Segmented Information

12 Months Ended

Mar. 31, 2026

4.	SEGMENTED INFORMATION

An operating segment is defined as a component of the Company that:

●

Engages in business activities from which it may earn revenues or incur expenses;

●

Whose operating results are reviewed regularly by the entity’s chief operating decision maker; and

●

For which discrete financial information is available.

The Company has organized its reportable and operating segments by significant revenue streams and geographic regions. The Company has determined that each producing mine and significant development property represents an operating segment, except Tulkubash and Kyzyltash projects are considered one operating segment. As of March 31, 2026, the Company’s significant operating segments include its two producing properties in China, two development and exploration projects in Ecuador and the Tulkubash/Kyzyltash development and exploration project in Kyrgyz Republic. “Other” consists primarily of the Company’s corporate assets, other development and exploration properties, and corporate expenses which are not allocated to operating segments.

(a)Segmented information for operating results is as follows:

Year ended March 31, 2026

China

Ecuador

Kyrgyzstan

 

Ying Mining

 

Tulkubash/

 

Statements of (Loss) Income

District

GC Mine

El Domo

Condor

Kyzyltash

Other

Total

Revenue

399,238

38,897

—

438,135

Costs of mine operations

(159,110)

(25,248)

—

(69)

—

(184,427)

Income from mine operations

240,128

13,649

—

(69)

—

253,708

Other operating and investment items

(4,479)

(29)

(1,046)

(114)

108

(166,077)

(171,637)

Finance items, net

2,114

405

(951)

(3,252)

(1,656)

Income tax expenses

(39,118)

(2,308)

—

(8)

—

(6,059)

(47,493)

Net income (loss)

198,645

11,717

(1,997)

(164)

109

(175,388)

32,922

Attributable to:

Equity holders of the Company

155,125

11,600

(1,752)

(163)

109

(174,863)

(9,944)

Non-controlling interest

43,520

117

(245)

(1)

—

(525)

42,866

Net income (loss)

198,645

11,717

(1,997)

(164)

109

(175,388)

32,922


	Year Ended March 31, 2025
	China				Ecuador				Kyrgyzstan
	Ying Mining								Tulkubash/
Statements of (Loss) Income	District		GC Mine		El Domo		Condor		Kyzyltash		Other		Total
Revenue	$	263,515	$	35,380	$	—	$	—	$	—	$	—	$	298,895
Costs of mine operations		(149,462)		(24,117)		(1,033)		(316)		—		(416)		(175,344)
Income (loss) from mine operations		114,053		11,263		(1,033)		(316)		—		(416)		123,551

Operating (expenses) income		(2,748)		(90)		46		(6)		—		(17,601)		(20,399)
Finance items, net		1,704		297		(217)		3		—		18		1,805
Income tax expenses		(18,418)		(2,983)		—		—		—		(4,787)		(26,188)
Net income (loss)	$	94,591	$	8,487	$	(1,204)	$	(319)	$	—	$	(22,786)	$	78,769

Attributable to:
Equity holders of the Company		73,771		8,402		(903)		(315)		—		(22,765)		58,190
Non-controlling interest		20,820		85		(301)		(4)		—		(21)		20,579
Net income (loss)	$	94,591	$	8,487	$	(1,204)	$	(319)	$	—	$	(22,786)	$	78,769

(b)Segmented information for assets and liabilities is as follows:


	China				Ecuador				Kyrgyzstan
	Ying Mining								Tulkubash/
As at March 31, 2026	District		GC Mine		El Domo		Condor		Kyzyltash		Other		Total
Current assets	$	232,145	$	31,867	$	19,420	$	528	$	18,590	$	140,890	$	443,441
Long-term prepaids and deposits		2,583		282		7,885		—		—		2,674		13,424
Reclamation deposits		1,335		3,110		—		—		—		123		4,568
Other investments		—		—		—		—		—		54,243		54,243
Investment in associates		—		—		—		—		—		54,641		54,641
Investment properties		487		—		—		—		—		—		487
Plant and equipment		80,762		12,388		658		323		10,648		3,731		108,510
Mineral rights and properties		342,944		43,886		253,974		29,194		84,268		25,464		779,730
Long-term receivables		—		—		5,183		—		—		—		5,183
Total Assets	$	660,256	$	91,533	$	287,121	$	30,045	$	113,507	$	281,766	$	1,464,227
Current liabilities	$	97,069	$	8,652	$	11,094	$	255	$	396	$	6,514	$	123,980
Long-term portion of lease obligation		—		—		132		—		—		750		882
Long-term portion of convertible debenture		—		—		—		—		—		115,156		115,156
Long term deposit		—		—		44,896		—		—		—		44,896
Deferred income tax liabilities		57,626		4,390		—		—		—		1,032		63,048
Environmental rehabilitation		7,522		2,058		—		—		—		1,016		10,596
Total liabilities	$	162,217	$	15,100	$	56,122	$	255	$	396	$	124,468	$	358,558
Non-controlling interests	$	122,043	$	(27)	$	41,808	$	(403)	$	—	$	1,242	$	164,663


	China				Ecuador				Kyrgyzstan
	Ying Mining								Tulkubash/
As at March 31, 2025	District		GC Mine		El Domo		Condor		Kyzyltash		Other		Total
Current assets	$	132,782	$	17,376	$	27,021	$	1,704	$	—	$	208,038	$	386,921
Long-term prepaids and deposits		1,782		225		—		—		—		92		2,099
Reclamation deposits		1,183		3,073		—		—		—		7		4,263
Other investments		—		—		—		—		—		17,277		17,277
Investment in associates		—		—		—		—		—		46,016		46,016
Investment properties		511		—		—		—		—		—		511
Plant and equipment		76,248		12,600		499		133		—		4,313		93,793
Mineral rights and properties		294,310		38,321		208,180		26,220		—		19,951		586,982
Long-term receivables		—		—		1,079		—		—		—		1,079
Total Assets	$	506,816	$	71,595	$	236,779	$	28,057	$	—	$	295,694	$	1,138,941
Current liabilities	$	59,624	$	5,858	$	4,121	$	180	$	—	$	6,779	$	76,562
Long-term portion of lease obligation		—		—		182		—		—		871		1,053
Long-term portion of convertible debenture		—		—		—		—		—		108,193		108,193
Derivative liabilities		—		—		—		—		—		50,768		50,768
Deferred income tax liabilities		53,076		2,925		—		—		—		3,337		59,338
Environmental rehabilitation		7,212		1,480		—		—		947		9,639
Total liabilities	$	119,912	$	10,263	$	4,303	$	180	$	—	$	170,895	$	305,553
Non-controlling interests	$	98,104	$	(179)	$	31,327	$	(403)	$	—	$	1,811	$	130,660

(c)Sales by metal

The sales generated for the year ended March 31, 2026 and 2025 were all earned in China and were comprised of:


		Year Ended March 31, 2026
		Ying Mining District			GC			Total
Silver		$	301,680		$	14,711		$	316,391
Gold			31,493			—			31,493
Lead			52,743			4,730			57,473
Zinc			7,320			15,635			22,955
Other			6,002			3,821			9,823
		$	399,238		$	38,897		$	438,135


	Year Ended March 31, 2025
	Ying Mining District		GC		Total
Silver	$	175,932	$	10,824	$	186,756
Gold		17,816		—		17,816
Lead		54,794		5,220		60,014
Zinc		9,610		16,413		26,023
Other		5,363		2,923		8,286
	$	263,515	$	35,380	$	298,895

(d)Major customers

Revenue from major customers is summarized as follows:

Year Ended March 31, 2026

 

Percentage of total

Customers

Ying Mining District

Total

revenue

Customer D

87,277

843

88,120

Customer B

85,946

499

86,445

Customer A

80,204

—

80,204

Customer C

51,449

2,029

53,478

Customer F

29,513

—

29,513

334,389

3,371

337,760


	Year Ended March 31, 2025
							Percentage of total
Customers	Ying Mining District		GC		Total		revenue
Customer A	$	76,094	$	—	$	76,094	25	%
Customer B		70,266		538		70,804	24	%
Customer C		40,433		3,375		43,808	15	%
Customer D		37,992		—		37,992	13	%
Customer E		18,284		—		18,284	6	%
	$	243,069	$	3,913	$	246,982	83	%