| MINERAL RIGHTS AND PROPERTIES |
16. | MINERAL RIGHTS AND PROPERTIES |
Mineral rights and properties consist of: | | | | | | | As at | | March 31, 2026 | | March 31, 2025 | Producing mineral properties | | $ | 386,830 | | $ | 332,631 | Non-producing mineral properties | | | 392,900 | | | 254,351 | | | $ | 779,730 | | $ | 586,982 |
| | | | | | | | | | Producing properties | | Ying Mining District | | GC | | Total | Carrying values | | | | | | | | | | As at April 1, 2024 | | $ | 426,560 | | $ | 120,557 | | $ | 547,117 | Capitalized expenditures | | | 48,210 | | | 6,122 | | | 54,332 | Environmental rehabilitation | | | 3,896 | | | 33 | | | 3,929 | Foreign currency translation impact | | | (2,014) | | | (520) | | | (2,534) | As at March 31, 2025 | | $ | 476,652 | | $ | 126,192 | | $ | 602,844 | Capitalized expenditures | | | 56,133 | | | 5,958 | | | 62,091 | Environmental rehabilitation | | | 796 | | | — | | | 796 | Foreign currency translation impact | | | 26,466 | | | 6,681 | | | 33,147 | Balance as at March 31, 2026 | | $ | 560,047 | | $ | 138,831 | | $ | 698,878 | Accumulated depletion and impairment | | | | | | | | | | As at April 1, 2024 | | $ | (161,657) | | $ | (86,148) | | $ | (247,805) | Depletion | | | (21,464) | | | (2,082) | | | (23,546) | Foreign currency translation impact | | | 779 | | | 359 | | | 1,138 | As at March 31, 2025 | | $ | (182,342) | | $ | (87,871) | | $ | (270,213) | Depletion | | | (24,549) | | | (2,482) | | | (27,031) | Foreign currency translation impact | | | (10,212) | | | (4,592) | | | (14,804) | Balance as at March 31, 2026 | | $ | (217,103) | | $ | (94,945) | | $ | (312,048) | Carrying values | | | | | | | | | | Balance as at March 31, 2025 | | $ | 294,310 | | $ | 38,321 | | $ | 332,631 | Balance as at March 31, 2026 | | $ | 342,944 | | $ | 43,886 | | $ | 386,830 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Tulkubash/ | | | | Non-producing properties | | BYP | | Kuanping | | El Domo | | Condor | | Kyzyltash | | Total | Carrying values | | | | | | | | | | | | | | | | | | | As at April 1, 2024 | | $ | 6,636 | | $ | 12,885 | | $ | — | | $ | — | | $ | — | | $ | 19,521 | Acquisition | | | — | | | — | | | 201,014 | | | 24,945 | | | — | | | 225,959 | Capitalized expenditures | | | — | | | 543 | | | 7,166 | | | 1,275 | | | — | | | 8,984 | Environmental rehabilitation | | | (26) | | | — | | | — | | | — | | | — | | | (26) | Foreign currency translation impact | | | (30) | | | (57) | | | — | | | — | | | — | | | (87) | As at March 31, 2025 | | $ | 6,580 | | $ | 13,371 | | $ | 208,180 | | $ | 26,220 | | $ | — | | $ | 254,351 | Acquisition | | | — | | | — | | | — | | | — | | | 84,018 | | | 84,018 | Capitalized expenditures | | | — | | | 4,346 | | | 45,794 | | | 2,974 | | | 250 | | | 53,364 | Foreign currency translation impact | | | 339 | | | 828 | | | — | | | — | | | — | | | 1,167 | Balance as at March 31, 2026 | | $ | 6,919 | | $ | 18,545 | | $ | 253,974 | | $ | 29,194 | | $ | 84,268 | | $ | 392,900 |
The Company acquired the El Domo Project and the Condor Project through the acquisition of Adventus on July 31, 2024. In June 2024, an action seeking to void the environmental license of the El Domo Project was brought in local court in Las Naves Canton, Bolívar Province, Ecuador (the “Court”) by a group of plaintiffs alleging defects in the environmental consultation process for the El Domo Project. The Court rejected the litigation on July 24, 2024 ruling that the Ecuadorean government correctly discharged its environmental consultation obligations prior to issuing an environmental license for the El Domo Project. The plaintiffs filed an appeal (the “Appeal”) to the provincial court, and the Appeal was heard by the provincial court of Bolívar Province on October 17, 2024, and was dismissed by the provincial court on November 12, 2024, affirming the lower court decision that the Ministry of Environment, Water, and Ecological Transition of Ecuador (“MAATE”) correctly discharged its environmental consultation obligations prior to issuing an environmental license of the El Domo Project. The plaintiffs subsequently filed an Extraordinary Protection Action (EPA) before the Constitutional Court of Ecuador. On February 26, 2025, the Constitutional Court issued a decision declining to admit the EPA. On March 3, 2025, the plaintiffs filed a motion for clarification. A clarification motion may proceed where disputed issues have not been fully resolved. On July 24, 2025, the Constitutional Court issued a decision rejecting the clarification motion.
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