v3.26.1
Condensed Interim Consolidated Statements of Cash Flows (Unaudited)
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2026
USD ($)
Jun. 30, 2025
USD ($)
Dec. 31, 2025
USD ($)
Operating activities          
Net income for the period $ 18,189,266 $ 20,459,888 $ 38,313,956 $ 14,113,675 $ (93,132,015)
Adjustments to reconcile net income to net cash used in operating activities:          
Stock-based compensation (note 9)     (318,659) 119,810  
Depreciation, depletion and amortization     304,482 304,493  
Change in fair value of derivative liability     (43,580,366) (2,295,627)  
Change in fair value of Silver Loan (note 8) (11,119,246) 2,961,015 (6,213,354) 9,029,947  
Interest expense on lease liability (note 6)     25,228 18,451  
Financing costs     635,755 (449,545)  
Gain on debt settlement (29,850,212) (9,800) (29,850,212)  
Loss on debt settlement (note 8)     29,149 3,376,692  
Gain on debt modification     (4,618,484)  
Payment of interest on Silver Loan (note 8)     (2,272,450)  
Accretion of liabilities     1,471,444 2,534,538  
Loss (gain) on fair value of convertible debentures     (1,002,763)  
Changes in operating assets and liabilities:          
Accounts receivable and prepaid expenses     (91,154) (1,159,854)  
Inventory     (598,684)  
Accounts payable     (334,599) (2,779,621)  
Accrued liabilities     1,335,510 105,968  
Current income tax payable     380,143 (100,000)  
Interest payable     527,915 1,724,453  
Net cash used in operating activities     (10,395,484) (10,928,079)  
Investing activities          
Investment in plant and equipment (note 5)     (22,276,542) (21,200,108)  
Mine improvements (note 5)     (5,470,066) (2,110,812)  
Purchase of land     (1,939,627)  
Net cash used in investing activities     (29,686,235) (23,310,920)  
Financing activities          
Proceeds from LIFE offering (note 9)     19,195,242  
Proceeds from warrant exercises (note 9)     8,205,613  
Proceeds from compensation option exercises     25,219  
Proceeds from issuance of common stock, net     25,779,387  
Proceeds from Sprott Debt Facility     11,000,000  
Proceeds from Teck promissory note     4,400,000  
Repayment of Teck promissory note     (4,487,160)  
Lease payments     (129,129) (125,324)  
Net cash provided by financing activities     27,296,945 36,566,903  
Net change in cash     (12,784,774) 2,327,904  
Cash, beginning of period     22,416,905 8,261,277 8,261,277
Cash, end of period 9,632,131 10,589,181 9,632,131 10,589,181 22,416,905
Non-cash activities          
Interest payable settled with common stock     556,014 1,017,473  
Services settled with common stock     3,964,979  
Sprott Debt Facility settled with common stock     6,044,210  
Stream settled with common stock     20,472,126  
Reconciliation from Cash Flow Statement to Balance Sheet:          
Cash and restricted cash end of period 9,632,131 10,589,181 9,632,131 10,589,181  
Less restricted cash 2,975,000 2,975,000 2,975,000 2,975,000 $ 2,975,000
Cash end of period $ 6,657,131 $ 7,614,181 $ 6,657,131 $ 7,614,181