v3.26.1
Condensed Interim Consolidated Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2026
Dec. 31, 2025
Current assets    
Cash $ 6,657,131 $ 19,441,905
Restricted cash (note 7) 2,975,000 2,975,000
Accounts receivable and prepaid expenses (note 3) 629,351 538,197
Inventory (note 4) 939,688 341,004
Total current assets 11,201,170 23,296,106
Non-current assets    
Long term deposit (note 5) 1,406,480 2,692,648
Right-of-use asset (note 5) 3,098,501 595,201
Land (note 5) 3,249,488 309,861
Plant and equipment (note 5) 124,881,165 98,669,301
Mineral properties and rights (note 5) 30,681,446 25,395,877
Total assets 174,518,250 150,958,994
Current liabilities    
Accounts payable 7,990,188 5,520,901
Accrued liabilities 2,848,329 1,512,819
Current portion of lease liability (note 6) 601,924 82,569
Deferred share units liability (note 10) 811,377 1,487,800
Environment protection agency cost recovery payable (note 7) 6,000,000 6,000,000
Current portion of Silver Loan (note 8) 1,624,625 249,000
Interest payable (note 8) 1,780,416 1,035,000
Current income tax payable (note 12) 1,330,143 950,000
Total current liabilities 22,987,002 16,838,089
Non-current liabilities    
Lease liability (note 6) 1,430,684 8,913
Series 1 convertible debenture (note 8) 4,560,273 4,241,610
Series 2 convertible debenture (note 8) 9,522,815 8,852,012
Series 3 convertible debenture (note 8) 2,518,765 2,522,709
Silver Loan (note 8) 69,989,396 80,701,239
Sprott Debt Facility (note 8) 14,840,344 14,393,945
Environment protection agency cost recovery liability, net of discount (note 7) 5,023,426 4,314,544
Derivative warrant liability (note 9) 32,622,414 75,156,975
Total liabilities 163,495,119 207,030,036
Shareholders’ equity (deficiency)    
Preferred shares, $0.000001 par value, 285,715 preferred shares authorized; nil preferred shares issued and outstanding (note 9)
Common stock, $0.000001 par value, 100,000,000 common stock authorized; 46,685,293 and 39,834,023 shares of common stock issued and outstanding, respectively (note 9) 1,551 1,392
Additional paid-in-capital (note 9) 175,636,872 147,707,228
Accumulated other comprehensive income (loss) 569,488 (280,926)
Accumulated deficit (165,184,780) (203,498,736)
Total shareholders’ equity (deficiency) 11,023,131 (56,071,042)
Total shareholders’ equity (deficiency) and liabilities $ 174,518,250 $ 150,958,994