v3.26.1
Condensed Interim Consolidated Statements of Cash Flows - CAD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities    
Net income (loss) $ (73,002) $ 16,163
Items not affecting cash:    
Income tax (recovery) expense (20,184) 3,210
Unrealized loss (gain) on risk management contracts 91,422 (6,349)
Depletion and depreciation 20,509 21,748
Stock-based compensation 68 1,252
Financing expense 582 1,755
Foreign exchange gain (67) (192)
Loss (gain) on revaluation of warrants 5,487 (7,996)
Other income (201)
Decommissioning costs (75)
Change in non-cash working capital (23,176) 5,082
Cash provided by operating activities 1,363 34,673
Financing activities    
Draw (repayment) of debt 4,148 (7)
Debt issuance costs (1,787)
Share issuance costs (300)
Payment of lease liabilities (806) (1,930)
Cash provided by (used in) financing activities 1,255 (1,937)
Investing activities    
Property, plant and equipment expenditures (49,593) (26,299)
Change in non-cash working capital (accrued additions to PP&E) 5,478 (1,515)
Cash used in investing activities (44,115) (27,814)
Exchange rate impact on cash held in foreign currency 67 (103)
Change in cash (41,430) 4,819
Cash, beginning of period 41,974 67,419
Cash, end of period $ 544 $ 72,238