
| Depreciation
(c) | |
| (3,326 | ) | |
| (124,946 | ) | |
| (60,418 | ) | |
| (66,370 | ) | |
| (84,797 | ) | |
| (339,857 | ) |
| Net
book value, December 31, 2024 | |
| 58,749 | | |
| 343,704 | | |
| 34,123 | | |
| 96,971 | | |
| 146,515 | | |
| 680,062 | |
| Balance, December
31, 2024 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Cost | |
| 65,876 | | |
| 605,459 | | |
| 220,469 | | |
| 295,611 | | |
| 244,628 | | |
| 1,432,043 | |
| Accumulated
depreciation | |
| (7,127 | ) | |
| (261,755 | ) | |
| (186,346 | ) | |
| (198,640 | ) | |
| (98,113 | ) | |
| (751,981 | ) |
| Net
book value | |
| 58,749 | | |
| 343,704 | | |
| 34,123 | | |
| 96,971 | | |
| 146,515 | | |
| 680,062 | |
In
September 2025, the Company completed two land acquisitions within the Guayabales Project area. These acquisitions consolidate ownership
of areas strategically located for the future infrastructure and operational development of the Apollo discovery. Land
additions include the following:
| ▪ | On September 12, 2025, the Company entered into an agreement to purchase land for total consideration of $2,562,014. The liability was fully settled in October 2025. |
| ▪ | On September 18, 2025, the Company entered into a four-year agreement to acquire land with fixed terms of payment for a total consideration of $6,000,000. The present value of the total consideration is determined to be $5,307,846 using a discount rate of 9.50% for the period 2025–2029. Accordingly, land has been recognized at this amount, with a corresponding financial liability recorded (refer to Note 14). |
| ▪ | On October 30, 2025, the Company entered into an agreement to purchase land for total consideration of $457,993. The liability was fully settled in October 2025. |
| ▪ | On December 17, 2025, the Company entered into an agreement to purchase land for total consideration of $389,904. The liability will be fully settled in April 2026. |
| (b) | Right of use assets (ROU) |
Right
of use assets as at December 31, 2025, are comprised of one vehicle lease agreement for multiple vehicles with an initial term of 3 years,
two warehouse leases, each one with an initial term of 3 years, one administrative office lease with an initial term of 1 year, renewable
for additional 1-year terms, a second administrative office lease with an initial term of 2 years, renewable for additional 1-year terms,
and a third corporate office lease with an initial term of sixty-three-month. The value of additions is determined as the present value
of lease payments at the inception of the lease (See Note 13).
ROU
additions include the following:
| ▪ | On January 1st, 2025, the Company entered into a three-year agreement to lease multiple vehicles for a total present value of $1,053,157. |
| ▪ | On August 1st, 2025, the Company entered into a sixty-three-month lease agreement to lease a corporate office in Miami for a total present value of $618,636. |
| ▪ | On December 22nd, 2025, the Company entered into a two-year agreement to lease a new administrative office in Medellin for a total present value of $259,079. |
Depreciation
expense for year ended December 31, 2025 of $809,110 (year ended December 31, 2024 - $339,857), was recognized within exploration and
evaluation expenses and general and administration expenses in the consolidated statement of operations and comprehensive loss (See Note
22 (a),(b)).
|