v3.26.1
SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2025
Segment Information  
SEGMENT INFORMATION

31       SEGMENT INFORMATION

 

The reportable operating segments have been identified as the Minosa Mine, Apoena Mine, the Aranzazu Mine, Almas Mine, Borborema Mine and Serra Grande Mine. The Company manages its business, including the allocation of resources and assessment of performance, on a project-by-project basis, except where the Company’s projects are substantially connected and share resources and administrative functions. The segments presented reflect the way in which the Company’s management reviews its business performance. Operating segments are reported in a manner consistent with the internal reporting provided to executive management who act as the chief operating decision makers. Executive management is responsible for allocating resources and assessing the performance of the operating segments.

 

For the year ended December 31, 2025, the Serra Grande Mine was included as a reportable operating segment, as it was acquired on December 01, 2025. For the year ended December 31, 2024, Borborema Mine was included as a reportable operating segment. Both became distinct areas of focus subject to regular review by Chief Operating Decision Maker (CODM).

 

For the years ended December 31, 2025, 2024 and 2023, segment information is as follows:

 

                                                                       
For the year ended December 31, 2025   Minosa Mine     Apoena Mine     Aranzazu Mine     Almas Mine     Borborema Mine     Serra Grande Mine     Total reportable segments      Non reportable segments (1)     Total  
                                                       
Revenue     230,518       120,389       246,405       195,981       108,202       20,238       921,733       -       921,733  
Cost of goods sold     (80,847 )     (44,153 )     (95,140 )     (57,232 )     (28,459 )     (10,306 )     (316,137 )     -       (316,137 )
Depreciation and amortization     (5,002 )     (14,489 )     (27,690 )     (12,508 )     (7,177 )     (3,857 )     (70,723 )     -       (70,723 )
Gross profit     144,669       61,747       123,575       126,241       72,566       6,075       534,873       -       534,873  
                                                                         
General and administrative expenses     (4,302 )     (3,822 )     (6,785 )     (4,484 )     (2,863 )     (224 )     (22,480 )     (27,572 )     (50,052 )
Exploration expenses     (1,345 )     (413 )     (3,594 )     (1,931 )     (440 )     (134 )     (7,857 )     (161 )     (8,018 )
Change in estimation for mine closure and restoration     -       (239 )     -       -       -       (250 )     (489 )     -       (489 )
Other income (expenses) , net     (8,455 )     (1,751 )     (714 )     (4,869 )     145       26       (15,618 )     (1,829 )     (17,447 )
Operating income (loss)     130,567       55,522       112,482       114,957       69,408       5,493       488,429       (29,562 )     458,867  
                                                                         
Finance expense     (4,124 )     (9,942 )     (6,041 )     (8,577 )     (15,555 )     669       (43,570 )     (346,602 )     (390,172 )
Finance income     331       669       235       4,351       339       -       5,925       3,166       9,091  
Interest expense on loans and debentures     (1,368 )     (4,810 )     (2,275 )     (14,326 )     (3,134 )     -       (25,913 )     -       (25,913 )
Income (loss) before income taxes     125,406       41,439       104,401       96,405       51,058       6,162       424,871       (372,998 )     51,873  
                                                                         
Current tax     (34,573 )     (4,066 )     (32,727 )     (37,314 )     (22,556 )     -       (131,236 )     (7,595 )     (138,831 )
Deferred tax     4,361       (20 )     (8,944 )     7,038       5,991       (1,753 )     6,673       945       7,618  
Income taxes     (30,212 )     (4,086 )     (41,671 )     (30,276 )     (16,565 )     (1,753 )     (124,563 )     (6,650 )     (131,213 )
(Loss) / Profit for the year     95,194       37,353       62,730       66,129       34,493       4,409       300,308       (379,648 )     (79,340 )
                                                                         
Property, plant and equipment     70,928       77,081       132,240       157,034       242,987       141,589       821,859       123,495       945,354  
Total assets     108,077       201,519       428,473       325,020       162,565       196,800       1,422,454       186,542       1,608,996  
Total liabilities     94,085       135,387       121,689       259,374       156,520       95,493       862,548       480,711       1,343,259  
Purchase of property, plant and equipment     11,720       34,652       29,209       23,402       56,682       3,784       159,449       19,985       179,434  

 

 

(1) Non Reportable segments are composed by Matupá, Tolda Fria, Carajás and Era Dorada Projects.

 

                                                                 
For the year ended December 31, 2024   Minosa Mine     Apoena Mine     Aranzazu Mine     Almas Mine     Borborema Mine     Total reportable segments     Non reportable segments (1)     Total  
Revenue     177,692       90,273       196,787       129,411       -       594,163       -       594,163  
Cost of goods sold     (88,999 )     (46,398 )     (94,198 )     (51,451 )     -       (281,046 )     -       (281,046 )
Depletion and amortization     (5,873 )     (16,477 )     (25,538 )     (13,959 )     -       (61,847 )     -       (61,847 )
Gross profit     82,820       27,398       77,051       64,001       -       251,270       -       251,270  
                                                                 
General and administrative expenses     (4,383 )     (4,481 )     (7,143 )     (2,808 )     (849 )     (19,664 )     (13,609 )     (33,273 )
Exploration expenses     (1,107 )     (368 )     (4,673 )     (1,134 )     (305 )     (7,587 )     (6,374 )     (13,961 )
Change in estimation for mine closure and restoration     -       1,330       -       -       -       1,330       -       1,330  
Other income (expense), net     (1,899 )     317       (1,840 )     74       (1 )     (3,349 )     2,082       (1,267 )
Operating income/(loss)     75,431       24,196       63,395       60,133       (1,155 )     222,000       (17,901 )     204,099  
                                                                 
Finance expense     (5,411 )     (16,034 )     (2,077 )     (14,357 )     (14,871 )     (52,750 )     (103,765 )     (156,515 )
Finance income     180       704       -       1,936       1,636       4,456       1,647       6,103  
Interest expense on loans and debentures     (1,899 )     317       (1,840 )     74       (2 )     (3,350 )     2,083       (1,267 )
Income/(Loss) before income taxes     68,301       9,183       59,478       47,786       (14,392 )     170,356       (117,936 )     52,420  
                                                                 
Current tax     (19,174 )     (1,984 )     (15,859 )     (13,010 )     -       (50,027 )     (2,944 )     (52,971 )
Deferred tax     (764 )     (2,286 )     (15,080 )     (10,393 )     -       (28,523 )     (1,197 )     (29,720 )
Income taxes     (19,938 )     (4,270 )     (30,939 )     (23,403 )     -       (78,550 )     (4,141 )     (82,691 )
(Loss) / Profit for the year     48,363       4,913       28,539       24,383       (14,392 )     91,806       (122,077 )     (30,271 )
                                                                 
Property, plant and equipment     62,566       62,779       127,509       145,296       184,092       582,242       28,542       610,784  
Total assets     90,620       189,770       346,398       301,453       135,152       1,063,393       16,869       1,080,262  
Total liabilities     94,976       139,871       102,365       232,488       151,233       720,933       136,374       857,307  
Purchase of property, plant and equipment     9,983       5,580       29,350       13,865       117,187       175,965       4,612       180,577  

 

 

(1) Non Reportable segments are composed by Matupá, Tolda Fria, Carajás and Era Dorada Projects.

 

 

                                                                 
For the year ended December 31, 2023   Minosa Mine (1)     Apoena Mine (2)     Aranzazu Mine     Almas Mine     Borborema Project (Recast)     Total reportable segments (Recast)     All other segments (Recast)     Total  
Revenue     122,046       83,784       176,814       34,250       -       416,894       -       416,894  
Cost of goods sold     (82,893 )     (51,865 )     (87,168 )     (22,135 )     -       (244,061 )     -       (244,061 )
Depletion and amortization     (5,325 )     (17,554 )     (20,391 )     (3,546 )     -       (46,816 )     -       (46,816 )
Gross profit     33,828       14,365       69,255       8,569       -       126,017       -       126,017  
                                                                 
General and administrative expenses     (4,543 )     (4,835 )     (3,860 )     (2,084 )     (1,086 )     (16,408 )     (10,803 )     (27,211 )
Exploration expenses     (289 )     (238 )     (6,916 )     -       -       (7,443 )     (4,338 )     (11,781 )
Other income (expense), net     (1,043 )     (24 )     (944 )     (1,599 )     (25 )     (3,635 )     4,295       660  
Operating income/(loss)     27,953       9,268       57,535       4,886       (1,111 )     98,531       (10,846 )     87,685  
                                                                 
Finance expense     (4,715 )     (9,966 )     (925 )     (740 )     -       (16,346 )     (25,194 )     (41,540 )
Finance income     109       694       104       405       1,065       2,377       2,248       4,625  
Interest in debt     (2,111 )     (4,719 )     (2,871 )     (2,763 )     -       (12,464 )     -       (12,464 )
Income/ (Loss) before income taxes     21,236       (4,723 )     53,843       1,788       (45 )     72,098       (33,792 )     38,306  
                                                                 
Current tax     (7,048 )     (705 )     (10,533 )     (512 )     -       (18,798 )     -       (18,798 )
Deferred tax     860       1,040       (234 )     9,615       -       11,281       1,091       12,372  
Income taxes     (6,188 )     335       (10,767 )     9,103       -       (7,517 )     1,091       (6,426 )
(Loss) / Profit for the year     15,048       (4,388 )     43,076       10,891       (45 )     64,582       (32,702 )     31,880  
                                                                 
Property, plant and equipment     55,362       83,095       121,445       145,316       59,557       464,775       23,958       488,733  
Total assets     58,905       186,537       286,344       157,382       194,872       884,040       39,784       923,824  
Total liabilities     80,902       158,389       70,846       109,064       136,961       556,162       52,860       609,022  
Purchase of property, plant and equipment     6,383       17,789       24,502       40,612       2,588       91,874       4,220       96,094  

 

(1) Non Reportable segments are composed by Matupá, Tolda Fria, Carajás and Era Dorada Projects.