v3.26.1
Reserves (Tables)
 6 Months Ended
Jun. 30, 2026
Text block [abstract]  
Summary of Reserves
(in thousands)
    Note     June 30
2026		      December 31
2025		  
Reserves
        
Share purchase options
      18.1     $ 25,453      $ 24,381  
Restricted share units
      18.2       7,511        7,929  
Long-term investment revaluation reserve, net of tax
      18.3       53,570        144,601  
Total reserves
            $    86,534      $    176,911  
Summary of Fair Value of Share Purchase Options The weighted average fair value of share purchase options granted and pri
nc
ipal assumptions used in applying the Black-Scholes option pricing model are as follows:
 
     Six Months Ended
June 30		  
      2026      2025  
Black-Scholes weighted average assumptions
      
Grant date share price and exercise price
      Cdn$190.62        Cdn$108.56  
Expected dividend yield
      0.65%        0.92%  
Expected volatility
      30%        30%  
Risk-free interest rate
      3.05%        2.89%  
Expected option life, in years
      3.0        3.0  
Weighted average fair value per option granted
      Cdn$43.34        Cdn$23.90  
Number of options issued during the period
      95,290        178,020  
Total fair value of options issued (000’s)
    $    3,020      $     2,974  
Disclosure of Information About Options Outstanding and Exercisable
The following table summarizes information about the options outstanding and exercisable at June 30, 2026:
 
 Exercise Price (Cdn$)    Exercisable
Options		     
Non-Exercisable

Options		      Total Options
Outstanding		      Weighted
Average
Remaining
Contractual Life		  
 $49.86
      157,570        -        157,570       
1.7
 years		  
 $56.77¹
      6,214        -        6,214        1.7 years  
 $66.73¹
      15,650        -        15,650        2.7 years  
 $60.00
      163,703        -        163,703        2.7 years  
 $61.49¹
      27,107        -        27,107        3.7 years  
 $59.41
      204,627        -        204,627        3.7 years  
 $62.74¹
      33,182        21,513        54,695        4.7 years  
 $59.79
      128,091        69,748        197,839        4.7 years  
 $108.56
      45,453        92,010        137,463        5.7 years  
 $107.84¹
      10,536        25,156        35,692        5.7 years  
 $190.62
      -        73,090        73,090        6.7 years  
 $198.07¹
      -        22,200        22,200        6.7 years  
    
 
792,133
 
   
 
303,717
 
   
 
1,095,850
 
   
 
4.1 years
 
 
1)
US$ share purchase options converted to Cdn$ using the exchange rate of 1.4210, being the Cdn$/US$ exchange rate at June 30, 2026.
Disclosure of Outstanding Share Purchase Options
A continuity schedule of the Company’s outstanding share purchase options from January 1, 2025 to June 30, 2026 is presented below:
 
      Number of
Options
Outstanding		      Weighted
Average
Exercise Price		  
At January 1, 2025
      1,070,974        Cdn$58.14  
Granted (fair value - $3 million or Cdn$23.90 per option)
      178,020        108.56  
Exercised
      (62,041)        55.90  
Forfeited
      (24,410)        59.76  
At March 31, 2025
      1,162,543        Cdn$65.95  
Exercised
      (50,229)        54.62  
At June 30, 2025
      1,112,314        Cdn$65.86  
Exercised
      (66,219)        58.53  
Expired
      (2,186)        49.86  
Forfeited
      (8,593)        97.83  
At December 31, 2025
      1,035,316        Cdn$66.40  
Granted (fair value - $3 million or Cdn$43.34 per option)
      95,290        190.62  
Exercised
      (17,064)        59.65  
At March 31, 2026
      1,113,542        Cdn$77.37  
Exercised
      (17,046)        65.22  
Forfeited
      (646)        85.91  
At June 30, 2026
      1,095,850        Cdn$77.80  
Disclosure of Restricted Share Units Reserve
A continuity schedule of the Company’s restricted share units outstanding from January 1, 2025 to June 30, 2026 is presented below:
 
      Number of
RSUs
Outstanding		      Weighted
Average
Intrinsic Value
at Date
Granted		  
At January 1, 2025
      336,929        $34.64  
Granted (fair value - $4 million)
      52,960        75.92  
Released
      (69,129)        44.78  
Forfeited
      (5,384)        43.86  
At March 31, 2025
      315,376        $39.19  
Released
      (72,396)        22.89  
At June 30, 2025
      242,980        $44.04  
Forfeited
      (1,100)        55.85  
At December 31, 2025
      241,880        $43.99  
Granted (fair value - $4 million)
      30,480        139.35  
Released
      (46,442)        50.81  
At March 31, 2026
      225,918        $55.45  
Released
      (370)        50.26  
Forfeited
      (141)        60.81  
At June 30, 2026
      225,407        $55.46  
Disclosure of Long Term Investment Revaluation Reserve
 
A continuity schedule of the Company’s long-term investment revaluation reserve from January 1, 2025 to June 30, 2026 is presented below:
 
 (in thousands)
    Change in
Fair Value		     
Deferred
Tax
Recovery
(Expense)
      Total  
At January 1, 2025
    $ (95,675)      $ (48)      $ (95,723)  
Unrealized gain (loss) on LTIs
1
      26,161        (2,351)        23,810  
At March 31, 2025
    $ (69,514)      $ (2,399)      $ (71,913)  
Unrealized gain (loss) on LTIs
1
      40,520        (3,945)        36,575  
At June 30, 2025
    $ (28,994)      $ (6,344)      $ (35,338)  
Unrealized gain (loss) on LTIs
1
      196,046        (16,107)        179,939  
At December 31, 2025
    $ 167,052      $ (22,451)      $ 144,601  
Unrealized gain (loss) on LTIs
1
      63,463        (8,567)        54,896  
Reallocate reserve to retained earnings upon disposal of LTIs
1
      (151,519)        20,375        (131,144)  
At March 31, 2026
    $ 78,996      $ (10,643)      $ 68,353  
Unrealized gain (loss) on LTIs
1
      (17,090)        2,307        (14,783)  
At June 30, 2026
    $  61,906      $  (8,336)      $  53,570  
 
1)
LTIs refers to long-term investments in common shares held.