
	Note	Number of shares	Amount
Balance as at December 31, 2025		827,230,192	$	799,855

2023 Convertible Debenture redemption	(i)	8,133,983	13,354

Orion Convertible Loan repayment	(ii)	2,993,307	5,177
Offtake termination	(iii)	3,453,237	4,781
Share-based compensation		2,537,454	4,253
Exercise of warrants	(iv)	23,179,547	17,541
Balance as at September 30, 2026		867,527,720	$	844,961

Balance as at December 31, 2024		409,786,957	$	606,505
Private placement	(iv)	25,240,000	11,788
Brokered placement	(iv)	345,760,000	152,941
Private placement	(v)	29,210,464	16,014
ATM program	(vi)	4,341,390	2,426
Share-based compensation		434,661	351
Exercise of warrants	(iv)	1,801,000	1,363
Balance as at September 30, 2025		816,574,472	$	791,388

(ii)In connection with the Orion Convertible Loan repayment the Company issued 3.0 million common shares with a fair value of $5.3 million and net proceeds of $5.2 million.

(iii)On June 26, 2026, the Company entered into a termination and settlement agreement with Vox Royalty Corp. to terminate its gold offtake agreement eliminating the fixed obligation to deliver up to 40,000 ounces of refined gold per year from the Granite Creek and Ruby Hill properties through December 31, 2028, and subject to pricing based upon a lookback period. In consideration for the termination, the Company issued 3.5 million common shares valued at $4.8 million (Note 13).

(iv)On May 16, 2025, the Company closed a bought deal public offering of 345.8 million units of the Company at a price of $0.50 per unit for aggregate gross proceeds of $172.9 million and net proceeds of $162.5 million. In addition to the bought deal public offering, the Company closed a private placement of 25.2 million units to certain directors, officers and other shareholders of the Company at a price of $0.50 per unit for aggregate gross proceeds of $12.6 million and net proceeds of $12.5 million. Each unit for both offerings is comprised of one common share and one-half of one common share purchase warrant. Each warrant entitles the holder to purchase one common share at a price of $0.70 until November 16, 2027. The total number of warrants issued were 185.5 million.

The Company has assessed the warrants to meet the requirements to be recorded as equity. The net proceeds from the bought deal offering and the private placement were allocated to the warrants in the amount of $10.5 million and $164.9 million based upon the relative fair values of the common shares and warrants issued.

During three months ended September 30, 2026, 1.1 million warrants were exercised at an exercise price of $0.70 per share, resulting in the issuance of common shares of the Company for cash proceeds of $0.7 million and a reclassification of $0.1 million from additional paid-in-capital. During the nine months ended September 30, 2026, 23.2 million warrants were exercised at an exercise price of $0.70 per share, resulting in the issuance of common shares of the Company for cash proceeds of $16.2 million and a reclassification of $1.3 million from additional paid-in-capital. As at September 30, 2026, total warrants outstanding were 150.8 million (December 31, 2025 - 174.0 million).

(v)On January 31, 2025, the Company closed an offering of 28.2 million common shares of the Company at a price of C$0.80 per share for aggregate gross proceeds of $15.6 million (C$22.6 million). On February 28, 2025, in connection with the offering, the Company closed a concurrent private placement of 1.0 million common shares to certain directors and officers of the Company at a price of C$0.80 per share for aggregate gross proceeds of $0.6 million (C$0.8 million).

(vi)During the three months ended March 31, 2025, the Company issued 4.3 million common shares under the at-the-market equity program ("ATM Program") for total gross proceeds of $2.5 million. The ATM Program expired on March 31, 2025.