
	September 30, 2026		December 31, 2025
NSR Royalty	$	246,892	$	—
Silver Purchase Agreement embedded derivative	54,141		20,380
Warrant liability	27,227		24,117
Operating lease liability	4,994		4,735
Share-based payment liability	—		6,959
Orion Gold Prepay embedded derivative	—		9,278
Conversion and change of controls rights	—		1,358


Total other liabilities	$	333,254	$	66,827
Less current portion	6,258		18,373
Long-term portion	$	326,996	$	48,454

On March 16, 2026, the Company entered into a net smelter return royalty financing arrangement (the "NSR Royalty") with Franco‑Nevada U.S. Corporation ("Franco-Nevada"), granting a perpetual royalty on production from the Company’s properties, including Granite Creek, Cove, the Ruby Hill Complex and Lone Tree. Gross proceeds were $250.0 million, of which $225.0 million was received at closing. Of the $225 million amount received, $25 million is required to be allocated to the advancement of technical and permitting work on the Ruby Hill property which includes an open pit gold deposit referred to as Mineral Point ("Mineral Point"). An additional $25.0 million is expected to be made available to advance Mineral Point, contingent upon satisfaction of specified project expenditure conditions related to the Mineral Point project.

The royalty rate is 1.5% of net smelter returns through December 31, 2030, increasing to 3.0% thereafter. The royalty is payable monthly in cash or in-kind as refined gold or silver at Franco‑Nevada’s election.

The royalty obligation was classified as a financial liability. Upon initial recognition, the Company elected the fair value option and, accordingly, measures the obligation at fair value at each reporting date with changes in fair value recorded in other income or other expense (Note 13). As of September 30, 2026, the current portion of the NSR Royalty liability was $3.8 million (December 31, 2025 - nil). Finance fees of $6.4 million related to the NSR Royalty have been recognized in other expense (Note 13).

The financial liability represents the embedded derivative in relation to the silver price included in the Silver Purchase Agreement (Note 7 and Note 19). The Company recognizes the embedded derivative at fair value with any changes in fair value recorded in other income or other expense (Note 13). As of September 30, 2026, the current portion of the Silver Purchase Agreement embedded derivative liability was nil (December 31, 2025 - $2.7 million).



	Issue date	Expiry date	Exercise price (C$)	Number of warrants	September 30, 2026		December 31, 2025
Brokered placement	5/1/2024	5/1/2028	2.15	34,847,025	$	20,876	$	18,052
Orion warrants	1/15/2025	1/15/2029	1.01	5,000,000	6,155		5,287
Orion warrants	1/24/2024	1/24/2028	2.72	500,000	196		361
Orion warrants	9/20/2023	9/20/2026	3.17	3,750,000	—		417



Total warrant liability					$	27,227	$	24,117

During the three and nine months ended September 30, 2026, 3.8 million warrants expired. The warrants are considered derivatives because their exercise price is in C$ whereas the Company’s functional currency is in USD. Accordingly, the Company recognizes the warrants as liabilities at fair value with changes in fair value recorded in other income or other expense (Note 13). The current portion of the liability is nil at September 30, 2026 (December 31, 2025 - $0.4 million).

The fair value of the warrants, excluding warrants issued in connection with the May 2024 brokered placement, were calculated using the Black-Scholes option pricing model with the following assumptions:

During the quarter ended September 30, 2026, the Company reassessed the classification of its restricted stock units ("RSUs") and determined that they no longer met the criteria for liability classification and have been reclassified as equity (Note 9). As at December 31, 2025 the share-based payment liability was $7.0 million.

Operating lease liabilities relate primarily to equipment and office rentals. The weighted average remaining lease life is 4 years and the weighted average discount rate is 8.48%. Undiscounted remaining payments are $1.0 million for 2026, $6.0 million for 2027 to 2030, and $1.2 million thereafter.

The financial liability represented the embedded derivative related to the gold-indexed pricing feature within the Orion Gold Prepay (Note 7 and Note 19). The Company recognized the embedded derivative at fair value, with any changes in fair value recorded in other income or other expense (Note 13). Upon settlement of the Orion Gold Prepay during the first quarter of 2026, the related embedded derivative liability was derecognized.

The Orion Convertible Loan contained a change of control feature, a conversion feature, and a forced conversion feature that were classified as derivative financial liabilities measured at fair value (Note 19). The forced conversion feature was not separated from the host contract as it is considered to be indexed to the Company's shares. Changes in the fair value of the embedded derivative liabilities were recognized in other income or other expense (Note 13).