Number of years | |
Buildings | 8-20 |
Plant and machinery | 3-20 |
Equipment | 3-8 |
Number of years | |
Buildings | 8-20 |
Plant and machinery | 3-20 |
Equipment | 3-8 |
Neves-Corvo mine | Zinkgruvan mine | Total | |
Cash consideration | $773.6 | $628.5 | $1,402.1 |
Fair value of contingent consideration | 41.7 | 2.4 | 44.1 |
Transaction costs | (4.7) | (3.8) | $(8.5) |
Net proceeds | $810.6 | $627.1 | $1,437.7 |
Net assets | Neves-Corvo mine | Zinkgruvan mine | Total |
Cash and cash equivalents | $20.0 | $59.0 | $79.0 |
Trade and other receivables | 77.5 | 9.7 | 87.2 |
Inventories | 45.9 | 22.8 | 68.7 |
Restricted funds | 52.4 | \u2014 | 52.4 |
Mineral properties, plant and equipment | 840.2 | 344.9 | 1,185.1 |
Trade and other payables | (85.8) | (36.5) | (122.3) |
Income taxes receivable (payable) | 0.9 | (8.2) | (7.3) |
Lease liabilities | (16.4) | (0.6) | (17.0) |
Deferred revenue | (27.2) | (44.0) | (71.2) |
Reclamation and other closure provisions | (98.7) | (50.1) | (148.8) |
Other long-term liabilities | (8.4) | (4.4) | (12.8) |
Deferred tax liabilities | \u2014 | (30.9) | (30.9) |
800.4 | 261.7 | 1,062.1 | |
Gain on disposal before reclassification of foreign currency translation reserve | 10.2 | 365.4 | 375.6 |
Reclassification of foreign currency translation reserve to earnings | (161.4) | (107.8) | (269.2) |
Net gain (loss) on disposal | $(151.2) | $257.6 | $106.4 |
For the year ended December 31, 2025 | Neves-Corvo 1 | Zinkgruvan 1 | Eagle | Total |
Revenue | $128.3 | $72.4 | $208.6 | $409.3 |
Production costs | (90.2) | (36.9) | (150.7) | (277.8) |
Depreciation, depletion and amortization | \u2014 | \u2014 | (22.3) | (22.3) |
Exploration and business development | (2.0) | (3.4) | (1.5) | (6.9) |
Finance (costs) income | (3.9) | (0.8) | (4.3) | (9.0) |
Other income (expense) | 41.3 | (1.2) | \u2014 | 40.1 |
Asset (impairment) reversal | (65.7) | \u2014 | 88.4 | 22.7 |
Earnings before income taxes | 7.8 | 30.1 | 118.2 | 156.1 |
Income tax (expense) recovery | (0.1) | (2.9) | (0.3) | (3.3) |
Deferred tax (expense) recovery | 0.2 | (2.6) | (20.9) | (23.3) |
Net earnings before gain (loss) on disposal | $7.9 | $24.6 | $97.0 | $129.5 |
Gain (loss) on disposal of subsidiaries | (151.2) | 257.5 | \u2014 | 106.3 |
Net earnings (loss) from discontinued operations | $(143.3) | $282.1 | $97.0 | $235.8 |
1 Includes financial results from January 1, 2025 to April 16, 2025 and the revaluation of contingent consideration at December 31, 2025. |
For the year ended December 31, 2024 | Neves-Corvo | Zinkgruvan | Eagle | Total |
Revenue | $438.1 | $256.7 | $152.5 | $847.3 |
Production costs | (323.2) | (122.1) | (111.9) | (557.2) |
Depreciation, depletion and amortization | (118.3) | (37.0) | (33.6) | (188.9) |
Exploration and business development | (2.8) | (10.0) | (3.2) | (16.0) |
Finance (costs) income | (4.8) | (4.9) | (3.6) | (13.4) |
Other (expense) income | (4.8) | (4.0) | (2.2) | (11.0) |
Goodwill and asset impairment | (291.2) | \u2014 | (104.9) | (396.1) |
Partial suspension of underground mining operations | \u2014 | \u2014 | (36.1) | (36.1) |
(Loss) earnings before income taxes | (307.0) | 78.7 | (143.0) | (371.4) |
Income tax (expense) recovery | 0.8 | (15.5) | \u2014 | (14.7) |
Deferred tax recovery | 27.7 | 0.7 | 28.8 | 57.2 |
Net (loss) earnings from discontinued operations | $(278.5) | $63.9 | $(114.2) | $(328.9) |
Eagle mine | |
Assets classified as held for sale | |
Cash and cash equivalents | $22.0 |
Trade and other receivables | 10.4 |
Inventories | 20.9 |
Mineral properties, plant and equipment | 175.8 |
$229.1 | |
Liabilities classified as held for sale | |
Trade and other payables | $19.5 |
Lease liabilities | 9.0 |
Reclamation and other closure provisions | 73.8 |
Other long-term liabilities | 1.0 |
Deferred tax liabilities | 23.5 |
$126.8 |
Neves-Corvo mine | Zinkgruvan mine | Total | |
Assets classified as held for sale | |||
Cash and cash equivalents | $23.9 | $50.9 | $74.8 |
Trade and other receivables | 90.2 | 22.9 | 113.1 |
Income taxes receivable | 0.8 | \u2014 | 0.8 |
Inventories | 39.7 | 16.5 | 56.2 |
Restricted funds | 49.6 | \u2014 | 49.6 |
Mineral properties, plant and equipment | 810.6 | 284.6 | 1,095.2 |
$1,014.8 | $374.9 | $1,389.7 | |
Liabilities classified as held for sale | |||
Trade and other payables | $99.8 | $32.4 | $132.2 |
Income taxes payable | \u2014 | 7.8 | 7.8 |
Lease liabilities | 15.7 | 0.6 | 16.3 |
Deferred revenue | 25.1 | 39.2 | 64.3 |
Reclamation and other closure provisions | 89.9 | 44.2 | 134.1 |
Other long-term liabilities | 7.7 | 4.5 | 12.2 |
Deferred tax liabilities | \u2014 | 26.2 | 26.2 |
$238.2 | $154.9 | $393.1 |
Neves-Corvo mine | Zinkgruvan mine | Total | |
Cash consideration | $773.6 | $628.5 | $1,402.1 |
Fair value of contingent consideration | 41.7 | 2.4 | 44.1 |
Transaction costs | (4.7) | (3.8) | $(8.5) |
Net proceeds | $810.6 | $627.1 | $1,437.7 |
Net assets | Neves-Corvo mine | Zinkgruvan mine | Total |
Cash and cash equivalents | $20.0 | $59.0 | $79.0 |
Trade and other receivables | 77.5 | 9.7 | 87.2 |
Inventories | 45.9 | 22.8 | 68.7 |
Restricted funds | 52.4 | \u2014 | 52.4 |
Mineral properties, plant and equipment | 840.2 | 344.9 | 1,185.1 |
Trade and other payables | (85.8) | (36.5) | (122.3) |
Income taxes receivable (payable) | 0.9 | (8.2) | (7.3) |
Lease liabilities | (16.4) | (0.6) | (17.0) |
Deferred revenue | (27.2) | (44.0) | (71.2) |
Reclamation and other closure provisions | (98.7) | (50.1) | (148.8) |
Other long-term liabilities | (8.4) | (4.4) | (12.8) |
Deferred tax liabilities | \u2014 | (30.9) | (30.9) |
800.4 | 261.7 | 1,062.1 | |
Gain on disposal before reclassification of foreign currency translation reserve | 10.2 | 365.4 | 375.6 |
Reclassification of foreign currency translation reserve to earnings | (161.4) | (107.8) | (269.2) |
Net gain (loss) on disposal | $(151.2) | $257.6 | $106.4 |
For the year ended December 31, 2025 | Neves-Corvo 1 | Zinkgruvan 1 | Eagle | Total |
Revenue | $128.3 | $72.4 | $208.6 | $409.3 |
Production costs | (90.2) | (36.9) | (150.7) | (277.8) |
Depreciation, depletion and amortization | \u2014 | \u2014 | (22.3) | (22.3) |
Exploration and business development | (2.0) | (3.4) | (1.5) | (6.9) |
Finance (costs) income | (3.9) | (0.8) | (4.3) | (9.0) |
Other income (expense) | 41.3 | (1.2) | \u2014 | 40.1 |
Asset (impairment) reversal | (65.7) | \u2014 | 88.4 | 22.7 |
Earnings before income taxes | 7.8 | 30.1 | 118.2 | 156.1 |
Income tax (expense) recovery | (0.1) | (2.9) | (0.3) | (3.3) |
Deferred tax (expense) recovery | 0.2 | (2.6) | (20.9) | (23.3) |
Net earnings before gain (loss) on disposal | $7.9 | $24.6 | $97.0 | $129.5 |
Gain (loss) on disposal of subsidiaries | (151.2) | 257.5 | \u2014 | 106.3 |
Net earnings (loss) from discontinued operations | $(143.3) | $282.1 | $97.0 | $235.8 |
1 Includes financial results from January 1, 2025 to April 16, 2025 and the revaluation of contingent consideration at December 31, 2025. |
For the year ended December 31, 2024 | Neves-Corvo | Zinkgruvan | Eagle | Total |
Revenue | $438.1 | $256.7 | $152.5 | $847.3 |
Production costs | (323.2) | (122.1) | (111.9) | (557.2) |
Depreciation, depletion and amortization | (118.3) | (37.0) | (33.6) | (188.9) |
Exploration and business development | (2.8) | (10.0) | (3.2) | (16.0) |
Finance (costs) income | (4.8) | (4.9) | (3.6) | (13.4) |
Other (expense) income | (4.8) | (4.0) | (2.2) | (11.0) |
Goodwill and asset impairment | (291.2) | \u2014 | (104.9) | (396.1) |
Partial suspension of underground mining operations | \u2014 | \u2014 | (36.1) | (36.1) |
(Loss) earnings before income taxes | (307.0) | 78.7 | (143.0) | (371.4) |
Income tax (expense) recovery | 0.8 | (15.5) | \u2014 | (14.7) |
Deferred tax recovery | 27.7 | 0.7 | 28.8 | 57.2 |
Net (loss) earnings from discontinued operations | $(278.5) | $63.9 | $(114.2) | $(328.9) |
Eagle mine | |
Assets classified as held for sale | |
Cash and cash equivalents | $22.0 |
Trade and other receivables | 10.4 |
Inventories | 20.9 |
Mineral properties, plant and equipment | 175.8 |
$229.1 | |
Liabilities classified as held for sale | |
Trade and other payables | $19.5 |
Lease liabilities | 9.0 |
Reclamation and other closure provisions | 73.8 |
Other long-term liabilities | 1.0 |
Deferred tax liabilities | 23.5 |
$126.8 |
Neves-Corvo mine | Zinkgruvan mine | Total | |
Assets classified as held for sale | |||
Cash and cash equivalents | $23.9 | $50.9 | $74.8 |
Trade and other receivables | 90.2 | 22.9 | 113.1 |
Income taxes receivable | 0.8 | \u2014 | 0.8 |
Inventories | 39.7 | 16.5 | 56.2 |
Restricted funds | 49.6 | \u2014 | 49.6 |
Mineral properties, plant and equipment | 810.6 | 284.6 | 1,095.2 |
$1,014.8 | $374.9 | $1,389.7 | |
Liabilities classified as held for sale | |||
Trade and other payables | $99.8 | $32.4 | $132.2 |
Income taxes payable | \u2014 | 7.8 | 7.8 |
Lease liabilities | 15.7 | 0.6 | 16.3 |
Deferred revenue | 25.1 | 39.2 | 64.3 |
Reclamation and other closure provisions | 89.9 | 44.2 | 134.1 |
Other long-term liabilities | 7.7 | 4.5 | 12.2 |
Deferred tax liabilities | \u2014 | 26.2 | 26.2 |
$238.2 | $154.9 | $393.1 |
Neves-Corvo mine | Zinkgruvan mine | Total | |
Cash consideration | $773.6 | $628.5 | $1,402.1 |
Fair value of contingent consideration | 41.7 | 2.4 | 44.1 |
Transaction costs | (4.7) | (3.8) | $(8.5) |
Net proceeds | $810.6 | $627.1 | $1,437.7 |
Net assets | Neves-Corvo mine | Zinkgruvan mine | Total |
Cash and cash equivalents | $20.0 | $59.0 | $79.0 |
Trade and other receivables | 77.5 | 9.7 | 87.2 |
Inventories | 45.9 | 22.8 | 68.7 |
Restricted funds | 52.4 | \u2014 | 52.4 |
Mineral properties, plant and equipment | 840.2 | 344.9 | 1,185.1 |
Trade and other payables | (85.8) | (36.5) | (122.3) |
Income taxes receivable (payable) | 0.9 | (8.2) | (7.3) |
Lease liabilities | (16.4) | (0.6) | (17.0) |
Deferred revenue | (27.2) | (44.0) | (71.2) |
Reclamation and other closure provisions | (98.7) | (50.1) | (148.8) |
Other long-term liabilities | (8.4) | (4.4) | (12.8) |
Deferred tax liabilities | \u2014 | (30.9) | (30.9) |
800.4 | 261.7 | 1,062.1 | |
Gain on disposal before reclassification of foreign currency translation reserve | 10.2 | 365.4 | 375.6 |
Reclassification of foreign currency translation reserve to earnings | (161.4) | (107.8) | (269.2) |
Net gain (loss) on disposal | $(151.2) | $257.6 | $106.4 |
For the year ended December 31, 2025 | Neves-Corvo 1 | Zinkgruvan 1 | Eagle | Total |
Revenue | $128.3 | $72.4 | $208.6 | $409.3 |
Production costs | (90.2) | (36.9) | (150.7) | (277.8) |
Depreciation, depletion and amortization | \u2014 | \u2014 | (22.3) | (22.3) |
Exploration and business development | (2.0) | (3.4) | (1.5) | (6.9) |
Finance (costs) income | (3.9) | (0.8) | (4.3) | (9.0) |
Other income (expense) | 41.3 | (1.2) | \u2014 | 40.1 |
Asset (impairment) reversal | (65.7) | \u2014 | 88.4 | 22.7 |
Earnings before income taxes | 7.8 | 30.1 | 118.2 | 156.1 |
Income tax (expense) recovery | (0.1) | (2.9) | (0.3) | (3.3) |
Deferred tax (expense) recovery | 0.2 | (2.6) | (20.9) | (23.3) |
Net earnings before gain (loss) on disposal | $7.9 | $24.6 | $97.0 | $129.5 |
Gain (loss) on disposal of subsidiaries | (151.2) | 257.5 | \u2014 | 106.3 |
Net earnings (loss) from discontinued operations | $(143.3) | $282.1 | $97.0 | $235.8 |
1 Includes financial results from January 1, 2025 to April 16, 2025 and the revaluation of contingent consideration at December 31, 2025. |
For the year ended December 31, 2024 | Neves-Corvo | Zinkgruvan | Eagle | Total |
Revenue | $438.1 | $256.7 | $152.5 | $847.3 |
Production costs | (323.2) | (122.1) | (111.9) | (557.2) |
Depreciation, depletion and amortization | (118.3) | (37.0) | (33.6) | (188.9) |
Exploration and business development | (2.8) | (10.0) | (3.2) | (16.0) |
Finance (costs) income | (4.8) | (4.9) | (3.6) | (13.4) |
Other (expense) income | (4.8) | (4.0) | (2.2) | (11.0) |
Goodwill and asset impairment | (291.2) | \u2014 | (104.9) | (396.1) |
Partial suspension of underground mining operations | \u2014 | \u2014 | (36.1) | (36.1) |
(Loss) earnings before income taxes | (307.0) | 78.7 | (143.0) | (371.4) |
Income tax (expense) recovery | 0.8 | (15.5) | \u2014 | (14.7) |
Deferred tax recovery | 27.7 | 0.7 | 28.8 | 57.2 |
Net (loss) earnings from discontinued operations | $(278.5) | $63.9 | $(114.2) | $(328.9) |
Eagle mine | |
Assets classified as held for sale | |
Cash and cash equivalents | $22.0 |
Trade and other receivables | 10.4 |
Inventories | 20.9 |
Mineral properties, plant and equipment | 175.8 |
$229.1 | |
Liabilities classified as held for sale | |
Trade and other payables | $19.5 |
Lease liabilities | 9.0 |
Reclamation and other closure provisions | 73.8 |
Other long-term liabilities | 1.0 |
Deferred tax liabilities | 23.5 |
$126.8 |
Neves-Corvo mine | Zinkgruvan mine | Total | |
Assets classified as held for sale | |||
Cash and cash equivalents | $23.9 | $50.9 | $74.8 |
Trade and other receivables | 90.2 | 22.9 | 113.1 |
Income taxes receivable | 0.8 | \u2014 | 0.8 |
Inventories | 39.7 | 16.5 | 56.2 |
Restricted funds | 49.6 | \u2014 | 49.6 |
Mineral properties, plant and equipment | 810.6 | 284.6 | 1,095.2 |
$1,014.8 | $374.9 | $1,389.7 | |
Liabilities classified as held for sale | |||
Trade and other payables | $99.8 | $32.4 | $132.2 |
Income taxes payable | \u2014 | 7.8 | 7.8 |
Lease liabilities | 15.7 | 0.6 | 16.3 |
Deferred revenue | 25.1 | 39.2 | 64.3 |
Reclamation and other closure provisions | 89.9 | 44.2 | 134.1 |
Other long-term liabilities | 7.7 | 4.5 | 12.2 |
Deferred tax liabilities | \u2014 | 26.2 | 26.2 |
$238.2 | $154.9 | $393.1 |
Neves-Corvo mine | Zinkgruvan mine | Total | |
Cash consideration | $773.6 | $628.5 | $1,402.1 |
Fair value of contingent consideration | 41.7 | 2.4 | 44.1 |
Transaction costs | (4.7) | (3.8) | $(8.5) |
Net proceeds | $810.6 | $627.1 | $1,437.7 |
Net assets | Neves-Corvo mine | Zinkgruvan mine | Total |
Cash and cash equivalents | $20.0 | $59.0 | $79.0 |
Trade and other receivables | 77.5 | 9.7 | 87.2 |
Inventories | 45.9 | 22.8 | 68.7 |
Restricted funds | 52.4 | \u2014 | 52.4 |
Mineral properties, plant and equipment | 840.2 | 344.9 | 1,185.1 |
Trade and other payables | (85.8) | (36.5) | (122.3) |
Income taxes receivable (payable) | 0.9 | (8.2) | (7.3) |
Lease liabilities | (16.4) | (0.6) | (17.0) |
Deferred revenue | (27.2) | (44.0) | (71.2) |
Reclamation and other closure provisions | (98.7) | (50.1) | (148.8) |
Other long-term liabilities | (8.4) | (4.4) | (12.8) |
Deferred tax liabilities | \u2014 | (30.9) | (30.9) |
800.4 | 261.7 | 1,062.1 | |
Gain on disposal before reclassification of foreign currency translation reserve | 10.2 | 365.4 | 375.6 |
Reclassification of foreign currency translation reserve to earnings | (161.4) | (107.8) | (269.2) |
Net gain (loss) on disposal | $(151.2) | $257.6 | $106.4 |
For the year ended December 31, 2025 | Neves-Corvo 1 | Zinkgruvan 1 | Eagle | Total |
Revenue | $128.3 | $72.4 | $208.6 | $409.3 |
Production costs | (90.2) | (36.9) | (150.7) | (277.8) |
Depreciation, depletion and amortization | \u2014 | \u2014 | (22.3) | (22.3) |
Exploration and business development | (2.0) | (3.4) | (1.5) | (6.9) |
Finance (costs) income | (3.9) | (0.8) | (4.3) | (9.0) |
Other income (expense) | 41.3 | (1.2) | \u2014 | 40.1 |
Asset (impairment) reversal | (65.7) | \u2014 | 88.4 | 22.7 |
Earnings before income taxes | 7.8 | 30.1 | 118.2 | 156.1 |
Income tax (expense) recovery | (0.1) | (2.9) | (0.3) | (3.3) |
Deferred tax (expense) recovery | 0.2 | (2.6) | (20.9) | (23.3) |
Net earnings before gain (loss) on disposal | $7.9 | $24.6 | $97.0 | $129.5 |
Gain (loss) on disposal of subsidiaries | (151.2) | 257.5 | \u2014 | 106.3 |
Net earnings (loss) from discontinued operations | $(143.3) | $282.1 | $97.0 | $235.8 |
1 Includes financial results from January 1, 2025 to April 16, 2025 and the revaluation of contingent consideration at December 31, 2025. |
For the year ended December 31, 2024 | Neves-Corvo | Zinkgruvan | Eagle | Total |
Revenue | $438.1 | $256.7 | $152.5 | $847.3 |
Production costs | (323.2) | (122.1) | (111.9) | (557.2) |
Depreciation, depletion and amortization | (118.3) | (37.0) | (33.6) | (188.9) |
Exploration and business development | (2.8) | (10.0) | (3.2) | (16.0) |
Finance (costs) income | (4.8) | (4.9) | (3.6) | (13.4) |
Other (expense) income | (4.8) | (4.0) | (2.2) | (11.0) |
Goodwill and asset impairment | (291.2) | \u2014 | (104.9) | (396.1) |
Partial suspension of underground mining operations | \u2014 | \u2014 | (36.1) | (36.1) |
(Loss) earnings before income taxes | (307.0) | 78.7 | (143.0) | (371.4) |
Income tax (expense) recovery | 0.8 | (15.5) | \u2014 | (14.7) |
Deferred tax recovery | 27.7 | 0.7 | 28.8 | 57.2 |
Net (loss) earnings from discontinued operations | $(278.5) | $63.9 | $(114.2) | $(328.9) |
Eagle mine | |
Assets classified as held for sale | |
Cash and cash equivalents | $22.0 |
Trade and other receivables | 10.4 |
Inventories | 20.9 |
Mineral properties, plant and equipment | 175.8 |
$229.1 | |
Liabilities classified as held for sale | |
Trade and other payables | $19.5 |
Lease liabilities | 9.0 |
Reclamation and other closure provisions | 73.8 |
Other long-term liabilities | 1.0 |
Deferred tax liabilities | 23.5 |
$126.8 |
Neves-Corvo mine | Zinkgruvan mine | Total | |
Assets classified as held for sale | |||
Cash and cash equivalents | $23.9 | $50.9 | $74.8 |
Trade and other receivables | 90.2 | 22.9 | 113.1 |
Income taxes receivable | 0.8 | \u2014 | 0.8 |
Inventories | 39.7 | 16.5 | 56.2 |
Restricted funds | 49.6 | \u2014 | 49.6 |
Mineral properties, plant and equipment | 810.6 | 284.6 | 1,095.2 |
$1,014.8 | $374.9 | $1,389.7 | |
Liabilities classified as held for sale | |||
Trade and other payables | $99.8 | $32.4 | $132.2 |
Income taxes payable | \u2014 | 7.8 | 7.8 |
Lease liabilities | 15.7 | 0.6 | 16.3 |
Deferred revenue | 25.1 | 39.2 | 64.3 |
Reclamation and other closure provisions | 89.9 | 44.2 | 134.1 |
Other long-term liabilities | 7.7 | 4.5 | 12.2 |
Deferred tax liabilities | \u2014 | 26.2 | 26.2 |
$238.2 | $154.9 | $393.1 |
Cash consideration | $610.7 |
Fair value of 94,074,959 common shares issued by the Company (a) (b) | 799.8 |
Transaction costs | 10.1 |
The Company's previously held common shares in Filo (b) | 49.9 |
Total purchase price | $1,470.5 |
50% interest in Filo | 50% interest in Josemaria | 50% share of Vicu\u00f1a on formation | |
Cash and cash equivalents | $17.3 | $7.0 | 24.3 |
Receivables and other assets | 0.5 | $1.2 | 1.7 |
Mineral properties, plant and equipment | 1,456.7 | 701.1 | 2,157.8 |
Total assets | 1,474.5 | 709.3 | 2,183.8 |
Trade and other payables | (4.0) | (19.8) | (23.8) |
Total liabilities | (4.0) | (19.8) | (23.8) |
Total net assets | $1,470.5 | $689.5 | $2,160.0 |
Summarized Balance Sheets (50% share) | |||
December 31, 2025 | January 15, 2025 | ||
Total current assets | $30.6 | $25.7 | |
Total non-current assets | $2,327.0 | $2,148.2 | |
Total current liabilities | $43.5 | $20.7 | |
Total non-current liabilities | $7.6 | $3.1 | |
Summarized Statements of Loss and Comprehensive Loss (50% share) | |||
20251 | |||
Net loss | $(3.9) | ||
Net comprehensive loss | $(3.9) | ||
Summarized Statement of Cash Flows (50% share) | |||
20251 | |||
Cash provided by operating activities | $0.3 | ||
Cash used in investing activities | (164.2) | ||
Cash used in financing activities | (1.2) | ||
Decrease in cash and cash equivalents during the period | $(165.1) | ||
1 Includes financial results between the date of formation, January 15, 2025 and December 31, 2025. |
Cash consideration | $610.7 |
Fair value of 94,074,959 common shares issued by the Company (a) (b) | 799.8 |
Transaction costs | 10.1 |
The Company's previously held common shares in Filo (b) | 49.9 |
Total purchase price | $1,470.5 |
50% interest in Filo | 50% interest in Josemaria | 50% share of Vicu\u00f1a on formation | |
Cash and cash equivalents | $17.3 | $7.0 | 24.3 |
Receivables and other assets | 0.5 | $1.2 | 1.7 |
Mineral properties, plant and equipment | 1,456.7 | 701.1 | 2,157.8 |
Total assets | 1,474.5 | 709.3 | 2,183.8 |
Trade and other payables | (4.0) | (19.8) | (23.8) |
Total liabilities | (4.0) | (19.8) | (23.8) |
Total net assets | $1,470.5 | $689.5 | $2,160.0 |
December 31, 2025 | December 31, 2024 | |||
Cash | $274.4 | $197.2 | ||
Short-term deposits | 21.8 | 160.3 | ||
$296.2 | $357.5 |
December 31, 2025 | December 31, 2024 | |||
Trade receivables | $673.6 | $347.8 | ||
Value added tax | 68.7 | 53.0 | ||
Prepaid expenses | 22.3 | 42.6 | ||
Other receivables | 60.0 | 67.5 | ||
$824.6 | $510.9 |
Currency | December 31, 2025 | December 31, 2024 | ||
USD | 683.3 | 365.0 | ||
CLP | 95,661.1 | 93,826.7 | ||
CAD | 19.4 | 37.8 | ||
SEK | \u2014 | 100.0 | ||
BRL | 121.4 | 94.6 | ||
ARS | 97.5 | 621.6 |
December 31, 2025 | December 31, 2024 | |||
Materials and supplies | $297.1 | $279.4 | ||
Ore stockpiles and dump leach | 222.8 | 188.8 | ||
Finished goods - concentrate stockpiles | 48.7 | 116.6 | ||
Finished goods - copper cathode and other | 19.0 | 22.6 | ||
$587.6 | $607.4 |
December 31, 2025 | December 31, 2024 | |||
Ore stockpiles at Candelaria | $502.8 | $480.9 | ||
Ore stockpiles at Chapada | 217.6 | 299.9 | ||
Dump leach at Caserones | 81.7 | 91.1 | ||
$802.1 | $871.9 |
December 31, 2025 | December 31, 2024 | ||
Contingent consideration (Note 3) | $42.8 | $\u2014 | |
Marketable securities, non-current portion | 22.8 | 10.0 | |
Other | 9.9 | 9.1 | |
$75.5 | $19.1 |
Cost | Mineral properties | Plant and equipment | Assets under construction1 | Development project2 | Software intangible assets | Total | ||||||
As at December 31, 2023 | $6,014.8 | $5,308.0 | $330.3 | $1,130.1 | $63.6 | $12,846.8 | ||||||
Additions | 239.2 | 100.0 | 367.9 | 265.5 | 0.7 | 973.3 | ||||||
Impairment (Note 10) | (331.2) | (111.7) | (1.1) | \u2014 | \u2014 | (444.0) | ||||||
Write-downs | \u2014 | \u2014 | (4.1) | (18.0) | \u2014 | (22.1) | ||||||
Disposals | \u2014 | (91.5) | \u2014 | \u2014 | \u2014 | (91.5) | ||||||
Transfers | 68.6 | 285.6 | (355.8) | \u2014 | 1.6 | \u2014 | ||||||
Reclassification to assets held for sale (Note 3) | (1,720.5) | (1,009.2) | (79.3) | \u2014 | (7.2) | (2,816.2) | ||||||
Effects of foreign exchange | (134.4) | (72.8) | (6.3) | \u2014 | (0.5) | (214.0) | ||||||
As at December 31, 2024 | 4,136.5 | 4,408.4 | 251.6 | 1,377.6 | 58.2 | 10,232.3 | ||||||
Formation of Vicu\u00f1a3 (Note 4) | \u2014 | (16.5) | \u2014 | 785.7 | \u2014 | 769.2 | ||||||
Additions | 176.7 | 33.7 | 356.2 | 204.0 | 1.7 | 772.3 | ||||||
Impairment reversal (Note 3) | 80.4 | 8.0 | \u2014 | \u2014 | \u2014 | 88.4 | ||||||
Disposals | (6.9) | (251.8) | (0.3) | \u2014 | \u2014 | (259.0) | ||||||
Transfers | 46.1 | 129.0 | (175.2) | \u2014 | 0.1 | \u2014 | ||||||
Reclassification to assets held for sale (Note 3) | (470.4) | (535.1) | (3.8) | \u2014 | (4.3) | (1,013.6) | ||||||
As at December 31, 2025 | $3,962.4 | $3,775.7 | $428.5 | $2,367.3 | $55.7 | $10,589.6 |
Accumulated depreciation, depletion and amortization | Mineral\u00a0 \u00a0 \u00a0 \u00a0 properties | Plant and equipment | Assets under construction1 | Development project2 | Software intangible assets | Total | ||||||
As at December 31, 2023 | $3,194.1 | $1,910.4 | $\u2014 | $\u2014 | $17.0 | $5,121.5 | ||||||
Depreciation | 368.2 | 419.6 | \u2014 | \u2014 | 9.3 | 797.1 | ||||||
Disposals | \u2014 | (85.2) | \u2014 | \u2014 | \u2014 | (85.2) | ||||||
Reclassification to assets held for sale (Note 3) | (1,187.6) | (530.0) | \u2014 | \u2014 | (3.3) | (1,720.9) | ||||||
Effects of foreign exchange | (88.2) | (36.3) | \u2014 | \u2014 | (0.3) | (124.8) | ||||||
As at December 31, 2024 | 2,286.5 | 1,678.5 | \u2014 | \u2014 | 22.7 | 3,987.7 | ||||||
Formation of Vicu\u00f1a3 (Note 4) | \u2014 | (4.0) | \u2014 | \u2014 | \u2014 | (4.0) | ||||||
Depreciation | 304.5 | 332.0 | \u2014 | \u2014 | 8.3 | 644.8 | ||||||
Disposals | (2.8) | (234.7) | \u2014 | \u2014 | \u2014 | (237.5) | ||||||
Reclassification to assets held for sale (Note 3) | (376.3) | (459.1) | \u2014 | \u2014 | (2.4) | (837.8) | ||||||
As at December 31, 2025 | $2,211.9 | $1,312.7 | $\u2014 | $\u2014 | $28.6 | $3,553.2 | ||||||
3 Formation of Vicu\u00f1a movements in cost of $769.1 million and accumulated depreciation of $4.0 million, totaling $773.1 million, includes the 50% interest in Filo of $1,456.7 million less the 50% interest in Josemaria sold to BHP of $683.6 million and are inclusive of capitalized borrowing and transaction costs. |
Net book value | Mineral\u00a0 \u00a0 \u00a0 \u00a0 properties | Plant and equipment | Assets under construction | Development project | Software intangible assets | Total | ||||||
As at December 31, 2024 | $1,850.0 | $2,729.9 | $251.6 | $1,377.6 | $35.5 | $6,244.6 | ||||||
As at December 31, 2025 | $1,750.5 | $2,463.0 | $428.5 | $2,367.3 | $27.1 | $7,036.4 |
Net book value | ||
As at December 31, 2023 | $284.0 | |
Additions | 70.8 | |
Depreciation | (76.4) | |
Disposals | (2.7) | |
Effects of foreign exchange | (0.3) | |
Reclassification to assets held for sale (Note 3) | (16.1) | |
As at December 31, 2024 | 259.3 | |
Additions | 25.3 | |
Depreciation | (65.3) | |
Contribution to Vicu\u00f1a (Note 4) | (1.6) | |
Reclassification to assets held for sale (Note 3) | (8.9) | |
As at December 31, 2025 | $208.8 |
Chapada | Neves-Corvo | Ojos1 | Total | ||
Balance at December 31, 2023 | $134.3 | $95.6 | $10.7 | $240.6 | |
Impairment charges | \u2014 | (90.7) | (10.7) | (101.4) | |
Effects of foreign exchange | \u2014 | (4.9) | \u2014 | (4.9) | |
Balance at December 31, 2024 | 134.3 | \u2014 | \u2014 | 134.3 | |
Balance at December 31, 2025 | $134.3 | $\u2014 | $\u2014 | $134.3 | |
1 Ojos is included in the Candelaria reporting segment. |
2025 | 2024 | |
Copper price $/lb | 4.50 - 4.95 | 4.30 - 4.70 |
Gold price $/oz | 3,200 - 3,800 | 2,150 - 2,575 |
After-tax discount rate | 8.0% | 7.5% |
BRL/$ exchange rate | 5.50 | 5.50 |
Life of mine | 27 years | 26 years |
Chapada | Neves-Corvo | Ojos1 | Total | ||
Balance at December 31, 2023 | $134.3 | $95.6 | $10.7 | $240.6 | |
Impairment charges | \u2014 | (90.7) | (10.7) | (101.4) | |
Effects of foreign exchange | \u2014 | (4.9) | \u2014 | (4.9) | |
Balance at December 31, 2024 | 134.3 | \u2014 | \u2014 | 134.3 | |
Balance at December 31, 2025 | $134.3 | $\u2014 | $\u2014 | $134.3 | |
1 Ojos is included in the Candelaria reporting segment. |
2025 | 2024 | |
Copper price $/lb | 4.50 - 4.95 | 4.30 - 4.70 |
Gold price $/oz | 3,200 - 3,800 | 2,150 - 2,575 |
After-tax discount rate | 8.0% | 7.5% |
BRL/$ exchange rate | 5.50 | 5.50 |
Life of mine | 27 years | 26 years |
December 31, 2025 | December 31, 2024 | |||
Trade payables | $363.0 | $297.7 | ||
Unbilled goods and services | 193.8 | 175.2 | ||
Employee benefits payable | 72.9 | 68.8 | ||
Sinkhole provision (a) | 23.2 | 16.9 | ||
Royalties payable | 15.7 | 24.5 | ||
Deferred consideration, current portion (b) | 10.0 | 10.0 | ||
Pricing provisions on concentrate sales (c) | 4.5 | 15.5 | ||
Prepayment from customers | \u2014 | 45.0 | ||
Automatic share purchase plan commitment (d) | \u2014 | 3.7 | ||
Other | 17.1 | 16.9 | ||
$700.2 | $674.2 |
December 31, 2025 | December 31, 2024 | ||
Candelaria and Chapada term loans (a) | $180.8 | $245.9 | |
Revolving credit facility (b) | 56.3 | 264.7 | |
Term loan (c) | \u2014 | 1,147.7 | |
Commercial paper (d) | \u2014 | 98.7 | |
Debt | 237.1 | 1,757.0 | |
Less: current portion | 180.8 | 344.6 | |
Long-term portion | $56.3 | $1,412.4 | |
As at December 31, 2023 | $1,208.6 | ||
Additions | 1,500.6 | ||
Payments | (944.4) | ||
Deferred financing fee | (3.6) | ||
Financing fee amortization | 2.4 | ||
Effects of foreign exchange | (6.6) | ||
As at December 31, 2024 | 1,757.0 | ||
Additions | 1,714.9 | ||
Payments | (3,245.2) | ||
Deferred financing fee | (0.2) | ||
Financing fee amortization | 4.1 | ||
Effects of foreign exchange | 6.5 | ||
As at December 31, 2025 | 237.1 | ||
Less: current portion | 180.8 | ||
Long-term portion | $56.3 | ||
Less than one year | $180.8 | |
One to five years | 60.0 | |
More than five years | \u2014 | |
Total undiscounted obligations as at December 31, 2025 | $240.8 | |
Related to continuing operations | $240.8 | |
Related to discontinued operations | $\u2014 |
As at December 31, 2023 | $277.2 |
Additions | 69.9 |
Payments | (93.5) |
Disposals | (2.0) |
Interest | 24.1 |
Reclassified to liabilities held for sale (Note 3) | (16.3) |
Effects of foreign exchange | (10.2) |
As at December 31, 2024 | 249.2 |
Contribution to Vicu\u00f1a (Note 4) | (1.1) |
Additions | 24.7 |
Payments | (82.4) |
Interest | 22.6 |
Reclassified to liabilities held for sale (Note 3) | (9.0) |
Effects of foreign exchange | 8.5 |
As at December 31, 2025 | 212.5 |
Less: current portion | 45.6 |
Long-term portion | $166.9 |
Less than one year | $61.6 | |
One to five years | 129.8 | |
More than five years | 113.4 | |
Total undiscounted obligations as at December 31, 2025 | $304.8 | |
Related to continuing operations | $294.0 | |
Related to discontinued operations | $10.8 |
As at December 31, 2023 | $623.2 | |
Recognition of revenue | (78.3) | |
Variable consideration adjustment | (1.6) | |
Finance costs | 34.3 | |
Reclassified to liabilities held for sale (Note 3) | (64.3) | |
Effects of foreign exchange | (5.6) | |
As at December 31, 2024 | 507.7 | |
Recognition of revenue | (67.1) | |
Variable consideration adjustment | (6.5) | |
Finance costs | 26.4 | |
As at December 31, 2025 | 460.5 | |
Less: current portion | 56.3 | |
Long-term portion | $404.2 |
Reclamation provisions | Other closure provisions | Total | ||||
Balance, December 31, 2023 | $497.2 | $47.0 | $544.2 | |||
Accretion | 25.5 | \u2014 | 25.5 | |||
Changes in estimate | (31.3) | 6.7 | (24.6) | |||
Changes in discount rate | (34.1) | \u2014 | (34.1) | |||
Payments | (11.7) | (6.0) | (17.7) | |||
Reclassification to liabilities held for sale (Note 3) | (125.5) | (8.6) | (134.1) | |||
Effects of foreign exchange | (9.7) | (5.3) | (15.0) | |||
Balance, December 31, 2024 | 310.4 | 33.8 | 344.2 | |||
Accretion | 19.4 | \u2014 | 19.4 | |||
Changes in estimate | (5.6) | 5.9 | 0.3 | |||
Changes in discount rate | 4.9 | \u2014 | 4.9 | |||
Payments | (7.1) | (3.3) | (10.4) | |||
Reclassification to liabilities held for sale (Note 3) | (73.8) | \u2014 | (73.8) | |||
Effects of foreign exchange | \u2014 | 3.6 | 3.6 | |||
Balance, December 31, 2025 | 248.2 | 40.0 | 288.2 | |||
Less: current portion | 6.4 | 5.7 | 12.1 | |||
Long-term portion | $241.8 | $34.3 | $276.1 |
Less than one year | $15.7 |
One to five years | 100.7 |
More than five years | 678.1 |
Total undiscounted obligations as at December 31, 2025 | $794.5 |
Related to continuing operations | $715.1 |
Related to discontinued operations | $79.4 |
December 31, 2025 | December 31, 2024 | ||
Deferred consideration, non-current portion | $99.3 | $102.8 | |
Other | 19.6 | 26.8 | |
$118.9 | $129.6 |
Number of SUs | Number of Replacement options1 | Weighted average exercise price (C$) | Number of options | Weighted average exercise price (C$) | ||
Outstanding, December 31, 2023 | 1,820,941 | 280,854 | 4.91 | 5,508,802 | 10.29 | |
Granted | 1,041,450 | \u2014 | \u2014 | 1,498,160 | 10.71 | |
Forfeited | (97,683) | (10,189) | 5.86 | (422,539) | 12.51 | |
Exercised | (318,679) | (109,077) | 4.84 | (2,822,650) | 9.95 | |
Outstanding, December 31, 2024 | 2,446,029 | 161,588 | 4.90 | 3,761,773 | 10.46 | |
Granted | 890,182 | \u2014 | \u2014 | 1,808,370 | 12.91 | |
Forfeited | (208,191) | (3,631) | 6.46 | (570,638) | 13.23 | |
Exercised | (327,364) | (102,617) | 4.84 | (1,257,659) | 11.51 | |
Outstanding, December 31, 2025 | 2,800,656 | 55,340 | 4.91 | 3,741,846 | 10.87 | |
1 During\u00a0 2022, the Company issued 2,513,866 replacement options upon completion of the Josemaria Resources Inc. acquisition. |
Outstanding Options | Exercisable Options | ||||||||
Range of exercise prices (C$) | Number of Options Outstanding1 | Weighted Average Remaining Contractual Life (Years) | Weighted Average Exercise Price (C$) | Number of Options Exercisable1 | Weighted Average Remaining Contractual Life (Years) | Weighted Average Exercise Price (C$) | |||
4 to 6.99 | 55,340 | 0.2 | 5.05 | 55,340 | 0.2 | 5.05 | |||
7 to 9.99 | 748,201 | 3.8 | 7.99 | 318,803 | 3.9 | 7.99 | |||
10 to 12.99 | 2,864,375 | 5.5 | 11.37 | 417,179 | 4.1 | 11.11 | |||
13 to 16.99 | 129,270 | 4.3 | 15.78 | 67,500 | 2.1 | 14.90 | |||
3,797,186 | 5.0 | 10.76 | 858,822 | 3.6 | 9.86 | ||||
1 Includes Replacement options |
December 31, 2025 | December 31, 2024 | ||
Basic weighted average number of shares outstanding | 855,632,088 | 774,825,230 | |
Effect of dilutive securities | 3,104,442 | 2,743,811 | |
Diluted weighted average number of shares outstanding | 858,736,530 | 777,569,041 | |
Antidilutive securities | 35,319 | 705,931 |
Candelaria complex | Caserones mine | Total | ||||
NCI in subsidiary at December 31, 2025 | 20% | 30%1 | ||||
As at December 31, 2023 | $594.8 | $862.0 | $1,456.8 | |||
Acquisition of additional interest in Caserones | \u2014 | (353.5) | (353.5) | |||
Share of net comprehensive income | 71.4 | 70.9 | 142.3 | |||
Distributions | (86.0) | (66.0) | (152.0) | |||
As at December 31, 2024 | 580.2 | 513.4 | 1,093.6 | |||
Share of net comprehensive income | 96.2 | 274.5 | 370.7 | |||
Distributions | (60.0) | (78.0) | (138.0) | |||
As at December 31, 2025 | $616.4 | $709.9 | $1,326.3 | |||
1 Prior to July 2, 2024, NCI in Caserones was 49%. |
Summarized Balance Sheets | ||||||
Candelaria complex | Caserones mine | |||||
As at Dec. 31, 2025 | As at Dec. 31, 2024 | As at Dec. 31, 2025 | As at Dec. 31, 2024 | |||
Total current assets | $824.4 | $627.0 | $760.7 | $600.3 | ||
Total non-current assets | $3,002.0 | $3,070.3 | $2,043.8 | $1,563.1 | ||
Total current liabilities | $406.2 | $452.6 | $326.4 | $298.4 | ||
Total non-current liabilities | $643.0 | $611.1 | $218.0 | $231.9 | ||
Summarized Statements of Earnings and Comprehensive Income | ||||||
Candelaria complex | Caserones mine | |||||
For the year ended December 31, | 2025 | 2024 | 2025 | 2024 | ||
Total revenue | $2,081.4 | $1,858.9 | $1,533.3 | $1,147.7 | ||
Net earnings | $479.2 | $355.2 | $915.2 | $171.9 | ||
Net comprehensive income | $479.4 | $355.3 | $915.2 | $171.9 | ||
Summarized Statement of Cash Flows | ||||||
Candelaria complex | Caserones mine | |||||
For the year ended December 31, | 2025 | 2024 | 2025 | 2024 | ||
Cash provided by operating activities | $360.5 | $745.2 | $643.8 | $438.1 | ||
Cash used in investing activities | (239.8) | (269.0) | (152.8) | (136.7) | ||
Cash used in financing activities | (120.6) | (377.0) | (141.8) | (313.5) | ||
Increase (decrease) in cash and cash equivalents during the period | $0.1 | $99.2 | $349.2 | $(12.1) |
2025 | 2024 | |||
Revenue from contracts with customers: | ||||
Copper | $3,161.7 | $2,754.3 | ||
Gold | 407.1 | 295.3 | ||
Molybdenum | 90.2 | 136.8 | ||
Silver | 64.4 | 47.4 | ||
Other | 18.0 | 28.5 | ||
3,741.4 | 3,262.3 | |||
Provisional pricing adjustments on current year concentrate sales | 268.8 | (9.1) | ||
Provisional pricing adjustments on prior year concentrate sales | 43.0 | 16.9 | ||
Revenue | $4,053.2 | $3,270.1 | ||
2025 | 2024 | |||
Revenue from contracts with customers: | ||||
Japan | $1,222.0 | $1,122.7 | ||
China | 1,143.4 | 1,066.2 | ||
Spain | 679.7 | 557.0 | ||
USA | 265.5 | \u2014 | ||
Germany | 184.7 | 129.8 | ||
Finland | 125.2 | 100.0 | ||
Chile | \u2014 | 169.4 | ||
Other | 120.9 | 117.2 | ||
3,741.4 | 3,262.3 | |||
Provisional pricing adjustments on current year concentrate sales | 268.8 | (9.1) | ||
Provisional pricing adjustments on prior year concentrate sales | 43.0 | 16.9 | ||
Revenue | $4,053.2 | $3,270.1 | ||
2025 | 2024 | |||
Direct mine and mill cost | $1,780.7 | $1,639.0 | ||
Transportation | 95.3 | 91.3 | ||
Royalties | 72.1 | 56.4 | ||
Total production costs | $1,948.1 | $1,786.7 | ||
2025 | 2024 | |||
Salaries and benefits | $26.7 | $23.9 | ||
Office related expenses | 11.5 | 14.0 | ||
Consulting | 11.0 | 10.6 | ||
Stock-based compensation | 12.4 | 6.6 | ||
Insurance | 0.9 | 1.3 | ||
Other | 1.4 | 1.9 | ||
Total general and administrative expenses | $63.9 | $58.3 |
2025 | 2024 | |||
General exploration | $38.1 | $35.5 | ||
Project development | 4.6 | 5.3 | ||
Corporate development | 0.8 | 1.3 | ||
Total exploration and business development | $43.5 | $42.1 |
2025 | 2024 | |||
General exploration | $38.1 | $35.5 | ||
Project development | 4.6 | 5.3 | ||
Corporate development | 0.8 | 1.3 | ||
Total exploration and business development | $43.5 | $42.1 |
2025 | 2024 | |||
Interest income | $14.6 | $16.1 | ||
Interest expense and bank fees | (47.0) | (100.9) | ||
Accretion expense on reclamation provisions | (15.5) | (18.7) | ||
Lease liability interest | (21.7) | (22.7) | ||
Deferred revenue finance costs | (14.8) | (4.9) | ||
Other | (6.1) | (6.6) | ||
Total finance costs, net | $(90.5) | $(137.7) | ||
Finance income | $14.6 | $16.1 | ||
Finance costs | (105.1) | (153.8) | ||
Total finance costs, net | $(90.5) | $(137.7) |
2025 | 2024 | |||
Realized losses on derivative contracts (Note 26) | $(37.2) | $(2.1) | ||
Unrealized gains (losses) on derivative contracts (Note 26) | 29.0 | (85.2) | ||
Loss on disposal of assets | (20.9) | (8.3) | ||
Foreign exchange (loss) gain (a) | (15.5) | 32.8 | ||
Revaluation of marketable securities | 14.9 | 7.4 | ||
Ojos del Salado sinkhole (expenses) recovery (b) | (10.9) | 9.5 | ||
Foreign exchange and trading gains on debt and equity investments (c) | 3.4 | 28.3 | ||
Gain on partial disposal and contribution to Vicu\u00f1a | 3.0 | \u2014 | ||
Revaluation of Caserones purchase option (d) | \u2014 | 11.7 | ||
Write-down of assets | \u2014 | (22.1) | ||
Other (expense) income | (18.2) | 6.1 | ||
Total other expense, net | $(52.4) | $(21.9) |
2025 | 2024 | |||
Current Tax Expense: | ||||
Current tax on net taxable earnings | $304.4 | $290.4 | ||
Adjustments in respect of prior years | (4.7) | 4.5 | ||
Current tax expense | 299.7 | 294.9 | ||
Deferred tax recovery | (569.7) | (36.1) | ||
Total tax (recovery) expense | $(270.0) | $258.8 |
2025 | 2024 | |||
Earnings excluding income taxes | $1,147.7 | $526.5 | ||
Combined basic federal and provincial rates | 27.0% | 27.0% | ||
Income taxes based on Canadian statutory income tax rates | $309.9 | $142.2 | ||
Effect of different tax rates in foreign jurisdictions | 2.9 | 26.9 | ||
Tax calculated at domestic tax rates applicable to earnings in the respective countries | 312.8 | 169.1 | ||
Tax effects of: | ||||
Mining Royalty Tax | 71.7 | 72.3 | ||
Non-deductible and non-taxable items (a) | 1.9 | 17.0 | ||
Changes in estimates on Chilean royalty tax rate (b) | (37.8) | 15.0 | ||
Adjustments in respect of prior years | 5.2 | (2.4) | ||
Unrecognized deferred tax assets (c) | 42.4 | 44.8 | ||
Foreign exchange impact on temporary differences and other \u00a0 translation amounts (d) | (34.2) | 12.7 | ||
Recognition of previously unrecognized temporary differences (e) | (650.9) | (71.7) | ||
Outside basis difference on investment in subsidiaries | 10.9 | \u2014 | ||
Net withholding tax on accrued interest and dividends received | 6.5 | 5.5 | ||
Other | 1.5 | (3.5) | ||
Total tax (recovery) expense | $(270.0) | $258.8 |
Deferred tax assets (liabilities) | ||||
December 31, 2025 | December 31, 2024 | |||
Deferred tax assets | $719.6 | $191.3 | ||
Deferred tax liabilities | (611.6) | (643.8) | ||
Deferred tax assets (liabilities) | $108.0 | $(452.5) |
As at December 31, 2024 | (Expensed)/ recovered | Discontinued Operations | Effects of foreign exchange | As at December 31, 2025 | ||
Deferred tax assets: | ||||||
Loss carryforwards | $153.3 | $516.5 | $(6.2) | $\u2014 | $663.6 | |
Reclamation & other closure provisions | 48.8 | (7.3) | \u2014 | 2.3 | 43.8 | |
Leases | 25.6 | 1.2 | (2.8) | \u2014 | 24.0 | |
Sinkhole provision | 6.6 | 1.9 | \u2014 | \u2014 | 8.5 | |
Provisional pricing provision & other fair value gain/losses | 18.4 | (67.9) | \u2014 | (0.1) | (49.6) | |
Deferred tax liabilities: | ||||||
Mineral properties, plant & equipment | (444.8) | 39.5 | 9.0 | (12.1) | (408.4) | |
Right-of-use assets | (32.5) | 5.6 | 3.1 | (0.1) | (23.9) | |
Provisions | (65.9) | 19.0 | \u2014 | 1.1 | (45.8) | |
Mining royalty taxes | (33.2) | 8.0 | \u2014 | \u2014 | (25.2) | |
Long-term inventory | (119.8) | 46.0 | (0.6) | (4.0) | (78.4) | |
Foreign currency contracts | (7.6) | 4.4 | \u2014 | \u2014 | (3.2) | |
Other | (1.4) | 2.8 | \u2014 | 1.2 | 2.6 | |
$(452.5) | $569.7 | $2.5 | $(11.7) | $108.0 |
As at December 31, 2023 | (Expensed)/ recovered | Discontinued Operations | Balance Sheet/ Equity adjustment | Effects of foreign exchange | As at December 31, 2024 | ||
Deferred tax assets: | |||||||
Loss carryforwards | $58.1 | $96.2 | $\u2014 | $\u2014 | $(1.0) | $153.3 | |
Reclamation & other closure provisions | 62.0 | 5.7 | (15.3) | \u2014 | (3.6) | 48.8 | |
Deferred revenue | 12.8 | \u2014 | (12.8) | \u2014 | \u2014 | \u2014 | |
Future tax credits | 4.3 | \u2014 | (4.3) | \u2014 | \u2014 | \u2014 | |
Leases | 5.9 | 20.0 | (0.3) | \u2014 | \u2014 | 25.6 | |
Sinkhole provision | 6.6 | \u2014 | \u2014 | \u2014 | \u2014 | 6.6 | |
Other | 4.9 | 22.0 | 7.6 | \u2014 | 1.6 | 36.1 | |
Deferred tax liabilities: | |||||||
Mineral properties, plant & equipment | (496.1) | (10.4) | 44.6 | \u2014 | 17.1 | (444.8) | |
Right-of-use assets | (31.3) | (1.5) | 0.4 | \u2014 | (0.1) | (32.5) | |
Provisions | (88.3) | (5.5) | 30.7 | \u2014 | (2.2) | (65.3) | |
Mining royalty taxes | (9.6) | (23.6) | \u2014 | \u2014 | \u2014 | (33.2) | |
Long-term inventory | (88.2) | (34.5) | 9.5 | \u2014 | (6.6) | (119.8) | |
Fair value gains | (12.8) | 1.6 | \u2014 | \u2014 | \u2014 | (11.2) | |
Foreign currency contracts | (9.2) | \u2014 | \u2014 | \u2014 | (9.2) | ||
Pension provision | (0.6) | (4.8) | (1.7) | 0.3 | (0.1) | (6.9) | |
$(581.5) | $65.2 | $58.4 | $0.3 | $5.1 | $(452.5) |
Expired in | Expiring throughout: | ||
Foreign currency forward contracts | 2025 | 2026 | |
USD/CAD forwards | |||
Average contract price | 1.40 | \u2014 | |
Position (USD millions) | 499 | \u2014 | |
USD/SEK forwards | |||
Average contract price | 10.83 | \u2014 | |
Position (SEK millions) | 758 | \u2014 | |
Expired in | Expiring throughout: | ||
Foreign currency option contracts | 2025 | 2026 | |
USD/BRL collars | |||
Average contract price | 5.06/6.04 | 5.07/6.04 | |
Position (USD millions) | 185 | 114 | |
USD/CLP collars | |||
Average contract price | 872/1,032 | 904/1,060 | |
Position (USD millions) | 511 | 342 |
Expired in | Expiring throughout: | ||
Commodity hedge contracts | 2025 | 2026 | |
Gold collars | |||
Average contract price ($/oz) | 2,500/3,125 | 2,500/3,455 | |
Position (koz) | 62 | 43 | |
Diesel collars | |||
Average contract price ($/L) | 0.50/0.65 | \u2014 | |
Position (millions of litres) | 54 | \u2014 |
2025 | 2024 | ||
Unrealized gain (loss) on derivative financial instruments: | |||
Foreign currency contracts | $71.4 | (87.7) | |
Commodity hedge contracts | (42.4) | 2.5 | |
29.0 | (85.2) | ||
Realized (loss) gain on derivative financial instruments: | |||
Foreign currency contracts | (13.7) | 2.6 | |
Commodity hedge contracts | (23.5) | (4.6) | |
(37.2) | (2.0) | ||
Total unrealized and realized loss on derivative contracts: | $(8.2) | $(87.2) |
December 31, 2025 | December 31, 2024 | ||
Foreign currency contracts: | |||
Current asset position | $9.8 | $\u2014 | |
Current liability position | 2.3 | 39.4 | |
Non-current liability position | \u2014 | 24.5 | |
Commodity contracts: | |||
Current asset position | $\u2014 | $1.0 | |
Non-current asset position | \u2014 | 0.7 | |
Current liability position | 40.7 | \u2014 |
December 31, 2025 | December 31, 2024 | |||||||
Level | Carrying value | Fair value | Carrying value | Fair value | ||||
Financial assets | ||||||||
Fair value through profit or loss | ||||||||
Restricted funds | 1 | $16.4 | $16.4 | $8.6 | $8.6 | |||
Trade receivables (provisional) | 2 | 624.2 | 624.2 | 337.1 | 337.1 | |||
Marketable securities | 1 | 30.9 | 30.9 | 60.1 | 60.1 | |||
Foreign currency contracts | 2 | 9.8 | 9.8 | \u2014 | \u2014 | |||
Contingent consideration (Note 3) | 3 | 85.7 | 85.7 | \u2014 | \u2014 | |||
Commodity contracts | 2 | \u2014 | \u2014 | 1.6 | 1.6 | |||
$767.0 | $767.0 | $407.4 | $407.4 | |||||
Financial liabilities | ||||||||
Amortized cost | ||||||||
Debt | 3 | $237.1 | $237.1 | $1,757.0 | $1,757.0 | |||
Caserones deferred consideration | 2 | 109.3 | 109.3 | 112.8 | 112.8 | |||
Fair value through profit or loss | ||||||||
Pricing provisions on concentrate sales | 2 | $2.4 | $2.4 | $7.1 | $7.1 | |||
Foreign currency contracts | 2 | 2.3 | 2.3 | 63.9 | 63.9 | |||
Commodity contracts | 2 | 40.7 | 40.7 | \u2014 | \u2014 | |||
$45.4 | $45.4 | $71.0 | $71.0 |
For the year ended December 31, 2025 | Candelaria | Caserones | Chapada | Vicu\u00f1a1 | Other | Total Continuing Operations | Discontinued Operations | Total |
Chile | Chile | Brazil | Argentina & Chile | |||||
Revenue | $1,769.0 | $1,618.9 | $665.3 | $\u2014 | $\u2014 | $4,053.2 | $409.3 | $4,462.5 |
Cost of goods sold | ||||||||
Direct mine and mill costs | (738.0) | (777.1) | (262.7) | \u2014 | (2.9) | (1,780.7) | (236.8) | (2,017.5) |
Transportation | (30.2) | (35.5) | (29.6) | \u2014 | \u2014 | (95.3) | (27.2) | (122.5) |
Royalties | (15.7) | (41.9) | (14.5) | \u2014 | \u2014 | (72.1) | (13.8) | (85.9) |
Depreciation, depletion and amortization | (300.0) | (212.2) | (106.2) | \u2014 | (0.5) | (618.9) | (22.3) | (641.2) |
Inventory write-down | \u2014 | \u2014 | (88.2) | \u2014 | \u2014 | (88.2) | \u2014 | (88.2) |
Gross profit (loss) | 685.1 | 552.2 | 164.1 | \u2014 | (3.4) | 1,398.0 | 109.2 | 1,507.2 |
General and administrative expenses | \u2014 | \u2014 | \u2014 | \u2014 | (63.9) | (63.9) | \u2014 | (63.9) |
Exploration and business development | (8.4) | (21.9) | (4.7) | (4.2) | (4.3) | (43.5) | (6.9) | (50.4) |
Finance (costs) income | (19.4) | (20.1) | (23.3) | 1.0 | (28.7) | (90.5) | (9.0) | (99.5) |
Other (expense) income | (55.0) | (19.0) | (9.0) | \u2014 | 30.6 | (52.4) | 40.1 | (12.3) |
Gain on disposal of subsidiaries | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 106.3 | 106.3 |
Asset impairment | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 22.7 | 22.7 |
Income tax (expense) recovery | (235.1) | 497.8 | \u2014 | (12.2) | 19.5 | 270.0 | (26.6) | 243.4 |
Net earnings (loss) | $367.2 | $989.0 | $127.1 | $(15.4) | $(50.2) | $1,417.7 | $235.8 | $1,653.5 |
Capital expenditures | $246.0 | $156.3 | $99.2 | $182.8 | $0.3 | $684.6 | $79.2 | $763.8 |
Total non-current assets(2) | $2,997.8 | $1,336.2 | $1,240.2 | $2,392.6 | $6.0 | $7,972.8 | $\u2014 | $7,972.8 |
1 The Vicu\u00f1a segment includes the legacy Josemaria segment for periods up until January 15, 2025 and the Company's 50% share of the Vicu\u00f1a Project after that date (Note 4). | ||||||||
2 Non-current assets include long-term inventory, mineral properties, plant and equipment, and goodwill. |
For the year ended December 31, 2024 | Candelaria | Caserones | Chapada | Vicu\u00f1a1 | Other | Total Continuing Operations | Discontinued Operations | Total |
Chile | Chile | Brazil | Argentina & Chile | |||||
Revenue | $1,618.9 | $1,153.6 | $497.6 | $\u2014 | $\u2014 | $3,270.1 | $847.3 | $4,117.4 |
Cost of goods sold | ||||||||
Direct mine and mill costs | (679.9) | (709.4) | (248.5) | \u2014 | (1.2) | (1,639.0) | (501.1) | (2,140.1) |
Transportation | (31.0) | (34.7) | (25.6) | \u2014 | \u2014 | (91.3) | (44.7) | (136.0) |
Royalties | (15.7) | (32.1) | (8.6) | \u2014 | \u2014 | (56.4) | (11.4) | (67.8) |
Depreciation, depletion and amortization | (313.1) | (184.1) | (76.5) | \u2014 | (0.5) | (574.2) | (188.9) | (763.1) |
Reversal of inventory write-down | \u2014 | \u2014 | 26.6 | \u2014 | \u2014 | 26.6 | \u2014 | 26.6 |
Gross profit (loss) | 579.2 | 193.3 | 165.0 | \u2014 | (1.7) | 935.8 | 101.2 | 1,037.0 |
General and administrative expenses | \u2014 | \u2014 | \u2014 | \u2014 | (58.3) | (58.3) | \u2014 | (58.3) |
Exploration and business development | (10.2) | (14.8) | (5.6) | (8.3) | (3.2) | (42.1) | (16.0) | (58.1) |
Finance (costs) income | (26.9) | (17.3) | (25.7) | 21.5 | (89.3) | (137.7) | (13.4) | (151.1) |
Other (expense) income | 14.9 | 37.6 | 3.8 | 7.3 | (85.5) | (21.9) | (11.0) | (32.9) |
Goodwill and asset impairment | (55.9) | \u2014 | (93.5) | \u2014 | \u2014 | (149.4) | (396.1) | (545.5) |
Partial suspension of underground operations cost | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (36.1) | (36.1) |
Income tax (expense) recovery | (237.9) | (0.9) | (62.2) | 50.1 | (7.9) | (258.8) | 42.5 | (216.3) |
Net earnings (loss) | $263.2 | $197.9 | $(18.2) | $70.6 | $(245.9) | $267.6 | $(328.9) | $(61.3) |
Capital expenditures | $275.7 | $144.0 | $107.8 | $258.2 | $0.4 | $786.1 | $176.2 | $962.3 |
Total non-current assets(2) | $3,063.8 | $1,374.7 | $1,290.0 | $1,408.2 | $6.6 | $7,143.3 | $107.5 | $7,250.8 |
1 The Vicu\u00f1a segment includes the legacy Josemaria segment for periods up until January 15, 2025 and the Company's 50% share of the Vicu\u00f1a Project after that date (Note 4). | ||||||||
2 Non-current assets include long-term inventory, mineral properties, plant and equipment, and goodwill. |
2025 | 2024 | |||
Wages, salaries and pension benefits | $7.8 | $7.4 | ||
Share-based compensation | 4.2 | 2.2 | ||
$12.0 | $9.6 |
Currency | Change | Effect on Pre-Tax Earnings | Change | Effect on Pre-Tax Earnings | ||||
CLP | +10% | $(23.9) | -10% | $23.9 | ||||
BRL | +10% | $(2.4) | -10% | $2.4 |
Metal | Payable metal | Provisional price on December 31, 2025 | Change | Effect on Revenue ($millions) | ||||||
Copper | 80,435t | $5.64/lb | +/-10% | +/-100.0 | ||||||
Gold | 32koz | $4,343/oz | +/-10% | +/-13.8 | ||||||
Molybdenum | 619t | $23.30/lb | +/-10% | +/-3.2 |
2025 | 2024 | |||
Changes in non-cash working capital items consist of: | ||||
Trade and income taxes receivable, and other current assets | $(348.9) | $160.0 | ||
Inventories | (39.1) | (72.0) | ||
Trade and income taxes payable, and other current liabilities | (26.0) | 133.7 | ||
$(414.0) | $221.7 | |||
Operating activities included the following cash payments: | ||||
Income taxes paid | $396.4 | $184.4 |