​

​

Fair Value

​

​

​

​

​

​

Categories of Financial Instruments

  ​ ​ ​

Hierarchy

  ​ ​ ​

December 31, 2025

  ​ ​ ​

December 31, 2024

Financial assets

​

​

​

  ​

​

  ​

Amortized cost

​

​

​

  ​

​

  ​

Cash

—

​

$

117,633

$

3,480

Commodity taxes and other receivables (Note 6)

​

—

​

​

664

​

​

249

​

​

​

$

118,297

$

3,729

​

​

​

​

​

​

​

​

​

Financial liabilities

​

​

​

  ​

​

  ​

Amortized cost

​

​

​

  ​

​

  ​

Accounts payable and accrued liabilities (Note 13)

—

​

$

46,048

$

42,754

Short-term debt

—

​

​

—

​

​

11,775

Fair value through profit or loss

​

​

​

​

​

​

​

​

Royalty liability (Note 10)

​

Level 3

​

​

145,000

​

​

14,000

Warrants liability (Note 16)

​

Level 3

​

​

13,351

​

​

912

​

​

​

$

204,399

$

69,441