| PROPERTY, PLANT AND EQUIPMENT |
11 PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment movements for the years ended December 31, 2025, 2024 and 2023 are as follows:
| Schedule of Property, plant and equipment |
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| |
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Mineral properties |
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|
Land and buildings |
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|
Furniture, fixtures and equipment |
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|
Plant and machinery |
|
|
Right of use assets |
|
|
Assets under construction |
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|
Total |
|
| Net book value at December 31, 2024 |
|
|
312,312 |
|
|
|
51,948 |
|
|
|
9,835 |
|
|
|
63,692 |
|
|
|
29,609 |
|
|
|
143,388 |
|
|
|
610,784 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Additions |
|
|
79,312 |
|
|
|
9,379 |
|
|
|
1,940 |
|
|
|
4,236 |
|
|
|
6,926 |
|
|
|
103,251 |
|
|
|
205,044 |
|
| Bluestone acquisition |
|
|
46,990 |
|
|
|
20,337 |
|
|
|
96 |
|
|
|
1,980 |
|
|
|
- |
|
|
|
5,818 |
|
|
|
75,221 |
|
| Mineração Serra Grande acquisition |
|
|
89,833 |
|
|
|
34,334 |
|
|
|
37 |
|
|
|
10,410 |
|
|
|
3,186 |
|
|
|
5,046 |
|
|
|
142,846 |
|
| Depletion and amortization |
|
|
(33,925 |
) |
|
|
(13,025 |
) |
|
|
(3,378 |
) |
|
|
(24,314 |
) |
|
|
(12,229 |
) |
|
|
- |
|
|
|
(86,871 |
) |
| Transfers |
|
|
41,425 |
|
|
|
12,756 |
|
|
|
- |
|
|
|
182,332 |
|
|
|
- |
|
|
|
(236,513 |
) |
|
|
- |
|
| Disposals |
|
|
(1,171 |
) |
|
|
(181 |
) |
|
|
(247 |
) |
|
|
(60 |
) |
|
|
(11 |
) |
|
|
- |
|
|
|
(1,670 |
) |
| Net book value at December 31, 2025 |
|
|
534,776 |
|
|
|
115,548 |
|
|
|
8,283 |
|
|
|
238,276 |
|
|
|
27,481 |
|
|
|
20,990 |
|
|
|
945,354 |
|
| Consisting of: |
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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|
|
|
|
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|
|
|
|
|
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| Cost |
|
|
831,232 |
|
|
|
651,468 |
|
|
|
576,669 |
|
|
|
773,741 |
|
|
|
584,944 |
|
|
|
452,445 |
|
|
|
3,870,499 |
|
| Accumulated Depreciation |
|
|
(296,456 |
) |
|
|
(535,920 |
) |
|
|
(568,386 |
) |
|
|
(535,465 |
) |
|
|
(557,463 |
) |
|
|
(431,455 |
) |
|
|
(2,925,145 |
) |
| Net book value at December 31, 2025 |
|
|
534,776 |
|
|
|
115,548 |
|
|
|
8,283 |
|
|
|
238,276 |
|
|
|
27,481 |
|
|
|
20,990 |
|
|
|
945,354 |
|
| |
|
Mineral properties |
|
|
Land and buildings |
|
|
Furniture, fixtures and equipment |
|
|
Plant and machinery |
|
|
Right of use assets |
|
|
Assets under construction |
|
|
Total |
|
| Net book value at December 31, 2023 |
|
|
318,651 |
|
|
|
53,861 |
|
|
|
10,719 |
|
|
|
62,138 |
|
|
|
37,814 |
|
|
|
5,550 |
|
|
|
488,733 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Additions |
|
|
28,921 |
|
|
|
7,216 |
|
|
|
1,102 |
|
|
|
11,873 |
|
|
|
2,711 |
|
|
|
137,848 |
|
|
|
189,671 |
|
| Depreciation |
|
|
(34,304 |
) |
|
|
(8,732 |
) |
|
|
(1,796 |
) |
|
|
(6,984 |
) |
|
|
(10,916 |
) |
|
|
- |
|
|
|
(62,732 |
) |
| Disposals |
|
|
(956 |
) |
|
|
(397 |
) |
|
|
(190 |
) |
|
|
(3,335 |
) |
|
|
- |
|
|
|
(10 |
) |
|
|
(4,888 |
) |
| Net book value at December 31, 2024 |
|
|
312,312 |
|
|
|
51,948 |
|
|
|
9,835 |
|
|
|
63,692 |
|
|
|
29,609 |
|
|
|
143,388 |
|
|
|
610,784 |
|
| Consisting of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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| Cost |
|
|
574,843 |
|
|
|
136,822 |
|
|
|
26,609 |
|
|
|
192,955 |
|
|
|
54,952 |
|
|
|
143,388 |
|
|
|
1,129,569 |
|
| Accumulated Depreciation |
|
|
(262,531 |
) |
|
|
(84,874 |
) |
|
|
(16,774 |
) |
|
|
(129,263 |
) |
|
|
(25,343 |
) |
|
|
- |
|
|
|
(518,785 |
) |
| Net book value at December 31, 2024 |
|
|
312,312 |
|
|
|
51,948 |
|
|
|
9,835 |
|
|
|
63,692 |
|
|
|
29,609 |
|
|
|
143,388 |
|
|
|
610,784 |
|
| |
|
Mineral properties |
|
|
Land and buildings |
|
|
Furniture, fixtures and equipment |
|
|
Plant and machinery |
|
|
Right of use assets |
|
|
Assets under construction |
|
|
Total |
|
| Net book value at December 31, 2022 |
|
|
242,858 |
|
|
|
43,667 |
|
|
|
13,292 |
|
|
|
20,267 |
|
|
|
44,437 |
|
|
|
14,011 |
|
|
|
378,532 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Additions |
|
|
45,261 |
|
|
|
5,027 |
|
|
|
717 |
|
|
|
4,465 |
|
|
|
3,584 |
|
|
|
46,345 |
|
|
|
105,399 |
|
| Borborema Inc acquisition (Note 5) |
|
|
54,054 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
54,054 |
|
| Transfers |
|
|
1,637 |
|
|
|
11,239 |
|
|
|
(1,777 |
) |
|
|
43,707 |
|
|
|
- |
|
|
|
(54,806 |
) |
|
|
- |
|
| Depreciation |
|
|
(24,895 |
) |
|
|
(5,868 |
) |
|
|
(1,433 |
) |
|
|
(6,301 |
) |
|
|
(10,031 |
) |
|
|
- |
|
|
|
(48,528 |
) |
| Disposals |
|
|
(264 |
) |
|
|
(204 |
) |
|
|
(80 |
) |
|
|
- |
|
|
|
(176 |
) |
|
|
- |
|
|
|
(724 |
) |
| Net book value at December 31, 2023 |
|
|
318,651 |
|
|
|
53,861 |
|
|
|
10,719 |
|
|
|
62,138 |
|
|
|
37,814 |
|
|
|
5,550 |
|
|
|
488,733 |
|
| Consisting of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cost |
|
|
546,878 |
|
|
|
130,003 |
|
|
|
25,697 |
|
|
|
184,417 |
|
|
|
52,241 |
|
|
|
5,550 |
|
|
|
944,786 |
|
| Accumulated Depreciation |
|
|
(228,227 |
) |
|
|
(76,142 |
) |
|
|
(14,978 |
) |
|
|
(122,279 |
) |
|
|
(14,427 |
) |
|
|
- |
|
|
|
(456,053 |
) |
| Net book value at December 31, 2023 |
|
|
318,651 |
|
|
|
53,861 |
|
|
|
10,719 |
|
|
|
62,138 |
|
|
|
37,814 |
|
|
|
5,550 |
|
|
|
488,733 |
|
The right of use assets relate to the lease liability obligations disclosed in Note 18(b).
The asset retirement obligation is included within mineral properties, with the related liability recognized in current and non-current liabilities, as disclosed in Note 16.
For the period ended December 31, 2025, $7,187 of interest related to loans and debentures was capitalized (100% capitalization rate) as part of the construction cost at Borborema project, that was only capitalized until the mine reached commercial production in September of 2025 ($4,991 for the year ended December 31, 2024 and $ 3,220 for the year ended December 31, 2023).
Management assessed whether there were any indicators of impairment for property, plant and equipment, including assets under construction, as of December 31, 2025. Based on internal and external sources of information, no impairment indicators were identified and, accordingly, no impairment loss was recognized during the period.
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