FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENT (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Notes and other explanatory information [abstract] |
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| Schedule of financial instruments |
| Schedule of financial instruments |
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Asset/(Liability) at |
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Asset/(Liability) at |
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| Derivatives Contracts |
|
Current/Non-Current |
|
December 31, 2025 |
|
|
December 31, 2024 |
|
| Swap - Aura Almas (Itaú Bank) |
|
Non-current |
|
|
4,418 |
|
|
|
(15,164 |
) |
| Swap - Apoena Mines (ABC Bank) |
|
Current |
|
|
(2,753 |
) |
|
|
(3,872 |
) |
| Gold Derivatives |
|
Current / Non-current |
|
|
(401,944 |
) |
|
|
(120,454 |
) |
| Total |
|
|
|
|
(400,279 |
) |
|
|
(139,490 |
) |
|
| Schedule of Classification of financial instruments |
| Schedule of Classification of financial instruments |
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December 31, 2025 |
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|
December 31, 2024 |
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Note |
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Measured at amortized cost |
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|
Fair value through profit & loss |
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|
Fair value through OCI |
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|
Measured at amortized cost |
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|
Fair value through profit & loss |
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|
Fair value through OCI |
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| Assets |
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| Current |
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| Cash and cash equivalents |
|
6 |
|
|
286,056 |
|
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|
- |
|
|
|
- |
|
|
|
270,189 |
|
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|
- |
|
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|
- |
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| Accounts receivable |
|
7 |
|
|
17,478 |
|
|
|
2,321 |
|
|
|
- |
|
|
|
2,354 |
|
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|
13,480 |
|
|
|
- |
|
| Derivative Financial Instrument |
|
27 |
|
|
- |
|
|
|
- |
|
|
|
4,418 |
|
|
|
- |
|
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|
- |
|
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|
- |
|
| Non-current |
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|
|
|
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|
|
|
|
|
|
|
|
|
- |
|
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|
- |
|
|
|
- |
|
| Other receivables and assets |
|
10 |
|
|
- |
|
|
|
- |
|
|
|
9,691 |
|
|
|
- |
|
|
|
- |
|
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|
3,454 |
|
| Assets |
|
|
|
|
303,534 |
|
|
|
2,321 |
|
|
|
14,109 |
|
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|
272,543 |
|
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|
13,480 |
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|
3,454 |
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| |
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| Liabilities |
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| Current |
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| Trade and other payables |
|
12 |
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|
189,614 |
|
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|
- |
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|
- |
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|
98,067 |
|
|
|
- |
|
|
|
- |
|
| Derivative Financial Instrument |
|
26 |
|
|
- |
|
|
|
139,354 |
|
|
|
- |
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|
- |
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|
19,302 |
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|
- |
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| Loan and debentures |
|
13 |
|
|
92,497 |
|
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|
7,051 |
|
|
|
- |
|
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|
78,115 |
|
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|
3,892 |
|
|
|
- |
|
| Liability measured at fair value |
|
14 |
|
|
- |
|
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|
1,012 |
|
|
|
- |
|
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|
- |
|
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|
3,362 |
|
|
|
- |
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| Other liabilities |
|
18 |
|
|
18,933 |
|
|
|
|
|
|
|
- |
|
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|
14,190 |
|
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|
- |
|
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|
- |
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| Non-current |
|
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|
| Derivative Financial Instrument |
|
25 |
|
|
- |
|
|
|
265,343 |
|
|
|
- |
|
|
|
- |
|
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|
105,024 |
|
|
|
15,164 |
|
| Loan and debentures |
|
13 |
|
|
132,238 |
|
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|
179,382 |
|
|
|
- |
|
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|
202,474 |
|
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|
158,623 |
|
|
|
- |
|
| Liability measured at fair value |
|
14 |
|
|
- |
|
|
|
25,822 |
|
|
|
- |
|
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|
- |
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|
14,387 |
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|
- |
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| Deferred consideration (NSR) |
|
5(b) |
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|
- |
|
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|
23,643 |
|
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|
- |
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|
- |
|
|
|
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|
- |
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| Other provisions (CVR) |
|
17 |
|
|
- |
|
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|
11,982 |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
- |
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| Other liabilities |
|
18 |
|
|
6,473 |
|
|
|
- |
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|
- |
|
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|
11,032 |
|
|
|
- |
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|
- |
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| Total |
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|
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|
439,755 |
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|
653,589 |
|
|
|
- |
|
|
|
403,878 |
|
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|
304,590 |
|
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|
15,164 |
|
|
| Schedule of swap agreements |
| Schedule of swap agreements |
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|
Asset/(Liability) at |
|
|
Asset/(Liability) at |
|
| Derivatives Contracts |
|
Commodity/ index |
|
Current/Non-Current |
|
December 31, 2025 |
|
|
December 31, 2024 |
|
| Swap - Aura Almas (Itaú Bank) (a) |
|
CDI |
|
Current |
|
|
4,418 |
|
|
|
(15,164 |
) |
| Swap - Apoena Mines (ABC Bank) |
|
CDI |
|
Current |
|
|
(2,753 |
) |
|
|
(3,872 |
) |
| Total |
|
|
|
|
|
|
1,665 |
|
|
|
(19,036 |
) |
(a) The swap agreements from the Company’s subsidiary, Almas, was designated as a hedge accounting.
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| Schedule of financial assets and liabilities measured at fair value on a recurring basis |
| Schedule of financial assets and liabilities measured at fair value on a recurring basis |
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| |
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|
December 31, 2025 |
|
|
December 31, 2024 |
|
| |
|
Level |
|
Fair value through profit & loss |
|
|
Fair value through OCI |
|
|
Fair value through profit & loss |
|
|
Fair value through OCI |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accounts receivable |
|
2 |
|
|
2,321 |
|
|
|
- |
|
|
|
13,213 |
|
|
|
- |
|
| Other receivables and assets |
|
1 |
|
|
- |
|
|
|
9,691 |
|
|
|
- |
|
|
|
2,168 |
|
| Derivative Financial Instrument |
|
2 |
|
|
- |
|
|
|
4,418 |
|
|
|
- |
|
|
|
- |
|
| Total |
|
|
|
|
2,321 |
|
|
|
14,109 |
|
|
|
13,213 |
|
|
|
2,168 |
|
| |
|
|
|
|
|
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|
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|
|
|
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| Liabilities |
|
|
|
|
|
|
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|
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| Debentures (a) |
|
2 |
|
|
186,433 |
|
|
|
- |
|
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|
162,515 |
|
|
|
- |
|
| Liability measured at fair value |
|
3 |
|
|
26,834 |
|
|
|
- |
|
|
|
17,749 |
|
|
|
- |
|
| Derivative Financial Instrument |
|
2 |
|
|
404,697 |
|
|
|
- |
|
|
|
124,326 |
|
|
|
15,164 |
|
| Deferred consideration (NSR) |
|
3 |
|
|
23,643 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Other provisions (CVR) |
|
3 |
|
|
11,982 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Total |
|
|
|
|
653,589 |
|
|
|
- |
|
|
|
304,590 |
|
|
|
15,164 |
|
|
(a) |
As of December 31, 2025, the debenture was trading in the market at approximately 101% of its yield curve value, which management considers to be a reasonable approximation of its carrying amount. |
|
| Schedule of inputs of fair value |
| Schedule of inputs of fair value |
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| Description |
Fair value at |
Unobservable inputs |
Inputs |
Relationship of unobservable inputs to fair value |
| 2025 |
2024 |
|
|
2025 |
2024 |
|
|
| Liability measured at fair value (NSR agreement)) |
26,834 |
17,749 |
|
Expected production of gold ounces |
719,512 |
747,704 |
|
If expected production of gold ounces were 10% higher or lower, the fair value would increase/decrease by $219. |
| Contingent Value Rights (CVRs) |
11,982 |
- |
|
Commercial Production |
(a) |
- |
|
(a) |
| Contingent consideration (NSR) |
23,643 |
- |
|
Expected production of gold ounces |
315,481 |
- |
|
If expected production of gold ounces were 10% higher or lower, the fair value would increase/decrease by $192. |
|
(a) |
The Company assessed the probability of achieving commercial production, which is defined on Note 5, over various time horizons, primarily within a 0 to 20-year range, while also recognizing a residual probability of timelines extending beyond 20 years. If expected commercial production probability varies by 10% on the lower and higher ends of these time horizons, the fair value would increase or decrease by $940. |
|
| Schedule of Liability measured at fair value |
| Schedule of Liability measured at fair value |
|
|
|
|
| Input |
|
2025 |
|
2024 |
| WACC |
|
11.50% |
|
11.80% |
| Credit-risk |
|
2.70% |
|
3.10% |
| Expected volatility |
|
15.20% |
|
15.70% |
|