v3.26.1
Annual Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Operating Activities    
Net loss for the year $ (68,738) $ (50,565)
Depreciation 21,995 28,675
Share-based payments 2,289 1,321
Unrealized foreign exchange (gain) loss (10,079) 12,112
Finance costs 13,143 9,460
Interest income (283) (1,523)
Write-down of inventory 21,272 18,475
Derecognition of PPE 0 1,092
Write-down of vanadium assets (294) 1,119
Income tax recovery 0 (2,813)
Deferred income tax expense (recovery) 17,063 (17,867)
Income tax refund (paid) (181) 2,914
Gain on disposal of interest in subsidiary (5,179) 0
Share of net loss from associate 6,189 0
Cash (Used) Provided Before Working Capital Items (2,803) 2,400
Change in amounts receivable (595) 14,095
Change in inventory (15,707) (5,845)
Revenues subject to refund 8,875 13,638
Inventory subject to return (7,182) (12,804)
Change in prepaid expenses (1,067) (278)
Changes in accounts payable and provisions 8,609 (383)
Change in deferred revenue (352) 336
Net Cash (Used in) Provided by Operating Activities (10,222) 11,159
Financing Activities    
Receipt of debt 107,015 44,355
Repayment of debt (92,229) (27,075)
Interest and finance costs paid (12,974) (6,301)
Interest received 259 1,483
Lease payments 0 (600)
Change in restricted cash 148 182
Share and warrant issuance 21,675 0
Net Cash Provided by Financing Activities 23,894 12,044
Investing Activities    
Mine properties, plant and equipment (27,440) (42,226)
Disposal of interest in subsidiary 1,000 0
Net Cash Used in Investing Activities (26,440) (42,226)
Effect of foreign exchange on cash 378 (1,585)
Net Change in Cash (12,390) (20,608)
Cash position - beginning of the year 22,106 42,714
Cash Position - end of the year $ 9,716 $ 22,106