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incorporated on 11 April 2006 under the Companies Act 2006 as a Limited Company and registered in England and Wales with registered number 05777693. The Company\u2019s registered of\ufb01ce is located at 17 Cavendish Square, London W1G 0PH, \n \n United Kingdom.\n The ultimate controlling party of the Company is Mr Eduardo Hochschild whose bene\ufb01cial interest in the Company and its subsidiaries (together \u2018the Group\u2019 or \u2018Hochschild Mining Group\u2019) is 38.27% and it is held through Pelham Investment Corporation (\u2018Pelham\u2019), a Cayman Islands company. On 8 November 2006, the Company\u2019s shares were admitted to the Of\ufb01cial List of the UKLA (United Kingdom Listing Authority) and to trading on the London Stock Exchange. The Group\u2019s principal business is the mining, processing and sale of silver and gold. At 31 December 2025, the Group has one operating mine (Inmaculada) located in southern Peru, one operating mine (San Jose) located in Argentina and one operating mine (Mara Rosa) located in Brazil. The Group also has a portfolio of projects located across Peru, Argentina, Brazil, and Chile, at various stages of development. These consolidated \ufb01nancial statements were approved for issue by the Board of Directors on 10 March 2026. \n \n \n The Group\u2019s subsidiaries, all held indirectly, except for Hochschild Mining Holdings Limited, are as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Equity interest at 31 December
Company Principal activity Country of incorporation 2025 % 2024 %
Hochschild Mining (Argentina) Corporation S.A. 1 Holding company Argentina 100 100
MH Argentina S.A. 2 Exploration of\ufb01ce Argentina 100 100
Minera Santa Cruz S.A. 1 and 14 Production of gold and silver Argentina 51 51
Minera Hochschild Chile S.C.M. 3 Exploration Chile 100 100
Andina Minerals Chile SpA 3 Exploration Chile 69.8 100
Southwest Minerals (Yunnan) Inc. 4 Exploration China 100 100
Hochschild Mining Holdings Limited 6 Holding company England and Wales 100 100
Hochschild Mining Ares (UK) Limited 6 Administrative of\ufb01ce England and Wales 100 100
Hochschild Mining Brazil Holdings Corp. 6 Holding company England and Wales 100 100
Southwest Mining Inc. 4 Exploration Mauritius 100 100
Southwest Minerals Inc. 4 Exploration Mauritius 100 100
Minera Hochschild Mexico, S.A. de C.V. 7 Exploration Mexico 100 100
Hochschild Mining (Peru) S.A. 4 Holding company Peru 100 100
Compa\u00f1\u00eda Minera Ares S.A.C. 4 Production of gold and silver Peru 100 100
Compa\u00f1\u00eda Minera Arcata S.A. 4 Production of gold and silver Peru 99.1 99.1
Empresa de Transmisi\u00f3n Aymaraes S.A.C. 4 Power transmission Peru 100 100
C\u00faspide Copper S.A.C. 4 and 13 Exploration Peru 100 100
Compa\u00f1\u00eda Minera Cerro Salto S.A.C. 4 and 13 Exploration Peru \u2013 100
Toro Bravo Peru S.A.C. 5 Exploration Peru 100 \u2013
Hochschild Mining (US) Inc. 8 Holding company USA 100 100
Hochschild Mining Canada Corp 9 Exploration Canada 100 100
Tiernan Gold Corp. 9 and 11 Holding company Canada 69.8 100
Amarillo Mineracao do Brasil Ltda. 10 Production of gold and silver Brazil 100 100
Serra Alta Mineracao Ltda. 10 and note 4(b) Exploration Brazil 100 100
Serra Alta Participacoes Inmobiliarias S.A. 10 and note 4(b) Exploration Brazil 100 100
\n 1 Registered address: Av. Santa Fe 2755, \ufb02oor 9, Buenos Aires, Argentina. 2 Registered address: Sargento Cabral 124, Comodoro Rivadavia, Provincia de Chubut, Argentina. 3 Registered address: Av. Apoquindo 4775 of 1002, Comuna Las Condes, Santiago de Chile, Chile. 4 Registered address: La Colonia 180, Santiago de Surco, Lima, Peru. 5 Registered address: La Colonia 180, Santiago de Surco, Lima, Peru. The company was incorporated on 2 February 2025. 6 Registered address: 17 Cavendish Square, London, W1G0PH, United Kingdom. 7 Registered address: Calle Aguila Real No 122, Colonia Carolco, Monterrey, Nuevo Leon, CP 64996, Mexico. 8 Registered address: 1025 Ridgeview Dr. 300, Reno, Nevada 89519, USA. 9 Registered address: Suite 1700, Park Place, 666 Burrard Street, Vancouver BC, V6C 2X8. 10 Registered address: Fazenda Invernada s/n, Zona Rural, Mara Rosa \u2013 Goias \u2013 Brazil, CEP: 76.490-000. 11 The Group has a 69.8% interest in Tiernan Gold Corp, while the remaining 30.2% is held by non-controlling shareholders (see note 4(a)). 12 The Company was incorporated on 8 July 2024. 13 The Company was incorporated on 20 July 2024 and sold on 27 February 2025. 14 The Group has a 51% interest in Minera Santa Cruz S.A. (Minera Santa Cruz), while the remaining 49% is held by a non-controlling shareholder. \n \n \n \n The signi\ufb01cant \ufb01nancial information in respect of subsidiaries that contain material non-controlling interest before intercompany eliminations as at and for the years ended 31 December 2025 and 2024 is as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Minera Santa Cruz S.A. As at 31 December Tiernan Gold Corp. As at 31 December
2025 US$000 2024 US$000 2025 US$000 2024 US$000
Non-current assets 140,380 133,371 87,251 \u2013
Current assets 291,237 144,568 39,709 \u2013
Non-current liabilities (76,857) (66,806) (13,065) \u2013
Current liabilities (108,487) (57,922) (3,200) \u2013
Equity (246,273) (153,211) (110,695) \u2013
Cash and cash equivalents 149,114 45,454 39,673 \u2013
Revenue 436,522 293,335 \u2013 \u2013
Depreciation and amortisation (49,338) (48,899) \u2013 \u2013
Impairment reversal of non-current assets 14,179 \u2013 43,255 \u2013
Interest income 1,275 1,071 441 \u2013
Interest expense (1,482) (3,043) (2) \u2013
Income tax (47,326) (632) (12) \u2013
Profit for the year 97,646 34,170 24,687 \u2013
Comprehensive income \u2013 \u2013 4,803 \u2013
Net cash generated from operating activities 153,130 74,625 1,477 \u2013
Net cash used in investing activities (43,425) (46,143) (1,823) \u2013
Net cash (used in)/generated from financing activities (6,046) (5,210) 28,129 \u2013
\n Pro\ufb01t/(loss) attributable to non-controlling interests in the consolidated income statement, non-controlling interest in the consolidated statement of \ufb01nancial position, and dividends declared to non-controlling interests in the consolidated statement of changes in equity are solely related to Minera Santa Cruz and Tiernan Gold Corp.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408003325977": { "value": "Hochschild Mining PLC", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408003200896": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408000452240": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408000557569": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408000351659": { "value": "17 Cavendish Square, London W1G 0PH,\n United Kingdom.\n ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408003353250": { "value": "Hochschild Mining Group", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408003259483": { "value": "Pelham Investment Corporation", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408000533293": { "value": "The Group\u2019s principal business is the mining, processing and sale of silver and gold. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408094727879": { "value": "southern Peru", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408143332694": { "value": "\n The Group\u2019s subsidiaries, all held indirectly, except for Hochschild Mining Holdings Limited, are as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Equity interest at 31 December
Company Principal activity Country of incorporation 2025 % 2024 %
Hochschild Mining (Argentina) Corporation S.A. 1 Holding company Argentina 100 100
MH Argentina S.A. 2 Exploration of\ufb01ce Argentina 100 100
Minera Santa Cruz S.A. 1 and 14 Production of gold and silver Argentina 51 51
Minera Hochschild Chile S.C.M. 3 Exploration Chile 100 100
Andina Minerals Chile SpA 3 Exploration Chile 69.8 100
Southwest Minerals (Yunnan) Inc. 4 Exploration China 100 100
Hochschild Mining Holdings Limited 6 Holding company England and Wales 100 100
Hochschild Mining Ares (UK) Limited 6 Administrative of\ufb01ce England and Wales 100 100
Hochschild Mining Brazil Holdings Corp. 6 Holding company England and Wales 100 100
Southwest Mining Inc. 4 Exploration Mauritius 100 100
Southwest Minerals Inc. 4 Exploration Mauritius 100 100
Minera Hochschild Mexico, S.A. de C.V. 7 Exploration Mexico 100 100
Hochschild Mining (Peru) S.A. 4 Holding company Peru 100 100
Compa\u00f1\u00eda Minera Ares S.A.C. 4 Production of gold and silver Peru 100 100
Compa\u00f1\u00eda Minera Arcata S.A. 4 Production of gold and silver Peru 99.1 99.1
Empresa de Transmisi\u00f3n Aymaraes S.A.C. 4 Power transmission Peru 100 100
C\u00faspide Copper S.A.C. 4 and 13 Exploration Peru 100 100
Compa\u00f1\u00eda Minera Cerro Salto S.A.C. 4 and 13 Exploration Peru \u2013 100
Toro Bravo Peru S.A.C. 5 Exploration Peru 100 \u2013
Hochschild Mining (US) Inc. 8 Holding company USA 100 100
Hochschild Mining Canada Corp 9 Exploration Canada 100 100
Tiernan Gold Corp. 9 and 11 Holding company Canada 69.8 100
Amarillo Mineracao do Brasil Ltda. 10 Production of gold and silver Brazil 100 100
Serra Alta Mineracao Ltda. 10 and note 4(b) Exploration Brazil 100 100
Serra Alta Participacoes Inmobiliarias S.A. 10 and note 4(b) Exploration Brazil 100 100
\n 1 Registered address: Av. Santa Fe 2755, \ufb02oor 9, Buenos Aires, Argentina. 2 Registered address: Sargento Cabral 124, Comodoro Rivadavia, Provincia de Chubut, Argentina. 3 Registered address: Av. Apoquindo 4775 of 1002, Comuna Las Condes, Santiago de Chile, Chile. 4 Registered address: La Colonia 180, Santiago de Surco, Lima, Peru. 5 Registered address: La Colonia 180, Santiago de Surco, Lima, Peru. The company was incorporated on 2 February 2025. 6 Registered address: 17 Cavendish Square, London, W1G0PH, United Kingdom. 7 Registered address: Calle Aguila Real No 122, Colonia Carolco, Monterrey, Nuevo Leon, CP 64996, Mexico. 8 Registered address: 1025 Ridgeview Dr. 300, Reno, Nevada 89519, USA. 9 Registered address: Suite 1700, Park Place, 666 Burrard Street, Vancouver BC, V6C 2X8. 10 Registered address: Fazenda Invernada s/n, Zona Rural, Mara Rosa \u2013 Goias \u2013 Brazil, CEP: 76.490-000. 11 The Group has a 69.8% interest in Tiernan Gold Corp, while the remaining 30.2% is held by non-controlling shareholders (see note 4(a)). 12 The Company was incorporated on 8 July 2024. 13 The Company was incorporated on 20 July 2024 and sold on 27 February 2025. 14 The Group has a 51% interest in Minera Santa Cruz S.A. (Minera Santa Cruz), while the remaining 49% is held by a non-controlling shareholder. \n \n The signi\ufb01cant \ufb01nancial information in respect of subsidiaries that contain material non-controlling interest before intercompany eliminations as at and for the years ended 31 December 2025 and 2024 is as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Minera Santa Cruz S.A. As at 31 December Tiernan Gold Corp. As at 31 December
2025 US$000 2024 US$000 2025 US$000 2024 US$000
Non-current assets 140,380 133,371 87,251 \u2013
Current assets 291,237 144,568 39,709 \u2013
Non-current liabilities (76,857) (66,806) (13,065) \u2013
Current liabilities (108,487) (57,922) (3,200) \u2013
Equity (246,273) (153,211) (110,695) \u2013
Cash and cash equivalents 149,114 45,454 39,673 \u2013
Revenue 436,522 293,335 \u2013 \u2013
Depreciation and amortisation (49,338) (48,899) \u2013 \u2013
Impairment reversal of non-current assets 14,179 \u2013 43,255 \u2013
Interest income 1,275 1,071 441 \u2013
Interest expense (1,482) (3,043) (2) \u2013
Income tax (47,326) (632) (12) \u2013
Profit for the year 97,646 34,170 24,687 \u2013
Comprehensive income \u2013 \u2013 4,803 \u2013
Net cash generated from operating activities 153,130 74,625 1,477 \u2013
Net cash used in investing activities (43,425) (46,143) (1,823) \u2013
Net cash (used in)/generated from financing activities (6,046) (5,210) 28,129 \u2013
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408143612510": { "value": "\n 2 Material accounting policies \n \n (a) Basis of preparation The consolidated \ufb01nancial statements of the Group have been prepared in accordance with UK-adopted International Accounting Standards. The basis of preparation and accounting policies used in preparing the consolidated \ufb01nancial statements for the years ended 31 December 2025 and 2024 are set out below. The consolidated \ufb01nancial statements have been prepared on a historical cost basis except for the revaluation of certain \ufb01nancial instruments that are measured at fair value at the end of each reporting period, as explained below. These accounting policies have been consistently applied, except for the effects of the adoption of new and amended accounting standard. The \ufb01nancial statements are presented in US dollars (US$) and all monetary amounts are rounded to the nearest thousand ($000) except when otherwise indicated. \n \n Changes in accounting policy and disclosures The accounting policies adopted in the preparation of the consolidated \ufb01nancial statements are consistent with those followed in the preparation of the Group\u2019s annual consolidated \ufb01nancial statements for the year ended 31 December 2024, except for the adoption of new standards effective as of 1 January 2025. Amendments apply for the \ufb01rst time in 2025, but do not have an impact on the consolidated \ufb01nancial statements of the Group. \u2013 Lack of exchangeability \u2013 Amendments to IAS 21\n Standards, interpretations and amendments to existing standards that are not yet effective and have not been previously adopted by the Group Certain new standards, amendments and interpretations to existing standards have been published and are mandatory for the Group\u2019s accounting periods beginning on or after 1 January 2026 or later periods but which the Group has not previously adopted. These have not been listed as they are not expected to have a material impact the Group \ufb01nancial statements. The Group has not yet completed its assessment of IFRS 18. The analysis is expected to conclude on second quarter of 2026.\n \n \n (b) Judgements in applying accounting policies and key sources of estimation uncertainty Many of the amounts included in the \ufb01nancial statements involve the use of judgement and/or estimation. These judgements and estimates are based on management\u2019s best knowledge of the relevant facts and circumstances, having regard to prior experience, but actual results may differ from the amounts included in the \ufb01nancial statements. Information about such judgements and estimates is contained in the accounting policies and/or the notes to the \ufb01nancial statements. Signi\ufb01cant areas of estimation uncertainty and critical judgements made by management in preparing the consolidated \ufb01nancial statements include: Signi\ufb01cant estimates: \u2013 Useful lives of assets for depreciation and amortisation purposes \u2013 note 2(f). Estimates are required to be made by management as to the useful lives of assets. For depreciation calculated under the unit-of-production method, estimated recoverable reserves and resources are used in determining the depreciation and/or amortisation of mine-speci\ufb01c assets. This results in a depreciation/amortisation charge proportional to the depletion of the anticipated remaining life-of-mine production. Each item\u2019s life, which is assessed annually, has regard to both its physical life limitations and to present assessments of economically recoverable reserves and resources of the mine property at which the asset is located. These calculations require the use of estimates and assumptions, including the amount of recoverable reserves and resources. Changes are accounted for prospectively. Depreciation commences when assets are available for use. Land is not depreciated.\n \n \n \n \u2013 Ore reserves and resources \u2013 note 2(h). There are numerous uncertainties inherent in estimating ore reserves and resources. Assumptions that are valid at the time of estimation may change signi\ufb01cantly when new information becomes available. Changes in the forecast prices of commodities, exchange rates, production costs or recovery rates may change the economic status of reserves and resources and may, ultimately, result in the reserves and resources being updated. \u2013 Recoverable values of mining assets \u2013 notes 2(k), 16, 17 and 18. The values of the Group\u2019s mining assets are sensitive to a range of characteristics unique to each mine unit. Key sources of estimation for all assets include uncertainty around ore reserve estimates and cash \ufb02ow projections. In performing impairment reviews, the Group assesses the recoverable amount of its operating assets principally with reference to fair value less costs of disposal (\u2018FVLCD\u2019). The recoverable values of the CGUs and advanced exploration projects are determined using a FVLCD methodology. FVLCD for CGUs is determined using a combination of Level 2 and Level 3 inputs. The FVLCD of producing mine assets is determined using a discounted cash \ufb02ow model and for developing stage mine assets or advanced exploration projects is determined using a discounted cash \ufb02ow model or the value-in-situ methodology. When using a value-in-situ methodology, the in-situ value is based on a comparable company analysis and applies a realisable \u2018enterprise value\u2019 to unprocessed mineral resources per ounce of resources, to estimate the amount that would be paid by a willing third party in an arm's length transaction (refer to notes 16, 17 and 18). There is judgement involved in determining the assumptions that are considered to be reasonable and consistent with those that would be applied by market participants. Signi\ufb01cant estimates used in a discounted cash \ufb02ow model include future gold and silver prices, future capital requirements, reserves and resources volumes, production costs and the application of discount rates which re\ufb02ect the macro- economic risk, as applicable. When using a value-in-situ methodology, the in-situ value is based on a comparable company analysis. Changes in these assumptions will affect the recoverable amount of the property, plant and equipment, evaluation and exploration assets, and intangibles. \u2013 Mine closure costs \u2013 notes 2(o) and 28(1). The Group assesses its mine closure cost provision annually. Signi\ufb01cant estimates and assumptions are made in determining the provision for mine closure cost as there are numerous factors that will affect the ultimate liability. These factors include estimates of the extent and costs of rehabilitation activities, technological changes, regulatory changes, cost increases, mine life and changes in discount rates. Those uncertainties may result in future actual expenditure differing from the amounts currently provided. The provision at the balance sheet date represents management\u2019s best estimate of the present value of the future closure costs required. In July 2021, the mine closure law for the province of Santa Cruz in Argentina was published, establishing a period of 180 business days to present the Mine Closure Plan. The plan was presented to the provincial authority in December 2022 and observations were received in December 2025. The Group plans to present an updated Mine Closure Plan, prepared with the support of external consultants, by the end of 2026. \u2013 Valuation of \ufb01nancial instruments \u2013 note 38. The valuation of certain Group assets and liabilities re\ufb02ects the changes to certain assumptions used in the determination of their value, such as future gold and silver prices, discount rates, and resources and reserves estimates.\n \n \n \n \u2013 Non-market performance conditions on LTIP 2022, LTIP 2023 and LTIP 2024 \u2013 note 28(2). There are two parts to the performance conditions attached to LTIP awards: 50% is subject to the Company\u2019s TSR ranking relative to a tailored peer group of mining companies, 50% is subject to internal KPIs split equally between: (i) three-year growth of the Company\u2019s Measured and Indicated Resources (MIR) per share (calculated on an enterprise value basis), and (ii) average outcome of the annual bonus scorecard in respect of 2023, 2024 and 2025, regarding LTIP 2023; 2024, 2025 and 2026, regarding LTIP 2024; and 2025, 2026 and 2027, regarding LTIP 2025, calculated as the simple mean of the three scorecard outcomes. At each reporting date the Group has to estimate the value of the shares and the possible outcome regarding the scorecard and MRI. The balance of the awards is disclosed in note 28(2). Critical judgements: \u2013 Assessment of impairment indicators for the Group\u2019s CGUs \u2013 notes 16, 17 and 18. Assessment of impairment indicators are performed during the year and they were identi\ufb01ed in certain of the CGUs \u2013 refer to notes 16, 17 and 18 for details. \u2013 Income tax \u2013 notes 2(t), 2(u), 14, 30 and 36(a). Judgement is required in determining whether deferred tax assets are recognised on the statement of \ufb01nancial position. Deferred tax assets, including those arising from un-utilised tax losses require management to assess the likelihood that the Group will generate taxable earnings in future periods, in order to utilise recognised deferred tax assets. Estimates of future taxable income are based on forecast cash \ufb02ows from operations and the application of existing tax laws in each jurisdiction. To the extent that future cash \ufb02ows and taxable income differ signi\ufb01cantly from estimates, the ability of the Group to realise the net deferred tax assets recorded at the balance sheet date could be impacted. The Group analyses the possibility of generating pro\ufb01t in all the companies and determines the recognition of deferred tax. No deferred tax asset is recognised in the holding and exploration entities as they are not expected to generate any pro\ufb01t to settle the temporary difference (refer to note 30). Judgement is also required when determining the recognition of tax liabilities as the tax treatment of some transactions cannot be \ufb01nally determined until a formal resolution has been reached by the tax authorities. Tax liabilities are also recorded for uncertain exposures which can have an impact on both deferred and current tax. Tax bene\ufb01ts are not recognised unless it is probable that the bene\ufb01t will be obtained and tax liabilities are recognised if it is probable that a liability will arise (refer to note 36(a)). The \ufb01nal resolution of these transactions may give rise to material adjustments to the income statement and/or cash \ufb02ow in future periods. The Group reviews each signi\ufb01cant tax liability or bene\ufb01t each period to assess the appropriate accounting treatment. \u2013 Life of mine (LOM). There are several aspects which are determined by the life of mine, such as ore reserves and resources, recoverable values of mining assets, mine rehabilitation provision and depreciation. The life of mine for an operation is speci\ufb01ed in the relevant Environmental Impact Assessment (EIA) which is amended from time to time as more resources at the mine are identi\ufb01ed. EIAs are permits which are granted in the ordinary course of business to the mining industry. While the processing of such permits may be subject to delays, the Group has never had an EIA denied. A crucial element of Peru\u2019s legal framework is the principle of predictability which, in essence, means that if the legal requirements for any given permit have been satis\ufb01ed, the State cannot unlawfully deny the granting of the permit. Taking this into consideration, as well as the Group\u2019s operational experience, the Group believes that permits will be secured such that operations can continue without interruption. In the unlikely scenario that this does not occur, there could be material changes to those items in the \ufb01nancial statements that are determined by the life of mine.\n \n \n \n \u2013 Determination of functional currencies \u2013 note 2(e). The determination of functional currency requires management judgement, particularly where there may be several currencies in which transactions are undertaken and which impact the economic environment in which the entity operates. In Argentina, the exchange control restrictions limit the companies to hold US dollars but do not restrict carrying out transactions in US dollar. \u2013 Recognition of evaluation and exploration assets and transfer to development costs \u2013 notes 2(g), 16 and 17. Judgement is required in determining when there is suf\ufb01cient evidence that there is a future economic bene\ufb01t of an exploration project, at which point the exploration costs are capitalised. This includes an assessment of whether there is a high degree of con\ufb01dence of the existence of economically recoverable minerals, mine-site exploration is being conducted to convert resources to reserves, or mine-site exploration is being conducted to con\ufb01rm resources. The stage, timeline and associated risks of the project are also considered. The exploration and evaluation assets are then assessed for impairment when facts and circumstances suggest that the carrying amount is not recoverable. Following advancement of engineering, permitting and project development activities, management concluded that the technical feasibility and commercial viability of the Monte do Carmo project are demonstrable. Accordingly, in line with the Group\u2019s accounting policy and the requirements of IAS 16 and IAS 23, the asset has been reclassi\ufb01ed from Exploration & Evaluation to Property, Plant and Equipment. \u2013 Climate change \u2022 General Between 2024 and 2025, the Group undertook a climate-related scenario analysis, a detailed transition risk assessment, an update of the physical climate risk assessment on its operations, and a \ufb01nancial quanti\ufb01cation of carbon pricing which is considered to be the Group\u2019s most material transition risk. These studies identi\ufb01ed current and future climate-related risks to the Group\u2019s infrastructure. While current climate change-related factors are re\ufb02ected in the Group\u2019s existing budget, the \ufb01nancial impact of future carbon pricing on the Group is not expected to materialise until 2030. The magnitude of this impact remains uncertain due to the details of the emission trading system schemes as well as our own operational emissions\u2019 pro\ufb01le. Despite the adoption of the Group\u2019s climate change strategy, the introduction of unexpected climate- change regulations in the countries where the Group operates may affect the \ufb01nancial quanti\ufb01cation estimates and could result in changes to \ufb01nancial results and the carrying values of certain assets and liabilities in forthcoming reporting periods. \u2022 Physical risks The Group completed a climate-related scenario analysis, identifying \ufb01ve physical risks rated as \u2018high\u2019: water stress and drought, extreme rainfall \ufb02ooding, wild\ufb01res, extreme winds and storms, and extreme heat. The costs associated with managing these risks are incorporated into the Group\u2019s operational and capital expenditure. The \ufb01nancial quanti\ufb01cation of the future impact of the most signi\ufb01cant climate change-related physical risks on the Group will be conducted in 2026. As the Group progresses its adaptation strategy, the identi\ufb01cation of additional risks or the development of the Group\u2019s response may result in changes to \ufb01nancial results and the carrying values of assets and liabilities in future reporting periods.\n \n \n \n \u2013 Business combinations and asset acquisitions \u2013 note 4. In identifying a business combination (note 2(c)) or acquisition of assets the Group applies the concentration test in accordance with IFRS 3 to determine whether an acquisition is a business combination or an asset acquisition. The concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identi\ufb01able assets or a group of similar assets. If the concentration test is met, the acquisition is accounted for as an asset acquisition. If the concentration test is not met, the Group considers the underlying inputs, processes and outputs acquired as a part of the transaction. For an acquired set of activities and assets to be considered a business there must be at least some inputs and processes that have the capability to achieve the purposes of the Group. Where signi\ufb01cant inputs and processes have not been acquired, a transaction is considered to be the purchase of assets. For the assets and assumed liabilities acquired the Group allocates the total consideration paid (including directly attributable transaction costs) based on the relative fair values of the underlying items. On 7 November 2024 the Group acquired a 100% interest in the Monte do Carmo gold project in Brazil, through the acquisition of Serra Alta Minera\u00e7\u00e3o Ltda. (note 4). The transaction was accounted as a purchase of assets as it met the concentration test, with the main asset acquired being the Monte do Carmo project which is in a development stage. Where the acquiree does not meet the de\ufb01nition of a business under IFRS 3, the transaction has been accounted for in accordance with IFRS 2 Share-based Payment as the acquiree is deemed to have issued equity instruments in exchange for its identi\ufb01able net assets. Any excess of the deemed consideration over the fair value of the identi\ufb01able net assets acquired is recognised as a listing expense in the income statement. In December 2025, Tiernan Gold Corp., an indirect wholly-owned subsidiary of the Group, completed a reverse takeover of Railtown Capital Corp., a TSXV-listed capital pool company. As Railtown did not meet the de\ufb01nition of a business under IFRS 3, the transaction was accounted for in accordance with IFRS 2 (note 4(a)). \u2013 Stream Agreements\u2013 note 25(a). Judgement was required in determining the accounting treatment for the initial recognition and subsequent measurement of the obligations included in the Secured Note and Stream Agreement with Sprott Private Resource Streaming and Royalty Corp. (Sprott), assigned to the Group upon the acquisition of the Monte do Carmo project. Refer to notes 4 and 25(a) for details on the Monte do Carmo\u2019s acquisition and the Stream Agreements, respectively. Management determined that the Secured Note and Stream Agreement are closely connected, with the option by Sprott to set off the US$20,000,000 stream payment against the Secured Note upon commencement of production. Therefore, management considered the two contracts as a single unit of account. The Stream Agreement meets the de\ufb01nition of a derivative and is accounted for at fair value through pro\ufb01t and loss (FVTPL). The key assumptions on which management has based its determination of fair value are disclosed in note 25(a). \u2013 Investment in an associate \u2013 note 19. Judgement is required in determining the recoverable amount of the investment in Aclara Resources Inc. (Aclara). Management determined that there were suf\ufb01cient external and internal indicators to support a full reversal of the accumulated impairment of the investment in Aclara as of 31 December, 2025. As a result, the Group has recognised a reversal of impairment of US$22,187,000 as at 31 December 2025. \n \n \n \n \u2013 Loss on discontinuation of hedge relationship \u2013 note 38 (a). Management uses judgement in determining whether an item should be presented as exceptional in the income statement. In accordance with the Group\u2019s policy, \u201cExceptional items are those signi\ufb01cant items which, due to their nature or the expected infrequency of the events giving rise to them, need to be disclosed separately on the face of the income statement to enable a better understanding of the \ufb01nancial performance of the Group and facilitate comparison with prior years\u201d. Given the non-recurring and non-cash nature of this hedge accounting reclassi\ufb01cation to the income statement, and the fact that the cash settlement will occur in 2028 once the instruments mature, the resulting charge has been presented as an exceptional item within revenue. This presentation facilitates a better understanding by users of the \ufb01nancial statements of the Group\u2019s underlying operating performance by separating the effects of this discrete, non-cash hedge accounting reclassi\ufb01cation from revenue and pro\ufb01tability trends. \n \n \n (c) Basis of consolidation The consolidated \ufb01nancial statements set out the Group\u2019s \ufb01nancial position, performance and cash \ufb02ows as at 31 December 2025 and 31 December 2024 and for the years then ended, respectively. Subsidiaries are those entities controlled by the Group regardless of the amount of shares owned by the Group. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Non- controlling interests\u2019 rights to safeguard their interest are fully considered in assessing whether the Group controls a subsidiary. Speci\ufb01cally, the Group controls an investee if, and only if, the Group has: \u2013 power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee); \u2013 exposure, or rights, to variable returns from its involvement with the investee; and \u2013 the ability to use its power over the investee to affect its returns. Generally, there is a presumption that a majority of voting rights result in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: \u2013 the contractual arrangement with the other vote holders of the investee; \u2013 rights arising from other contractual arrangements; and \u2013 the Group\u2019s voting rights and potential voting rights. The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Basis of consolidation Subsidiaries are consolidated from the date of their acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated \ufb01nancial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. Profit or loss and each component of OCI are attributed to the equity holders of the parent of the Group and to the non- controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. A change in the ownership interest of a subsidiary, without loss of control, is accounted for as an equity transaction, affecting retained earnings. If the Group loses control over a subsidiary, it (i) derecognises the assets (including goodwill) and liabilities of the subsidiary; (ii) derecognises the carrying amount of any non-\n \n \n \n controlling interest (NCI); (iii) derecognises the cumulative translation differences, recorded in equity; (iv) recognises the fair value of the consideration received; (v) recognises the fair value of any investment retained; (vi) recognises any surplus or de\ufb01cit in pro\ufb01t or loss; and (vii) reclassi\ufb01es the parent\u2019s share of components previously recognised in other comprehensive income to pro\ufb01t or loss or retained earnings, as appropriate. An NCI represents the equity in a subsidiary not attributable, directly and indirectly, to the parent company and is presented separately within equity in the consolidated statement of \ufb01nancial position, separately from equity attributable to owners of the parent. \n \n Business combinations Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured at acquisition date fair value and the amount of any NCI in the acquiree. The choice of measurement of NCI, either at fair value or at the proportionate share of the acquiree\u2019s identi\ufb01able net assets, is determined on a transaction by transaction basis. Acquisition costs incurred are expensed and included in administrative expenses. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognised for the NCI, and any interest previously held, over the net identi\ufb01able assets acquired and the liabilities assumed. Assets acquired and liabilities assumed in transactions separate to the business combinations, such as the settlement of pre-existing relationships or post-acquisition remuneration arrangements, are accounted for separately from the business combination in accordance with their nature and applicable IFRSs. Identi\ufb01able intangible assets meeting either the contractual-legal or the separability criteria are recognised separately from goodwill. Contingent liabilities representing a present obligation are recognised if the acquisition date fair value can be measured reliably.\n \n \n \n (d) Going concern Directors\u2019 assessment The Directors have reviewed Group liquidity, including cash resources and borrowings (refer to note 27 for details of the US$300 million medium-term loan) and related covenant forecasts to assess whether the Group is able to continue in operation for the period to 31 March 2027 (the \u2018Going Concern Period\u2019) which is at least 12 months from the date of these consolidated \ufb01nancial statements. The Directors also considered the impact of a downside scenario on the Group\u2019s future cash \ufb02ows and liquidity position as well as debt covenant compliance. Scenarios analysedFor the purposes of the going concern assessment, the base case scenario reviewed by the Directors (the \u2018Base Scenario\u2019) re\ufb02ects, among other things, budgeted production for 2026 and current life-of-mine plans for Inmaculada, San Jose and Mara Rosa. The Base Scenario also assumes average precious metal prices of US$3,994/oz for gold and US$48.1/oz for silver (the \u2018Assumed Prices\u2019), being the average analysts\u2019 consensus prices for the Going Concern Period. The Directors also considered a severe but plausible downside scenario (\u2018the Severe Scenario\u2019) which takes into account the combined impact of a three-week stoppage of all operations, unforeseen social-related costs and lower precious metal prices which are lower than the Assumed Prices (a 10% lower gold price and 15% lower silver price) (\u2018the Downside Assumptions\u2019). Even in the Severe Scenario it has been assumed that all employees remain on full pay and that mitigating actions, such as the deferral of discretionary expenditure, which are under the Group\u2018s control, while available, would not be necessary.\n \n \n \n Under the Base and the Severe scenarios, the Group\u2019s liquid resources, which as at the date of this report include an undrawn amount of US$180 million, remain more than adequate for the Group\u2019s forecast expenditure and scheduled repayments of the amounts owed under the Group\u2019s borrowings, with suf\ufb01cient headroom maintained to comply with debt covenants. Reverse Stress TestsManagement also performed reverse stress tests which were considered in the Directors\u2019 assessment. Under these tests, the Directors concluded that: \u2013 prices of US$1,797/oz for gold and US$21.7/oz for silver for the duration of the Going Concern Period would result in suf\ufb01cient headroom to comply with the Group\u2019s minimum level of liquidity; and \u2013 21 weeks of concurrent stoppages at each of Inmaculada, San Jose and Mara Rosa would result in suf\ufb01cient headroom to comply with the Group\u2019s debt covenants of the medium-term loan facility. In its application of the above reverse stress tests, no mitigation actions were applied. The Directors considered the nature and extent of the conditions required to trigger these outcomes and concluded the likelihood of such scenarios occurring during the Going Concern Period to be remote. Conclusion After their review, the Directors have a reasonable expectation that the Group and the Company have adequate resources to continue in operational existence during the Going Concern Period. Accordingly, the Directors are satis\ufb01ed the going concern basis of accounting is appropriate in preparing the consolidated \ufb01nancial statements. \n \n \n (e) Currency translation The functional currency for each entity in the Group is determined by the currency of the primary economic environment in which it operates. For the holding companies and operating entities this currency is US dollars and for the other entities it is the local currency of the country in which it operates. The Group\u2019s \ufb01nancial information is presented in US dollars, which is the Company\u2019s functional currency. Transactions denominated in currencies other than the functional currency of the entity are initially recorded in the functional currency using the exchange rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are remeasured at the exchange rate prevailing at the statement of \ufb01nancial position date. Exchange gains and losses on settlement of foreign currency transactions which are translated at the rate prevailing at the date of the transactions, or on the translation of monetary assets and liabilities which are translated at period-end exchange rates, are taken to the income statement. Non-monetary assets and liabilities denominated in foreign currencies that are stated at historical cost are translated to the functional currency at the foreign exchange rate prevailing at the date of the transaction. Exchange differences arising from monetary items that are part of a net investment in a foreign operation are recognised in equity and transferred to income on disposal of such net investment. Subsidiary \ufb01nancial statements expressed in their corresponding functional currencies are translated into US dollars by applying the exchange rate at period-end for assets and liabilities and the transaction date exchange rate for income statement items. The resulting difference on consolidation is included as a cumulative translation adjustment in equity. On disposal of a foreign operation, the component of OCI relating to that particular foreign operation is reclassi\ufb01ed to pro\ufb01t or loss.\n \n \n (f) Property, plant and equipment Property, plant and equipment is stated at cost or deemed cost less accumulated depreciation and impairment losses. Cost comprises its purchase price and directly attributable costs of acquisition or construction required to bring the asset to the condition necessary for the asset to be capable of operating in the manner intended by management. Economical and physical conditions of assets have not changed substantially over this period. The cost less residual value of each item of property, plant and equipment is depreciated over its useful life. Each item\u2019s estimated useful life has been assessed with regard to both its own physical life limitations and the present assessment of economically recoverable reserves and resources of the mine property at which\n \n \n the item is located. Estimates of remaining useful lives are made on a regular basis for all mine buildings, machinery and equipment, with annual reassessments for major items. Depreciation is charged to cost of production on a units of production basis for mine buildings and installations and plant and equipment used in the mining production process, or charged directly to the income statement over the estimated useful life of the individual asset on a straight-line basis when not related to the mining production process. Changes in estimates, which mainly affect units of production calculations, are accounted for prospectively. An asset\u2019s carrying amount is written-down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing the net proceeds with the carrying amount and are recognised within other income/expenses, in the income statement. The expected useful lives under the straight-line method are as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Years
Buildings 3 to 33
Plant and equipment 5 to 15
Vehicles 5
\n During the period, management reassessed the depreciation method applied to certain items of plant and equipment at Inmaculada. Following an extension of the life of mine, management determined that the estimated useful lives of these assets, ranging between 10 and 15 years, were shorter than the revised life of mine. As a result, the depreciation method for these assets was changed from the units-of-production method to depreciation on a straight-line basis over their estimated useful lives. This change has been accounted for as a change in accounting estimate and applied prospectively (refer to note 16(2)). Borrowing costs directly attributable to the acquisition or construction of an asset that necessarily takes a substantial period of time to be ready for its intended use are capitalised as part of the cost of the asset. All other borrowing costs are expensed where incurred. For borrowings associated with a speci\ufb01c asset, the actual rate on that borrowing is used. Otherwise, a weighted average cost of borrowing is used. The Group capitalises the borrowing costs related to qualifying assets with a value of US$1,000,000 or more, considering that the substantial period of time to be ready is six or more months. Mining properties and development costs Purchased mining properties are recognised as assets at their cost of acquisition or at fair value if purchased as part of a business combination. Costs associated with developments of mining properties are capitalised. Mine development costs are, upon commencement of commercial production, depreciated using the units of production method based on the estimated economically recoverable reserves and resources to which they relate. When a mine construction project moves into the production stage, the capitalisation of certain mine construction costs ceases and costs are either regarded as part of the cost of inventory or expensed, except for costs which qualify for capitalisation relating to mining asset additions or improvements, underground mine development or mineable reserve development.\n \n \n Construction in progress and capital advances Assets in the course of construction are capitalised as a separate component of property, plant and equipment. Once the asset moves into the production phase, the cost of construction is transferred to the appropriate category. Construction in progress is not depreciated. Capital advances to suppliers related to the purchase of property, plant and equipment are disclosed in construction in progress. Subsequent expenditure Expenditure incurred to replace a component of an item of property, plant and equipment is capitalised separately with the carrying amount of the component being written-off. Other subsequent expenditure is capitalised if future economic bene\ufb01ts will arise from the expenditure. All other expenditure including repairs and maintenance expenditures are recognised in the income statement as incurred.\n \n \n (g) Evaluation and exploration assets Exploration and evaluation expenses are capitalised when there is suf\ufb01cient evidence that there is a future economic bene\ufb01t to the Group. All other exploration and evaluation expenses are expensed as incurred. Exploration and evaluation expenses are considered to have a future bene\ufb01t to the Group when there is a high degree of con\ufb01dence of the existence of economically recoverable minerals, mine-site exploration is being conducted to convert resources to reserves, or mine-site exploration is being conducted to con\ufb01rm resources. The stage, timeline and associated risks of the project are also considered. For exploration and evaluation conducted near operating mine sites, exploration and evaluation expenses are capitalised upon the con\ufb01rmation of resources. Payments or option payments made by the Group to acquire licences for exploration and evaluation assets, or to acquire an underlying mineral project, are capitalised in exploration and evaluation expenses or expensed as incurred, following the same criteria described above. The Group\u2019s exploration and evaluation assets are carried at acquired costs until such time as the technical feasibility and commercial viability of the extraction of resources in an area of interest are demonstrable, usually after a pre-feasibility study has been completed, at which time they are classi\ufb01ed as mine development costs and are tested for impairment, and are then reclassi\ufb01ed to mining properties and development costs. For exploration and evaluation conducted near operating mine sites, exploration and evaluation expenses are classi\ufb01ed as development costs upon the conversion of resources to reserves. \n \n \n (h) Determination of ore reserves and resources The Group estimates its ore reserves and mineral resources based on information compiled by internal competent persons. Reports to support these estimates are prepared each year and are stated in conformity with the 2012 Joint Ore Reserves Committee (JORC) code. It is the Group\u2019s policy to have the report audited every two years by a Competent Person. Reserves and resources are used in the units of production calculation for depreciation and amortisation as well as the determination of the timing of mine closure cost and impairment analysis. \n \n \n (i) Investment in associates An associate is an entity over which the Group has signi\ufb01cant in\ufb02uence. Signi\ufb01cant in\ufb02uence is the power to participate in the \ufb01nancial and operating policy decisions of the investee, but is not control or joint control over those policies. The considerations made in determining signi\ufb01cant in\ufb02uence are similar to those necessary to determine control over subsidiaries. The Group\u2019s investment in its associate are accounted for using the equity method. Under the equity method, the investment in an associate is initially recognised at cost. The carrying amount of the investment is adjusted to recognise changes in the Group\u2019s share of net assets of the associate since the acquisition date. Goodwill relating to the associate is included in the carrying amount of the investment and is not tested for impairment separately. The statement of pro\ufb01t or loss re\ufb02ects the Group\u2019s share of the results of operations of the associate. Any change in OCI of those investees is presented as part of the Group\u2019s OCI. In addition, when there has been a change recognised directly in the equity of the associate, the Group recognises its share of any changes,\n \n \n \n when applicable, in the statement of changes in equity. Unrealised gains and losses resulting from transactions between the Group and the associate are eliminated to the extent of the interest in the associate. The aggregate of the Group\u2019s share of pro\ufb01t or loss of an associate is shown on the face of the statement of pro\ufb01t or loss outside operating pro\ufb01t and represents pro\ufb01t or loss after tax and non-controlling interests in the subsidiaries of the associate. The \ufb01nancial statements of the associate are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies in line with those of the Group. After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on its investment in its associate. At each reporting date, the Group determines whether there is objective evidence that the investment in the associate is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the investment and its carrying value, and then recognises the loss within \u2018Share of (loss)/pro\ufb01t of an associate\u2019 in the statement of pro\ufb01t or loss. Upon loss of signi\ufb01cant in\ufb02uence over the associate, the Group measures and recognises any retained investment at its fair value. Any difference between the carrying amount of the associate upon loss of signi\ufb01cant in\ufb02uence and the fair value of the retained investment and proceeds from disposal is recognised in pro\ufb01t or loss.\n \n \n (j) Intangible assets Right to use energy of transmission line Transmission line costs represent the investment made by the Group to construct the transmission line on behalf of the government to be granted the right to use it. This is an asset with a \ufb01nite useful life equal to that of the mine to which it relates and that is amortised applying the units of production method for that mine. Water permits Water permits are recorded at cost and allow the Group to withdraw a speci\ufb01ed amount of water from the ground for reasonable, bene\ufb01cial uses. This is an asset with an inde\ufb01nite useful life (note 18(2)). Legal rights Legal rights correspond to expenditures required to give the Group the right to use a property for the surface exploration work, development and production. This is an asset with a \ufb01nite useful life equal to that of the mine to which it relates and that is amortised applying the units of production method for that mine. Other intangible assets Other intangible assets are primarily computer software which are capitalised at cost and are amortised on a straight-line basis over their useful life of three years. Royalty intangible assets Royalty interests represent contractual rights to receive a percentage of revenue or production from speci\ufb01c mining operations. These assets are recognised at cost or at fair value when acquired. Royalty intangible assets have a \ufb01nite useful life. Royalty intangible assets have a \ufb01nite useful life and are amortised using the units-of-production method over the expected life of the related mining operation.\n \n \n \n (k) Impairment of non-\ufb01nancial assets Assets that have an inde\ufb01nite useful life are not subject to amortisation and are tested annually for impairment. The carrying amounts of property, plant and equipment and evaluation and exploration assets are reviewed for impairment if events or changes in circumstances indicate that the carrying value may not be recoverable. If there are indicators of impairment, an exercise is undertaken to determine whether the carrying values are in excess of their recoverable amount. Such review is undertaken on an asset by asset basis, except where such assets do not generate cash \ufb02ows independent of other assets, and then the review is undertaken at the cash-generating unit (CGU) level. The assessment requires the use of estimates and assumptions such as long-term commodity prices, discount rates, future capital requirements, reserves and resources volumes (re\ufb02ected in the production volume) and production costs. Changes in these assumptions will affect the recoverable amount of the property, plant and equipment and evaluation and exploration assets. If the carrying amount of an asset or its cash-generating unit (CGU) exceeds the recoverable amount, an impairment provision is recorded to re\ufb02ect the asset at the lower amount. Impairment losses are recognised in the income statement. Calculation of recoverable amount The recoverable values of the CGUs and advanced exploration projects are determined using a FVLCD methodology. FVLCD for CGUs was determined using a combination of Level 2 and Level 3 inputs. The FVLCD of the producing mine assets is determined using a discounted cash \ufb02ow model and for the developing stage mine assets or advanced exploration projects is determined using a discounted cash \ufb02ow model or the value-in-situ methodology, which applies a realisable \u2018enterprise value\u2019 to unprocessed mineral resources per ounce of resources, to estimate the amount that would be paid by a willing third party in an arm's length transaction (notes 16, 17 and 18). Reversal of impairment An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.\n \n \n (l) Inventories Inventories are valued at the lower of cost or net realisable value. Cost is determined using the weighted average method. The cost of work in progress and \ufb01nished goods (ore inventories) is based on the cost of production. For this purpose, the costs of production include: \u2013 costs, materials and contractor expenses which are directly attributable to the extraction and processing of ore; \u2013 depreciation of property, plant and equipment used in the extraction and processing of ore; and \u2013 related production overheads (based on normal operating capacity). Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses.\n \n \n (m) Trade and other receivables Current trade receivables are carried at the original invoice amount and then subsequently measured at amortised cost less provision made for impairment of these receivables. Non-current receivables are stated at amortised cost. A provision for impairment of trade receivables is established using the expected credit loss impairment model according IFRS 9. The amount of the provision is the difference between the carrying amount and the recoverable amount and this difference is recognised in the income statement. The revaluation of provisionally priced contracts stated in 2(q) is recorded as trade receivables.\n \n \n \n (n) Share capital Ordinary shares are classi\ufb01ed as equity. Any excess above the par value of shares received upon issuance of those shares is classi\ufb01ed as share premium. The Group had the merger reserve available for distribution within retained earnings.\n \n \n (o) Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an out\ufb02ow of resources will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation (note 28). If the effect of the time value of money is material, provisions are determined by discounting the expected future cash \ufb02ows at a pre-tax rate that re\ufb02ects current market assessments of the time value of money and, where appropriate, the risks speci\ufb01c to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognised as a \ufb01nance cost. Mine closure cost Provisions for mine closure costs are made in respect of the estimated future costs of closure and restoration and for environmental rehabilitation costs (which include the dismantling and demolition of infrastructure, removal of residual materials and remediation of disturbed areas) in the accounting period when the related environmental disturbance occurs. The provision is discounted and the unwinding of the discount is included in \ufb01nance costs. At the time of establishing the provision, a corresponding asset is capitalised and is depreciated over future production from the mine to which it relates. The provision is reviewed on an annual basis for changes in cost estimates, discount rates and operating lives of the mines. Changes to estimated future costs are recognised in the statement of \ufb01nancial position by adjusting the mine closure cost liability and the related asset originally recognised. If, for mature mines, the related mine assets net of mine closure cost provisions exceed the recoverable value, that portion of the increase is charged directly to the income statement. Similarly, if reductions to the estimated costs exceed the carrying value of the mine asset, that portion of the decrease is credited directly to the income statement. For closed sites, changes to estimated costs are recognised immediately in the income statement. Workers\u2019 pro\ufb01t sharing and other employee bene\ufb01ts In accordance with Peruvian legislation, companies in Peru must provide for workers\u2019 pro\ufb01t sharing equivalent to 8% of taxable income in each year. This amount is charged to the income statement within personnel expenses (note 10) and is considered deductible for income tax purposes. The Group has no pension or retirement bene\ufb01t schemes. Other Other provisions are accounted for when the Group has a legal or constructive obligation for which it is probable there will be an out\ufb02ow of resources for which the amount can be reliably estimated.\n \n \n (p) Share-based payments Cash-settled transactions A liability is recognised for the fair value of cash-settled transactions. The fair value is measured initially and at each reporting date up to and including the settlement date, with changes in fair value recognised in personnel expenses. The fair value is expensed over the period until the vesting date with recognition of a corresponding liability. The fair value of the awards is taken to be the market value of the shares at the date of award adjusted by a factor for anticipated relative Total Shareholder Return (TSR) performance. Fair values are subsequently remeasured at each reporting date to re\ufb02ect the number of awards expected to vest based on the current and anticipated TSR performance. The approach used to account for vesting conditions when measuring equity-settled transactions also applies to cash-settled transactions.\n \n \n \n Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are re\ufb02ected within the grant date fair value. Any other conditions attached to an award, but without an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are re\ufb02ected in the fair value of an award and lead to an immediate expensing of an award unless there are also service and/or performance conditions. No expense is recognised for awards that do not ultimately vest because the performance and/or service conditions have not been met. Equity-settled transactions The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model and is recognised, together with a corresponding increase in other reserves in equity, over the period in which the performance and/or service conditions are ful\ufb01lled. The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date re\ufb02ects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of equity instruments that vest. The income statement expense for a period represents the movement in cumulative expense recognised as at the beginning and end of that period and is recognised in personnel expenses (note 10). Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are re\ufb02ected within the grant date fair value. Any other conditions attached to an award, but without an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are re\ufb02ected in the fair value of an award and lead to an immediate expensing of an award unless there are also service and/or performance conditions. No expense is recognised for awards that do not ultimately vest because non-market performance and/or service conditions have not been met. Where awards include a market or non-vesting condition, the transactions are treated as vested irrespective of whether the market or non-vesting condition is satis\ufb01ed, provided that all other performance and/or service conditions are satis\ufb01ed. When the terms of an equity-settled award are modi\ufb01ed, the minimum expense recognised is the grant date fair value of the unmodi\ufb01ed award, provided the original vesting terms of the award are met. An additional expense, measured as at the date of modi\ufb01cation, is recognised for any modi\ufb01cation that increases the total fair value of the share-based payment transaction, or is otherwise bene\ufb01cial to the employee. Where an award is cancelled by the entity or by the counterparty, any remaining element of the fair value of the award is expensed immediately through pro\ufb01t or loss. On 22 May 2024, bene\ufb01ciaries of LTIPs were communicated of a change in the payment mechanism resulting in a modi\ufb01cation of the LTIP from an equity settled to a cash-settled transaction. This resulted in a recognition of liability based on the fair valuation of the cash-settled LTIPs as at the date of modi\ufb01cation and reversal of the share-based payment reserves, the incremental fair value of the cash-settled award over that of the equity-settled award as at the modi\ufb01cation date amounting to US$405,000 is expensed to the pro\ufb01t and loss. The liability is remeasured at each reporting date. \n \n \n (q) Revenue recognition The Group is involved in the production and sale of gold and silver from dore and concentrate containing both gold and silver. Dore bars are either sold directly to customers or are sent to a third party for further re\ufb01ning into gold and silver before they are sold. Concentrate is sold directly to customers. Revenue from contracts with costumers is recognised when control of the goods or services are transferred to the customer at an amount that re\ufb02ects the consideration to which the Group expects to be entitled in exchange for those goods or services. Revenue excludes any applicable sales taxes. The revenue is subject to adjustment based on inspection of the product by the customer. Revenue is initially recognised on a provisional basis using the Group\u2019s best estimate of contained gold and silver. Any subsequent adjustments to the initial estimate of metal content are recorded in revenue once they have been determined.\n \n \n \n In addition, certain sales are \u2018provisionally priced\u2019 where the selling price is subject to \ufb01nal adjustment at the end of a period, normally ranging from 15 to 120 days after the start of the delivery process to the customer, based on the market price at the relevant quotation point stipulated in the contract. Revenue is initially recognised when the conditions set out above have been met, using market prices at that date. The price exposure is considered to be an adjustment and hence separated from the sales contract at each reporting date. The provisionally priced metal is revalued based on the forward selling price for the quotational period stipulated in the contract until the quotational period ends. The selling price of gold and silver can be measured reliably as these metals are actively traded on international exchanges. The revaluation of provisionally priced contracts is recorded as revenue. Commercial discounts related to the re\ufb01ning, recovery and treatment of minerals are presented netted from sales. A proportion of the Group\u2019s sales are sold under CIF Incoterms, whereby the Group is responsible for providing freight/shipping services (as principal) after the date that the Group transfers control of the metal in concentrate to its customers. The Group, therefore, has separate performance obligations for freight/shipping services which are provided solely to facilitate sale of the commodities it produces. Other Incoterms commonly used by the Group are FOB, where the Group has no responsibility for freight or insurance once control of the products has passed at the loading port, and Delivered at Place (DAP) where control of the goods passes when the product is delivered to the agreed destination. For arrangements which have these Incoterms, the only performance obligations are the provision of the product at the point where control passes. For CIF arrangements, the transaction price (as determined above) is allocated to the metal in concentrate and freight/shipping services using the relative stand-alone selling price method. Under these arrangements, a portion of consideration may be received from the customer in cash at, or around, the date of shipment under a provisional invoice. Therefore, some of the upfront consideration that relates to the freight/shipping services yet to be provided, is deferred. It is then recognised as revenue over time using an output method (being days of shipping/transportation elapsed) to measure progress towards complete satisfaction of the service as this best represents the Group\u2019s performance. This is on the basis that the customer simultaneously receives and consumes the bene\ufb01ts provided by the Group as the services are being provided. The costs associated with these freight/shipping services are also recognised over the same period of time as incurred. Income from services provided to related parties (note 32(a)) is recognised in revenue when services are provided. Income from the sale of aggregates in Mara Rosa is recognised in revenue (note 5). Deferred revenue results when cash is received in advance of revenue being earned. Deferred revenue is recorded as a liability until it is earned. Once earned, the liability is reduced and revenue is recorded. The Group analyses when revenue is earned or deferred.\n \n \n (r) Contingencies A contingent liability is a possible obligation depending on whether some uncertain future event occurs, or a present obligation where payment is not probable or the amount cannot be measured reliably. Contingent liabilities are not recognised in the \ufb01nancial statements and are disclosed in notes to the \ufb01nancial statements unless their occurrence is remote (note 36). \n \n \n \n A contingent asset is a possible asset that arises from past events, and whose existence will be con\ufb01rmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity. Contingent assets are not recognised in the \ufb01nancial statements, but are disclosed in the notes if their recovery is deemed probable (note 36). \n \n \n \n (s) Finance income and costs Finance income and costs comprise interest expense on borrowings, the accumulation of interest on provisions, interest income on funds invested, unwinding of discount, and gains and losses from the change in fair value of derivative instruments. Interest income is recognised as it accrues, taking into account the effective yield on the asset.\n \n \n \n (t) Income tax Income tax for the year comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items charged or credited directly to equity, in which case it is recognised in equity. Current tax expense is the expected tax payable on the taxable income for the year, using tax rates enacted at the statement of \ufb01nancial position date, and any adjustment to tax payable in respect of previous years. \n \n Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for \ufb01nancial reporting purposes and the amounts used for taxation purposes, with the following exceptions: \u2013 where the temporary difference arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination that at the time of the transaction affects neither accounting nor taxable pro\ufb01t or loss; and \u2013 in respect of taxable temporary differences associated with investments in subsidiaries and associates, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on the tax rates (and tax laws) that have been enacted or substantively enacted at the statement of \ufb01nancial position date. A deferred tax asset is recognised only to the extent that it is probable that future taxable pro\ufb01ts will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax bene\ufb01t will be realised.\n \n \n \n (u) Uncertain tax positions An estimated tax liability is recognised when the Group has a present obligation as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. The liability is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account risks and uncertainties surrounding the obligation. Separate liabilities for interest and penalties are also recorded if appropriate. Movements in interest and penalty amounts in respect of tax liability are not included in the tax charge, but are disclosed in the income statement. Tax liabilities are based on management\u2019s interpretation of country- speci\ufb01c tax law and the likelihood of settlement. This involves a signi\ufb01cant amount of judgement as tax legislation can be complex and open to different interpretation. Management uses in-house tax experts, professional \ufb01rms and previous experience when assessing tax risks. Where actual tax liabilities differ from the liabilities, adjustments are made which can have a material impact on the Group\u2019s pro\ufb01ts for the year. Refer to note 36(a) for speci\ufb01c tax contingencies.\n \n \n \n (v) Leases Right-of-use assets The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. The right-of-use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. Right-of-use assets are subject to impairment. Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include \ufb01xed payments (including in- substance \ufb01xed payments) less any lease incentives receivable, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term re\ufb02ects the Group exercising the option to terminate. The variable lease payments are recognised as expense in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to re\ufb02ect the accretion of interest, and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modi\ufb01cation, a change in the lease term, a change in the in-substance \ufb01xed lease payments or a change in the assessment to purchase the underlying asset. Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of of\ufb01ce equipment that are considered of low value (i.e., below US$5,000). Lease payments on short- term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term.\n \n \n (w) Financial instruments A \ufb01nancial instrument is any contract that gives rise to a \ufb01nancial asset of one entity and a \ufb01nancial liability or equity instrument of another entity. \n \n Financial assets Initial recognition and measurement Financial assets are classi\ufb01ed, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (OCI), and fair value through pro\ufb01t or loss. The classi\ufb01cation of \ufb01nancial assets at initial recognition depends on the \ufb01nancial asset\u2019s contractual cash \ufb02ow characteristics and the Group\u2019s business model for managing them. The Group\u2019s business model for managing \ufb01nancial assets refers to how it manages its \ufb01nancial assets in order to generate cash \ufb02ows. The business model determines whether cash \ufb02ows will result from collecting contractual cash \ufb02ows, selling the \ufb01nancial assets, or both. Purchases or sales of \ufb01nancial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades) are recognised on the trade date, i.e., the date that the Group commits to purchase or sell the asset.\n \n \n \n Subsequent measurement For purposes of subsequent measurement, the Group\u2019s \ufb01nancial assets are classi\ufb01ed in the following categories: \u2013 Financial assets at amortised cost (debt instruments) The Group measures \ufb01nancial assets at amortised cost if both of the following conditions are met: \u2013 The \ufb01nancial asset is held within a business model with the objective to hold \ufb01nancial assets in order to collect contractual cash \ufb02ows. \u2013 The contractual terms of the \ufb01nancial asset give rise on speci\ufb01ed dates to cash \ufb02ows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in pro\ufb01t or loss when the asset is derecognised, modi\ufb01ed or impaired. The Group\u2019s \ufb01nancial assets at amortised cost includes trade and other receivables. \u2013 Financial assets designated at fair value through OCI (equity instruments) Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments designated at fair value through OCI when they meet the de\ufb01nition of equity under IAS 32 Financial Instruments: Presentation and are not held for trading. The classi\ufb01cation is determined on an instrument-by-instrument basis. Financial assets designated at fair value through OCI are carried in the statement of \ufb01nancial position at fair value with net changes in fair value recognised in the OCI. Gains and losses on these \ufb01nancial assets are never recycled to pro\ufb01t or loss. Dividends are recognised as other income in the statement of pro\ufb01t or loss when the right of payment has been established, except when the Group bene\ufb01ts from such proceeds as a recovery of part of the cost of the \ufb01nancial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment. The Group has listed and non-listed equity investments under this category. \u2013 Financial assets at fair value through pro\ufb01t or loss Financial assets at fair value through pro\ufb01t or loss include \ufb01nancial assets held for trading, \ufb01nancial assets designated upon initial recognition at fair value through pro\ufb01t or loss, or \ufb01nancial assets mandatorily required to be measured at fair value. Financial assets are classi\ufb01ed as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classi\ufb01ed as held for trading unless they are designated as effective hedging instruments. Financial assets with cash \ufb02ows that are not solely payments of principal and interest are classi\ufb01ed and measured at fair value through pro\ufb01t or loss, irrespective of the business model. Notwithstanding the criteria for debt instruments to be classi\ufb01ed at amortised cost or at fair value through OCI, as described above, debt instruments may be designated at fair value through pro\ufb01t or loss on initial recognition if doing so eliminates, or signi\ufb01cantly reduces, an accounting mismatch. Financial assets at fair value through pro\ufb01t or loss are carried in the statement of \ufb01nancial position at fair value with net changes in fair value recognised in the statement of pro\ufb01t or loss. The Group has listed equity investments and embedded derivatives under this category. Dividends on listed equity investments are also recognised as other income in the statement of pro\ufb01t or loss when the right of payment has been established.\n \n \n \n Derecognition A \ufb01nancial asset (or, where applicable, a part of a \ufb01nancial asset or part of a group of similar \ufb01nancial assets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of \ufb01nancial position) when: \u2013 The rights to receive cash \ufb02ows from the asset have expired; or \u2013 The Group has transferred its rights to receive cash \ufb02ows from the asset or has assumed an obligation to pay the received cash \ufb02ows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. \n \n \n Impairment of \ufb01nancial assets The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through pro\ufb01t or loss. ECLs are based on the difference between the contractual cash \ufb02ows due in accordance with the contract and all the cash \ufb02ows that the Group expects to receive, discounted at an approximation of the original effective interest rate. For trade receivables, the Group applies a simpli\ufb01ed approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date.\n \n \n \n Financial liabilities Initial recognition and measurement Financial liabilities are classi\ufb01ed, at initial recognition, as \ufb01nancial liabilities at fair value through pro\ufb01t or loss, and \ufb01nancial liabilities measured at amortised cost, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All \ufb01nancial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group\u2019s \ufb01nancial liabilities include trade and other payables, loans and borrowings including bank overdrafts, and derivative \ufb01nancial instruments. Subsequent measurement The measurement of \ufb01nancial liabilities depends on their classi\ufb01cation, as described below: \u2013 Financial liabilities at fair value through pro\ufb01t or loss Financial liabilities at fair value through pro\ufb01t or loss include \ufb01nancial liabilities held for trading and \ufb01nancial liabilities designated upon initial recognition as at fair value through pro\ufb01t or loss. \u2013 Financial liabilities measured at amortised cost This is the category most relevant to the Group. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in pro\ufb01t or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included in \ufb01nance costs in the statement of pro\ufb01t or loss. This category generally applies to interest-bearing loans and borrowings.\n \n \n \n \n \n Derecognition A \ufb01nancial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing \ufb01nancial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modi\ufb01ed, such an exchange or modi\ufb01cation is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of pro\ufb01t or loss. \n \n \n Derivative \ufb01nancial instruments and hedge accounting The silver and gold forward and zero cost collar agreements signed by the Group are being used to hedge the exposure to changes in the cash \ufb02ows of the silver and gold commodity prices. Consequently, the Group has opted to apply hedge accounting under the requirements of IFRS 9 Financial Instruments. \n Initial recognition and subsequent measurement These derivative \ufb01nancial instruments were initially recognised at fair value on the date on which the derivative contract was entered into and were subsequently remeasured at fair value. Derivatives are carried as \ufb01nancial assets when the fair value is positive and as \ufb01nancial liabilities when the fair value is negative. For the purpose of hedge accounting, hedges are classi\ufb01ed as cash \ufb02ow hedges when hedging the exposure to variability in cash \ufb02ows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised \ufb01rm commitment. At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identi\ufb01cation of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship quali\ufb01es for hedge accounting if it meets all of the following effectiveness requirements: \u2013 There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument; \u2013 The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic relationship; and \u2013 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. Changes in the fair value of derivatives designated as cash \ufb02ow hedges are recognised in other comprehensive income and accumulated under the heading of cash \ufb02ow hedging reserve until changes in the fair value of the hedged item are recognised in pro\ufb01t or loss. However, the ineffective portion of the changes in the fair value of such derivatives is recognised in pro\ufb01t or loss. The Group uses cash \ufb02ow hedges for hedging the exposure to variability in silver and gold prices. The amounts that have been recognised in other components of equity relating to such hedging instruments are reclassi\ufb01ed to pro\ufb01t or loss when the hedged transaction affects pro\ufb01t or loss. \n \n \n \n (x) Dividend distribution Dividends on the Company\u2019s ordinary shares are recognised when they have been appropriately authorised and are no longer at the Company\u2019s discretion. Accordingly, interim dividends are recognised when they are paid and \ufb01nal dividends are recognised when they are declared following approval by shareholders at the Company\u2019s Annual General Meeting.\n \n \n \n (y) Cash and cash equivalents Cash and cash equivalents are carried in the statement of \ufb01nancial position at cost. For the purposes of the statement of \ufb01nancial position, cash and cash equivalents comprise cash on hand and deposits held with banks that are readily convertible into known amounts of cash and which are subject to insigni\ufb01cant risk of changes in value. For the purposes of the cash \ufb02ow statement, cash and cash equivalents, as de\ufb01ned above, are shown net of outstanding bank overdrafts. Liquidity funds are classi\ufb01ed as cash equivalents if the amount of cash that will be received is known at the time of the initial investment and the risk of changes in value is considered insigni\ufb01cant.\n \n \n (z) Exceptional items Exceptional items are those signi\ufb01cant items which, due to their nature or the expected infrequency of the events giving rise to them, need to be disclosed separately on the face of the income statement to enable a better understanding of the \ufb01nancial performance of the Group and facilitate comparison with prior years. Exceptional items mainly include: \u2013 Impairments and reversal of impairments or write-offs of assets, property, plant and equipment and evaluation and exploration assets; \u2013 incremental cost due to pandemics which are not expected to be recurring; \u2013 gains or losses arising on the disposal of subsidiaries, investments or property, plant and equipment; \u2013 any gain or loss resulting from restructuring within the Group; \u2013 the impact of infrequent labour action related to work stoppages in mine units; \u2013 the penalties generated by the early termination of agreements with providers or lenders of the Group; \u2013 the reversal of an accumulation of prior year\u2019s tax expenses that resulted from an agreement with the government; \u2013 expenses related to a corporate transaction, including listing expenses and related transaction costs; \u2013 gains or losses arising from the discontinuation of hedge relationships; and \u2013 the related tax impact of the above items. \n \n \n (aa) Fair value measurement The Group measures \ufb01nancial instruments, such as derivatives, at each statement of \ufb01nancial position date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: \u2013 In the principal market for the asset or liability; or \u2013 In the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their best economic interest. A fair value measurement of a non-\ufb01nancial asset takes into account a market participant\u2019s ability to generate economic bene\ufb01ts by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which suf\ufb01cient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the \ufb01nancial statements are categorised within the fair value hierarchy, as described in note 38(e). \n \n \n \n For assets and liabilities that are recognised in the \ufb01nancial statements on a recurring basis at fair value, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is signi\ufb01cant to the fair value measurement as a whole) at the end of each reporting period. The Group determines the policies and procedures for both recurring fair value measurement and unquoted \ufb01nancial assets, and for non-recurring measurement. At each reporting date, the Group analyses the movements in the values of assets and liabilities, which are required to be re-measured or re-assessed as per the Group\u2019s accounting policies. For this analysis, the Group veri\ufb01es the major inputs applied in the latest valuation by agreeing the information in the valuation computation to contracts and other relevant documents. The Group, in conjunction with its external valuers where applicable, also compares the changes in the fair value of each asset and liability with relevant external sources to determine whether the change is reasonable. For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above. \n (ab) Export incentive programme On 3 October 2023, the Argentinian Government approved that exporters of crude oil, gas and derivatives, who meet certain conditions, may receive 25% of the funds received from exports through negotiable securities acquired in foreign currency and settled in local currency. Since 13 December 2023 changed to 20% and the bene\ufb01t was in force until April 2025. As at 31 December 2025 the Group recognised a bene\ufb01t from the programme of US$2,979,000 (2024: US$15,996,000), disclosed as other income (refer to note 12(1)). \n \n (ac) Stripping costs In an open-pit operation, it is necessary to remove overburden or waste material to access the ore bodies (stripping activity). During the mine development and pre-production phases, the stripping related costs are capitalised as part of the cost of development and subsequently recognised as depreciation in the cost of sales, on a units of production basis, once commercial production starts. The removal of waste material usually continues throughout the life of mine. Upon commencement of commercial production, the activity is referred to as production stripping. Production stripping costs are capitalised only when it is probable that future economic bene\ufb01ts associated with the stripping activity will \ufb02ow to the Group, and costs can be reliably measured. Otherwise, the production stripping costs are charged to the income statement as operating costs as they are incurred. Stripping activity costs associated with such development activities are capitalised as development costs using an average stripping ratio. The average stripping ratio is calculated by dividing the estimated number of tonnes of waste material to be removed by the estimated ore to be mined over the life of the mine, and is reviewed annually. The amount capitalised is subsequently depreciated using the units of production method.\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408170334313": { "value": "\n (a) Basis of preparation The consolidated \ufb01nancial statements of the Group have been prepared in accordance with UK-adopted International Accounting Standards. The basis of preparation and accounting policies used in preparing the consolidated \ufb01nancial statements for the years ended 31 December 2025 and 2024 are set out below. The consolidated \ufb01nancial statements have been prepared on a historical cost basis except for the revaluation of certain \ufb01nancial instruments that are measured at fair value at the end of each reporting period, as explained below. These accounting policies have been consistently applied, except for the effects of the adoption of new and amended accounting standard. The \ufb01nancial statements are presented in US dollars (US$) and all monetary amounts are rounded to the nearest thousand ($000) except when otherwise indicated. \n \n Changes in accounting policy and disclosures The accounting policies adopted in the preparation of the consolidated \ufb01nancial statements are consistent with those followed in the preparation of the Group\u2019s annual consolidated \ufb01nancial statements for the year ended 31 December 2024, except for the adoption of new standards effective as of 1 January 2025. Amendments apply for the \ufb01rst time in 2025, but do not have an impact on the consolidated \ufb01nancial statements of the Group. \u2013 Lack of exchangeability \u2013 Amendments to IAS 21\n Standards, interpretations and amendments to existing standards that are not yet effective and have not been previously adopted by the Group Certain new standards, amendments and interpretations to existing standards have been published and are mandatory for the Group\u2019s accounting periods beginning on or after 1 January 2026 or later periods but which the Group has not previously adopted. These have not been listed as they are not expected to have a material impact the Group \ufb01nancial statements. The Group has not yet completed its assessment of IFRS 18. The analysis is expected to conclude on second quarter of 2026.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408170447943": { "value": "\n Changes in accounting policy and disclosures The accounting policies adopted in the preparation of the consolidated \ufb01nancial statements are consistent with those followed in the preparation of the Group\u2019s annual consolidated \ufb01nancial statements for the year ended 31 December 2024, except for the adoption of new standards effective as of 1 January 2025. Amendments apply for the \ufb01rst time in 2025, but do not have an impact on the consolidated \ufb01nancial statements of the Group. \u2013 Lack of exchangeability \u2013 Amendments to IAS 21\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408171046177": { "value": "\n (b) Judgements in applying accounting policies and key sources of estimation uncertainty Many of the amounts included in the \ufb01nancial statements involve the use of judgement and/or estimation. These judgements and estimates are based on management\u2019s best knowledge of the relevant facts and circumstances, having regard to prior experience, but actual results may differ from the amounts included in the \ufb01nancial statements. Information about such judgements and estimates is contained in the accounting policies and/or the notes to the \ufb01nancial statements. Signi\ufb01cant areas of estimation uncertainty and critical judgements made by management in preparing the consolidated \ufb01nancial statements include: Signi\ufb01cant estimates: \u2013 Useful lives of assets for depreciation and amortisation purposes \u2013 note 2(f). Estimates are required to be made by management as to the useful lives of assets. For depreciation calculated under the unit-of-production method, estimated recoverable reserves and resources are used in determining the depreciation and/or amortisation of mine-speci\ufb01c assets. This results in a depreciation/amortisation charge proportional to the depletion of the anticipated remaining life-of-mine production. Each item\u2019s life, which is assessed annually, has regard to both its physical life limitations and to present assessments of economically recoverable reserves and resources of the mine property at which the asset is located. These calculations require the use of estimates and assumptions, including the amount of recoverable reserves and resources. Changes are accounted for prospectively. Depreciation commences when assets are available for use. Land is not depreciated.\n \n \u2013 Ore reserves and resources \u2013 note 2(h). There are numerous uncertainties inherent in estimating ore reserves and resources. Assumptions that are valid at the time of estimation may change signi\ufb01cantly when new information becomes available. Changes in the forecast prices of commodities, exchange rates, production costs or recovery rates may change the economic status of reserves and resources and may, ultimately, result in the reserves and resources being updated. \u2013 Recoverable values of mining assets \u2013 notes 2(k), 16, 17 and 18. The values of the Group\u2019s mining assets are sensitive to a range of characteristics unique to each mine unit. Key sources of estimation for all assets include uncertainty around ore reserve estimates and cash \ufb02ow projections. In performing impairment reviews, the Group assesses the recoverable amount of its operating assets principally with reference to fair value less costs of disposal (\u2018FVLCD\u2019). The recoverable values of the CGUs and advanced exploration projects are determined using a FVLCD methodology. FVLCD for CGUs is determined using a combination of Level 2 and Level 3 inputs. The FVLCD of producing mine assets is determined using a discounted cash \ufb02ow model and for developing stage mine assets or advanced exploration projects is determined using a discounted cash \ufb02ow model or the value-in-situ methodology. When using a value-in-situ methodology, the in-situ value is based on a comparable company analysis and applies a realisable \u2018enterprise value\u2019 to unprocessed mineral resources per ounce of resources, to estimate the amount that would be paid by a willing third party in an arm's length transaction (refer to notes 16, 17 and 18). There is judgement involved in determining the assumptions that are considered to be reasonable and consistent with those that would be applied by market participants. Signi\ufb01cant estimates used in a discounted cash \ufb02ow model include future gold and silver prices, future capital requirements, reserves and resources volumes, production costs and the application of discount rates which re\ufb02ect the macro- economic risk, as applicable. When using a value-in-situ methodology, the in-situ value is based on a comparable company analysis. Changes in these assumptions will affect the recoverable amount of the property, plant and equipment, evaluation and exploration assets, and intangibles. \u2013 Mine closure costs \u2013 notes 2(o) and 28(1). The Group assesses its mine closure cost provision annually. Signi\ufb01cant estimates and assumptions are made in determining the provision for mine closure cost as there are numerous factors that will affect the ultimate liability. These factors include estimates of the extent and costs of rehabilitation activities, technological changes, regulatory changes, cost increases, mine life and changes in discount rates. Those uncertainties may result in future actual expenditure differing from the amounts currently provided. The provision at the balance sheet date represents management\u2019s best estimate of the present value of the future closure costs required. In July 2021, the mine closure law for the province of Santa Cruz in Argentina was published, establishing a period of 180 business days to present the Mine Closure Plan. The plan was presented to the provincial authority in December 2022 and observations were received in December 2025. The Group plans to present an updated Mine Closure Plan, prepared with the support of external consultants, by the end of 2026. \u2013 Valuation of \ufb01nancial instruments \u2013 note 38. The valuation of certain Group assets and liabilities re\ufb02ects the changes to certain assumptions used in the determination of their value, such as future gold and silver prices, discount rates, and resources and reserves estimates.\n \n \u2013 Non-market performance conditions on LTIP 2022, LTIP 2023 and LTIP 2024 \u2013 note 28(2). There are two parts to the performance conditions attached to LTIP awards: 50% is subject to the Company\u2019s TSR ranking relative to a tailored peer group of mining companies, 50% is subject to internal KPIs split equally between: (i) three-year growth of the Company\u2019s Measured and Indicated Resources (MIR) per share (calculated on an enterprise value basis), and (ii) average outcome of the annual bonus scorecard in respect of 2023, 2024 and 2025, regarding LTIP 2023; 2024, 2025 and 2026, regarding LTIP 2024; and 2025, 2026 and 2027, regarding LTIP 2025, calculated as the simple mean of the three scorecard outcomes. At each reporting date the Group has to estimate the value of the shares and the possible outcome regarding the scorecard and MRI. The balance of the awards is disclosed in note 28(2). Critical judgements: \u2013 Assessment of impairment indicators for the Group\u2019s CGUs \u2013 notes 16, 17 and 18. Assessment of impairment indicators are performed during the year and they were identi\ufb01ed in certain of the CGUs \u2013 refer to notes 16, 17 and 18 for details. \u2013 Income tax \u2013 notes 2(t), 2(u), 14, 30 and 36(a). Judgement is required in determining whether deferred tax assets are recognised on the statement of \ufb01nancial position. Deferred tax assets, including those arising from un-utilised tax losses require management to assess the likelihood that the Group will generate taxable earnings in future periods, in order to utilise recognised deferred tax assets. Estimates of future taxable income are based on forecast cash \ufb02ows from operations and the application of existing tax laws in each jurisdiction. To the extent that future cash \ufb02ows and taxable income differ signi\ufb01cantly from estimates, the ability of the Group to realise the net deferred tax assets recorded at the balance sheet date could be impacted. The Group analyses the possibility of generating pro\ufb01t in all the companies and determines the recognition of deferred tax. No deferred tax asset is recognised in the holding and exploration entities as they are not expected to generate any pro\ufb01t to settle the temporary difference (refer to note 30). Judgement is also required when determining the recognition of tax liabilities as the tax treatment of some transactions cannot be \ufb01nally determined until a formal resolution has been reached by the tax authorities. Tax liabilities are also recorded for uncertain exposures which can have an impact on both deferred and current tax. Tax bene\ufb01ts are not recognised unless it is probable that the bene\ufb01t will be obtained and tax liabilities are recognised if it is probable that a liability will arise (refer to note 36(a)). The \ufb01nal resolution of these transactions may give rise to material adjustments to the income statement and/or cash \ufb02ow in future periods. The Group reviews each signi\ufb01cant tax liability or bene\ufb01t each period to assess the appropriate accounting treatment. \u2013 Life of mine (LOM). There are several aspects which are determined by the life of mine, such as ore reserves and resources, recoverable values of mining assets, mine rehabilitation provision and depreciation. The life of mine for an operation is speci\ufb01ed in the relevant Environmental Impact Assessment (EIA) which is amended from time to time as more resources at the mine are identi\ufb01ed. EIAs are permits which are granted in the ordinary course of business to the mining industry. While the processing of such permits may be subject to delays, the Group has never had an EIA denied. A crucial element of Peru\u2019s legal framework is the principle of predictability which, in essence, means that if the legal requirements for any given permit have been satis\ufb01ed, the State cannot unlawfully deny the granting of the permit. Taking this into consideration, as well as the Group\u2019s operational experience, the Group believes that permits will be secured such that operations can continue without interruption. In the unlikely scenario that this does not occur, there could be material changes to those items in the \ufb01nancial statements that are determined by the life of mine.\n \n \u2013 Determination of functional currencies \u2013 note 2(e). The determination of functional currency requires management judgement, particularly where there may be several currencies in which transactions are undertaken and which impact the economic environment in which the entity operates. In Argentina, the exchange control restrictions limit the companies to hold US dollars but do not restrict carrying out transactions in US dollar. \u2013 Recognition of evaluation and exploration assets and transfer to development costs \u2013 notes 2(g), 16 and 17. Judgement is required in determining when there is suf\ufb01cient evidence that there is a future economic bene\ufb01t of an exploration project, at which point the exploration costs are capitalised. This includes an assessment of whether there is a high degree of con\ufb01dence of the existence of economically recoverable minerals, mine-site exploration is being conducted to convert resources to reserves, or mine-site exploration is being conducted to con\ufb01rm resources. The stage, timeline and associated risks of the project are also considered. The exploration and evaluation assets are then assessed for impairment when facts and circumstances suggest that the carrying amount is not recoverable. Following advancement of engineering, permitting and project development activities, management concluded that the technical feasibility and commercial viability of the Monte do Carmo project are demonstrable. Accordingly, in line with the Group\u2019s accounting policy and the requirements of IAS 16 and IAS 23, the asset has been reclassi\ufb01ed from Exploration & Evaluation to Property, Plant and Equipment. \u2013 Climate change \u2022 General Between 2024 and 2025, the Group undertook a climate-related scenario analysis, a detailed transition risk assessment, an update of the physical climate risk assessment on its operations, and a \ufb01nancial quanti\ufb01cation of carbon pricing which is considered to be the Group\u2019s most material transition risk. These studies identi\ufb01ed current and future climate-related risks to the Group\u2019s infrastructure. While current climate change-related factors are re\ufb02ected in the Group\u2019s existing budget, the \ufb01nancial impact of future carbon pricing on the Group is not expected to materialise until 2030. The magnitude of this impact remains uncertain due to the details of the emission trading system schemes as well as our own operational emissions\u2019 pro\ufb01le. Despite the adoption of the Group\u2019s climate change strategy, the introduction of unexpected climate- change regulations in the countries where the Group operates may affect the \ufb01nancial quanti\ufb01cation estimates and could result in changes to \ufb01nancial results and the carrying values of certain assets and liabilities in forthcoming reporting periods. \u2022 Physical risks The Group completed a climate-related scenario analysis, identifying \ufb01ve physical risks rated as \u2018high\u2019: water stress and drought, extreme rainfall \ufb02ooding, wild\ufb01res, extreme winds and storms, and extreme heat. The costs associated with managing these risks are incorporated into the Group\u2019s operational and capital expenditure. The \ufb01nancial quanti\ufb01cation of the future impact of the most signi\ufb01cant climate change-related physical risks on the Group will be conducted in 2026. As the Group progresses its adaptation strategy, the identi\ufb01cation of additional risks or the development of the Group\u2019s response may result in changes to \ufb01nancial results and the carrying values of assets and liabilities in future reporting periods.\n \n \u2013 Business combinations and asset acquisitions \u2013 note 4. In identifying a business combination (note 2(c)) or acquisition of assets the Group applies the concentration test in accordance with IFRS 3 to determine whether an acquisition is a business combination or an asset acquisition. The concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identi\ufb01able assets or a group of similar assets. If the concentration test is met, the acquisition is accounted for as an asset acquisition. If the concentration test is not met, the Group considers the underlying inputs, processes and outputs acquired as a part of the transaction. For an acquired set of activities and assets to be considered a business there must be at least some inputs and processes that have the capability to achieve the purposes of the Group. Where signi\ufb01cant inputs and processes have not been acquired, a transaction is considered to be the purchase of assets. For the assets and assumed liabilities acquired the Group allocates the total consideration paid (including directly attributable transaction costs) based on the relative fair values of the underlying items. On 7 November 2024 the Group acquired a 100% interest in the Monte do Carmo gold project in Brazil, through the acquisition of Serra Alta Minera\u00e7\u00e3o Ltda. (note 4). The transaction was accounted as a purchase of assets as it met the concentration test, with the main asset acquired being the Monte do Carmo project which is in a development stage. Where the acquiree does not meet the de\ufb01nition of a business under IFRS 3, the transaction has been accounted for in accordance with IFRS 2 Share-based Payment as the acquiree is deemed to have issued equity instruments in exchange for its identi\ufb01able net assets. Any excess of the deemed consideration over the fair value of the identi\ufb01able net assets acquired is recognised as a listing expense in the income statement. In December 2025, Tiernan Gold Corp., an indirect wholly-owned subsidiary of the Group, completed a reverse takeover of Railtown Capital Corp., a TSXV-listed capital pool company. As Railtown did not meet the de\ufb01nition of a business under IFRS 3, the transaction was accounted for in accordance with IFRS 2 (note 4(a)). \u2013 Stream Agreements\u2013 note 25(a). Judgement was required in determining the accounting treatment for the initial recognition and subsequent measurement of the obligations included in the Secured Note and Stream Agreement with Sprott Private Resource Streaming and Royalty Corp. (Sprott), assigned to the Group upon the acquisition of the Monte do Carmo project. Refer to notes 4 and 25(a) for details on the Monte do Carmo\u2019s acquisition and the Stream Agreements, respectively. Management determined that the Secured Note and Stream Agreement are closely connected, with the option by Sprott to set off the US$20,000,000 stream payment against the Secured Note upon commencement of production. Therefore, management considered the two contracts as a single unit of account. The Stream Agreement meets the de\ufb01nition of a derivative and is accounted for at fair value through pro\ufb01t and loss (FVTPL). The key assumptions on which management has based its determination of fair value are disclosed in note 25(a). \u2013 Investment in an associate \u2013 note 19. Judgement is required in determining the recoverable amount of the investment in Aclara Resources Inc. (Aclara). Management determined that there were suf\ufb01cient external and internal indicators to support a full reversal of the accumulated impairment of the investment in Aclara as of 31 December, 2025. As a result, the Group has recognised a reversal of impairment of US$22,187,000 as at 31 December 2025. \n \n \u2013 Loss on discontinuation of hedge relationship \u2013 note 38 (a). Management uses judgement in determining whether an item should be presented as exceptional in the income statement. In accordance with the Group\u2019s policy, \u201cExceptional items are those signi\ufb01cant items which, due to their nature or the expected infrequency of the events giving rise to them, need to be disclosed separately on the face of the income statement to enable a better understanding of the \ufb01nancial performance of the Group and facilitate comparison with prior years\u201d. Given the non-recurring and non-cash nature of this hedge accounting reclassi\ufb01cation to the income statement, and the fact that the cash settlement will occur in 2028 once the instruments mature, the resulting charge has been presented as an exceptional item within revenue. This presentation facilitates a better understanding by users of the \ufb01nancial statements of the Group\u2019s underlying operating performance by separating the effects of this discrete, non-cash hedge accounting reclassi\ufb01cation from revenue and pro\ufb01tability trends. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408171750512": { "value": "\n (c) Basis of consolidation The consolidated \ufb01nancial statements set out the Group\u2019s \ufb01nancial position, performance and cash \ufb02ows as at 31 December 2025 and 31 December 2024 and for the years then ended, respectively. Subsidiaries are those entities controlled by the Group regardless of the amount of shares owned by the Group. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Non- controlling interests\u2019 rights to safeguard their interest are fully considered in assessing whether the Group controls a subsidiary. Speci\ufb01cally, the Group controls an investee if, and only if, the Group has: \u2013 power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee); \u2013 exposure, or rights, to variable returns from its involvement with the investee; and \u2013 the ability to use its power over the investee to affect its returns. Generally, there is a presumption that a majority of voting rights result in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: \u2013 the contractual arrangement with the other vote holders of the investee; \u2013 rights arising from other contractual arrangements; and \u2013 the Group\u2019s voting rights and potential voting rights. The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Basis of consolidation Subsidiaries are consolidated from the date of their acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated \ufb01nancial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. Profit or loss and each component of OCI are attributed to the equity holders of the parent of the Group and to the non- controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. A change in the ownership interest of a subsidiary, without loss of control, is accounted for as an equity transaction, affecting retained earnings. If the Group loses control over a subsidiary, it (i) derecognises the assets (including goodwill) and liabilities of the subsidiary; (ii) derecognises the carrying amount of any non-\n \n controlling interest (NCI); (iii) derecognises the cumulative translation differences, recorded in equity; (iv) recognises the fair value of the consideration received; (v) recognises the fair value of any investment retained; (vi) recognises any surplus or de\ufb01cit in pro\ufb01t or loss; and (vii) reclassi\ufb01es the parent\u2019s share of components previously recognised in other comprehensive income to pro\ufb01t or loss or retained earnings, as appropriate. An NCI represents the equity in a subsidiary not attributable, directly and indirectly, to the parent company and is presented separately within equity in the consolidated statement of \ufb01nancial position, separately from equity attributable to owners of the parent. \n \n Business combinations Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured at acquisition date fair value and the amount of any NCI in the acquiree. The choice of measurement of NCI, either at fair value or at the proportionate share of the acquiree\u2019s identi\ufb01able net assets, is determined on a transaction by transaction basis. Acquisition costs incurred are expensed and included in administrative expenses. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognised for the NCI, and any interest previously held, over the net identi\ufb01able assets acquired and the liabilities assumed. Assets acquired and liabilities assumed in transactions separate to the business combinations, such as the settlement of pre-existing relationships or post-acquisition remuneration arrangements, are accounted for separately from the business combination in accordance with their nature and applicable IFRSs. Identi\ufb01able intangible assets meeting either the contractual-legal or the separability criteria are recognised separately from goodwill. Contingent liabilities representing a present obligation are recognised if the acquisition date fair value can be measured reliably.\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408123637564": { "value": "\n Business combinations Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured at acquisition date fair value and the amount of any NCI in the acquiree. The choice of measurement of NCI, either at fair value or at the proportionate share of the acquiree\u2019s identi\ufb01able net assets, is determined on a transaction by transaction basis. Acquisition costs incurred are expensed and included in administrative expenses. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognised for the NCI, and any interest previously held, over the net identi\ufb01able assets acquired and the liabilities assumed. Assets acquired and liabilities assumed in transactions separate to the business combinations, such as the settlement of pre-existing relationships or post-acquisition remuneration arrangements, are accounted for separately from the business combination in accordance with their nature and applicable IFRSs. Identi\ufb01able intangible assets meeting either the contractual-legal or the separability criteria are recognised separately from goodwill. Contingent liabilities representing a present obligation are recognised if the acquisition date fair value can be measured reliably.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408172421351": { "value": "\n (d) Going concern Directors\u2019 assessment The Directors have reviewed Group liquidity, including cash resources and borrowings (refer to note 27 for details of the US$300 million medium-term loan) and related covenant forecasts to assess whether the Group is able to continue in operation for the period to 31 March 2027 (the \u2018Going Concern Period\u2019) which is at least 12 months from the date of these consolidated \ufb01nancial statements. The Directors also considered the impact of a downside scenario on the Group\u2019s future cash \ufb02ows and liquidity position as well as debt covenant compliance. Scenarios analysedFor the purposes of the going concern assessment, the base case scenario reviewed by the Directors (the \u2018Base Scenario\u2019) re\ufb02ects, among other things, budgeted production for 2026 and current life-of-mine plans for Inmaculada, San Jose and Mara Rosa. The Base Scenario also assumes average precious metal prices of US$3,994/oz for gold and US$48.1/oz for silver (the \u2018Assumed Prices\u2019), being the average analysts\u2019 consensus prices for the Going Concern Period. The Directors also considered a severe but plausible downside scenario (\u2018the Severe Scenario\u2019) which takes into account the combined impact of a three-week stoppage of all operations, unforeseen social-related costs and lower precious metal prices which are lower than the Assumed Prices (a 10% lower gold price and 15% lower silver price) (\u2018the Downside Assumptions\u2019). Even in the Severe Scenario it has been assumed that all employees remain on full pay and that mitigating actions, such as the deferral of discretionary expenditure, which are under the Group\u2018s control, while available, would not be necessary.\n \n Under the Base and the Severe scenarios, the Group\u2019s liquid resources, which as at the date of this report include an undrawn amount of US$180 million, remain more than adequate for the Group\u2019s forecast expenditure and scheduled repayments of the amounts owed under the Group\u2019s borrowings, with suf\ufb01cient headroom maintained to comply with debt covenants. Reverse Stress TestsManagement also performed reverse stress tests which were considered in the Directors\u2019 assessment. Under these tests, the Directors concluded that: \u2013 prices of US$1,797/oz for gold and US$21.7/oz for silver for the duration of the Going Concern Period would result in suf\ufb01cient headroom to comply with the Group\u2019s minimum level of liquidity; and \u2013 21 weeks of concurrent stoppages at each of Inmaculada, San Jose and Mara Rosa would result in suf\ufb01cient headroom to comply with the Group\u2019s debt covenants of the medium-term loan facility. In its application of the above reverse stress tests, no mitigation actions were applied. The Directors considered the nature and extent of the conditions required to trigger these outcomes and concluded the likelihood of such scenarios occurring during the Going Concern Period to be remote. Conclusion After their review, the Directors have a reasonable expectation that the Group and the Company have adequate resources to continue in operational existence during the Going Concern Period. Accordingly, the Directors are satis\ufb01ed the going concern basis of accounting is appropriate in preparing the consolidated \ufb01nancial statements. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408123858905": { "value": "\n (e) Currency translation The functional currency for each entity in the Group is determined by the currency of the primary economic environment in which it operates. For the holding companies and operating entities this currency is US dollars and for the other entities it is the local currency of the country in which it operates. The Group\u2019s \ufb01nancial information is presented in US dollars, which is the Company\u2019s functional currency. Transactions denominated in currencies other than the functional currency of the entity are initially recorded in the functional currency using the exchange rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are remeasured at the exchange rate prevailing at the statement of \ufb01nancial position date. Exchange gains and losses on settlement of foreign currency transactions which are translated at the rate prevailing at the date of the transactions, or on the translation of monetary assets and liabilities which are translated at period-end exchange rates, are taken to the income statement. Non-monetary assets and liabilities denominated in foreign currencies that are stated at historical cost are translated to the functional currency at the foreign exchange rate prevailing at the date of the transaction. Exchange differences arising from monetary items that are part of a net investment in a foreign operation are recognised in equity and transferred to income on disposal of such net investment. Subsidiary \ufb01nancial statements expressed in their corresponding functional currencies are translated into US dollars by applying the exchange rate at period-end for assets and liabilities and the transaction date exchange rate for income statement items. The resulting difference on consolidation is included as a cumulative translation adjustment in equity. On disposal of a foreign operation, the component of OCI relating to that particular foreign operation is reclassi\ufb01ed to pro\ufb01t or loss.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408123957595": { "value": "\n (f) Property, plant and equipment Property, plant and equipment is stated at cost or deemed cost less accumulated depreciation and impairment losses. Cost comprises its purchase price and directly attributable costs of acquisition or construction required to bring the asset to the condition necessary for the asset to be capable of operating in the manner intended by management. Economical and physical conditions of assets have not changed substantially over this period. The cost less residual value of each item of property, plant and equipment is depreciated over its useful life. Each item\u2019s estimated useful life has been assessed with regard to both its own physical life limitations and the present assessment of economically recoverable reserves and resources of the mine property at which\n \n \n the item is located. Estimates of remaining useful lives are made on a regular basis for all mine buildings, machinery and equipment, with annual reassessments for major items. Depreciation is charged to cost of production on a units of production basis for mine buildings and installations and plant and equipment used in the mining production process, or charged directly to the income statement over the estimated useful life of the individual asset on a straight-line basis when not related to the mining production process. Changes in estimates, which mainly affect units of production calculations, are accounted for prospectively. An asset\u2019s carrying amount is written-down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing the net proceeds with the carrying amount and are recognised within other income/expenses, in the income statement. The expected useful lives under the straight-line method are as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Years
Buildings 3 to 33
Plant and equipment 5 to 15
Vehicles 5
\n During the period, management reassessed the depreciation method applied to certain items of plant and equipment at Inmaculada. Following an extension of the life of mine, management determined that the estimated useful lives of these assets, ranging between 10 and 15 years, were shorter than the revised life of mine. As a result, the depreciation method for these assets was changed from the units-of-production method to depreciation on a straight-line basis over their estimated useful lives. This change has been accounted for as a change in accounting estimate and applied prospectively (refer to note 16(2)). Borrowing costs directly attributable to the acquisition or construction of an asset that necessarily takes a substantial period of time to be ready for its intended use are capitalised as part of the cost of the asset. All other borrowing costs are expensed where incurred. For borrowings associated with a speci\ufb01c asset, the actual rate on that borrowing is used. Otherwise, a weighted average cost of borrowing is used. The Group capitalises the borrowing costs related to qualifying assets with a value of US$1,000,000 or more, considering that the substantial period of time to be ready is six or more months. Mining properties and development costs Purchased mining properties are recognised as assets at their cost of acquisition or at fair value if purchased as part of a business combination. Costs associated with developments of mining properties are capitalised. Mine development costs are, upon commencement of commercial production, depreciated using the units of production method based on the estimated economically recoverable reserves and resources to which they relate. When a mine construction project moves into the production stage, the capitalisation of certain mine construction costs ceases and costs are either regarded as part of the cost of inventory or expensed, except for costs which qualify for capitalisation relating to mining asset additions or improvements, underground mine development or mineable reserve development.\n \n \n Construction in progress and capital advances Assets in the course of construction are capitalised as a separate component of property, plant and equipment. Once the asset moves into the production phase, the cost of construction is transferred to the appropriate category. Construction in progress is not depreciated. Capital advances to suppliers related to the purchase of property, plant and equipment are disclosed in construction in progress. Subsequent expenditure Expenditure incurred to replace a component of an item of property, plant and equipment is capitalised separately with the carrying amount of the component being written-off. Other subsequent expenditure is capitalised if future economic bene\ufb01ts will arise from the expenditure. All other expenditure including repairs and maintenance expenditures are recognised in the income statement as incurred.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408124352331": { "value": "\n (g) Evaluation and exploration assets Exploration and evaluation expenses are capitalised when there is suf\ufb01cient evidence that there is a future economic bene\ufb01t to the Group. All other exploration and evaluation expenses are expensed as incurred. Exploration and evaluation expenses are considered to have a future bene\ufb01t to the Group when there is a high degree of con\ufb01dence of the existence of economically recoverable minerals, mine-site exploration is being conducted to convert resources to reserves, or mine-site exploration is being conducted to con\ufb01rm resources. The stage, timeline and associated risks of the project are also considered. For exploration and evaluation conducted near operating mine sites, exploration and evaluation expenses are capitalised upon the con\ufb01rmation of resources. Payments or option payments made by the Group to acquire licences for exploration and evaluation assets, or to acquire an underlying mineral project, are capitalised in exploration and evaluation expenses or expensed as incurred, following the same criteria described above. The Group\u2019s exploration and evaluation assets are carried at acquired costs until such time as the technical feasibility and commercial viability of the extraction of resources in an area of interest are demonstrable, usually after a pre-feasibility study has been completed, at which time they are classi\ufb01ed as mine development costs and are tested for impairment, and are then reclassi\ufb01ed to mining properties and development costs. For exploration and evaluation conducted near operating mine sites, exploration and evaluation expenses are classi\ufb01ed as development costs upon the conversion of resources to reserves. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408124430978": { "value": "\n (h) Determination of ore reserves and resources The Group estimates its ore reserves and mineral resources based on information compiled by internal competent persons. Reports to support these estimates are prepared each year and are stated in conformity with the 2012 Joint Ore Reserves Committee (JORC) code. It is the Group\u2019s policy to have the report audited every two years by a Competent Person. Reserves and resources are used in the units of production calculation for depreciation and amortisation as well as the determination of the timing of mine closure cost and impairment analysis. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMiningAssetsExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408124513651": { "value": "\n (i) Investment in associates An associate is an entity over which the Group has signi\ufb01cant in\ufb02uence. Signi\ufb01cant in\ufb02uence is the power to participate in the \ufb01nancial and operating policy decisions of the investee, but is not control or joint control over those policies. The considerations made in determining signi\ufb01cant in\ufb02uence are similar to those necessary to determine control over subsidiaries. The Group\u2019s investment in its associate are accounted for using the equity method. Under the equity method, the investment in an associate is initially recognised at cost. The carrying amount of the investment is adjusted to recognise changes in the Group\u2019s share of net assets of the associate since the acquisition date. Goodwill relating to the associate is included in the carrying amount of the investment and is not tested for impairment separately. The statement of pro\ufb01t or loss re\ufb02ects the Group\u2019s share of the results of operations of the associate. Any change in OCI of those investees is presented as part of the Group\u2019s OCI. In addition, when there has been a change recognised directly in the equity of the associate, the Group recognises its share of any changes,\n \n when applicable, in the statement of changes in equity. Unrealised gains and losses resulting from transactions between the Group and the associate are eliminated to the extent of the interest in the associate. The aggregate of the Group\u2019s share of pro\ufb01t or loss of an associate is shown on the face of the statement of pro\ufb01t or loss outside operating pro\ufb01t and represents pro\ufb01t or loss after tax and non-controlling interests in the subsidiaries of the associate. The \ufb01nancial statements of the associate are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies in line with those of the Group. After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on its investment in its associate. At each reporting date, the Group determines whether there is objective evidence that the investment in the associate is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the investment and its carrying value, and then recognises the loss within \u2018Share of (loss)/pro\ufb01t of an associate\u2019 in the statement of pro\ufb01t or loss. Upon loss of signi\ufb01cant in\ufb02uence over the associate, the Group measures and recognises any retained investment at its fair value. Any difference between the carrying amount of the associate upon loss of signi\ufb01cant in\ufb02uence and the fair value of the retained investment and proceeds from disposal is recognised in pro\ufb01t or loss.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408124650226": { "value": "\n (j) Intangible assets Right to use energy of transmission line Transmission line costs represent the investment made by the Group to construct the transmission line on behalf of the government to be granted the right to use it. This is an asset with a \ufb01nite useful life equal to that of the mine to which it relates and that is amortised applying the units of production method for that mine. Water permits Water permits are recorded at cost and allow the Group to withdraw a speci\ufb01ed amount of water from the ground for reasonable, bene\ufb01cial uses. This is an asset with an inde\ufb01nite useful life (note 18(2)). Legal rights Legal rights correspond to expenditures required to give the Group the right to use a property for the surface exploration work, development and production. This is an asset with a \ufb01nite useful life equal to that of the mine to which it relates and that is amortised applying the units of production method for that mine. Other intangible assets Other intangible assets are primarily computer software which are capitalised at cost and are amortised on a straight-line basis over their useful life of three years. Royalty intangible assets Royalty interests represent contractual rights to receive a percentage of revenue or production from speci\ufb01c mining operations. These assets are recognised at cost or at fair value when acquired. Royalty intangible assets have a \ufb01nite useful life. Royalty intangible assets have a \ufb01nite useful life and are amortised using the units-of-production method over the expected life of the related mining operation.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408124754051": { "value": "\n (k) Impairment of non-\ufb01nancial assets Assets that have an inde\ufb01nite useful life are not subject to amortisation and are tested annually for impairment. The carrying amounts of property, plant and equipment and evaluation and exploration assets are reviewed for impairment if events or changes in circumstances indicate that the carrying value may not be recoverable. If there are indicators of impairment, an exercise is undertaken to determine whether the carrying values are in excess of their recoverable amount. Such review is undertaken on an asset by asset basis, except where such assets do not generate cash \ufb02ows independent of other assets, and then the review is undertaken at the cash-generating unit (CGU) level. The assessment requires the use of estimates and assumptions such as long-term commodity prices, discount rates, future capital requirements, reserves and resources volumes (re\ufb02ected in the production volume) and production costs. Changes in these assumptions will affect the recoverable amount of the property, plant and equipment and evaluation and exploration assets. If the carrying amount of an asset or its cash-generating unit (CGU) exceeds the recoverable amount, an impairment provision is recorded to re\ufb02ect the asset at the lower amount. Impairment losses are recognised in the income statement. Calculation of recoverable amount The recoverable values of the CGUs and advanced exploration projects are determined using a FVLCD methodology. FVLCD for CGUs was determined using a combination of Level 2 and Level 3 inputs. The FVLCD of the producing mine assets is determined using a discounted cash \ufb02ow model and for the developing stage mine assets or advanced exploration projects is determined using a discounted cash \ufb02ow model or the value-in-situ methodology, which applies a realisable \u2018enterprise value\u2019 to unprocessed mineral resources per ounce of resources, to estimate the amount that would be paid by a willing third party in an arm's length transaction (notes 16, 17 and 18). Reversal of impairment An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408095726111": { "value": "\n (l) Inventories Inventories are valued at the lower of cost or net realisable value. Cost is determined using the weighted average method. The cost of work in progress and \ufb01nished goods (ore inventories) is based on the cost of production. For this purpose, the costs of production include: \u2013 costs, materials and contractor expenses which are directly attributable to the extraction and processing of ore; \u2013 depreciation of property, plant and equipment used in the extraction and processing of ore; and \u2013 related production overheads (based on normal operating capacity). Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408095758228": { "value": "\n (m) Trade and other receivables Current trade receivables are carried at the original invoice amount and then subsequently measured at amortised cost less provision made for impairment of these receivables. Non-current receivables are stated at amortised cost. A provision for impairment of trade receivables is established using the expected credit loss impairment model according IFRS 9. The amount of the provision is the difference between the carrying amount and the recoverable amount and this difference is recognised in the income statement. The revaluation of provisionally priced contracts stated in 2(q) is recorded as trade receivables.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408125003706": { "value": "\n (n) Share capital Ordinary shares are classi\ufb01ed as equity. Any excess above the par value of shares received upon issuance of those shares is classi\ufb01ed as share premium. The Group had the merger reserve available for distribution within retained earnings.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408125100740": { "value": "\n (o) Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an out\ufb02ow of resources will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation (note 28). If the effect of the time value of money is material, provisions are determined by discounting the expected future cash \ufb02ows at a pre-tax rate that re\ufb02ects current market assessments of the time value of money and, where appropriate, the risks speci\ufb01c to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognised as a \ufb01nance cost. Mine closure cost Provisions for mine closure costs are made in respect of the estimated future costs of closure and restoration and for environmental rehabilitation costs (which include the dismantling and demolition of infrastructure, removal of residual materials and remediation of disturbed areas) in the accounting period when the related environmental disturbance occurs. The provision is discounted and the unwinding of the discount is included in \ufb01nance costs. At the time of establishing the provision, a corresponding asset is capitalised and is depreciated over future production from the mine to which it relates. The provision is reviewed on an annual basis for changes in cost estimates, discount rates and operating lives of the mines. Changes to estimated future costs are recognised in the statement of \ufb01nancial position by adjusting the mine closure cost liability and the related asset originally recognised. If, for mature mines, the related mine assets net of mine closure cost provisions exceed the recoverable value, that portion of the increase is charged directly to the income statement. Similarly, if reductions to the estimated costs exceed the carrying value of the mine asset, that portion of the decrease is credited directly to the income statement. For closed sites, changes to estimated costs are recognised immediately in the income statement. Workers\u2019 pro\ufb01t sharing and other employee bene\ufb01ts In accordance with Peruvian legislation, companies in Peru must provide for workers\u2019 pro\ufb01t sharing equivalent to 8% of taxable income in each year. This amount is charged to the income statement within personnel expenses (note 10) and is considered deductible for income tax purposes. The Group has no pension or retirement bene\ufb01t schemes. Other Other provisions are accounted for when the Group has a legal or constructive obligation for which it is probable there will be an out\ufb02ow of resources for which the amount can be reliably estimated.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408125156653": { "value": "\n (p) Share-based payments Cash-settled transactions A liability is recognised for the fair value of cash-settled transactions. The fair value is measured initially and at each reporting date up to and including the settlement date, with changes in fair value recognised in personnel expenses. The fair value is expensed over the period until the vesting date with recognition of a corresponding liability. The fair value of the awards is taken to be the market value of the shares at the date of award adjusted by a factor for anticipated relative Total Shareholder Return (TSR) performance. Fair values are subsequently remeasured at each reporting date to re\ufb02ect the number of awards expected to vest based on the current and anticipated TSR performance. The approach used to account for vesting conditions when measuring equity-settled transactions also applies to cash-settled transactions.\n \n Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are re\ufb02ected within the grant date fair value. Any other conditions attached to an award, but without an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are re\ufb02ected in the fair value of an award and lead to an immediate expensing of an award unless there are also service and/or performance conditions. No expense is recognised for awards that do not ultimately vest because the performance and/or service conditions have not been met. Equity-settled transactions The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model and is recognised, together with a corresponding increase in other reserves in equity, over the period in which the performance and/or service conditions are ful\ufb01lled. The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date re\ufb02ects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of equity instruments that vest. The income statement expense for a period represents the movement in cumulative expense recognised as at the beginning and end of that period and is recognised in personnel expenses (note 10). Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are re\ufb02ected within the grant date fair value. Any other conditions attached to an award, but without an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are re\ufb02ected in the fair value of an award and lead to an immediate expensing of an award unless there are also service and/or performance conditions. No expense is recognised for awards that do not ultimately vest because non-market performance and/or service conditions have not been met. Where awards include a market or non-vesting condition, the transactions are treated as vested irrespective of whether the market or non-vesting condition is satis\ufb01ed, provided that all other performance and/or service conditions are satis\ufb01ed. When the terms of an equity-settled award are modi\ufb01ed, the minimum expense recognised is the grant date fair value of the unmodi\ufb01ed award, provided the original vesting terms of the award are met. An additional expense, measured as at the date of modi\ufb01cation, is recognised for any modi\ufb01cation that increases the total fair value of the share-based payment transaction, or is otherwise bene\ufb01cial to the employee. Where an award is cancelled by the entity or by the counterparty, any remaining element of the fair value of the award is expensed immediately through pro\ufb01t or loss. On 22 May 2024, bene\ufb01ciaries of LTIPs were communicated of a change in the payment mechanism resulting in a modi\ufb01cation of the LTIP from an equity settled to a cash-settled transaction. This resulted in a recognition of liability based on the fair valuation of the cash-settled LTIPs as at the date of modi\ufb01cation and reversal of the share-based payment reserves, the incremental fair value of the cash-settled award over that of the equity-settled award as at the modi\ufb01cation date amounting to US$405,000 is expensed to the pro\ufb01t and loss. The liability is remeasured at each reporting date. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408125342354": { "value": "\n (q) Revenue recognition The Group is involved in the production and sale of gold and silver from dore and concentrate containing both gold and silver. Dore bars are either sold directly to customers or are sent to a third party for further re\ufb01ning into gold and silver before they are sold. Concentrate is sold directly to customers. Revenue from contracts with costumers is recognised when control of the goods or services are transferred to the customer at an amount that re\ufb02ects the consideration to which the Group expects to be entitled in exchange for those goods or services. Revenue excludes any applicable sales taxes. The revenue is subject to adjustment based on inspection of the product by the customer. Revenue is initially recognised on a provisional basis using the Group\u2019s best estimate of contained gold and silver. Any subsequent adjustments to the initial estimate of metal content are recorded in revenue once they have been determined.\n \n In addition, certain sales are \u2018provisionally priced\u2019 where the selling price is subject to \ufb01nal adjustment at the end of a period, normally ranging from 15 to 120 days after the start of the delivery process to the customer, based on the market price at the relevant quotation point stipulated in the contract. Revenue is initially recognised when the conditions set out above have been met, using market prices at that date. The price exposure is considered to be an adjustment and hence separated from the sales contract at each reporting date. The provisionally priced metal is revalued based on the forward selling price for the quotational period stipulated in the contract until the quotational period ends. The selling price of gold and silver can be measured reliably as these metals are actively traded on international exchanges. The revaluation of provisionally priced contracts is recorded as revenue. Commercial discounts related to the re\ufb01ning, recovery and treatment of minerals are presented netted from sales. A proportion of the Group\u2019s sales are sold under CIF Incoterms, whereby the Group is responsible for providing freight/shipping services (as principal) after the date that the Group transfers control of the metal in concentrate to its customers. The Group, therefore, has separate performance obligations for freight/shipping services which are provided solely to facilitate sale of the commodities it produces. Other Incoterms commonly used by the Group are FOB, where the Group has no responsibility for freight or insurance once control of the products has passed at the loading port, and Delivered at Place (DAP) where control of the goods passes when the product is delivered to the agreed destination. For arrangements which have these Incoterms, the only performance obligations are the provision of the product at the point where control passes. For CIF arrangements, the transaction price (as determined above) is allocated to the metal in concentrate and freight/shipping services using the relative stand-alone selling price method. Under these arrangements, a portion of consideration may be received from the customer in cash at, or around, the date of shipment under a provisional invoice. Therefore, some of the upfront consideration that relates to the freight/shipping services yet to be provided, is deferred. It is then recognised as revenue over time using an output method (being days of shipping/transportation elapsed) to measure progress towards complete satisfaction of the service as this best represents the Group\u2019s performance. This is on the basis that the customer simultaneously receives and consumes the bene\ufb01ts provided by the Group as the services are being provided. The costs associated with these freight/shipping services are also recognised over the same period of time as incurred. Income from services provided to related parties (note 32(a)) is recognised in revenue when services are provided. Income from the sale of aggregates in Mara Rosa is recognised in revenue (note 5). Deferred revenue results when cash is received in advance of revenue being earned. Deferred revenue is recorded as a liability until it is earned. Once earned, the liability is reduced and revenue is recorded. The Group analyses when revenue is earned or deferred.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408125519002": { "value": "\n (r) Contingencies A contingent liability is a possible obligation depending on whether some uncertain future event occurs, or a present obligation where payment is not probable or the amount cannot be measured reliably. Contingent liabilities are not recognised in the \ufb01nancial statements and are disclosed in notes to the \ufb01nancial statements unless their occurrence is remote (note 36). \n \n A contingent asset is a possible asset that arises from past events, and whose existence will be con\ufb01rmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity. Contingent assets are not recognised in the \ufb01nancial statements, but are disclosed in the notes if their recovery is deemed probable (note 36). \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408125854914": { "value": "\n \n (s) Finance income and costs Finance income and costs comprise interest expense on borrowings, the accumulation of interest on provisions, interest income on funds invested, unwinding of discount, and gains and losses from the change in fair value of derivative instruments. Interest income is recognised as it accrues, taking into account the effective yield on the asset.\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260409055621461": { "value": "\n (s) Finance income and costs Finance income and costs comprise interest expense on borrowings, the accumulation of interest on provisions, interest income on funds invested, unwinding of discount, and gains and losses from the change in fair value of derivative instruments. Interest income is recognised as it accrues, taking into account the effective yield on the asset.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408130043026": { "value": "\n (t) Income tax Income tax for the year comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items charged or credited directly to equity, in which case it is recognised in equity. Current tax expense is the expected tax payable on the taxable income for the year, using tax rates enacted at the statement of \ufb01nancial position date, and any adjustment to tax payable in respect of previous years. \n \n Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for \ufb01nancial reporting purposes and the amounts used for taxation purposes, with the following exceptions: \u2013 where the temporary difference arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination that at the time of the transaction affects neither accounting nor taxable pro\ufb01t or loss; and \u2013 in respect of taxable temporary differences associated with investments in subsidiaries and associates, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on the tax rates (and tax laws) that have been enacted or substantively enacted at the statement of \ufb01nancial position date. A deferred tax asset is recognised only to the extent that it is probable that future taxable pro\ufb01ts will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax bene\ufb01t will be realised.\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260409055643793": { "value": "\n Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for \ufb01nancial reporting purposes and the amounts used for taxation purposes, with the following exceptions: \u2013 where the temporary difference arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination that at the time of the transaction affects neither accounting nor taxable pro\ufb01t or loss; and \u2013 in respect of taxable temporary differences associated with investments in subsidiaries and associates, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on the tax rates (and tax laws) that have been enacted or substantively enacted at the statement of \ufb01nancial position date. A deferred tax asset is recognised only to the extent that it is probable that future taxable pro\ufb01ts will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax bene\ufb01t will be realised.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408130137480": { "value": "\n (u) Uncertain tax positions An estimated tax liability is recognised when the Group has a present obligation as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. The liability is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account risks and uncertainties surrounding the obligation. Separate liabilities for interest and penalties are also recorded if appropriate. Movements in interest and penalty amounts in respect of tax liability are not included in the tax charge, but are disclosed in the income statement. Tax liabilities are based on management\u2019s interpretation of country- speci\ufb01c tax law and the likelihood of settlement. This involves a signi\ufb01cant amount of judgement as tax legislation can be complex and open to different interpretation. Management uses in-house tax experts, professional \ufb01rms and previous experience when assessing tax risks. Where actual tax liabilities differ from the liabilities, adjustments are made which can have a material impact on the Group\u2019s pro\ufb01ts for the year. Refer to note 36(a) for speci\ufb01c tax contingencies.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408130304000": { "value": "\n (v) Leases Right-of-use assets The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. The right-of-use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. Right-of-use assets are subject to impairment. Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include \ufb01xed payments (including in- substance \ufb01xed payments) less any lease incentives receivable, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term re\ufb02ects the Group exercising the option to terminate. The variable lease payments are recognised as expense in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to re\ufb02ect the accretion of interest, and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modi\ufb01cation, a change in the lease term, a change in the in-substance \ufb01xed lease payments or a change in the assessment to purchase the underlying asset. Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of of\ufb01ce equipment that are considered of low value (i.e., below US$5,000). Lease payments on short- term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408130453679": { "value": "\n (w) Financial instruments A \ufb01nancial instrument is any contract that gives rise to a \ufb01nancial asset of one entity and a \ufb01nancial liability or equity instrument of another entity. \n \n Financial assets Initial recognition and measurement Financial assets are classi\ufb01ed, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (OCI), and fair value through pro\ufb01t or loss. The classi\ufb01cation of \ufb01nancial assets at initial recognition depends on the \ufb01nancial asset\u2019s contractual cash \ufb02ow characteristics and the Group\u2019s business model for managing them. The Group\u2019s business model for managing \ufb01nancial assets refers to how it manages its \ufb01nancial assets in order to generate cash \ufb02ows. The business model determines whether cash \ufb02ows will result from collecting contractual cash \ufb02ows, selling the \ufb01nancial assets, or both. Purchases or sales of \ufb01nancial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades) are recognised on the trade date, i.e., the date that the Group commits to purchase or sell the asset.\n \n \n \n \n Subsequent measurement For purposes of subsequent measurement, the Group\u2019s \ufb01nancial assets are classi\ufb01ed in the following categories: \u2013 Financial assets at amortised cost (debt instruments) The Group measures \ufb01nancial assets at amortised cost if both of the following conditions are met: \u2013 The \ufb01nancial asset is held within a business model with the objective to hold \ufb01nancial assets in order to collect contractual cash \ufb02ows. \u2013 The contractual terms of the \ufb01nancial asset give rise on speci\ufb01ed dates to cash \ufb02ows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in pro\ufb01t or loss when the asset is derecognised, modi\ufb01ed or impaired. The Group\u2019s \ufb01nancial assets at amortised cost includes trade and other receivables. \u2013 Financial assets designated at fair value through OCI (equity instruments) Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments designated at fair value through OCI when they meet the de\ufb01nition of equity under IAS 32 Financial Instruments: Presentation and are not held for trading. The classi\ufb01cation is determined on an instrument-by-instrument basis. Financial assets designated at fair value through OCI are carried in the statement of \ufb01nancial position at fair value with net changes in fair value recognised in the OCI. Gains and losses on these \ufb01nancial assets are never recycled to pro\ufb01t or loss. Dividends are recognised as other income in the statement of pro\ufb01t or loss when the right of payment has been established, except when the Group bene\ufb01ts from such proceeds as a recovery of part of the cost of the \ufb01nancial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment. The Group has listed and non-listed equity investments under this category. \u2013 Financial assets at fair value through pro\ufb01t or loss Financial assets at fair value through pro\ufb01t or loss include \ufb01nancial assets held for trading, \ufb01nancial assets designated upon initial recognition at fair value through pro\ufb01t or loss, or \ufb01nancial assets mandatorily required to be measured at fair value. Financial assets are classi\ufb01ed as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classi\ufb01ed as held for trading unless they are designated as effective hedging instruments. Financial assets with cash \ufb02ows that are not solely payments of principal and interest are classi\ufb01ed and measured at fair value through pro\ufb01t or loss, irrespective of the business model. Notwithstanding the criteria for debt instruments to be classi\ufb01ed at amortised cost or at fair value through OCI, as described above, debt instruments may be designated at fair value through pro\ufb01t or loss on initial recognition if doing so eliminates, or signi\ufb01cantly reduces, an accounting mismatch. Financial assets at fair value through pro\ufb01t or loss are carried in the statement of \ufb01nancial position at fair value with net changes in fair value recognised in the statement of pro\ufb01t or loss. The Group has listed equity investments and embedded derivatives under this category. Dividends on listed equity investments are also recognised as other income in the statement of pro\ufb01t or loss when the right of payment has been established.\n \n \n \n \n \n \n Derecognition A \ufb01nancial asset (or, where applicable, a part of a \ufb01nancial asset or part of a group of similar \ufb01nancial assets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of \ufb01nancial position) when: \u2013 The rights to receive cash \ufb02ows from the asset have expired; or \u2013 The Group has transferred its rights to receive cash \ufb02ows from the asset or has assumed an obligation to pay the received cash \ufb02ows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. \n \n \n Impairment of \ufb01nancial assets The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through pro\ufb01t or loss. ECLs are based on the difference between the contractual cash \ufb02ows due in accordance with the contract and all the cash \ufb02ows that the Group expects to receive, discounted at an approximation of the original effective interest rate. For trade receivables, the Group applies a simpli\ufb01ed approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date.\n \n \n \n Financial liabilities Initial recognition and measurement Financial liabilities are classi\ufb01ed, at initial recognition, as \ufb01nancial liabilities at fair value through pro\ufb01t or loss, and \ufb01nancial liabilities measured at amortised cost, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All \ufb01nancial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group\u2019s \ufb01nancial liabilities include trade and other payables, loans and borrowings including bank overdrafts, and derivative \ufb01nancial instruments. Subsequent measurement The measurement of \ufb01nancial liabilities depends on their classi\ufb01cation, as described below: \u2013 Financial liabilities at fair value through pro\ufb01t or loss Financial liabilities at fair value through pro\ufb01t or loss include \ufb01nancial liabilities held for trading and \ufb01nancial liabilities designated upon initial recognition as at fair value through pro\ufb01t or loss. \u2013 Financial liabilities measured at amortised cost This is the category most relevant to the Group. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in pro\ufb01t or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included in \ufb01nance costs in the statement of pro\ufb01t or loss. This category generally applies to interest-bearing loans and borrowings.\n \n \n \n \n \n Derecognition A \ufb01nancial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing \ufb01nancial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modi\ufb01ed, such an exchange or modi\ufb01cation is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of pro\ufb01t or loss. \n \n \n Derivative \ufb01nancial instruments and hedge accounting The silver and gold forward and zero cost collar agreements signed by the Group are being used to hedge the exposure to changes in the cash \ufb02ows of the silver and gold commodity prices. Consequently, the Group has opted to apply hedge accounting under the requirements of IFRS 9 Financial Instruments. \n Initial recognition and subsequent measurement These derivative \ufb01nancial instruments were initially recognised at fair value on the date on which the derivative contract was entered into and were subsequently remeasured at fair value. Derivatives are carried as \ufb01nancial assets when the fair value is positive and as \ufb01nancial liabilities when the fair value is negative. For the purpose of hedge accounting, hedges are classi\ufb01ed as cash \ufb02ow hedges when hedging the exposure to variability in cash \ufb02ows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised \ufb01rm commitment. At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identi\ufb01cation of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship quali\ufb01es for hedge accounting if it meets all of the following effectiveness requirements: \u2013 There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument; \u2013 The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic relationship; and \u2013 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. Changes in the fair value of derivatives designated as cash \ufb02ow hedges are recognised in other comprehensive income and accumulated under the heading of cash \ufb02ow hedging reserve until changes in the fair value of the hedged item are recognised in pro\ufb01t or loss. However, the ineffective portion of the changes in the fair value of such derivatives is recognised in pro\ufb01t or loss. The Group uses cash \ufb02ow hedges for hedging the exposure to variability in silver and gold prices. The amounts that have been recognised in other components of equity relating to such hedging instruments are reclassi\ufb01ed to pro\ufb01t or loss when the hedged transaction affects pro\ufb01t or loss. \n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408130850545": { "value": "\n Financial assets Initial recognition and measurement Financial assets are classi\ufb01ed, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (OCI), and fair value through pro\ufb01t or loss. The classi\ufb01cation of \ufb01nancial assets at initial recognition depends on the \ufb01nancial asset\u2019s contractual cash \ufb02ow characteristics and the Group\u2019s business model for managing them. The Group\u2019s business model for managing \ufb01nancial assets refers to how it manages its \ufb01nancial assets in order to generate cash \ufb02ows. The business model determines whether cash \ufb02ows will result from collecting contractual cash \ufb02ows, selling the \ufb01nancial assets, or both. Purchases or sales of \ufb01nancial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades) are recognised on the trade date, i.e., the date that the Group commits to purchase or sell the asset.\n \n \n Subsequent measurement For purposes of subsequent measurement, the Group\u2019s \ufb01nancial assets are classi\ufb01ed in the following categories: \u2013 Financial assets at amortised cost (debt instruments) The Group measures \ufb01nancial assets at amortised cost if both of the following conditions are met: \u2013 The \ufb01nancial asset is held within a business model with the objective to hold \ufb01nancial assets in order to collect contractual cash \ufb02ows. \u2013 The contractual terms of the \ufb01nancial asset give rise on speci\ufb01ed dates to cash \ufb02ows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in pro\ufb01t or loss when the asset is derecognised, modi\ufb01ed or impaired. The Group\u2019s \ufb01nancial assets at amortised cost includes trade and other receivables. \u2013 Financial assets designated at fair value through OCI (equity instruments) Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments designated at fair value through OCI when they meet the de\ufb01nition of equity under IAS 32 Financial Instruments: Presentation and are not held for trading. The classi\ufb01cation is determined on an instrument-by-instrument basis. Financial assets designated at fair value through OCI are carried in the statement of \ufb01nancial position at fair value with net changes in fair value recognised in the OCI. Gains and losses on these \ufb01nancial assets are never recycled to pro\ufb01t or loss. Dividends are recognised as other income in the statement of pro\ufb01t or loss when the right of payment has been established, except when the Group bene\ufb01ts from such proceeds as a recovery of part of the cost of the \ufb01nancial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment. The Group has listed and non-listed equity investments under this category. \u2013 Financial assets at fair value through pro\ufb01t or loss Financial assets at fair value through pro\ufb01t or loss include \ufb01nancial assets held for trading, \ufb01nancial assets designated upon initial recognition at fair value through pro\ufb01t or loss, or \ufb01nancial assets mandatorily required to be measured at fair value. Financial assets are classi\ufb01ed as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classi\ufb01ed as held for trading unless they are designated as effective hedging instruments. Financial assets with cash \ufb02ows that are not solely payments of principal and interest are classi\ufb01ed and measured at fair value through pro\ufb01t or loss, irrespective of the business model. Notwithstanding the criteria for debt instruments to be classi\ufb01ed at amortised cost or at fair value through OCI, as described above, debt instruments may be designated at fair value through pro\ufb01t or loss on initial recognition if doing so eliminates, or signi\ufb01cantly reduces, an accounting mismatch. Financial assets at fair value through pro\ufb01t or loss are carried in the statement of \ufb01nancial position at fair value with net changes in fair value recognised in the statement of pro\ufb01t or loss. The Group has listed equity investments and embedded derivatives under this category. Dividends on listed equity investments are also recognised as other income in the statement of pro\ufb01t or loss when the right of payment has been established.\n \n \n \n Derecognition A \ufb01nancial asset (or, where applicable, a part of a \ufb01nancial asset or part of a group of similar \ufb01nancial assets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of \ufb01nancial position) when: \u2013 The rights to receive cash \ufb02ows from the asset have expired; or \u2013 The Group has transferred its rights to receive cash \ufb02ows from the asset or has assumed an obligation to pay the received cash \ufb02ows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. \n \n \n Impairment of \ufb01nancial assets The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through pro\ufb01t or loss. ECLs are based on the difference between the contractual cash \ufb02ows due in accordance with the contract and all the cash \ufb02ows that the Group expects to receive, discounted at an approximation of the original effective interest rate. For trade receivables, the Group applies a simpli\ufb01ed approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date.\n \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260409065806439": { "value": "\n Derecognition A \ufb01nancial asset (or, where applicable, a part of a \ufb01nancial asset or part of a group of similar \ufb01nancial assets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of \ufb01nancial position) when: \u2013 The rights to receive cash \ufb02ows from the asset have expired; or \u2013 The Group has transferred its rights to receive cash \ufb02ows from the asset or has assumed an obligation to pay the received cash \ufb02ows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. \n \n Derecognition A \ufb01nancial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing \ufb01nancial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modi\ufb01ed, such an exchange or modi\ufb01cation is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of pro\ufb01t or loss. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260409070537413": { "value": "\n Impairment of \ufb01nancial assets The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through pro\ufb01t or loss. ECLs are based on the difference between the contractual cash \ufb02ows due in accordance with the contract and all the cash \ufb02ows that the Group expects to receive, discounted at an approximation of the original effective interest rate. For trade receivables, the Group applies a simpli\ufb01ed approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408131132760": { "value": "\n Financial liabilities Initial recognition and measurement Financial liabilities are classi\ufb01ed, at initial recognition, as \ufb01nancial liabilities at fair value through pro\ufb01t or loss, and \ufb01nancial liabilities measured at amortised cost, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All \ufb01nancial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group\u2019s \ufb01nancial liabilities include trade and other payables, loans and borrowings including bank overdrafts, and derivative \ufb01nancial instruments. Subsequent measurement The measurement of \ufb01nancial liabilities depends on their classi\ufb01cation, as described below: \u2013 Financial liabilities at fair value through pro\ufb01t or loss Financial liabilities at fair value through pro\ufb01t or loss include \ufb01nancial liabilities held for trading and \ufb01nancial liabilities designated upon initial recognition as at fair value through pro\ufb01t or loss. \u2013 Financial liabilities measured at amortised cost This is the category most relevant to the Group. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in pro\ufb01t or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included in \ufb01nance costs in the statement of pro\ufb01t or loss. This category generally applies to interest-bearing loans and borrowings.\n \n \n Derecognition A \ufb01nancial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing \ufb01nancial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modi\ufb01ed, such an exchange or modi\ufb01cation is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of pro\ufb01t or loss. \n \n \n Derivative \ufb01nancial instruments and hedge accounting The silver and gold forward and zero cost collar agreements signed by the Group are being used to hedge the exposure to changes in the cash \ufb02ows of the silver and gold commodity prices. Consequently, the Group has opted to apply hedge accounting under the requirements of IFRS 9 Financial Instruments. \n Initial recognition and subsequent measurement These derivative \ufb01nancial instruments were initially recognised at fair value on the date on which the derivative contract was entered into and were subsequently remeasured at fair value. Derivatives are carried as \ufb01nancial assets when the fair value is positive and as \ufb01nancial liabilities when the fair value is negative. For the purpose of hedge accounting, hedges are classi\ufb01ed as cash \ufb02ow hedges when hedging the exposure to variability in cash \ufb02ows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised \ufb01rm commitment. At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identi\ufb01cation of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship quali\ufb01es for hedge accounting if it meets all of the following effectiveness requirements: \u2013 There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument; \u2013 The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic relationship; and \u2013 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. Changes in the fair value of derivatives designated as cash \ufb02ow hedges are recognised in other comprehensive income and accumulated under the heading of cash \ufb02ow hedging reserve until changes in the fair value of the hedged item are recognised in pro\ufb01t or loss. However, the ineffective portion of the changes in the fair value of such derivatives is recognised in pro\ufb01t or loss. The Group uses cash \ufb02ow hedges for hedging the exposure to variability in silver and gold prices. The amounts that have been recognised in other components of equity relating to such hedging instruments are reclassi\ufb01ed to pro\ufb01t or loss when the hedged transaction affects pro\ufb01t or loss. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260409070709908": { "value": "\n Derivative \ufb01nancial instruments and hedge accounting The silver and gold forward and zero cost collar agreements signed by the Group are being used to hedge the exposure to changes in the cash \ufb02ows of the silver and gold commodity prices. Consequently, the Group has opted to apply hedge accounting under the requirements of IFRS 9 Financial Instruments. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408131322331": { "value": "\n (x) Dividend distribution Dividends on the Company\u2019s ordinary shares are recognised when they have been appropriately authorised and are no longer at the Company\u2019s discretion. Accordingly, interim dividends are recognised when they are paid and \ufb01nal dividends are recognised when they are declared following approval by shareholders at the Company\u2019s Annual General Meeting.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408131933463": { "value": "\n (y) Cash and cash equivalents Cash and cash equivalents are carried in the statement of \ufb01nancial position at cost. For the purposes of the statement of \ufb01nancial position, cash and cash equivalents comprise cash on hand and deposits held with banks that are readily convertible into known amounts of cash and which are subject to insigni\ufb01cant risk of changes in value. For the purposes of the cash \ufb02ow statement, cash and cash equivalents, as de\ufb01ned above, are shown net of outstanding bank overdrafts. Liquidity funds are classi\ufb01ed as cash equivalents if the amount of cash that will be received is known at the time of the initial investment and the risk of changes in value is considered insigni\ufb01cant.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260409070748034": { "value": "\n (z) Exceptional items Exceptional items are those signi\ufb01cant items which, due to their nature or the expected infrequency of the events giving rise to them, need to be disclosed separately on the face of the income statement to enable a better understanding of the \ufb01nancial performance of the Group and facilitate comparison with prior years. Exceptional items mainly include: \u2013 Impairments and reversal of impairments or write-offs of assets, property, plant and equipment and evaluation and exploration assets; \u2013 incremental cost due to pandemics which are not expected to be recurring; \u2013 gains or losses arising on the disposal of subsidiaries, investments or property, plant and equipment; \u2013 any gain or loss resulting from restructuring within the Group; \u2013 the impact of infrequent labour action related to work stoppages in mine units; \u2013 the penalties generated by the early termination of agreements with providers or lenders of the Group; \u2013 the reversal of an accumulation of prior year\u2019s tax expenses that resulted from an agreement with the government; \u2013 expenses related to a corporate transaction, including listing expenses and related transaction costs; \u2013 gains or losses arising from the discontinuation of hedge relationships; and \u2013 the related tax impact of the above items. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408134008301": { "value": "\n (aa) Fair value measurement The Group measures \ufb01nancial instruments, such as derivatives, at each statement of \ufb01nancial position date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: \u2013 In the principal market for the asset or liability; or \u2013 In the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their best economic interest. A fair value measurement of a non-\ufb01nancial asset takes into account a market participant\u2019s ability to generate economic bene\ufb01ts by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which suf\ufb01cient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the \ufb01nancial statements are categorised within the fair value hierarchy, as described in note 38(e). \n \n For assets and liabilities that are recognised in the \ufb01nancial statements on a recurring basis at fair value, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is signi\ufb01cant to the fair value measurement as a whole) at the end of each reporting period. The Group determines the policies and procedures for both recurring fair value measurement and unquoted \ufb01nancial assets, and for non-recurring measurement. At each reporting date, the Group analyses the movements in the values of assets and liabilities, which are required to be re-measured or re-assessed as per the Group\u2019s accounting policies. For this analysis, the Group veri\ufb01es the major inputs applied in the latest valuation by agreeing the information in the valuation computation to contracts and other relevant documents. The Group, in conjunction with its external valuers where applicable, also compares the changes in the fair value of each asset and liability with relevant external sources to determine whether the change is reasonable. For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above. \n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260409070832636": { "value": "\n (ac) Stripping costs In an open-pit operation, it is necessary to remove overburden or waste material to access the ore bodies (stripping activity). During the mine development and pre-production phases, the stripping related costs are capitalised as part of the cost of development and subsequently recognised as depreciation in the cost of sales, on a units of production basis, once commercial production starts. The removal of waste material usually continues throughout the life of mine. Upon commencement of commercial production, the activity is referred to as production stripping. Production stripping costs are capitalised only when it is probable that future economic bene\ufb01ts associated with the stripping activity will \ufb02ow to the Group, and costs can be reliably measured. Otherwise, the production stripping costs are charged to the income statement as operating costs as they are incurred. Stripping activity costs associated with such development activities are capitalised as development costs using an average stripping ratio. The average stripping ratio is calculated by dividing the estimated number of tonnes of waste material to be removed by the estimated ore to be mined over the life of the mine, and is reviewed annually. The amount capitalised is subsequently depreciated using the units of production method.\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForStrippingCostsExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408172951180": { "value": "\n 3 Segment reporting The Group\u2019s activities are principally related to mining operations, which involve the exploration, production and sale of gold and silver. Products are subject to the same risks and returns and are sold through similar distribution channels. The Group undertakes a number of activities solely to support mining operations including power generation and services. Transfer prices between segments are set at an arm\u2019s length basis in a manner similar to that used for third parties. Segment revenue, segment expense and segment results include transfers between segments at market prices. Those transfers are eliminated on consolidation. For internal reporting purposes, management takes decisions and assesses the performance of the Group through consideration of the following reporting segments: \u2013 Operating unit \u2013 San Jose, which generates revenue from the sale of gold and silver (dore and concentrate). \u2013 Operating unit \u2013 Mara Rosa, which generates revenue from the sale of gold and silver (dore). \u2013 Operating unit \u2013 Inmaculada, which generates revenue from the sale of gold and silver (dore). \u2013 Former operating unit \u2013 Pallancata, which generated revenue from the sale of gold and silver (concentrate) until 2023, and it is involved in the development of the Royropata area. \u2013 Exploration, which explores and evaluates areas of interest in brown\ufb01eld and green\ufb01eld sites with the aim of extending the life of mine of existing operations and to assess the feasibility of new mines. \u2013 Other \u2013 includes the pro\ufb01t or loss generated by Empresa de Transmisi\u00f3n Aymaraes S.A.C. The Group\u2019s administration, \ufb01nancing, other activities (including other income and expense), and income taxes are managed at a corporate level and are not allocated to operating segments. Segment information is consistent with the accounting policies adopted by the Group. Management evaluates the \ufb01nancial information based on the adopted IFRS accounting policies in the \ufb01nancial statements. The Group measures the performance of its operating units by the segment pro\ufb01t or loss that comprises gross pro\ufb01t, selling expenses and exploration expenses. Segment assets include items that could be allocated directly to the segment.\n \n (a) Reportable segment information \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Inmaculada San Jose Mara Rosa Pallancata Exploration Other 1 Adjustment and eliminations Total
US$000 US$000 US$000 US$000 US$000 US$000 US$000 US$000
YEAR ENDED 31 DECEMBER 2025
Revenue from external customers 724,643 381,257 133,044 \u2013 \u2013 151 \u2013 1,239,095
Inter-segment revenue \u2013 \u2013 \u2013 \u2013 \u2013 4,647 (4,647) \u2013
Total revenue from customers 724,643 381,257 133,044 \u2013 \u2013 4,798 (4,647) 1,239,095
Provisional pricing adjustment 257 55,265 6 \u2013 \u2013 \u2013 \u2013 55,528
Realised loss on hedges (56,987) \u2013 (29,061) \u2013 \u2013 \u2013 \u2013 (86,048)
Loss on discontinuation of hedge relationship 2 \u2013 \u2013 (26,427) \u2013 \u2013 \u2013 \u2013 (26,427)
Total revenue 667,913 436,522 77,562 \u2013 \u2013 4,798 (4,647) 1,182,148
Segment pro\ufb01t/(loss) 354,559 164,059 (31,667) \u2013 (29,020) 3,138 (7,477) 453,592
Others 3 (80,768)
Pro\ufb01t from continuing operations before income tax 372,824
Other segment information
Depreciation 4 (103,029) (53,007) (19,454) (519) (9) (2,352) \u2013 (178,370)
Amortisation (385) (489) (515) (446) \u2013 (105) \u2013 (1,940)
(Impairment) Impairment reversal and (write-off) of assets, net (474) 11,635 (1,415) (37) 43,229 (167) \u2013 52,771
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Inmaculada San Jose Mara Rosa Pallancata Exploration Other 1 Adjustment and eliminations Total
US$000 US$000 US$000 US$000 US$000 US$000 US$000 US$000
ASSETS
Capital expenditure 138,556 43,575 39,541 8,253 15,196 6 4,655 \u2013 249,776
Current assets 29,325 113,736 53,051 1,501 \u2013 1,971 \u2013 199,584
Other non- current assets 608,566 139,003 365,669 47,926 197,629 7 39,576 \u2013 1,398,369
Total segment assets 637,891 252,739 418,720 49,427 197,629 41,547 \u2013 1,597,953
Not reportable assets 5 \u2013 \u2013 \u2013 \u2013 \u2013 561,815 \u2013 561,815
Total assets 637,891 252,739 418,720 49,427 197,629 603,362 \u2013 2,159,768
\n 1 \u2018Other\u2019 revenue relates to revenues earned by Empresa de Transmisi\u00f3n Aymaraes S.A.C. for energy transmission services. 2 The amount represents the reclassi\ufb01cation of US$26,427,000 from the cash \ufb02ow hedge reserve within equity to the income statement following the extension of 20,813 ounces of gold forwards from August to December 2025 to the \ufb01rst semester of 2028. In accordance with IFRS 9, the accumulated loss was reclassi\ufb01ed to the income statement following the discontinuation of the original hedge relationship and the realisation of the hedged item. The item is presented as an exceptional item (note 11), and had no impact on realised on cash \ufb02ows (note 38(a)). 3 Comprised of administrative expenses of US$55,604,000, other income of US$10,163,000, other expenses of US$75,401,000, write-off of assets (net) of US$4,074 ,000, impairment of non-current assets of US$56,845,000, share of gain of an associate of US$20,544,000, \ufb01nance income of US$11,826,000, \ufb01nance costs of US$41,112,000, and foreign exchange loss of US$3,955,000. 4 Includes depreciation capitalised in the Pallancata unit (US$444,000), San Jose unit (US$1,944,000), Inmaculada unit (US$286,000), Mara Rosa (US$42,000) and products in process (US$1,102,000). 5 Not reportable assets are comprised of \ufb01nancial assets at fair value through OCI of US$86,000, other receivables of US$92,831,000, income tax receivable of US$795,000, deferred income tax asset of US$105,137,000, investment in associates US$43,372,000, other \ufb01nancial assets of US$2,640,000, and cash and cash equivalents of US$316,954,000. 6 Includes Monte do Carmo capital expenditure of US$13,373,000. 7 Includes Monte do Carmo balance of US$110,382,000. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Inmaculada San Jose Mara Rosa Pallancata Exploration Other 1 Adjustment and eliminations Total
US$000 US$000 US$000 US$000 US$000 US$000 US$000 US$000
YEAR ENDED 31 DECEMBER 2024
Revenue from external customers 522,406 285,142 159,646 (255) \u2013 452 \u2013 967,391
Inter-segment revenue \u2013 \u2013 \u2013 \u2013 3,975 (3,975) \u2013
Total revenue from customers 522,406 285,142 159,646 (255) \u2013 4,427 (3,975) 967,391
Provisional pricing adjustment (54) 8,193 70 \u2013 \u2013 \u2013 \u2013 8,209
Realised loss on hedges (18,010) \u2013 (9,894) \u2013 \u2013 \u2013 \u2013 (27,904)
Total revenue 504,342 293,335 149,822 (255) \u2013 4,427 (3,975) 947,696
Segment pro\ufb01t/(loss) 231,141 54,094 40,830 (269) (28,379) 2,472 (1,799)
Others 2 (120,873)
Pro\ufb01t from continuing operations before income tax 177,217
Other segment information
Depreciation 3 (91,251) (48,368) (17,383) (560) (8) (2,584) \u2013 (160,154)
Amortisation (80) (531) (761) (102) \u2013 (105) \u2013 (1,579)
Impairment and write-off of assets, net (730) (15) \u2013 (53) (13,732) (3,085) \u2013 (17,615)
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Inmaculada San Jose Mara Rosa Pallancata Exploration Other 1 Adjustment and eliminations Total
US$000 US$000 US$000 US$000 US$000 US$000 US$000 US$000
ASSETS
Capital expenditure 138,582 46,143 35,318 32,908 92,041 5 3,090 \u2013 348,082
Current assets 17,028 67,866 35,210 1,758 5,327 6,387 \u2013 133,576
Other non- current assets 572,513 132,716 347,235 41,622 125,325 33,282 \u2013 1,252,693
Total segment assets 589,541 200,582 382,445 43,380 130,652 39,669 \u2013 1,386,269
Not reportable assets 4 \u2013 \u2013 \u2013 \u2013 265,230 \u2013 265,230
Total assets 589,541 200,582 382,445 43,380 130,652 304,899 \u2013 1,651,499
\n 1 \u2018Other\u2019 revenue relates to revenues earned by Empresa de Transmisi\u00f3n Aymaraes S.A.C. for energy transmission services. 2 Comprised of administrative expenses of US$50,232,000, other income of US$20,955,000, other expenses of US$43,245,000, write-off of assets (net) of US$3,883,000, impairment of non-current assets of US$13,732,000, share of losses of an associate of US$6,489,000, \ufb01nance income of US$13,097,000, \ufb01nance costs of US$26,928,000, and foreign exchange loss of US$10,416,000. 3 Includes depreciation capitalised in the Pallancata unit (US$102,000), San Jose unit (US$2,367,000), Mara Rosa project (US$146,000), and products in process (-US$1,110,000). 4 Not reportable assets are comprised of \ufb01nancial assets at fair value through OCI of US$475,000, other receivables of US$116,892,000, income tax receivable of US$186,000, deferred income tax asset of US$27,677,000, investment in associates US$15,811,000, other \ufb01nancial assets of US$3,807,000, assets held for sale of US$3,409,000, and cash and cash equivalents of US$96,973,000. 5 Includes Monte do Carmo capital expenditure of US$90,602,000. \n \n (b) Geographical information The revenue for the period based on the country in which the customer is located is as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December
2025 2024
US$000 US$000
Switzerland 284,052 246,763
Canada 458,012 363,922
South Korea 77,308 53,527
Germany 92,399 20,754
Japan \u2013 4,364
Chile 4,155 30,696
Finland 36,718 18,527
USA 203,574 172,082
Luxembourg (409) 2,486
Bulgaria 12,748 8,369
Peru 124,485 54,110
Brazil 1,581 \u2013
Total revenue 1 1,294,623 975,600
Inter-segment
Peru 4,647 3,975
Total 1,299,270 979,575
Loss on realised hedges
United Kingdom (56,987) (18,010)
Brazil (29,061) (9,894)
Loss on discontinuation of hedge relationship 2
Brazil (26,427) \u2013
Total 1,186,795 951,671
\n 1 Includes revenue from customers and provisional pricing adjustments of US$55,528,000 (2024: US$8,209,000). 2 The amount represents the non-cash recycling of US$26,427,000 from other comprehensive income to revenue following the extension of 20,813 ounces of gold forwards from August to December 2025 to the \ufb01rst semester of 2028. As the sales of gold designated in the hedge relationship occurred during the second half of 2025, IFRS 9 requires the recycling of the accumulated loss to the income statement. The item is presented as an exceptional item (note 11), and had no impact on cash \ufb02ows. \n \n In the periods set out below, certain customers accounted for greater than 10% of the Group\u2019s total revenues as detailed in the following table: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December 2025 Year ended 31 December 2024
% %
US$000 Revenue Segment US$000 Revenue Segment
Asahi Re\ufb01ning Canada Ltd. 458,012 38% Inmaculada, Mara Rosa and San Jose 363,922 38% Inmaculada, Mara Rosa and San Jose
MKS Switzerland S.A. 168,936 14% Inmaculada 121,108 13% Inmaculada
Argor Heraus S.A. 115,213 10% Inmaculada 125,655 13% Inmaculada and San Jose
Auramet International Inc. 91,995 8% Inmaculada and Mara Rosa 132,284 14% Inmaculada
\n Non-current assets, excluding \ufb01nancial instruments, investment in associates, other receivables and deferred income tax assets, were allocated to the geographical areas in which the assets are located as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
As at 31 December
2025 2024
US$000 US$000
Peru 696,068 647,416
Brazil 476,051 435,195
Argentina 139,003 132,716
Chile 87,247 37,366
Total non-current segment assets 1,398,369 1,252,693
Financial assets at fair value through OCI 86 475
Investment in associates 43,372 15,811
Other receivables 18,660 18,316
Deferred income tax assets 105,137 27,677
Total non-current assets 1,565,624 1,314,972
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408174135108": { "value": "\n 4 Asset acquisition and partial disposal of subsidiary (a) Tiernan Gold Corp. Reverse Takeover Transaction and Private Placement On December 16, 2025, Tiernan Gold Corp. (\u2018Tiernan\u2019), an indirect wholly-owned subsidiary of the Company, completed a reverse take over with Railtown Capital Corp. (\u2018Railtown\u2019), a capital pool company listed on the TSX Venture Exchange (TSXV), by way of a three-cornered amalgamation (the \u2018Transaction\u2019). As a result of the Transaction, Railtown acquired all of the issued and outstanding securities of Tiernan in exchange for securities of Railtown, and the combined entity continued under the name Tiernan Gold Corp. HM Holdings Ltd., an indirect wholly-owned subsidiary of the Company, retained control of the resulting public entity (the \u2018Resulting Issuer\u2019). Accordingly, the Transaction constituted a reverse takeover of Railtown by Tiernan for accounting purposes.\n \n In connection with the Transaction, Tiernan consolidated its issued and outstanding common shares on the basis of one post-consolidation common share for approximately every 2.68 pre-consolidation common share, and Railtown consolidated its securities on the basis of one post-consolidation security for approximately every 7.09 pre-consolidation security. Concurrently with the Transaction, Tiernan completed a private placement of subscription receipts for aggregate gross proceeds of C$58,351,000 (US$42,445,000), comprising (i) a treasury offering by Tiernan that generated gross proceeds of C$40,000,000 (US$29,096,000) and (ii) a secondary offering by Hochschild that generated gross proceeds of C$18,351,000 (US$13,349,000). Each subscription receipt was issued at a price of C$5.00 consisting of approximately C$4.49 for one common share and C$0.51 for one-half of a common share purchase warrant. The value of the shares issued by Tiernan as part of the treasury offering was C$35,880,000 (US$25,929,000), which was measured with the subscription price per share paid by investors, with the remaining C$4,120,000 (US$3,167,000) allocated to the warrants. Of the total gross proceeds from the secondary offering, C$16,461,000 (US$11,960,000) were received directly by Hochschild Mining Holdings, and C$1,890,000 (US$1,375,000) were allocated to Tiernan in respect of the warrants issued. Upon completion of the Transaction, the subscription receipts automatically converted into one common share of the Resulting Issuer and one-half of one common share purchase warrant, with each whole warrant exercisable to acquire one common share at an exercise price of C$6.50 for a period of 24 months following the closing of the private placement. For accounting purposes, Tiernan was identi\ufb01ed as the acquirer and Railtown as the acquiree. Railtown did not meet the de\ufb01nition of a business under IFRS 3 Business Combinations. As the Resulting Issuer is deemed to have issued equity instruments in exchange for the identi\ufb01able net assets of Railtown, the Transaction was accounted for as a reverse takeover and accounted in accordance with IFRS 2 Share-based Payment . The excess of the deemed consideration over the fair value of Railtown\u2019s identi\ufb01able net assets resulted in a listing expense of US$9,052,000, while transaction costs of US$1,106,000 were also incurred. Both amounts were recognised in the Group\u2019s income statement within other expenses and classi\ufb01ed as exceptional items (refer to note 11). In addition, as part of the private placement completed in connection with the Transaction, Tiernan issued warrants denominated in Canadian dollars. As the functional currency of the Resulting Issuer is the US dollar, these warrants do not meet the \u2018\ufb01xed-for-\ufb01xed\u2019 criterion under IAS 32 Financial Instruments: Presentation and are therefore classi\ufb01ed as \ufb01nancial liabilities measured at fair value through pro\ufb01t or loss. At the completion date of the Transaction, the Group recognised a \ufb01nancial liability of US$4,542,000 in respect of these warrants. Subsequent changes in the fair value of the warrants, resulting in an unrealised loss of US$7,365,000, are recognised in pro\ufb01t or loss within \ufb01nance cost (refer to note 13(5)). Tiernan continues to be consolidated in the Group\u2019s consolidated \ufb01nancial statements. There was no change in control at the Group level. A non-controlling interest of US$32,006,000 was recognised on consolidation of Tiernan.\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Effects on equity of changes in ownership in Tiernan US$000
Change in ownership interest in Tiernan without loss of control 9,118
Non-controlling interest 35,774
Total impact on equity 44,892
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Effects on cash \ufb02ows of Private Placement US$000
Treasury offering \u2013 shares 25,929
Secondary offering \u2013 shares 11,960
Issuance of warrants 4,542
Agent fees and transaction costs (2,387)
Total impact on cash \ufb02ows 40,044
\n (b) Acquisition of Monte do Carmo In March 2024, the Group, through its wholly-owned subsidiary Amarillo Minera\u00e7\u00e3o do Brasil Ltda. (\u2018Amarillo\u2019), entered into an option agreement with Cerrado Gold Inc. (\u2018Cerrado\u2019) to acquire a 100% interest in Cerrado's Monte Do Carmo Project (the Project) located in the mining-friendly state of Tocantins, Brazil. The payment for the option amounted to US$15,000,000 by way of 10% interest-bearing secured loan. Upon obtaining the Cerrado Shareholder Approval (\u2018Cerrado\u2019s Shareholder Approval\u2019), on 27 June 2024, the loan of US$15,000,000 was deemed to be repaid in full by Cerrado by the concurrent set off of an amount equal to the loan due by Amarillo as part of the purchase price. Through US$30,000,000 in additional phased payments (the \u2018Exercise Consideration\u2019), the Company was able to complete the acquisition of 100% of the Project on 7 November, 2024 (\u2018Closing\u2019). The Exercise Consideration is in addition to the US$15,000,000 which has been deemed paid, and a further US$15,000,000 payable at certain milestones following Closing, giving a total consideration of US$60,000,000: \u2013 US$10,000,000 payable within 14 days of the second anniversary of the date of the Cerrado\u2019s Shareholder Approval (27 June 2024); and \u2013 US$5,000,000 within 14 days of the earlier of (i) the commencement of commercial production from the Project, and (ii) 31 March 2027. At Closing, Amarillo acquired all of the outstanding equity interests in Serra Alta Minera\u00e7\u00e3o Ltda. (\u2018Serra Alta\u2019), Cerrado\u2019s subsidiary in Brazil which holds the Monte do Carmo project. In connection with the option agreement, the Group committed to incur a minimum of US$5,000,000 in exploration expenditures for Monte do Carmo, which was achieved by the acquisition date. The Group applied the concentration test in accordance with IFRS 3 to determine whether the acquisition is a business combination or an asset acquisition, concluding that substantially all of the fair value of the gross assets acquired is concentrated in a single identi\ufb01able asset or a group of similar assets, being the Monte do Carmo project which is in a development stage. Since the concentration test was met, the transaction was accounted as a purchase of assets. The total consideration amounted to US$86,556,000 and is comprised of: (i) cash consideration paid of US$45,000,000, (ii) deferred consideration of US$13,365,000, representing the present value of the US$15,000,000 remaining payables, (iii) liabilities assumed by Amarillo in connection with the Sprott Private Resource Streaming and Royalty Corp. (\u2018Sprott\u2019) secured note and stream agreements (\u2018stream Agreements\u2019) of US$26,159,000 (note 25(a)), net of its deferred income tax asset of US$899,000 (iv) additional exploration expenditure assumed by Amarillo pre-closing of the acquisition of US$1,180,000, and (v) transaction costs of US$1,751,000.\n \n In addition, Serra Alta Participa\u00e7\u00f5es Imobili\u00e1rias S.A. (SAPI) \u2013 entity owned by Amarillo and Serra Alta, has a contractual obligation to make payment of royalties in favour of the former landowners of the Bortolotti Property corresponding to 50% of the amount due to the Brazilian authorities as statutory tax (Compensa\u00e7\u00e3o Financeira pela Explora\u00e7\u00e3o Mineral (\u201cCFEM\u201d)). According to the most recent estimates available to the Company, approximately 25% of the gold reserves of the Project are located within the area comprised by the Bortolotti Property and would accordingly be subject to the payment of such royalties. Monte do Carmo consolidates its \ufb01nancial information with the Group from 7 November 2024, being the date on which the Group obtained control. The fair value of assets acquired and liabilities assumed as at 7 November 2024 comprise the following: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
US$000
Cash and cash equivalents 8
Other receivables 10
Evaluation and exploration assets (note 17) 82,725
Property, plant and equipment (note 16) 3,988
Deferred income tax asset 1,918
Total assets 88,649
Accounts payable and other liabilities (2,093)
Total liabilities (2,093)
Net assets acquired 86,556
Consideration for the acquisition of Serra Alta Mineracao Ltda shares
Cash consideration 45,000
Deferred consideration 13,365
Secured note and stream contracts transferred to Amarillo, net of deferred tax asset 25,260
Expenditure assumed by Amarillo 1,180
Transaction costs 1,751
Total consideration 86,556
Cash paid 47,931
Less cash acquired with the subsidiary (8)
Net cash \ufb02ow on acquisition 47,923
\n The Group recognises individual identi\ufb01able assets (and liabilities) by allocating the cost of acquisition on the basis of the relative fair values at the date of purchase: Step 1: Identify assets and liabilities acquired, adjusting them to the Group\u2019s accounting policies and presentation. Step 2: Determine the purchase consideration. Step 3: Purchase price allocation: The consideration paid is allocated to the fair value of the identi\ufb01able assets and liabilities assumed with the remainder allocated to the mineral property acquired. The fair value at the time of acquisition is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm\u2019s length transaction.\n \n In September 2025, the Group settled early the deferred payment of US$8,750,000 from the original amount of US$10,000,000 due in June 2026; resulting in a gain of US$1,250,000, which has been recognised in the income statement, within other income (see note 12). The carrying value of the remaining deferred consideration amounts to US$4,862,000 as at 31 December 2025 (see note 25).\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260409071129289": { "value": "\n \n 5 Revenue before exceptional items \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December 2025 Year ended 31 December 2024
Revenue 1 Revenue 1
Goods sold Shipping services Total Goods sold Shipping services Total
US$000 US$000 US$000 US$000 US$000 US$000
Gold (from dore bars) 664,140 421 664,561 556,551 731 557,282
Silver (from dore bars) 245,304 224 245,528 221,776 485 222,261
Gold (from concentrates) 208,551 4,230 212,781 105,192 2,610 107,802
Silver (from concentrates) 112,103 2,658 114,761 71,046 1,749 72,795
Gold (from precipitates) (283) \u2013 (283) 6,801 \u2013 6,801
Silver (from precipitates) 15 \u2013 15 2 \u2013 2
Services and aggregates 1,732 \u2013 1,732 448 \u2013 448
Total revenue from costumers 1,231,562 7,533 1,239,095 961,816 5,575 967,391
Provisional pricing adjustments 2 55,528 \u2013 55,528 8,209 \u2013 8,209
Realised loss on hedges (86,048) \u2013 (86,048) (27,904) (27,904)
Total 1,201,042 7,533 1,208,575 942,121 5,575 947,696
\n 1 Includes commercial discounts (re\ufb01nery treatment charges, re\ufb01ning fees and payable deductions for processing concentrate), and are deducted from gross revenue on a per tonne basis (treatment charge), per ounce basis (re\ufb01ning fees) or as a percentage of gross revenue (payable deductions). In 2025, the Group recorded commercial discounts of US$25,247,000 (2024: US$22,720,000). Gross revenue is presented net of dore commercial discounts of US$4,104,000 (2024: US$4,282,000). 2 Certain sales are \u2018provisionally priced\u2019 where the selling price is subject to \ufb01nal adjustment at the end of a period, normally ranging from 15 to 120 days after the start of the delivery process to the customer, based on the market price at the relevant quotation point stipulated in the contract. Revenue is initially recognised when the conditions set out above have been met, using market prices at that date. The price exposure is considered to be an adjustment and hence separated from the sales contract at each reporting date. The provisionally priced metal is revalued based on the forward selling price for the quotational period stipulated in the contract until the quotational period ends. The selling price of gold and silver can be measured reliably as these metals are actively traded on international exchanges. The revaluation of provisionally priced contracts is recorded as revenue.\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260409083657563": { "value": "\n 5 Revenue before exceptional items \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December 2025 Year ended 31 December 2024
Revenue 1 Revenue 1
Goods sold Shipping services Total Goods sold Shipping services Total
US$000 US$000 US$000 US$000 US$000 US$000
Gold (from dore bars) 664,140 421 664,561 556,551 731 557,282
Silver (from dore bars) 245,304 224 245,528 221,776 485 222,261
Gold (from concentrates) 208,551 4,230 212,781 105,192 2,610 107,802
Silver (from concentrates) 112,103 2,658 114,761 71,046 1,749 72,795
Gold (from precipitates) (283) \u2013 (283) 6,801 \u2013 6,801
Silver (from precipitates) 15 \u2013 15 2 \u2013 2
Services and aggregates 1,732 \u2013 1,732 448 \u2013 448
Total revenue from costumers 1,231,562 7,533 1,239,095 961,816 5,575 967,391
Provisional pricing adjustments 2 55,528 \u2013 55,528 8,209 \u2013 8,209
Realised loss on hedges (86,048) \u2013 (86,048) (27,904) (27,904)
Total 1,201,042 7,533 1,208,575 942,121 5,575 947,696
\n 1 Includes commercial discounts (re\ufb01nery treatment charges, re\ufb01ning fees and payable deductions for processing concentrate), and are deducted from gross revenue on a per tonne basis (treatment charge), per ounce basis (re\ufb01ning fees) or as a percentage of gross revenue (payable deductions). In 2025, the Group recorded commercial discounts of US$25,247,000 (2024: US$22,720,000). Gross revenue is presented net of dore commercial discounts of US$4,104,000 (2024: US$4,282,000). 2 Certain sales are \u2018provisionally priced\u2019 where the selling price is subject to \ufb01nal adjustment at the end of a period, normally ranging from 15 to 120 days after the start of the delivery process to the customer, based on the market price at the relevant quotation point stipulated in the contract. Revenue is initially recognised when the conditions set out above have been met, using market prices at that date. The price exposure is considered to be an adjustment and hence separated from the sales contract at each reporting date. The provisionally priced metal is revalued based on the forward selling price for the quotational period stipulated in the contract until the quotational period ends. The selling price of gold and silver can be measured reliably as these metals are actively traded on international exchanges. The revaluation of provisionally priced contracts is recorded as revenue.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408174755673": { "value": "\n \n 6 Cost of sales Cost of sales comprises: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December
2025 2024
US$000 US$000
Direct production costs excluding depreciation and amortisation 508,024 454,006
Depreciation and amortisation in production costs 173,577 157,165
Workers pro\ufb01t sharing 15,512 3,145
Cost of sales of aggregates and transmission services 1,218 \u2013
Fixed costs during operational stoppages and reduced capacity 1 15,094 1,071
Change in inventories (35,486) (10,124)
Cost of sales 677,939 605,263
\n 1 Corresponds to the \ufb01xed cost at the operation during reduced capacity and stoppages in Mara Rosa of US$15,094,000 (2024: corresponds to the \ufb01xed cost at the operation during stoppages in San Jose of US$1,071,000). The main components included in cost of sales are: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December
2025 2024
US$000 US$000
Depreciation and amortisation in cost of sales 1 165,348 156,785
Personnel expenses (note 10) 2 167,120 132,412
Mining royalty (note 37) 12,655 9,694
Change in products in process and \ufb01nished goods (35,486) (10,124)
Fixed costs at the operations during stoppages and reduced capacity 3 15,094 1,071
\n 1 The depreciation and amortisation in production cost is US$173,577,000 (2024: US$157,165,000). The difference with the depreciation and amortisation in cost of sales is included in inventory. 2 Includes workers pro\ufb01t sharing of US$15,512,000 (2024: US$3,145,000) and excludes personnel expenses of US$2,960,000 (2024: US$712,000) included within unallocated \ufb01xed cost at the operations (see below). 3 Corresponds to the unallocated \ufb01xed cost accumulated as a result of idle capacity during reduced capacity and stoppages. These costs mainly include third-party services of US$9,563,000 (2024: US$301,000), personnel expenses of US$2,960,000 (2024: US$712,000), supplies of US$1,532,000 (2024: US$33,000), depreciation and amortisation of US$40,000 (2024: US$Nil) and other costs of US$999,000 (2024: other costs of US$25,000).\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408175234471": { "value": "\n 6 Cost of sales Cost of sales comprises: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December
2025 2024
US$000 US$000
Direct production costs excluding depreciation and amortisation 508,024 454,006
Depreciation and amortisation in production costs 173,577 157,165
Workers pro\ufb01t sharing 15,512 3,145
Cost of sales of aggregates and transmission services 1,218 \u2013
Fixed costs during operational stoppages and reduced capacity 1 15,094 1,071
Change in inventories (35,486) (10,124)
Cost of sales 677,939 605,263
\n 1 Corresponds to the \ufb01xed cost at the operation during reduced capacity and stoppages in Mara Rosa of US$15,094,000 (2024: corresponds to the \ufb01xed cost at the operation during stoppages in San Jose of US$1,071,000). The main components included in cost of sales are: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December
2025 2024
US$000 US$000
Depreciation and amortisation in cost of sales 1 165,348 156,785
Personnel expenses (note 10) 2 167,120 132,412
Mining royalty (note 37) 12,655 9,694
Change in products in process and \ufb01nished goods (35,486) (10,124)
Fixed costs at the operations during stoppages and reduced capacity 3 15,094 1,071
\n 1 The depreciation and amortisation in production cost is US$173,577,000 (2024: US$157,165,000). The difference with the depreciation and amortisation in cost of sales is included in inventory. 2 Includes workers pro\ufb01t sharing of US$15,512,000 (2024: US$3,145,000) and excludes personnel expenses of US$2,960,000 (2024: US$712,000) included within unallocated \ufb01xed cost at the operations (see below). 3 Corresponds to the unallocated \ufb01xed cost accumulated as a result of idle capacity during reduced capacity and stoppages. These costs mainly include third-party services of US$9,563,000 (2024: US$301,000), personnel expenses of US$2,960,000 (2024: US$712,000), supplies of US$1,532,000 (2024: US$33,000), depreciation and amortisation of US$40,000 (2024: US$Nil) and other costs of US$999,000 (2024: other costs of US$25,000).\n \n 7 Administrative expenses \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December
2025 2024
US$000 US$000
Personnel expenses (note 10) 31,042 28,586
Professional fees 1 8,879 7,088
Donations 773 1,235
Lease rentals 1,675 1,583
Third-party services 417 522
Indirect taxes 2,645 1,986
Depreciation and amortisation 2,283 2,588
Depreciation of right-of-use assets 227 147
Technology and systems 1,878 1,156
Security 1,132 830
Other 4,653 4,511
Total 55,604 50,232
\n 1 Corresponds to tax and advisory fees of US$2,959,000 (2024: US$2,670,000), audit fees of US$2,178,000 (2024: US$1,934,000), legal fees of US$1,285,000 (2024: US$1,030,000) and other professional fees of US$2,457,000 (2024: US$1,454,000). \n \n 8 Exploration expenses \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December
2025 US$000 2024 US$000
Mine site exploration 1
Arcata \u2013 93
Ares 126 300
Inmaculada 2,713 4,423
Pallancata 2,259 2,106
San Jose 11,883 9,821
Mara Rosa 1,065 1,278
18,046 18,021
Prospects 2
Peru 1,187 193
Chile (98) 40
Brazil \u2013 1,581
1,089 1,814
Generative 3
Peru 2,934 1,317
2,934 1,317
Personnel (note 10) 6,275 5,550
Others 276 70
Depreciation right-of-use assets 75 82
Total 28,695 26,854
\n 1 Mine-site exploration is performed with the purpose of identifying potential minerals within an existing mine-site, with the goal of maintaining or extending the mine\u2019s life. 2 Prospects expenditure relates to detailed geological evaluations in order to determine zones, which have mineralisation potential that is economically viable for exploration. Exploration expenses are generally incurred in the following areas: mapping, sampling, geophysics, identi\ufb01cation of local targets and reconnaissance drilling. 3 Generative expenditure is early stage exploration expenditure related to the basic evaluation of the region to identify prospects areas that have the geological conditions necessary to contain mineral deposits. Related activities include regional and \ufb01eld reconnaissance, satellite images, compilation of public information and identi\ufb01cation of exploration targets. 9 Selling expenses \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December
2025 US$000 2024 US$000
Personnel expenses (note 10) 202 200
Warehouse services 2,101 1,569
Taxes 1 16,628 13,034
Transportation costs 786 429
Other 2,205 2,257
Total 21,922 17,489
\n 1 Corresponds to the export duties in Argentina. \n \n \n 10 Personnel expenses \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December
2025 US$000 2024 US$000
Salaries and wages 142,451 124,828
Workers\u2019 pro\ufb01t sharing (note 28) 23,447 6,590
Other legal contributions 36,179 30,056
Statutory holiday payments 9,461 10,317
Long-Term Incentive Plan (note 28) 4,157 3,562
Termination bene\ufb01ts 4,209 4,861
Other 1,177 1,017
Total 221,081 181,231
\n Personnel expenses are distributed as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December
2025 US$000 2024 US$000
Cost of sales 1 170,080 133,124
Administrative expenses 31,042 28,586
Exploration expenses 6,275 5,550
Selling expenses 202 200
Other expenses 9,193 9,492
Capitalised as property, plant and equipment 4,289 4,279
Total 221,081 181,231
\n 1 Personnel expenses related to unallocated \ufb01xed cost accumulated as a result of excess absenteeism and idle capacity included in cost of sales amount to US$2,960,000 (2024: US$712,000). \n \n The average number of employees for 2025 and 2024 were as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December
2025 US$000 2024 US$000
Peru 1,445 1,492
Argentina 1,387 1,444
Chile 4 5
Brazil 395 343
United Kingdom 11 11
Total 3,242 3,295
\n \n \n \n 11 Exceptional items Exceptional items are those signi\ufb01cant items which, due to their nature or the expected infrequency of the events giving rise to them, are disclosed separately on the face of the income statement to enable a better understanding of the \ufb01nancial performance of the Group and facilitate comparison with prior years. Unless stated, exceptional items do not correspond to a reporting segment of the Group. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December
2025 US$000 2024 US$000
Revenue
Loss on discontinuation of hedge relationship (note 38 (a)) (26,427) \u2013
Sub total (26,427) \u2013
Other expenses
Listing expense and transaction costs (note 4) (10,158) \u2013
Sub total (10,158) \u2013
Impairment and write-off of non-current assets
Reversal of impairment/(impairment) of non-current assets 1 56,845 (13,732)
Write-off of non-current assets 2 \u2013 (3,037)
Sub total 56,845 (16,769)
Share of (loss)/gain of an associate
Reversal of impairment/(impairment) of investment in associate (note 19) 22,187 (5,081)
Sub total 22,187 (5,081)
Income tax
Income tax (expense)/bene\ufb01t related to the above 3 4,228 2,088
Sub total 4,228 2,088
Total 46,675 (19,762)
\n 1 Corresponds to the reversal of impairment of the Volcan project of US$43,255,000 and San Jose mine unit of US$13,590,000 (2024: corresponds to the impairment related to the Azuca project of US$13,732,000) (refer to notes 16, 17, 18 and 24). 2 In 2024, corresponds to the write-off of construction in progress stopped as the assets would be used by Azuca and Arcata units and they were sold (refer to note 16 and 24). 3 Corresponds to the deferred tax expense generated by the reversal of impairment of San Jose mine unit of US$4,757,000 and deferred tax credit of US$8,985,000 generated by the loss on discontinuation of hedge relationship (2024: Corresponds to the current tax credit generated by the impairment of Azuca of US$1,192,000 and the deferred tax credit generated by the write-off of constructions in progress of US$896,000). Except for US$202,000 of transaction costs incurred in connection with the Tiernan Transaction (note 4(a)), included within \ufb01nancing activities in the cash \ufb02ow statement, none of the above exceptional items impacted the Group\u2019s cash \ufb02ows (2024: none).\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408174848895": { "value": "\n \n 7 Administrative expenses \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December
2025 2024
US$000 US$000
Personnel expenses (note 10) 31,042 28,586
Professional fees 1 8,879 7,088
Donations 773 1,235
Lease rentals 1,675 1,583
Third-party services 417 522
Indirect taxes 2,645 1,986
Depreciation and amortisation 2,283 2,588
Depreciation of right-of-use assets 227 147
Technology and systems 1,878 1,156
Security 1,132 830
Other 4,653 4,511
Total 55,604 50,232
\n 1 Corresponds to tax and advisory fees of US$2,959,000 (2024: US$2,670,000), audit fees of US$2,178,000 (2024: US$1,934,000), legal fees of US$1,285,000 (2024: US$1,030,000) and other professional fees of US$2,457,000 (2024: US$1,454,000). \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408175504774": { "value": "\n 10 Personnel expenses \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December
2025 US$000 2024 US$000
Salaries and wages 142,451 124,828
Workers\u2019 pro\ufb01t sharing (note 28) 23,447 6,590
Other legal contributions 36,179 30,056
Statutory holiday payments 9,461 10,317
Long-Term Incentive Plan (note 28) 4,157 3,562
Termination bene\ufb01ts 4,209 4,861
Other 1,177 1,017
Total 221,081 181,231
\n Personnel expenses are distributed as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December
2025 US$000 2024 US$000
Cost of sales 1 170,080 133,124
Administrative expenses 31,042 28,586
Exploration expenses 6,275 5,550
Selling expenses 202 200
Other expenses 9,193 9,492
Capitalised as property, plant and equipment 4,289 4,279
Total 221,081 181,231
\n 1 Personnel expenses related to unallocated \ufb01xed cost accumulated as a result of excess absenteeism and idle capacity included in cost of sales amount to US$2,960,000 (2024: US$712,000). \n \n The average number of employees for 2025 and 2024 were as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December
2025 US$000 2024 US$000
Peru 1,445 1,492
Argentina 1,387 1,444
Chile 4 5
Brazil 395 343
United Kingdom 11 11
Total 3,242 3,295
\n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408175604862": { "value": "\n The average number of employees for 2025 and 2024 were as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December
2025 US$000 2024 US$000
Peru 1,445 1,492
Argentina 1,387 1,444
Chile 4 5
Brazil 395 343
United Kingdom 11 11
Total 3,242 3,295
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408174204631": { "value": "\n \n \n 12 Other income and other expenses before exceptional items \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December
2025 US$000 2024 US$000
OTHER INCOME
Income from export programme in Argentina 1 2,979 15,996
Logistic services 1,608 1,704
Gain of early settlement of deferred consideration (note 4(b)) 1,250 \u2013
Income from third party use of mine 889 \u2013
Lease rentals 424 165
Gain on sale of Arcata and Azuca 416 \u2013
Gain on sale of property, plant and equipment 377 656
Other 2,220 2,434
Total 10,163 20,955
OTHER EXPENSES
Increase in provision for mine closure (note 28(1)) (24,023) (14,717)
Care and maintenance expenses of Pallancata mine unit (9,431) (8,320)
Corporate social responsibility contribution in Argentina 2 (5,913) (4,396)
Increase in provision for legal claims 3 (5,861) (1,578)
Provision for recovery of tax credits 4 (4,644) \u2013
Care and maintenance expenses of Ares mine unit (4,564) (2,365)
Termination bene\ufb01ts in Minera Santa Cruz (2,187) (2,704)
Provision of obsolescence of supplies (note 22) (1,745) (864)
Cost of recovery of expenses (1,378) (1,860)
Depreciation right-of-use assets (329) (315)
Other (5,168) (6,126)
Total (65,243) (43,245)
\n 1 Bene\ufb01t arising from being able to access the Argentina government\u2019s Export Incentive Programme, allowing certain companies to exchange a certain proportion of US dollar sales at a preferential market exchange rate. The programme remained in force until April 2025. 2 Relates to a contribution in Argentina to the Santa Cruz province calculated as a proportion of sales. 3 Mainly related to contingencies related to the ISS (municipal tax on services) in Brazil, labour lawsuits in Argentina and penalties in Peru. 4 Provision for recovery of ICMS (state tax on circulation of merchandise and transportation and communication services) credit in Brazil. \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408174439927": { "value": "\n \n 12 Other income and other expenses before exceptional items \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December
2025 US$000 2024 US$000
OTHER INCOME
Income from export programme in Argentina 1 2,979 15,996
Logistic services 1,608 1,704
Gain of early settlement of deferred consideration (note 4(b)) 1,250 \u2013
Income from third party use of mine 889 \u2013
Lease rentals 424 165
Gain on sale of Arcata and Azuca 416 \u2013
Gain on sale of property, plant and equipment 377 656
Other 2,220 2,434
Total 10,163 20,955
OTHER EXPENSES
Increase in provision for mine closure (note 28(1)) (24,023) (14,717)
Care and maintenance expenses of Pallancata mine unit (9,431) (8,320)
Corporate social responsibility contribution in Argentina 2 (5,913) (4,396)
Increase in provision for legal claims 3 (5,861) (1,578)
Provision for recovery of tax credits 4 (4,644) \u2013
Care and maintenance expenses of Ares mine unit (4,564) (2,365)
Termination bene\ufb01ts in Minera Santa Cruz (2,187) (2,704)
Provision of obsolescence of supplies (note 22) (1,745) (864)
Cost of recovery of expenses (1,378) (1,860)
Depreciation right-of-use assets (329) (315)
Other (5,168) (6,126)
Total (65,243) (43,245)
\n 1 Bene\ufb01t arising from being able to access the Argentina government\u2019s Export Incentive Programme, allowing certain companies to exchange a certain proportion of US dollar sales at a preferential market exchange rate. The programme remained in force until April 2025. 2 Relates to a contribution in Argentina to the Santa Cruz province calculated as a proportion of sales. 3 Mainly related to contingencies related to the ISS (municipal tax on services) in Brazil, labour lawsuits in Argentina and penalties in Peru. 4 Provision for recovery of ICMS (state tax on circulation of merchandise and transportation and communication services) credit in Brazil. \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408174542193": { "value": "\n 12 Other income and other expenses before exceptional items \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December
2025 US$000 2024 US$000
OTHER INCOME
Income from export programme in Argentina 1 2,979 15,996
Logistic services 1,608 1,704
Gain of early settlement of deferred consideration (note 4(b)) 1,250 \u2013
Income from third party use of mine 889 \u2013
Lease rentals 424 165
Gain on sale of Arcata and Azuca 416 \u2013
Gain on sale of property, plant and equipment 377 656
Other 2,220 2,434
Total 10,163 20,955
OTHER EXPENSES
Increase in provision for mine closure (note 28(1)) (24,023) (14,717)
Care and maintenance expenses of Pallancata mine unit (9,431) (8,320)
Corporate social responsibility contribution in Argentina 2 (5,913) (4,396)
Increase in provision for legal claims 3 (5,861) (1,578)
Provision for recovery of tax credits 4 (4,644) \u2013
Care and maintenance expenses of Ares mine unit (4,564) (2,365)
Termination bene\ufb01ts in Minera Santa Cruz (2,187) (2,704)
Provision of obsolescence of supplies (note 22) (1,745) (864)
Cost of recovery of expenses (1,378) (1,860)
Depreciation right-of-use assets (329) (315)
Other (5,168) (6,126)
Total (65,243) (43,245)
\n 1 Bene\ufb01t arising from being able to access the Argentina government\u2019s Export Incentive Programme, allowing certain companies to exchange a certain proportion of US dollar sales at a preferential market exchange rate. The programme remained in force until April 2025. 2 Relates to a contribution in Argentina to the Santa Cruz province calculated as a proportion of sales. 3 Mainly related to contingencies related to the ISS (municipal tax on services) in Brazil, labour lawsuits in Argentina and penalties in Peru. 4 Provision for recovery of ICMS (state tax on circulation of merchandise and transportation and communication services) credit in Brazil. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408151424100": { "value": "\n \n \n \n \n 13 Finance income, \ufb01nance costs and foreign exchange loss \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December
2025 US$000 2024 US$000
FINANCE INCOME
Interest income 1 2,569 2,972
Changes in the fair value of \ufb01nancial instruments through pro\ufb01t or loss 2 2,911 6,887
Gain from sale of \ufb01nancial asset 2,012 327
Debit valuation adjustment (DVA) of hedges 1,817 866
Gain on execution of buy-down option 3 1,250 \u2013
Change in fair value of \ufb01nancial liability through pro\ufb01t or loss (note 25(a)) \u2013 233
Other 4 1,267 1,812
Total 11,826 13,097
FINANCE COSTS
Interest on secured bank loans (note 27(b)) (15,635) (15,425)
Other interest (3,179) (3,123)
Total interest expense (18,814) (18,548)
Loss from changes in the fair value of \ufb01nancial instruments 5 (8,119) (2,973)
Change in fair value of \ufb01nancial liability through pro\ufb01t or loss (note 25(a)) (7,482) \u2013
Unwinding of discount on mine rehabilitation (note 28(1)) (3,070) (3,110)
Loss on discount of other receivables 6 (1,042) \u2013
Other (2,585) (2,297)
Total (41,112) (26,928)
FOREIGN EXCHANGE LOSS, NET
Argentina (6,486) (9,133)
Peru 679 187
Brazil 2 2,640 (2,272)
Others (788) 802
Total (3,955) (10,416)
\n 1 Excludes interest on deposits and liquidity funds of US$248,000 (2024: US$296,000) that is directly attributable to the construction of Mara Rosa and Monte do Carmo which have been recognised in property, plant and equipment as a reduction to construction in progress and capital advances and mining properties and development costs, and evaluation and exploration assets. 2 Gain on Argentinian mutual funds. 3 Corresponds to the gain on the execution of the buy-down option related to the Stream Agreements with Sprott, refer to note 25(a). 4 Mainly includes interest income related to tax claims resolved in favour of Compania Minera Ares of US$271,000 (2024: US$1,142,000). 5 Includes the loss arising from changes in the fair value of warrants classi\ufb01ed as derivative \ufb01nancial liabilities of US$7,365,000 (note 4), change in fair value of Railtown\u2019s legacy options and warrants of US$466,000 and the foreign exchange effect related to the settlement of Argentinean bonds of US$288,000 (2024: US$2,973,000). 6 Mainly related to the effect of the discount of tax credits in Brazil. \n \n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408150916766": { "value": "\n \n \n \n 13 Finance income, \ufb01nance costs and foreign exchange loss \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December
2025 US$000 2024 US$000
FINANCE INCOME
Interest income 1 2,569 2,972
Changes in the fair value of \ufb01nancial instruments through pro\ufb01t or loss 2 2,911 6,887
Gain from sale of \ufb01nancial asset 2,012 327
Debit valuation adjustment (DVA) of hedges 1,817 866
Gain on execution of buy-down option 3 1,250 \u2013
Change in fair value of \ufb01nancial liability through pro\ufb01t or loss (note 25(a)) \u2013 233
Other 4 1,267 1,812
Total 11,826 13,097
FINANCE COSTS
Interest on secured bank loans (note 27(b)) (15,635) (15,425)
Other interest (3,179) (3,123)
Total interest expense (18,814) (18,548)
Loss from changes in the fair value of \ufb01nancial instruments 5 (8,119) (2,973)
Change in fair value of \ufb01nancial liability through pro\ufb01t or loss (note 25(a)) (7,482) \u2013
Unwinding of discount on mine rehabilitation (note 28(1)) (3,070) (3,110)
Loss on discount of other receivables 6 (1,042) \u2013
Other (2,585) (2,297)
Total (41,112) (26,928)
FOREIGN EXCHANGE LOSS, NET
Argentina (6,486) (9,133)
Peru 679 187
Brazil 2 2,640 (2,272)
Others (788) 802
Total (3,955) (10,416)
\n 1 Excludes interest on deposits and liquidity funds of US$248,000 (2024: US$296,000) that is directly attributable to the construction of Mara Rosa and Monte do Carmo which have been recognised in property, plant and equipment as a reduction to construction in progress and capital advances and mining properties and development costs, and evaluation and exploration assets. 2 Gain on Argentinian mutual funds. 3 Corresponds to the gain on the execution of the buy-down option related to the Stream Agreements with Sprott, refer to note 25(a). 4 Mainly includes interest income related to tax claims resolved in favour of Compania Minera Ares of US$271,000 (2024: US$1,142,000). 5 Includes the loss arising from changes in the fair value of warrants classi\ufb01ed as derivative \ufb01nancial liabilities of US$7,365,000 (note 4), change in fair value of Railtown\u2019s legacy options and warrants of US$466,000 and the foreign exchange effect related to the settlement of Argentinean bonds of US$288,000 (2024: US$2,973,000). 6 Mainly related to the effect of the discount of tax credits in Brazil. \n \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408151451528": { "value": "\n \n \n 13 Finance income, \ufb01nance costs and foreign exchange loss \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December
2025 US$000 2024 US$000
FINANCE INCOME
Interest income 1 2,569 2,972
Changes in the fair value of \ufb01nancial instruments through pro\ufb01t or loss 2 2,911 6,887
Gain from sale of \ufb01nancial asset 2,012 327
Debit valuation adjustment (DVA) of hedges 1,817 866
Gain on execution of buy-down option 3 1,250 \u2013
Change in fair value of \ufb01nancial liability through pro\ufb01t or loss (note 25(a)) \u2013 233
Other 4 1,267 1,812
Total 11,826 13,097
FINANCE COSTS
Interest on secured bank loans (note 27(b)) (15,635) (15,425)
Other interest (3,179) (3,123)
Total interest expense (18,814) (18,548)
Loss from changes in the fair value of \ufb01nancial instruments 5 (8,119) (2,973)
Change in fair value of \ufb01nancial liability through pro\ufb01t or loss (note 25(a)) (7,482) \u2013
Unwinding of discount on mine rehabilitation (note 28(1)) (3,070) (3,110)
Loss on discount of other receivables 6 (1,042) \u2013
Other (2,585) (2,297)
Total (41,112) (26,928)
FOREIGN EXCHANGE LOSS, NET
Argentina (6,486) (9,133)
Peru 679 187
Brazil 2 2,640 (2,272)
Others (788) 802
Total (3,955) (10,416)
\n 1 Excludes interest on deposits and liquidity funds of US$248,000 (2024: US$296,000) that is directly attributable to the construction of Mara Rosa and Monte do Carmo which have been recognised in property, plant and equipment as a reduction to construction in progress and capital advances and mining properties and development costs, and evaluation and exploration assets. 2 Gain on Argentinian mutual funds. 3 Corresponds to the gain on the execution of the buy-down option related to the Stream Agreements with Sprott, refer to note 25(a). 4 Mainly includes interest income related to tax claims resolved in favour of Compania Minera Ares of US$271,000 (2024: US$1,142,000). 5 Includes the loss arising from changes in the fair value of warrants classi\ufb01ed as derivative \ufb01nancial liabilities of US$7,365,000 (note 4), change in fair value of Railtown\u2019s legacy options and warrants of US$466,000 and the foreign exchange effect related to the settlement of Argentinean bonds of US$288,000 (2024: US$2,973,000). 6 Mainly related to the effect of the discount of tax credits in Brazil. \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408151526618": { "value": "\n \n 13 Finance income, \ufb01nance costs and foreign exchange loss \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December
2025 US$000 2024 US$000
FINANCE INCOME
Interest income 1 2,569 2,972
Changes in the fair value of \ufb01nancial instruments through pro\ufb01t or loss 2 2,911 6,887
Gain from sale of \ufb01nancial asset 2,012 327
Debit valuation adjustment (DVA) of hedges 1,817 866
Gain on execution of buy-down option 3 1,250 \u2013
Change in fair value of \ufb01nancial liability through pro\ufb01t or loss (note 25(a)) \u2013 233
Other 4 1,267 1,812
Total 11,826 13,097
FINANCE COSTS
Interest on secured bank loans (note 27(b)) (15,635) (15,425)
Other interest (3,179) (3,123)
Total interest expense (18,814) (18,548)
Loss from changes in the fair value of \ufb01nancial instruments 5 (8,119) (2,973)
Change in fair value of \ufb01nancial liability through pro\ufb01t or loss (note 25(a)) (7,482) \u2013
Unwinding of discount on mine rehabilitation (note 28(1)) (3,070) (3,110)
Loss on discount of other receivables 6 (1,042) \u2013
Other (2,585) (2,297)
Total (41,112) (26,928)
FOREIGN EXCHANGE LOSS, NET
Argentina (6,486) (9,133)
Peru 679 187
Brazil 2 2,640 (2,272)
Others (788) 802
Total (3,955) (10,416)
\n 1 Excludes interest on deposits and liquidity funds of US$248,000 (2024: US$296,000) that is directly attributable to the construction of Mara Rosa and Monte do Carmo which have been recognised in property, plant and equipment as a reduction to construction in progress and capital advances and mining properties and development costs, and evaluation and exploration assets. 2 Gain on Argentinian mutual funds. 3 Corresponds to the gain on the execution of the buy-down option related to the Stream Agreements with Sprott, refer to note 25(a). 4 Mainly includes interest income related to tax claims resolved in favour of Compania Minera Ares of US$271,000 (2024: US$1,142,000). 5 Includes the loss arising from changes in the fair value of warrants classi\ufb01ed as derivative \ufb01nancial liabilities of US$7,365,000 (note 4), change in fair value of Railtown\u2019s legacy options and warrants of US$466,000 and the foreign exchange effect related to the settlement of Argentinean bonds of US$288,000 (2024: US$2,973,000). 6 Mainly related to the effect of the discount of tax credits in Brazil. \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260409071244496": { "value": "\n 13 Finance income, \ufb01nance costs and foreign exchange loss \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December
2025 US$000 2024 US$000
FINANCE INCOME
Interest income 1 2,569 2,972
Changes in the fair value of \ufb01nancial instruments through pro\ufb01t or loss 2 2,911 6,887
Gain from sale of \ufb01nancial asset 2,012 327
Debit valuation adjustment (DVA) of hedges 1,817 866
Gain on execution of buy-down option 3 1,250 \u2013
Change in fair value of \ufb01nancial liability through pro\ufb01t or loss (note 25(a)) \u2013 233
Other 4 1,267 1,812
Total 11,826 13,097
FINANCE COSTS
Interest on secured bank loans (note 27(b)) (15,635) (15,425)
Other interest (3,179) (3,123)
Total interest expense (18,814) (18,548)
Loss from changes in the fair value of \ufb01nancial instruments 5 (8,119) (2,973)
Change in fair value of \ufb01nancial liability through pro\ufb01t or loss (note 25(a)) (7,482) \u2013
Unwinding of discount on mine rehabilitation (note 28(1)) (3,070) (3,110)
Loss on discount of other receivables 6 (1,042) \u2013
Other (2,585) (2,297)
Total (41,112) (26,928)
FOREIGN EXCHANGE LOSS, NET
Argentina (6,486) (9,133)
Peru 679 187
Brazil 2 2,640 (2,272)
Others (788) 802
Total (3,955) (10,416)
\n 1 Excludes interest on deposits and liquidity funds of US$248,000 (2024: US$296,000) that is directly attributable to the construction of Mara Rosa and Monte do Carmo which have been recognised in property, plant and equipment as a reduction to construction in progress and capital advances and mining properties and development costs, and evaluation and exploration assets. 2 Gain on Argentinian mutual funds. 3 Corresponds to the gain on the execution of the buy-down option related to the Stream Agreements with Sprott, refer to note 25(a). 4 Mainly includes interest income related to tax claims resolved in favour of Compania Minera Ares of US$271,000 (2024: US$1,142,000). 5 Includes the loss arising from changes in the fair value of warrants classi\ufb01ed as derivative \ufb01nancial liabilities of US$7,365,000 (note 4), change in fair value of Railtown\u2019s legacy options and warrants of US$466,000 and the foreign exchange effect related to the settlement of Argentinean bonds of US$288,000 (2024: US$2,973,000). 6 Mainly related to the effect of the discount of tax credits in Brazil. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408150640339": { "value": "\n \n 14 Income tax expense \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December 2025 Year ended 31 December 2024
Before exceptional items Exceptional items Total Before exceptional items Exceptional items Total
US$000 US$000 US$000 US$000 US$000 US$000
Current corporate income tax
Corporate income tax expense 113,085 \u2013 113,085 35,735 \u2013 35,735
Withholding tax 7,662 \u2013 7,662 (835) \u2013 (835)
120,747 \u2013 120,747 34,900 \u2013 34,900
Deferred taxation
Origination and reversal of temporary differences (note 30) (19,727) (4,228) (23,955) 16,497 (2,088) 14,409
Corporate income tax 101,020 (4,228) 96,792 51,397 (2,088) 49,309
Current mining royalties
Mining royalty charge (note 37) 14,974 \u2013 14,974 7,108 \u2013 7,108
Special mining tax charge (note 37) 13,656 \u2013 13,656 7,051 \u2013 7,051
Total current mining royalties 28,630 \u2013 28,630 14,159 \u2013 14,159
Total taxation expense/(bene\ufb01t) in the income statement 129,650 (4,228) 125,422 65,556 (2,088) 63,468
\n The weighted average statutory income tax rate was 30.5% for 2025 and 33.1% for 2024. This is calculated as the average of the statutory tax rates applicable in the countries in which the Group operates, weighted by the pro\ufb01t/(loss) before tax of the Group companies in their respective countries as included in the consolidated \ufb01nancial statements. The statutory tax rate in Argentina is 35%, in Peru 29.5%, in Brazil 34% and in the UK 25%. The change in the weighted average statutory income tax rate is due to a change in the weighting of pro\ufb01t/(loss) before tax in the various jurisdictions in which the Group operates. There were tax credits in relation to the cash \ufb02ow hedge losses recognised in equity during the Year ended 31 December 2025 of US$51,749,000 (2024: US$28,473,000). There was a withholding tax of US$7,662,000 with respect to dividends received in the UK from a Peruvian subsidiary. The Group has assessed the OECD Pillar Two (\u2018Global Minimum Tax\u2019) rules. The Group is not expected to be within the scope of the Pillar Two rules. As a result, no current or deferred tax impact has been recognised in respect of Pillar Two for the period. \n \n \n \n 14 Income tax expense continued The total taxation charge on the Group\u2019s pro\ufb01t before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to the consolidated pro\ufb01ts of the Group companies as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December
2025 US$000 2024 US$000
Pro\ufb01t from operations before income tax 372,824 177,217
At average statutory income tax rate of 30.5% (2024: 33.1%) 113,831 58,618
Expenses not deductible for tax purposes 1 7,846 1,888
Non-recognised tax losses 3,851 3,937
Non-taxable (gain from reversal)/loss from impairments 2 (17,226) 1,270
Special mining tax and mining royalty deductible for corporate income tax (8,446) (4,177)
Permanent differences arising on special investment regime 3 (4,259) (4,939)
(Recognition of previously unrecognised deferred tax)/unrecognised deferred tax 4 (741) 6,729
Other (2,587) (2,353)
Corporate income tax at average effective income tax rate of 24.7% (2024: 34.4%) before foreign exchange effect, special mining tax and mining royalty and withholding tax 92,269 60,973
Foreign exchange rate effect 5 (3,139) (10,829)
Corporate income tax at average effective income tax rate of 23.9% (2024: 28.3%) before special mining tax and mining royalty and withholding tax 89,130 50,144
Special mining tax and mining royalty 6 28,630 14,159
Corporate income tax and mining royalties at average effective income tax rate of 31.6% (2024: 36.3%) before withholding tax 117,760 64,303
Withholding tax 7,662 (835)
Total taxation charge in the income statement at average effective tax rate 33.6% (2024: 35.8%) from operations 125,422 63,468
\n 1 In 2025, US$5,151,000 mainly relates to non-deductible expenses related to Tiernan\u2019s Reverse Takeover and Private Placement, including: listing expenses, the unrealised loss on the warrants issued in connection with the Private Placement, and transaction costs (refer to notes 4 and 11). 2 Non-taxable reversal of impairment of the Volcan project and the investment in Aclara (refer to note 11). 3 Argentina bene\ufb01ts from a special investment regime that allows for a super (double) deduction in calculating its taxable pro\ufb01ts for all costs relating to prospecting, exploration and metallurgical analysis, pilot plants and other expenses incurred in the preparation of feasibility studies for mining projects. 4 Mainly corresponds to the impact on deferred taxes of the changes in estimate of the mine closure provision. 5 The foreign exchange effect is composed of a pro\ufb01t of US$4,271,000 (2024: US$676,000 loss) from Peru , a loss of US$2,070,000 (2024: US$7,359,000 pro\ufb01t) from Argentina and a pro\ufb01t of US$938,000 (2024: US$4,151,000 pro\ufb01t) from Brazil. This mainly corresponds to the foreign exchange effect of converting tax bases and monetary items from local currency to the corresponding functional currency. The main contributor of the foreign exchange effect on the tax credit in 2025 is the devaluation of the Peruvian soles (2024: devaluation of the Argentinian pesos). 6 Corresponds to the mining royalty and special mining tax in Peru (note 37). \n \n \n \n The amounts after offset, as presented on the face of the statement of \ufb01nancial position, are as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
As at 31 December
2025 US$000 2024 US$000
Income tax receivable 1 795 186
Income tax payable 2 (96,446) (21,205)
Total (96,651) (21,019)
\n 1 Corresponds to the tax credit of Empresa de Transmision Aymaraes of US$649,000 (2024: US$103,000). 2 Mainly corresponds to the corporate income tax payables of Compa\u00f1ia Minera Ares of US$44,701,000 (2024: US$10,664,000), Minera Santa Cruz of US$40,170,000 (2024: US$5,353,000), Amarillo Mineracao do Brasil of US$Nil (2024: US$1,688,000) and mining royalties payables of Compa\u00f1ia Minera Ares of US$11,451,000 (US$3,459,000). \n \n \n 30 Deferred income tax The net deferred income tax assets/(liabilities) are as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December
2025 2024
US$000 US$000
Beginning of the year (54,827) (66,276)
Income statement bene\ufb01t/(expense) (note 14) 23,955 (14,409)
Deferred tax recognised on items in other comprehensive income 1 51,971 27,620
Deferred tax recognised related to Monte do Carmo acquisition \u2013 2,817
Reclassi\ufb01cation of deferred tax to assets held for sale \u2013 (3,409)
Deferred tax recognised on disposal of Azuca and Arcata projects (note 24) (1,390) \u2013
Deferred tax recognised on disposition of Crespo project (note 24) \u2013 (1,170)
End of the year 19,709 (54,827)
\n 1 The deferred tax recovery for items that will be subsequently reclassi\ufb01ed to pro\ufb01t and loss is US$51,749,000 (2024: US$28,473,000). \n \n Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to the same \ufb01scal authority. The movement in deferred income tax assets and liabilities before offset during the year is as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
PP&E Mine development Provisional pricing adjustment Others Total
US$000 US$000 US$000 US$000 US$000
DEFERRED INCOME TAX LIABILITIES
At 1 January 2024 47,112 86,670 \u2013 8,452 142,234
Income statement expense/(bene\ufb01t) 7,895 12,852 19 (2,077) 18,419
Reclassi\ufb01cation to assets held for sale \u2013 3,262 \u2013 \u2013 3,262
At 31 December 2024 55,007 102,514 19 6,375 163,915
Income statement expense/(bene\ufb01t) (1,150) 8,975 (19) (869) 6,937
Reclassi\ufb01cation to assets held for sale \u2013 1,390 \u2013 \u2013 1,390
At 31 December 2025 53,857 112,879 \u2013 5,506 172,242
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
PP&E Provision for mine closure Mine development Tax losses Others 1 Total
US$000 US$000 US$000 US$000 US$000 US$000
DEFERRED INCOME TAX ASSETS
At 1 January 2024 17,279 34,774 146 7,402 16,357 75,958
Income statement bene\ufb01t/(expense) (4,261) (8,306) (242) (2,933) 18,582 2,840
Reclassi\ufb01cation to assets held for sale (147) \u2013 \u2013 \u2013 \u2013 (147)
Deferred tax recognised related to the Monte do Carmo acquisition \u2013 \u2013 1,918 \u2013 899 2,817
Deferred tax recognised on items in other comprehensive income \u2013 \u2013 \u2013 \u2013 27,620 27,620
At 31 December 2024 12,871 26,468 1,822 4,469 63,458 109,088
Income statement bene\ufb01t/(expense) 6,000 6,250 (719) 6,823 12,538 30,892
Deferred tax recognised on items in other comprehensive income \u2013 \u2013 \u2013 \u2013 51,971 51,971
At 31 December 2025 18,871 32,718 1,103 11,292 127,967 191,951
\n 1 Credit/(charge) in the year mainly related to the balance of hedges of US$95,185,000 (2024 hedges of US$34,445,000), exchange difference credit on cash basis of US$2,752,000 (2024: credit of US$13,239,000), statutory holiday provision of US$934,000 (2024: US$875,000) and Long-Term Incentive Plan of US$2,372,000 (2024: US$2,065,000). \n \n The amounts after offset, as presented on the face of the statement of \ufb01nancial position, are as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
As at 31 December
2025 US$000 2024 US$000
Deferred income tax assets 105,137 27,677
Deferred income tax liabilities (85,428) (82,504)
Total 19,709 (54,827)
\n In accordance with IAS 12, management has assessed the recoverability of the deferred tax asset with reference to projected future taxable pro\ufb01ts. Based on this assessment, a deferred tax asset of US$95,185,000 has been recognised in respect of unrealised hedge losses (2024: US$30,506,000) and US$10,384,000 in respect of tax losses (2024: US$4,469,000) in Brazil (Amarillo Minera\u00e7\u00e3o do Brasil). Tax losses in Brazil may be carried forward inde\ufb01nitely; however, their utilisation in any given period is limited to 30% of the taxable income for that period. Losses in 2025 amounted to $30,540,000 in Brazil, resulting from operational challenges at Mara Rosa. Remediation initiatives implemented during the year have strengthened operational processes and workforce stability, supporting more consistent operations. Based on future \ufb01nancial and tax projections, management considers it probable that suf\ufb01cient taxable pro\ufb01ts will be available in the relevant periods to utilise these deductible temporary differences and unused tax losses. Tax losses expire in the following years: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
As at 31 December
2025 US$000 2024 US$000
RECOGNISED
Expire in four years 3,077 \u2013
Without expiration 30,540 13,145
33,617 13,145
UNRECOGNISED
Expire in one year 766 1,040
Expire in two years 1,196 766
Expire in three years 43 1,196
Expire in four years \u2013 43
Expire after four years 217,114 200,155
219,119 203,200
Total 252,736 216,345
\n Other unrecognised deferred income tax assets comprise (gross amounts): \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
As at 31 December
2025 US$000 2024 US$000
Provision for mine closure 1 14,399 16,633
\n 1 This relates to provision for mine closure expenditure which is expected to be incurred in periods in which taxable pro\ufb01ts are not expected to be available to offset the expenditure. Unrecognised deferred tax liability on retained earnings At 31 December 2025 and 2024, there was no recognised deferred tax liability for taxes that would be payable on the unremitted earnings of certain of the Group\u2019s subsidiaries as the intention is that these amounts are permanently reinvested.\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408150748012": { "value": "\n 14 Income tax expense \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December 2025 Year ended 31 December 2024
Before exceptional items Exceptional items Total Before exceptional items Exceptional items Total
US$000 US$000 US$000 US$000 US$000 US$000
Current corporate income tax
Corporate income tax expense 113,085 \u2013 113,085 35,735 \u2013 35,735
Withholding tax 7,662 \u2013 7,662 (835) \u2013 (835)
120,747 \u2013 120,747 34,900 \u2013 34,900
Deferred taxation
Origination and reversal of temporary differences (note 30) (19,727) (4,228) (23,955) 16,497 (2,088) 14,409
Corporate income tax 101,020 (4,228) 96,792 51,397 (2,088) 49,309
Current mining royalties
Mining royalty charge (note 37) 14,974 \u2013 14,974 7,108 \u2013 7,108
Special mining tax charge (note 37) 13,656 \u2013 13,656 7,051 \u2013 7,051
Total current mining royalties 28,630 \u2013 28,630 14,159 \u2013 14,159
Total taxation expense/(bene\ufb01t) in the income statement 129,650 (4,228) 125,422 65,556 (2,088) 63,468
\n The weighted average statutory income tax rate was 30.5% for 2025 and 33.1% for 2024. This is calculated as the average of the statutory tax rates applicable in the countries in which the Group operates, weighted by the pro\ufb01t/(loss) before tax of the Group companies in their respective countries as included in the consolidated \ufb01nancial statements. The statutory tax rate in Argentina is 35%, in Peru 29.5%, in Brazil 34% and in the UK 25%. The change in the weighted average statutory income tax rate is due to a change in the weighting of pro\ufb01t/(loss) before tax in the various jurisdictions in which the Group operates. There were tax credits in relation to the cash \ufb02ow hedge losses recognised in equity during the Year ended 31 December 2025 of US$51,749,000 (2024: US$28,473,000). There was a withholding tax of US$7,662,000 with respect to dividends received in the UK from a Peruvian subsidiary. The Group has assessed the OECD Pillar Two (\u2018Global Minimum Tax\u2019) rules. The Group is not expected to be within the scope of the Pillar Two rules. As a result, no current or deferred tax impact has been recognised in respect of Pillar Two for the period. \n \n 14 Income tax expense continued The total taxation charge on the Group\u2019s pro\ufb01t before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to the consolidated pro\ufb01ts of the Group companies as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December
2025 US$000 2024 US$000
Pro\ufb01t from operations before income tax 372,824 177,217
At average statutory income tax rate of 30.5% (2024: 33.1%) 113,831 58,618
Expenses not deductible for tax purposes 1 7,846 1,888
Non-recognised tax losses 3,851 3,937
Non-taxable (gain from reversal)/loss from impairments 2 (17,226) 1,270
Special mining tax and mining royalty deductible for corporate income tax (8,446) (4,177)
Permanent differences arising on special investment regime 3 (4,259) (4,939)
(Recognition of previously unrecognised deferred tax)/unrecognised deferred tax 4 (741) 6,729
Other (2,587) (2,353)
Corporate income tax at average effective income tax rate of 24.7% (2024: 34.4%) before foreign exchange effect, special mining tax and mining royalty and withholding tax 92,269 60,973
Foreign exchange rate effect 5 (3,139) (10,829)
Corporate income tax at average effective income tax rate of 23.9% (2024: 28.3%) before special mining tax and mining royalty and withholding tax 89,130 50,144
Special mining tax and mining royalty 6 28,630 14,159
Corporate income tax and mining royalties at average effective income tax rate of 31.6% (2024: 36.3%) before withholding tax 117,760 64,303
Withholding tax 7,662 (835)
Total taxation charge in the income statement at average effective tax rate 33.6% (2024: 35.8%) from operations 125,422 63,468
\n 1 In 2025, US$5,151,000 mainly relates to non-deductible expenses related to Tiernan\u2019s Reverse Takeover and Private Placement, including: listing expenses, the unrealised loss on the warrants issued in connection with the Private Placement, and transaction costs (refer to notes 4 and 11). 2 Non-taxable reversal of impairment of the Volcan project and the investment in Aclara (refer to note 11). 3 Argentina bene\ufb01ts from a special investment regime that allows for a super (double) deduction in calculating its taxable pro\ufb01ts for all costs relating to prospecting, exploration and metallurgical analysis, pilot plants and other expenses incurred in the preparation of feasibility studies for mining projects. 4 Mainly corresponds to the impact on deferred taxes of the changes in estimate of the mine closure provision. 5 The foreign exchange effect is composed of a pro\ufb01t of US$4,271,000 (2024: US$676,000 loss) from Peru , a loss of US$2,070,000 (2024: US$7,359,000 pro\ufb01t) from Argentina and a pro\ufb01t of US$938,000 (2024: US$4,151,000 pro\ufb01t) from Brazil. This mainly corresponds to the foreign exchange effect of converting tax bases and monetary items from local currency to the corresponding functional currency. The main contributor of the foreign exchange effect on the tax credit in 2025 is the devaluation of the Peruvian soles (2024: devaluation of the Argentinian pesos). 6 Corresponds to the mining royalty and special mining tax in Peru (note 37). \n \n The amounts after offset, as presented on the face of the statement of \ufb01nancial position, are as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
As at 31 December
2025 US$000 2024 US$000
Income tax receivable 1 795 186
Income tax payable 2 (96,446) (21,205)
Total (96,651) (21,019)
\n 1 Corresponds to the tax credit of Empresa de Transmision Aymaraes of US$649,000 (2024: US$103,000). 2 Mainly corresponds to the corporate income tax payables of Compa\u00f1ia Minera Ares of US$44,701,000 (2024: US$10,664,000), Minera Santa Cruz of US$40,170,000 (2024: US$5,353,000), Amarillo Mineracao do Brasil of US$Nil (2024: US$1,688,000) and mining royalties payables of Compa\u00f1ia Minera Ares of US$11,451,000 (US$3,459,000). \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408150544796": { "value": "\n 15 Basic and diluted earnings per share Earnings per share (EPS) is calculated by dividing pro\ufb01t for the year attributable to equity shareholders of the Parent by the weighted average number of ordinary shares issued during the year. The Company does not have dilutive potential ordinary shares as at 31 December 2025. The Group presents pro\ufb01t before exceptional items attributable to equity holders of the Parent and Basic and Diluted Earnings per share as alternative performance measures (APMs). These measures are not de\ufb01ned under IFRS and may not be comparable with similarly titled measures used by other companies. It is presented to provide additional information on the underlying performance of the Group by excluding items that management considers exceptional. The measure is calculated as pro\ufb01t attributable to equity holders of the Parent, adjusted to exclude exceptional items. As at 31 December 2025 and 2024, EPS has been calculated as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December
2025 2024
BASIC EARNINGS PER SHARE
Before exceptional items (US$) 0.31 0.23
Exceptional items (US$) 0.08 (0.04)
Total for the year (US$) 0.39 0.19
Diluted earnings per share
Before exceptional items (US$) 0.31 0.23
Exceptional items (US$) 0.08 (0.04)
Total for the year (US$) 0.39 0.19
\n \n 15 Basic and diluted earnings per share continued Pro\ufb01t attributable to equity holders of the Parent is derived as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December
2025 2024
Pro\ufb01t attributable to equity holders of the Parent (US$000) 201,900 97,005
Exceptional items after tax \u2013 attributable to equity holders of the Parent (US$000) (42,347) 19,762
Pro\ufb01t before exceptional items attributable to equity holders of the Parent (US$000) 159,553 116,767
\n The following re\ufb02ects the share data used in the basic and diluted earnings per share computations: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December
2025 2024
Basic weighted average number of ordinary shares in issue (thousands) 514,458 514,458
Weighted average number of ordinary shares in issue for the purpose of diluted earnings per share (thousands) 514,458 514,458
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408145451210": { "value": "\n \n 16 Property, plant and equipment \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Mining properties and development costs 1 Land and buildings Plant and equipment 2, 3 Vehicles 4 Mine closure asset Construction in progress and capital advances 1, 5 Total
US$000 US$000 US$000 US$000 US$000 US$000 US$000
YEAR ENDED 31 DECEMBER 2025
Cost
At 1 January 2025 1,819,515 582,238 761,172 18,789 100,928 13,313 3,295,955
Additions 145,723 1,502 24,677 3,499 \u2013 53,563 228,964
Change in discount rate (note 28(1)) \u2013 \u2013 \u2013 \u2013 2,074 \u2013 2,074
Change in mine closure estimate (note 28(1)) \u2013 \u2013 \u2013 \u2013 5,061 \u2013 5,061
Disposals \u2013 \u2013 (946) (2,510) \u2013 \u2013 (3,456)
Write-offs 6 \u2013 (683) (16,903) (5,249) \u2013 (1,294) (24,129)
Foreign exchange effect (47) 185 71 2 203 \u2013 414
Transfers and other movements 8 101,358 18,898 14,065 649 \u2013 (34,023) 100,947
At 31 December 2025 2,066,549 602,140 782,136 15,180 108,266 31,559 3,605,830
Accumulated depreciation and impairment
At 1 January 2025 1,298,124 409,293 433,955 12,025 71,800 \u2013 2,225,197
Depreciation for the year 108,556 19,630 44,052 3,209 2,923 \u2013 178,370
Disposals \u2013 \u2013 (822) (2,569) \u2013 \u2013 (3,391)
Write-offs \u2013 (529) (14,330) (5,196) \u2013 \u2013 (20,055)
Reversal of impairment (5,247) (2,556) (4,913) (78) \u2013 \u2013 (12,794)
Foreign exchange effect \u2013 1 64 \u2013 \u2013 \u2013 65
Transfers and other movements 8 \u2013 \u2013 (74) 74 \u2013 \u2013 \u2013
At 31 December 2025 1,401,433 425,839 457,932 7,465 74,723 \u2013 2,367,392
Net book value at 31 December 2025 665,116 176,301 324,204 7,715 33,543 31,559 1,238,438
\n 1 With the capitalisation rate of 6.97%, there were borrowing costs capitalised in property, plant and equipment amounting to US$1,391,000. 2 Within plant and equipment, costs of US$479,385,000 are subject to depreciation on a unit of production basis in line with accounting policy on note 2(f) for which the accumulated depreciation is US$268,134,000 and the depreciation charge for the year is US$23,034,000. 3 Plant and equipment include US$3,526,000 of right-of-use assets (note 26). 4 Vehicles include US$5,874,000 of right-of-use assets (note 26). 5 Within construction in progress and capital advances there are capital advances amounting to US$1,674,000, mainly related to Amarillo Mineracao do Brasil of US$1,665,000 (2024: US$2,027,000, mainly related to Compania Minera Ares of US$999,000). 6 Mainly corresponds to the write-off of construction in progress and plant and equipment in the San Jose and Mara Rosa units (refer to note 16 and 24). 7 During the year, the Group reassessed the depreciation method applied to certain items of equipment at Inmaculada to better re\ufb02ect the life of the assets, resulting in a change in accounting estimate. This change increased depreciation expense for the year by US $9,835,000 and has been applied prospectively. The change will affect depreciation expense in future periods. 8 Mainly includes the transfer of US$100,686,000 from evaluation and exploration assets (Monte do Carmo project of US$98,516,000) (note 17). \n \n \n \n 16 Property, plant and equipment continued Lien granted to RG Royalties LLC. over certain Mara Rosa assets such as mineral interests and surface rights, in respect of the 1,75% NSR royalty granted over Mara Rosa\u2019s production. The royalty obligation and the associated lien were acquired following the Group\u2019s acquisition of Amarillo in April 2022. None of the Group\u2019s property, plant and equipment are pledged as security for borrowings. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Mining properties and development costs 1 Land and buildings Plant and equipment 2, 3 Vehicles 4 Mine closure asset Construction in progress and capital advances 1, 5 Total
US$000 US$000 US$000 US$000 US$000 US$000 US$000
YEAR ENDED 31 DECEMBER 2024
Cost
At 1 January 2024 1,935,106 560,135 646,582 12,240 116,887 167,295 3,438,245
Additions 132,126 620 24,065 7,068 \u2013 68,931 232,810
Acquisition of assets (note 4) \u2013 3,927 34 27 \u2013 \u2013 3,988
Change in discount rate (note 28(1)) \u2013 \u2013 \u2013 \u2013 (3,736) \u2013 (3,736)
Change in mine closure estimate (note 28(1)) \u2013 \u2013 \u2013 \u2013 4,097 \u2013 4,097
Return of disposal \u2013 \u2013 845 \u2013 \u2013 90 935
Disposals \u2013 \u2013 (968) \u2013 \u2013 \u2013 (968)
Write-offs 6 \u2013 \u2013 (5,546) (507) \u2013 (3,037) (9,090)
Foreign exchange effect (9,518) (628) (271) (9) (528) (9,101) (20,055)
Transfer to assets held for sale (251,992) (31,556) (52,702) (341) (15,792) \u2013 (352,383)
Transfers and other movements 7 13,793 49,740 149,133 311 \u2013 (210,865) 2,112
At 31 December 2024 1,819,515 582,238 761,172 18,789 100,928 13,313 3,295,955
Accumulated depreciation and impairment
At 1 January 2024 1,454,537 416,785 455,040 9,307 83,703 20 2,419,392
Depreciation for the year 95,136 23,865 33,825 3,512 3,403 \u2013 159,741
Disposals \u2013 \u2013 (865) \u2013 \u2013 \u2013 (865)
Write-offs 6 \u2013 \u2013 (4,728) (479) \u2013 \u2013 (5,207)
Foreign exchange effect \u2013 (3) (101) (1) \u2013 \u2013 (105)
Transfer to assets held for sale (251,992) (31,375) (49,212) (330) (15,306) \u2013 (348,215)
Transfers and other movements 7 443 21 (4) 16 \u2013 (20) 456
At 31 December 2024 1,298,124 409,293 433,955 12,025 71,800 \u2013 2,225,197
Net book value at 31 December 2024 521,391 172,945 327,217 6,764 29,128 13,313 1,070,758
\n 1 With the capitalisation rate of 6.33%, there were borrowing costs capitalised in property, plant and equipment amounting to US$6,678,000. 2 Within plant and equipment, costs of US$557,684,000 are subject to depreciation on a unit of production basis in line with accounting policy on note 2(f) for which the accumulated depreciation is US$291,305,000 and depreciation charge for the year is US$19,897,000. 3 Plant and equipment include US$1,564,000 of right-of-use assets (note 26). 4 Vehicles include US$5,194,000 of right-of-use assets (note 26). \n \n \n \n 5 Within construction in progress and capital advances there are capital advances amounting to US$2,027,000, mainly related to Compania Minera Ares of US$999,000. 6 Mainly corresponds to the write-off of construction in progress stopped as the assets would be used by Azuca and Arcata units and they were sold (refer to notes 16 and 24). 7 Mainly includes the transfer of US$1,656,000 from evaluation and exploration assets (Inmaculada of US$519,000, Pallancata US$30,000, Mara Rosa of US$867,000 and San Jose of US$240,000) (note 17) as they are related to conversion of resources in to reserves. 2025 In June 2025, management determined that there was a trigger of impairment in the Mara Rosa mine unit due to the operational challenges presented during the first half of the year, including heavier-than-usual rainfall and contractor performance issues. These conditions limited access to ore, particularly high-grade zones, and further compounded challenges with the filtering process. The Group suspended the processing plant for four weeks, and the measures taken resulted in a reduction to the expected production, ramping up through H1 2026 when the plant is expected to achieve full capacity. The corresponding impact on the operations\u2019 costs was considered. The impairment test resulted in no impairment being recognised as the negative impact of the operational challenges described above was offset by strong gold prices. The recoverable value of Mara Rosa was determined using a FVLCD methodology. No indicators of impairment were identi\ufb01ed at 31 December 2025. In December 2025, management again determined that there was a trigger of reversal of impairment in the San Jose mine unit due to the increase in gold and silver prices, and the decrease in the post-tax discount rate from 18.3% to 12.5%. The impairment test resulted in a full reversal of the previously recognised impairment, adjusted for the depreciation that would have been recorded had the asset not been impaired, amounting to US$13,590,000 in total, allocated as follows: US$12,794,000 to Property, Plant and Equipment, US$379,000 to Exploration and Evaluation assets (note 17) and US$417,000 to Intangible assets (note 18). The recoverable value of San Jose was determined using a FVLCD methodology. The key assumptions on which management has based its determination of FVLCD and the associated recoverable values calculated for the San Jose CGU are gold and silver prices, future capital requirements, production costs, reserves and resources (re\ufb02ected in the production volume), and the discount rate. \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Real prices US$ per oz. 2026 2027 2028 2029 Long-term
Gold 4,044 3,845 3,475 3,183 3,000
Silver 48.8 46.1 42.1 37.1 32.0
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
San Jose
Discount rate (post-tax) 12.5%
Discount rate (pre-tax) 12.9%
\n The period of four years was used to prepare the cash \ufb02ow projections of San Jose mine which is consistent with its estimated life of mine. No indicators of impairment or reversal of impairment were identi\ufb01ed in the other CGUs which includes other exploration projects, with the exception of the Volcan project (refer to note 18). The estimated recoverable values of the Group\u2019s CGUs are equal to, or not materially different than, their carrying values. \n \n \n \n 16 Property, plant and equipment continued Sensitivity analysis Management believes that no reasonably possible change in any of the key assumptions above would cause the carrying value of the San Jose CGUs to exceed its recoverable amount. As the full amount of previous impairments has been reversed as at 31 December 2025, no reasonable change in any of the key assumptions would result in an additional reversal of impairment. 2024 In December 2024, management determined that there was a trigger of reversal of impairment in the San Jose mine unit due to the increase in gold and silver prices and the increased reserves and resources estimate. The impairment test resulted in no impairment, or impairment reversal, being recognised as the positive effect of the increased prices and additional reserves and resources was mainly offset by higher costs due to ongoing in\ufb02ation in Argentina. The recoverable value of San Jose was determined using a FVLCD methodology. The key assumptions on which management has based its determination of FVLCD and the associated recoverable values calculated for the San Jose CGU were gold and silver prices, future capital requirements, production costs, reserves and resources (re\ufb02ected in the production volume), and the discount rate. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Real prices US$ per oz. 2025 2026 2027 2028 2029 Long term
Gold 2,663 2,466 2,438 2,248 1,894 2,100
Silver 32.3 32.0 32.1 28.2 23.7 25.0
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
San Jose
Discount rate (post-tax) 18.3%
Discount rate (pre-tax) 18.8%
\n The period of seven years was used to prepare the cash \ufb02ow projections of San Jose mine which was in line with its life of mine. No indicators of impairment or reversal of impairment were identi\ufb01ed in the other CGUs which includes other exploration projects, with the exception of the Volcan project (note 18). \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408150340431": { "value": "\n 16 Property, plant and equipment \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Mining properties and development costs 1 Land and buildings Plant and equipment 2, 3 Vehicles 4 Mine closure asset Construction in progress and capital advances 1, 5 Total
US$000 US$000 US$000 US$000 US$000 US$000 US$000
YEAR ENDED 31 DECEMBER 2025
Cost
At 1 January 2025 1,819,515 582,238 761,172 18,789 100,928 13,313 3,295,955
Additions 145,723 1,502 24,677 3,499 \u2013 53,563 228,964
Change in discount rate (note 28(1)) \u2013 \u2013 \u2013 \u2013 2,074 \u2013 2,074
Change in mine closure estimate (note 28(1)) \u2013 \u2013 \u2013 \u2013 5,061 \u2013 5,061
Disposals \u2013 \u2013 (946) (2,510) \u2013 \u2013 (3,456)
Write-offs 6 \u2013 (683) (16,903) (5,249) \u2013 (1,294) (24,129)
Foreign exchange effect (47) 185 71 2 203 \u2013 414
Transfers and other movements 8 101,358 18,898 14,065 649 \u2013 (34,023) 100,947
At 31 December 2025 2,066,549 602,140 782,136 15,180 108,266 31,559 3,605,830
Accumulated depreciation and impairment
At 1 January 2025 1,298,124 409,293 433,955 12,025 71,800 \u2013 2,225,197
Depreciation for the year 108,556 19,630 44,052 3,209 2,923 \u2013 178,370
Disposals \u2013 \u2013 (822) (2,569) \u2013 \u2013 (3,391)
Write-offs \u2013 (529) (14,330) (5,196) \u2013 \u2013 (20,055)
Reversal of impairment (5,247) (2,556) (4,913) (78) \u2013 \u2013 (12,794)
Foreign exchange effect \u2013 1 64 \u2013 \u2013 \u2013 65
Transfers and other movements 8 \u2013 \u2013 (74) 74 \u2013 \u2013 \u2013
At 31 December 2025 1,401,433 425,839 457,932 7,465 74,723 \u2013 2,367,392
Net book value at 31 December 2025 665,116 176,301 324,204 7,715 33,543 31,559 1,238,438
\n 1 With the capitalisation rate of 6.97%, there were borrowing costs capitalised in property, plant and equipment amounting to US$1,391,000. 2 Within plant and equipment, costs of US$479,385,000 are subject to depreciation on a unit of production basis in line with accounting policy on note 2(f) for which the accumulated depreciation is US$268,134,000 and the depreciation charge for the year is US$23,034,000. 3 Plant and equipment include US$3,526,000 of right-of-use assets (note 26). 4 Vehicles include US$5,874,000 of right-of-use assets (note 26). 5 Within construction in progress and capital advances there are capital advances amounting to US$1,674,000, mainly related to Amarillo Mineracao do Brasil of US$1,665,000 (2024: US$2,027,000, mainly related to Compania Minera Ares of US$999,000). 6 Mainly corresponds to the write-off of construction in progress and plant and equipment in the San Jose and Mara Rosa units (refer to note 16 and 24). 7 During the year, the Group reassessed the depreciation method applied to certain items of equipment at Inmaculada to better re\ufb02ect the life of the assets, resulting in a change in accounting estimate. This change increased depreciation expense for the year by US $9,835,000 and has been applied prospectively. The change will affect depreciation expense in future periods. 8 Mainly includes the transfer of US$100,686,000 from evaluation and exploration assets (Monte do Carmo project of US$98,516,000) (note 17). \n \n 16 Property, plant and equipment continued Lien granted to RG Royalties LLC. over certain Mara Rosa assets such as mineral interests and surface rights, in respect of the 1,75% NSR royalty granted over Mara Rosa\u2019s production. The royalty obligation and the associated lien were acquired following the Group\u2019s acquisition of Amarillo in April 2022. None of the Group\u2019s property, plant and equipment are pledged as security for borrowings. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Mining properties and development costs 1 Land and buildings Plant and equipment 2, 3 Vehicles 4 Mine closure asset Construction in progress and capital advances 1, 5 Total
US$000 US$000 US$000 US$000 US$000 US$000 US$000
YEAR ENDED 31 DECEMBER 2024
Cost
At 1 January 2024 1,935,106 560,135 646,582 12,240 116,887 167,295 3,438,245
Additions 132,126 620 24,065 7,068 \u2013 68,931 232,810
Acquisition of assets (note 4) \u2013 3,927 34 27 \u2013 \u2013 3,988
Change in discount rate (note 28(1)) \u2013 \u2013 \u2013 \u2013 (3,736) \u2013 (3,736)
Change in mine closure estimate (note 28(1)) \u2013 \u2013 \u2013 \u2013 4,097 \u2013 4,097
Return of disposal \u2013 \u2013 845 \u2013 \u2013 90 935
Disposals \u2013 \u2013 (968) \u2013 \u2013 \u2013 (968)
Write-offs 6 \u2013 \u2013 (5,546) (507) \u2013 (3,037) (9,090)
Foreign exchange effect (9,518) (628) (271) (9) (528) (9,101) (20,055)
Transfer to assets held for sale (251,992) (31,556) (52,702) (341) (15,792) \u2013 (352,383)
Transfers and other movements 7 13,793 49,740 149,133 311 \u2013 (210,865) 2,112
At 31 December 2024 1,819,515 582,238 761,172 18,789 100,928 13,313 3,295,955
Accumulated depreciation and impairment
At 1 January 2024 1,454,537 416,785 455,040 9,307 83,703 20 2,419,392
Depreciation for the year 95,136 23,865 33,825 3,512 3,403 \u2013 159,741
Disposals \u2013 \u2013 (865) \u2013 \u2013 \u2013 (865)
Write-offs 6 \u2013 \u2013 (4,728) (479) \u2013 \u2013 (5,207)
Foreign exchange effect \u2013 (3) (101) (1) \u2013 \u2013 (105)
Transfer to assets held for sale (251,992) (31,375) (49,212) (330) (15,306) \u2013 (348,215)
Transfers and other movements 7 443 21 (4) 16 \u2013 (20) 456
At 31 December 2024 1,298,124 409,293 433,955 12,025 71,800 \u2013 2,225,197
Net book value at 31 December 2024 521,391 172,945 327,217 6,764 29,128 13,313 1,070,758
\n 1 With the capitalisation rate of 6.33%, there were borrowing costs capitalised in property, plant and equipment amounting to US$6,678,000. 2 Within plant and equipment, costs of US$557,684,000 are subject to depreciation on a unit of production basis in line with accounting policy on note 2(f) for which the accumulated depreciation is US$291,305,000 and depreciation charge for the year is US$19,897,000. 3 Plant and equipment include US$1,564,000 of right-of-use assets (note 26). 4 Vehicles include US$5,194,000 of right-of-use assets (note 26). \n \n 5 Within construction in progress and capital advances there are capital advances amounting to US$2,027,000, mainly related to Compania Minera Ares of US$999,000. 6 Mainly corresponds to the write-off of construction in progress stopped as the assets would be used by Azuca and Arcata units and they were sold (refer to notes 16 and 24). 7 Mainly includes the transfer of US$1,656,000 from evaluation and exploration assets (Inmaculada of US$519,000, Pallancata US$30,000, Mara Rosa of US$867,000 and San Jose of US$240,000) (note 17) as they are related to conversion of resources in to reserves. 2025 In June 2025, management determined that there was a trigger of impairment in the Mara Rosa mine unit due to the operational challenges presented during the first half of the year, including heavier-than-usual rainfall and contractor performance issues. These conditions limited access to ore, particularly high-grade zones, and further compounded challenges with the filtering process. The Group suspended the processing plant for four weeks, and the measures taken resulted in a reduction to the expected production, ramping up through H1 2026 when the plant is expected to achieve full capacity. The corresponding impact on the operations\u2019 costs was considered. The impairment test resulted in no impairment being recognised as the negative impact of the operational challenges described above was offset by strong gold prices. The recoverable value of Mara Rosa was determined using a FVLCD methodology. No indicators of impairment were identi\ufb01ed at 31 December 2025. In December 2025, management again determined that there was a trigger of reversal of impairment in the San Jose mine unit due to the increase in gold and silver prices, and the decrease in the post-tax discount rate from 18.3% to 12.5%. The impairment test resulted in a full reversal of the previously recognised impairment, adjusted for the depreciation that would have been recorded had the asset not been impaired, amounting to US$13,590,000 in total, allocated as follows: US$12,794,000 to Property, Plant and Equipment, US$379,000 to Exploration and Evaluation assets (note 17) and US$417,000 to Intangible assets (note 18). The recoverable value of San Jose was determined using a FVLCD methodology. The key assumptions on which management has based its determination of FVLCD and the associated recoverable values calculated for the San Jose CGU are gold and silver prices, future capital requirements, production costs, reserves and resources (re\ufb02ected in the production volume), and the discount rate. \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Real prices US$ per oz. 2026 2027 2028 2029 Long-term
Gold 4,044 3,845 3,475 3,183 3,000
Silver 48.8 46.1 42.1 37.1 32.0
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
San Jose
Discount rate (post-tax) 12.5%
Discount rate (pre-tax) 12.9%
\n The period of four years was used to prepare the cash \ufb02ow projections of San Jose mine which is consistent with its estimated life of mine. No indicators of impairment or reversal of impairment were identi\ufb01ed in the other CGUs which includes other exploration projects, with the exception of the Volcan project (refer to note 18). The estimated recoverable values of the Group\u2019s CGUs are equal to, or not materially different than, their carrying values. \n \n 16 Property, plant and equipment continued Sensitivity analysis Management believes that no reasonably possible change in any of the key assumptions above would cause the carrying value of the San Jose CGUs to exceed its recoverable amount. As the full amount of previous impairments has been reversed as at 31 December 2025, no reasonable change in any of the key assumptions would result in an additional reversal of impairment. 2024 In December 2024, management determined that there was a trigger of reversal of impairment in the San Jose mine unit due to the increase in gold and silver prices and the increased reserves and resources estimate. The impairment test resulted in no impairment, or impairment reversal, being recognised as the positive effect of the increased prices and additional reserves and resources was mainly offset by higher costs due to ongoing in\ufb02ation in Argentina. The recoverable value of San Jose was determined using a FVLCD methodology. The key assumptions on which management has based its determination of FVLCD and the associated recoverable values calculated for the San Jose CGU were gold and silver prices, future capital requirements, production costs, reserves and resources (re\ufb02ected in the production volume), and the discount rate. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Real prices US$ per oz. 2025 2026 2027 2028 2029 Long term
Gold 2,663 2,466 2,438 2,248 1,894 2,100
Silver 32.3 32.0 32.1 28.2 23.7 25.0
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
San Jose
Discount rate (post-tax) 18.3%
Discount rate (pre-tax) 18.8%
\n The period of seven years was used to prepare the cash \ufb02ow projections of San Jose mine which was in line with its life of mine. No indicators of impairment or reversal of impairment were identi\ufb01ed in the other CGUs which includes other exploration projects, with the exception of the Volcan project (note 18). \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408144310944": { "value": "\n 17 Evaluation and exploration assets \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Monte do
Azuca Mara Rosa Carmo Volcan Other Total
US$000 US$000 US$000 US$000 US$000 US$000
COST
Balance at 1 January 2024 84,717 1,422 \u2013 65,819 22,907 174,865
Additions 1 366 1,351 2,891 1,073 3,344 9,025
Acquisition of assets (note 4(b)) 1 \u2013 82,725 \u2013 \u2013 82,725
Foreign exchange effect \u2013 (83) (2,362) (8,054) \u2013 (10,499)
Transfers to property, plant and equipment (note 16) \u2013 (1,280) \u2013 \u2013 (832) (2,112)
Transfers to asset held for sale (note 24) (85,083) \u2013 \u2013 \u2013 (4,011) (89,094)
Balance at 31 December 2024 \u2013 1,410 83,254 58,838 21,408 164,910
Additions 1 \u2013 2,828 8,942 1,823 4,607 18,200
Foreign exchange effect \u2013 \u2013 6,320 6,023 \u2013 12,343
Transfers to property, plant and equipment (note 16) \u2013 (2,173) (98,516) \u2013 3 (100,686)
Balance at 31 December 2025 \u2013 2,065 \u2013 66,684 26,018 94,767
ACCUMULATED IMPAIRMENT
Balance at 1 January 2024 66,629 \u2013 \u2013 35,511 5,403 107,543
Impairment (note 24) 13,732 \u2013 \u2013 \u2013 \u2013 13,732
Foreign exchange effect \u2013 \u2013 \u2013 (4,253) \u2013 (4,253)
Amortisation \u2013 413 \u2013 \u2013 \u2013 413
Transfers to property, plant and equipment (note 16) \u2013 (413) \u2013 \u2013 (43) (456)
Transfers to assets held for sale (80,361) \u2013 \u2013 \u2013 (4,011) (84,372)
Balance at 31 December 2024 \u2013 \u2013 \u2013 31,258 1,349 32,607
Impairment reversal 2 \u2013 \u2013 \u2013 (33,671) (379) (34,050)
Foreign exchange effect \u2013 \u2013 \u2013 2,413 \u2013 2,413
Balance at 31 December 2025 \u2013 \u2013 \u2013 \u2013 970 970
Net book value as at 31 December 2024 \u2013 1,410 83,254 27,580 20,059 132,303
Net book value as at 31 December 2025 \u2013 2,065 \u2013 66,684 25,048 93,797
\n 1 From the total additions, the payment in cash amounted to US$6,337,000 (2024: US$55,629,000) 2 Impairment reversal related to Volcan amounting to US$43,255,000 in total, allocated as follows: US$33,671,000 to Exploration and Evaluation assets and US$9,584,000 to Intangible assets (note 18). \n \n 17 Evaluation and exploration assets continued At 31 December 2024 the Group recorded an impairment with respect to evaluation and exploration assets of the Azuca project of US$13,732,000 (see note 24). There were borrowing costs capitalised in evaluation and exploration assets of US$5,928,000 (2024: US$39,000). \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408144114166": { "value": "\n 18 Intangible assets \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Transmission line 1 Water permits 2 Software licences Legal rights 3 Royalty intangible assets Total
US$000 US$000 US$000 US$000 US$000 US$000
COST
Balance at 1 January 2024 34,172 21,267 2,248 5,227 \u201362,914
Foreign exchange effect (798) (2,547) \u2013 (144) \u2013 (3,489)
Additions \u2013 \u2013 \u2013 19,534 \u2013 19,534
Addition of royalty intangible asset (note 24) \u2013 \u2013 \u2013 \u2013 3,967 3,967
Balance at 31 December 2024 33,374 18,720 2,248 24,617 3,967 82,926
Foreign exchange effect \u2013 1,843 \u2013 \u2013 \u2013 1,843
Additions \u2013 \u2013 165 2,447 \u2013 2,612
Transfers \u2013 \u2013 \u2013 41 \u2013 41
Disposals \u2013 \u2013 \u2013 (116) \u2013 (116)
Addition of royalty intangible asset (note 24) \u2013 \u2013 \u2013 \u2013 4,715 4,715
Balance at 31 December 2025 33,374 20,563 2,413 26,989 8,682 92,021
Accumulated amortisation and impairment
Balance at 1 January 2024 19,288 10,150 2,155 1,338 \u201332,931
Amortisation for the year 4 1,175 \u2013 12 392 \u2013 1,579
Foreign exchange effect \u2013 (1,216) \u2013 \u2013 \u2013 (1,216)
Balance at 31 December 2024 20,463 8,934 2,167 1,730 \u2013 33,294
Amortisation for the year 4 908 \u2013 31 1,001 \u2013 1,940
Impairment reversal 5 (408) (9,584) (9) \u2013 \u2013 (10,001)
Foreign exchange effect \u2013 650 3 1 \u2013 654
Balance at 31 December 2025 20,963 \u2013 2,192 2,732 \u2013 25,887
Net book value as at 31 December 2024 12,911 9,786 81 22,887 3,967 49,632
Net book value as at 31 December 2025 12,411 20,563 221 24,457 8,482 66,134
\n 1 The transmission line in San Jose is amortised using the units of production method. At 31 December 2025 the remaining amortisation period is approximately 4 years (2024: 7 years) in line with the life of the mine. The transmission line in Mara Rosa is amortised using the units of production method. 2 Corresponds to the acquisition of water permits of Andina Minerals Group (\u2018Andina\u2019). These permits have an inde\ufb01nite life according to Chilean law. 3 Legal rights correspond to expenditures required to give the Group the right to use a property for the surface exploration work, development and production. \n \n 4 The amortisation for the period is included in cost of sales and administrative expenses in the income statement. 5 Reversal of impairment relating to San Jose of US$417,000 (note 16) and Volcan of US$9,584,000. As at 30 June 2025, management identi\ufb01ed indicators for a reversal of impairment for the Volcan project driven by an increase in long-term gold price assumptions, resulting in the recognition of a partial reversal of impairment of US$30,779,000. During the second half of 2025, additional positive market evidence became available following the completion of the reverse takeover transaction and concurrent \ufb01nancing on 16 December 2025, which provided an observable valuation benchmark for the Volcan project (note 4). Based on this transaction, management concluded that the recoverable amount of the Volcan CGU exceeded its carrying amount as at 31 December 2025. Accordingly, the remaining accumulated impairment loss of US$12,476,000 was fully reversed as at 31 December 2025. Total reversal of impairment for 2025 amounts to US$43,255,000 in total, allocated as follows: US$33,671,000 to Exploration and Evaluation assets (note 17) and US$9,584,000 to Intangible assets. In December 2024, management determined that there was a trigger of reversal of impairment in Volcan project due to the increase in gold prices. The impairment test resulted in no impairment, or impairment reversal, being recognised. The recoverable value of the Volcan project as of 31 December 2024 was determined using a FVLCD methodology. The Group used a value in-situ methodology, which applies a realisable \u2018enterprise value\u2019 to unprocessed mineral resources per ounce of resources. The enterprise value used in the calculation performed as at 31 December 2024 was a risk adjusted value per in-situ gold equivalent ounce of US$3.72. The carrying amount of the Volcan CGU, which includes the water permits, is reviewed annually to determine whether it is in excess of its recoverable amount. The estimated recoverable amount is not materially different than its carrying value. \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n
US$000 As at 31 December 2025 As at 31 December 2024
Current carrying value Volcan CGU 87,247 37,366
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408143610315": { "value": "\n 19 Investment in an associate The Group retains a 19.45% interest in Aclara Resources Inc. (\u2018Aclara\u2019) (2024: 19.50%), a Toronto Stock Exchange listed company, involved in the development of two rare-earth metals projects: the Penco Module in the Bio-Bio Region of Chile and the Carina Project in the State of Goias, Brazil. Upon Aclara\u2019s Initial Public Offering (IPO) on 10 December 2021, Hochschild Mining Holdings Limited (\u2018HM Holdings\u2019) retained 20% of Aclara shares. The investment was recorded at initial recognition at fair value, based on the IPO offering price, and is accounted for using the equity method in the consolidated financial statements. \n \n 19 Investment in an associate continued The following table summarises the \ufb01nancial information of the Group\u2019s investment in Aclara Resources Inc: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
As at 31 December 2025 US$000 As at 31 December 2024 US$000
Current assets 24,908 29,821
Non-current assets 160,081 123,980
Current liabilities (9,571) (6,231)
Non-current liabilities (1,371) (1,415)
Equity 174,047 146,155
Non-controlling interest 1 19,610 18,603
Equity attributable to shareholders 154,437 127,552
Group\u2019s share in equity 19.45% (2024: 19.50%) 30,038 24,873
Fair value adjustment on initial recognition and accumulated adjustments for non-attributable changes to equity 2 13,334 13,125
Accumulated impairment \u2013 (22,187)
Group\u2019s carrying amount of the investment 19.45% (2024: 19.50%) 43,372 15,811
Summarised consolidated statement of pro\ufb01t and loss
Administrative expenses (7,642) (8,239)
Exploration expenses (1,985) (459)
Share of loss of joint venture (432) (115)
Finance income 1,308 1,657
Finance cost (303) (64)
Foreign exchange gain/(loss) 107 (193)
Loss from operations for the year (8,947) (7,413)
Loss from continuing operations attributable to shareholders (8,447) (7,223)
Group\u2019s share of loss for the year (1,643) (1,408)
Other comprehensive pro\ufb01t that may be reclassi\ufb01ed to pro\ufb01t or loss in subsequent periods, net of tax
Exchange differences on translating foreign operations 10,373 (12,780)
Total comprehensive pro\ufb01t/(loss) for the year 10,373 (12,780)
Group\u2019s share of comprehensive pro\ufb01t/(loss) for the year 2,017 (2,492)
\n 1 On April 17, 2024 Aclara closed a strategic \ufb01nancing of US$29,027,000 by the company CAP S.A. in Aclara\u2019s Chilean subsidiary which owns the Penco Module and all of Aclara\u2019s mining concessions in Chile in exchange for 20% equity participation in REE UNO Spa which had a corresponding impact on the Group\u2019s equity. 2 Includes the 20% of the fair value adjustment, estimated by the Group, of Aclara\u2019s exploration and evaluation asset on initial recognition of US$12,307,000, and other non-attributable changes to equity of US$1,027,000 (31 December 2024: US$12,307,000 and US$818,000 respectively). \n \n The movement of investment in associate is as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December
2025 US$000 2024 US$000
Beginning balance 15,811 22,927
Impairment reversal/(impairment) 22,187 (5,081)
Share of loss for the period (1,643) (1,408)
Share of comprehensive pro\ufb01t/(loss) for the period 2,017 (2,492)
Capital contribution through private placement 5,000 \u2013
Equity gain in Aclara from CAP strategic \ufb01nancing \u2013 1,865
Ending balance 43,372 15,811
\n 2025 During 2025, both external and internal indicators of a reversal of impairment were identi\ufb01ed for the Group\u2019s investment in Aclara. External indicators included developments in the rare earths market such as the expansion of Chinese restrictions on rare-earth exports during the year and the resulting increased focus on establishing non-China supply chains. Internal indicators included progress in project development, notably the release of the Carina pre-feasibility study and upgraded Mineral Resource Estimate, continued and positive advancement of the Penco environmental approval process, the commitment of up to US$5,000,000 in strategic funding from the U.S. International Development Finance Corporation, and the decision by the directors of Aclara to construct a heavy rare earth separation facility in Louisiana, USA. These factors resulted in a sustained uplift in Aclara\u2019s recoverable value, as re\ufb02ected by a prolonged increase in the share price above the cost of the investment. Therefore, management concluded that the recoverable amount of the investment exceeded its carrying amount, resulting in the full reversal of the previously recognised impairment charges of US$22,187,000. 2024 On 23 December 2024, Aclara announced a US$25,000,000 private placement of common shares at C$0.7 (US$0.5) per share with new and existing strategic investors: New Hartsdale Capital Inc., CAP S.A. and the Group. The subscription price represents a 41% premium over the closing price of the Common Shares on the Toronto Stock Exchange (TSX) on the last trading day prior to the date of the announcement of the Private Placement. The private placement was completed on 20 February 2025 and the Group paid US$5,000,000. The Group reassessed the recoverable value of its investment in Aclara, adjusting the carrying amount of the investment to re\ufb02ect the value of the shares issued in the private placement. As a result, the Group determined an impairment charge of US$5,081,000 as at 31 December 2024. The carrying amount of the investment recognised the changes in the Group\u2019s share of net assets of the associate since the acquisition date. The balance as at 31 December 2025, after recognising the changes in the Group\u2019s share of net assets of the associate and the impairment charge is US$43,372,000 (2024: US$15,811,000). The fair value of Aclara shares, based on the market price per share, as at 31 December 2025 amounted to US$67,460,000 (2024: US$10,173,000). No dividends were received from the associate during 2025 and 2024. The associate had no contingent liabilities or capital commitments as at 31 December 2025 and 31 December 2024. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408131613438": { "value": "\n \n 20 Financial assets at fair value through OCI \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December
2025 US$000 2024 US$000
Beginning balance 475 460
Fair value change recorded in OCI 96 15
Sales of \ufb01nancial assets (485) \u2013
Ending balance 86 475
\n The Group made the election at initial recognition to measure the below equity investments at fair value through OCI as they are not held for trading. Fair value of the listed shares is determined by reference to published price quotations in an active market and they are categorised as Level 1. The fair value of non-listed equity investments is determined based on \ufb01nancial information available of the companies and they are categorised as Level 3. \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260409071424155": { "value": "\n 20 Financial assets at fair value through OCI \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December
2025 US$000 2024 US$000
Beginning balance 475 460
Fair value change recorded in OCI 96 15
Sales of \ufb01nancial assets (485) \u2013
Ending balance 86 475
\n The Group made the election at initial recognition to measure the below equity investments at fair value through OCI as they are not held for trading. Fair value of the listed shares is determined by reference to published price quotations in an active market and they are categorised as Level 1. The fair value of non-listed equity investments is determined based on \ufb01nancial information available of the companies and they are categorised as Level 3. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408131532937": { "value": "\n 21 Trade and other receivables \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
As at 31 December
2025 2024
Non-current US$000 Current US$000 Non-current US$000 Current US$000
Trade receivables \u2013 81,373 \u2013 37,238
Advances to suppliers \u2013 8,111 \u2013 13,324
Tax claims 11,369 4,757 8,060 7,826
Funds in escrow 1 \u2013 305 \u2013 14,278
Receivables from related parties (note 32(a)) \u2013 176 \u2013 121
Other 2 1,245 10,588 3,279 11,619
Total assets classi\ufb01ed as receivables 12,614 105,310 11,339 84,406
Prepaid expenses 3,270 5,176 2,764 11,083
Value Added Tax (VAT) 3 2,776 45,058 4,213 40,325
Total 18,660 155,544 18,316 135,814
\n The fair values of trade and other receivables approximate their book value. 1 Represents funds held in escrow in connection with Royropata easements. 2 Includes account receivables from contractors for the sale of supplies of US$2,190,000 (2024: US$1,773,000), funds restricted in relation to ongoing employee legal claims in Minera Santa Cruz of USD$1,250,000 (2024: USD$549,000), loan to third parties of US$787,000 (2024: US$1,381,000), and, net of a provision for impairment of receivables of US$1,045,000 (2024: US$1,016,000). 3 Primarily relates to US$19,830,000 (2024: US$18,277,000) of VAT receivable related to the San Jose project that will be recovered through future sales of gold and silver and also through the sale of these credits to third parties by Minera Santa Cruz. It also includes the VAT of Compania Minera Ares of US$6,719,000 (2024: US$6,978,000), and Amarillo Mineracao do Brasil of US$19,829,000 (2024: US$18,514,000). The VAT is valued at its recoverable amount. Recovery is effected either through cash refunds, offset against other tax liabilities or, where permitted, transfer to third parties. In Argentina, VAT balances are generally expected to be recovered within approximately six months. In Brazil, PIS and COFINS credits are offset against income tax and social contributions, while ICMS credits are expected to be realised through authorised transfers. In Peru, VAT is recoverable through cash refunds or offset against other taxes. The recovery occurs on a monthly basis given the entity\u2019s ongoing export activities. As at 31 December 2025 and 2024, none of the \ufb01nancial assets classi\ufb01ed as receivables (net of impairment) were past due. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408131501034": { "value": "\n 22 Inventories \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
As at 31 December
2025 US$000 2024 US$000
Finished goods valued at cost 7,393 1,874
Products in process valued at cost 53,333 23,623
Products in process accrual valued at cost 1 8,118 8,152
Supplies and spare parts 2 56,150 58,476
124,994 92,125
Provision for obsolescence of supplies (6,783) (5,038)
Ending balance 118,211 87,087
\n 1 Corresponds to the estimated production costs from 26 to 31 December 2025 (2024: 26 to 31 December 2024). 2 Includes in transit inventory of US$342,000 (2024: US$689,000). Finished goods include concentrate, dore and aggregates. Products in process include stockpile and precipitates. The Group either sells dore bars as a \ufb01nished product or if it is commercially advantageous to do so, delivers the bars for re\ufb01ning into gold and silver ounces which are then sold. In the latter scenario, the dore bars are classi\ufb01ed as products in process. At 31 December 2025 and 2024, the Group had no dore on hand included in products in process. Concentrate is sold to smelters, but in addition could be used as a product in process to produce dore. Products in process accrual valued at cost include stockpile (2024: stockpile). As part of the Group\u2019s short-term \ufb01nancing policies, it acquires pre-shipment loans which are guaranteed by the sales contracts. The Group has contracts as at 31 December 2025 of US$Nil (2024: US$Nil) (note 27). The amount of expense recognised in pro\ufb01t and loss related to the consumption of inventory of supplies, spare parts and raw materials in 2025 is US$147,890,000 (2024: US$140,623,000). Movements in the provision for obsolescence comprise an increase in the provision of US$1,745,000 (2024: US$864,000) and the reversal of US$Nil related to supplies and spare parts, that had been provided for (2024: US$Nil). \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408131418699": { "value": "\n 23 Cash and cash equivalents \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
As at 31 December
Cash and cash equivalents 2025 US$000 2024 US$000
Cash in hand 723 679
Current demand deposit accounts 1 94,514 94,167
Time deposits 2 221,717 2,122
Mutual funds \u2013 5
Cash and cash equivalents considered for the statement of cash \ufb02ows (note 2(y)) 316,954 96,973
\n 1 Relates to bank accounts which are freely available and bear interest. The balance has checks in transit. Includes US$10,609,000 current demand deposit accounts restricted to be utilised for advancing the Volcan project and its related business expenses (2024: US$11,837,000). 2 These deposits have an average maturity of 6 days (2024: average of 4 days). Cash and cash equivalents comprise cash on hand and deposits held with banks that are readily convertible into known amounts of cash and which are subject to insigni\ufb01cant risk of changes in value. The fair value of cash and cash equivalents approximates their book value. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408131354181": { "value": "\n \n 24 Assets held for sale Azuca and Arcata projectsPrior to classifying Arcata and Azuca disposal group as assets and liabilities related to asset held for sale, as at 30 June 2024, the Group recognised an impairment of US$13,732,000. The recoverable value of the Azuca and Arcata project was determined using a FVLCD methodology, based on the proposed economic terms of sale. In November 2024, the Group entered into an agreement whereby the third party acquired the assets and liabilities of Arcata and Azuca from Compa\u00f1ia Minera Ares for US$1,000,000 as a non-refundable cash payment at closing, and a 1.0% and 1.5% Royalty Net Smelter Return (NSR) for Arcata and Azuca, respectively. The buyer also took over the environmental liabilities amounting to US$9,652,000. The Group has provided a guarantee for the mine closure obligations for up to US$5,778,623 with maturity in January 2026. Upon completion of the transaction on 27 February 2025, the Group derecognised the assets and liabilities directly associated with assets held for sale which amounted to US$12,660,000 and US$9,652,000, respectively as at 31 December 2024. The cash received for the sale of Azuca and Arcata projects was US$1,000,000 net of transaction costs of US$900,000. The gain on sale amounted to US$416,000 and is recognised in other income. The 1.0% and 1.5% Royalty Net Smelter Return (NSR) for Arcata and Azuca, respectively was recognised as a contingent consideration within other rights as an intangible with a fair value of US$4,715,000 (note 18) at initial recognition and a deferred tax liability of US$1,390,000 was recognised in connection with the deferred consideration. Crespo projectIn 2023, the Group entered into an agreement with a third party whereby the third party would acquire the assets and liabilities of the Crespo project from Compa\u00f1ia Minera Ares which resulted in the assets and liabilities of project Crespo being classi\ufb01ed as held for sale at 31 December 2023. In March 2024, the Group received US$15,000,000 as a non-refundable cash payment at closing, and a 1.5% Royalty Net Smelter Return (NSR) over the Crespo project, recognised as a contingent consideration within other rights as an intangible with a fair value of US$3,967,000 (note 18) at initial recognition and a deferred tax liability of US$1,170,000 was recognised in connection with the deferred consideration. The buyer also took over the environmental liabilities of the project amounting to US$711,000. Upon completion of sale, the Group derecognised the asset held for sales amounting to US$17,398,000 and the liabilities directly associated with assets held for sale amounting to US$711,000. No pro\ufb01t or loss was generated on the sale. The cash received for the sale of Crespo project was US$15,000,000 net of transaction costs of US$1,110,000. \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260409071512226": { "value": "\n 24 Assets held for sale Azuca and Arcata projectsPrior to classifying Arcata and Azuca disposal group as assets and liabilities related to asset held for sale, as at 30 June 2024, the Group recognised an impairment of US$13,732,000. The recoverable value of the Azuca and Arcata project was determined using a FVLCD methodology, based on the proposed economic terms of sale. In November 2024, the Group entered into an agreement whereby the third party acquired the assets and liabilities of Arcata and Azuca from Compa\u00f1ia Minera Ares for US$1,000,000 as a non-refundable cash payment at closing, and a 1.0% and 1.5% Royalty Net Smelter Return (NSR) for Arcata and Azuca, respectively. The buyer also took over the environmental liabilities amounting to US$9,652,000. The Group has provided a guarantee for the mine closure obligations for up to US$5,778,623 with maturity in January 2026. Upon completion of the transaction on 27 February 2025, the Group derecognised the assets and liabilities directly associated with assets held for sale which amounted to US$12,660,000 and US$9,652,000, respectively as at 31 December 2024. The cash received for the sale of Azuca and Arcata projects was US$1,000,000 net of transaction costs of US$900,000. The gain on sale amounted to US$416,000 and is recognised in other income. The 1.0% and 1.5% Royalty Net Smelter Return (NSR) for Arcata and Azuca, respectively was recognised as a contingent consideration within other rights as an intangible with a fair value of US$4,715,000 (note 18) at initial recognition and a deferred tax liability of US$1,390,000 was recognised in connection with the deferred consideration. Crespo projectIn 2023, the Group entered into an agreement with a third party whereby the third party would acquire the assets and liabilities of the Crespo project from Compa\u00f1ia Minera Ares which resulted in the assets and liabilities of project Crespo being classi\ufb01ed as held for sale at 31 December 2023. In March 2024, the Group received US$15,000,000 as a non-refundable cash payment at closing, and a 1.5% Royalty Net Smelter Return (NSR) over the Crespo project, recognised as a contingent consideration within other rights as an intangible with a fair value of US$3,967,000 (note 18) at initial recognition and a deferred tax liability of US$1,170,000 was recognised in connection with the deferred consideration. The buyer also took over the environmental liabilities of the project amounting to US$711,000. Upon completion of sale, the Group derecognised the asset held for sales amounting to US$17,398,000 and the liabilities directly associated with assets held for sale amounting to US$711,000. No pro\ufb01t or loss was generated on the sale. The cash received for the sale of Crespo project was US$15,000,000 net of transaction costs of US$1,110,000. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408131226349": { "value": "\n 25 Trade and other payables \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
As at 31 December
2025 2024
Non-current Current Non-current Current
US$000 US$000 US$000 US$000
Trade payables 1 \u2013 112,794 \u2013 126,357
Salaries and wages payable 2 \u2013 40,832 \u2013 37,059
Payment in advance received 3 \u2013 21,615 \u2013 5,002
Taxes and contributions 15 11,902 33 10,718
Guarantee deposits 4 \u2013 8,068 \u2013 7,896
Accounts payable \u2013 hedges \u2013 9,022 \u2013 6,943
Mining royalties (note 37) \u2013 1,621 \u2013 1,470
Accounts payable to related parties (note 32(a)) \u2013 313 \u2013 209
Stream Agreements (note (a)) 19,332 \u2013 25,926 \u2013
Lease liabilities (note 26) 6,340 2,647 3,477 3,246
Deferred consideration (note 4(b)) 4,862 \u2013 13,500 \u2013
Other 5 3,676 10,982 3,565 9,322
Total 34,225 219,796 46,501 208,222
\n 1 Trade payables relate mainly to the acquisition of materials, supplies and contractors\u2019 services. These payables do not accrue interest and no guarantees have been granted. 2 Salaries and wages payable relates to remuneration payable. At 31 December 2025, there was Board members\u2019 remuneration payable of US$Nil (2024: US$Nil) and Long-Term Incentive Plan payable of US$3,845,000 (2024: US$3,764,000). 3 Payments in advance received, mainly related to shipments not recognised as revenue during the period, amounting to US$17,613,000 in Minera Santa Cruz. 4 Guarantee deposits made by the contractors of the Group to guarantee the ful\ufb01lment of their tasks. The guarantee will be returned to the contractor at the end of the service and when it is veri\ufb01ed that it has been completed correctly. 5 Current balance includes the accrual of the production costs corresponding to six days of production from 26 to 31 December of US$5,594,000 (2024: US$7,583,000). (a) Stream Agreements On 7 November, 2024, the Company completed the acquisition of 100% of the Monte do Carmo Project (MdC) from Cerrado Gold Inc. (\u2018Cerrado\u2019). At Closing, the Company assumed all liabilities in connection with the Sprott Private Resource Streaming and Royalty Corp. (\u2018Sprott\u2019) secured note and streaming contract (collectively \u2018Stream Agreements\u2019) that Cerrado had entered into with Sprott. The US$20,000,000 metals purchase and sale agreement (\u2018Streaming Contract\u2019) provided for the sale and physical delivery to Sprott of 2.25% of metals produced from MdC, for the duration of the project. The price payable for the metals is calculated by reference to the London Bullion Market Association (LBMA) price for gold or silver as applicable, and amounts to 10% of the reference price. In connection with the Streaming Contract, Cerrado issued a US$20,000,000 secured Note to Sprott that bears interest at a rate of 10% per annum, calculated and payable quarterly which will mature on the earlier of the achievement of commercial production or 14 March 2031 (\u2018Secured Note\u2019). Under the Stream Agreements, if the Board of Directors approves the construction of a mining operation with a life-of-mine production of less than 1,049,000 ounces of payable gold, the stream percentage on Monte do Carmo would increase linearly from its base value of 2.25% following a formula in the Streaming Contract. Management determined that the Secured Note and Streaming Contract with Sprott are closely connected, with the option of Sprott to set off the stream payment against the Secured Note, on the commencement of production of Monte do Carmo. \n \n 25 Trade and other payables continued On 30 June 2025, under the terms of the Stream Agreements, the Company executed the buy down for 50% of the Streaming Contract by paying US$13,000,000 to Sprott. As a result, the Secured Note is reduced to US$10,000,000 and the stream percentage is reduced by 50%. The de\ufb01nitive stream percentage will be determined upon the Board of Directors\u2019 approval of the construction of the mining operation and will be based on the then available payable gold ounces in the construction mine plan. The Group has elected to account for the obligations arising from these agreements at FVTPL. The Secured Note represents a \ufb01nancial liability for the contractual obligation to repay the remaining principal of US$10,000,000 and quarterly interest payments in cash. The Stream Agreements meet the de\ufb01nition of a derivative and are accounted at FVTPL. The fair value of the Stream Agreements was determined using the expected cash \ufb02ow approach, which uses multiple, probability weighted cash \ufb02ow projections discounted to present value. The changes in the liabilities of the Stream Agreements as at 31 December 2025 are shown below: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
US$000
At 7 November 2024 26,159
Unrealised change in fair value (note 13) (233)
At 31 December 2024 25,926
Cash payment for the exercise of the buy-down option (13,000)
Gain on execution of the buy-down option (note 13) (1,250)
Unrealised change in fair value (note 13) 7,482
Change in credit risk recognised in other comprehensive income 174
At 31 December 2025 19,332
\n The key assumptions on which management has based its determination of fair value of the Stream Agreements are gold prices, and reserves and resources (re\ufb02ected in the production volume). The discount rates for the Secured Note of 6.3% and 7.4% and the Stream Agreement of 8.1% and 9.7% as at 31 December 2025 and 31 December 2024, respectively, (calculated under the WACC methodology). As at 31 December 2025: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Real prices US$ per oz. 2028 2029 Long term
Gold 3,475 3,183 3,000
\n As at 31 December 2024: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Real prices US$ per oz. 2028 2029 Long term
Gold 2,248 1,894 2,100
\n \n Reasonable possible changes to any of the key assumptions above as at 31 December 2025 would increase/(decrease) the fair value of the Stream Agreements: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
US$000 US$000
Gold price (decrease by 10%) (1,618)
Gold price (increase by 10%) 1,618
Discount rate (increase by 1%) (871)
Discount rate (decrease by 1%) 855
Reserves and resources volume (decrease by 10%) (1,618)
Reserves and resources volume (increase by 10%) 1,618
\n The fair value of trade and other payables approximate their book values. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408131120240": { "value": "\n 26 Lease liabilities The Group has lease contracts for vehicles and equipment used in its operations and administrative of\ufb01ces. Leases of motor vehicles generally have lease terms of three years. The Group\u2019s obligations under its leases are secured by the lessor\u2019s title to the leased assets. The Group also has certain leases of assets with lease terms of 12 months or less and leases of of\ufb01ce equipment with low value. The Group applies the short-term lease and lease of low-value assets recognition exemptions for these leases. The following are the amounts recognised in pro\ufb01t or loss related to the leases according IFRS 16 and the other leases that the Group has not capitalised: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December
2025 US$000 2024 US$000
Depreciation expense for right-of-use assets (included in cost of sales, administrative, exploration and other expenses) (4,907) (4,514)
Interest expense on lease liabilities (included in \ufb01nance expenses) (581) (582)
Expense relating to short-term leases (included in cost of sales, administrative, exploration and other expenses) (1,099) (959)
Expense relating to leases of low-value assets (included in cost of sales, administrative, exploration and other expenses) (1,706) (769)
Variable lease payments (included in cost of sales and exploration expenses) (22,931) (18,942)
Total amount recognised in pro\ufb01t or loss (31,224) (25,766)
\n The Group had total cash out\ufb02ows for leases of US$31,235,000 in 2025 (2024: US$25,714,000). There were additions to right-of-use assets and lease liabilities during the year of US$7,182,000 (2024: US$7,094,000). The future cash out\ufb02ows relating to leases that have not yet commenced are US$10,423,000 (2024: US$7,716,000). Short-term leases, leases of low-value assets and variable lease payments are included in the operating cash \ufb02ows. \n \n 26 Lease liabilities continued The movement in IFRS 16 lease liabilities in the years 2025 and 2024 is as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
As at 1 January 2025 Additions Repayments Interest expense As at 31 December 2025
US$000 US$000 US$000 US$000 US$000
Lease liabilities 6,723 7,182 (5,499) 581 8,987
Less: current balance (3,246) (2,647)
Non-current balance 3,477 6,340
\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
As at 1 January 2024 Additions Repayments Interest expense As at 31 December 2024
US$000 US$000 US$000 US$000 US$000
Lease liabilities 4,093 7,094 (5,046) 582 6,723
Less: current balance (2,714) (3,246)
Non-current balance 1,379 3,477
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408130928287": { "value": "\n 27 Borrowings \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
As at 31 December
2025 2024
Effective Non-current Current Effective Non-current Current
interest rate US$000 US$000 interest rate US$000 US$000
Secured bank loans (a)
Pre-shipment and other loans in Minera Santa Cruz (note 22) \u2013 \u2013 \u2013 8.45% to 13.00% \u2013 1,558
Short-term bank loans 4.19% to 5.55% \u2013 112,953 4.58% and 4.88% \u2013 80,210
Medium-term bank loans 4.40% to 6.60% 225,000 1,690 6.82% to 10.04% 163,333 67,481
Total 225,000 114,643 163,333 149,249
\n (a) Secured bank loans: Pre-shipment and other loans in Minera Santa Cruz: - As at 31 December 2025, Minera Santa Cruz has loans of US$Nil (2024: US$1,486,000) plus interests of US$Nil (2024: US$72,000, with a maturity between January and March 2025). Short-term bank loans: - As at 31 December 2025, Compa\u00f1ia Minera Ares has one loan with Interbank amounting to US$30,000,000 plus interests of U$618,000 (maturity in December 2026) and one loan with Banco de Credito del Peru amounting to US$60,000,000 plus interests of US$2,291,000 (maturity in January 2026). Amarillo has one loan with Citibank amounting to US$20,000,000 plus interests of US$44,000 (maturity in February 2026). - As at 31 December 2024, Compa\u00f1ia Minera Ares had two loans with Interbank amounting to US$45,000,000 plus interests of U$119,000 (maturity in November 2025) and one loan with BBVA amounting to US$35,000,000 plus interests of US$91,000 (maturity in February 2025). \n \n Medium-term bank loans: - In December 2019, a \ufb01ve-year credit agreement was signed between Minera Ares and Scotiabank Peru S.A.A., The Bank of Nova Scotia and BBVA Securities Inc, with Hochschild Mining PLC as guarantor amounting to US$200,000,000. In September 2021, the Group negotiated with the same counterpart a US$200,000,000 loan to replace the original loan, plus an additional US$100,000,000 optional loan (\u2018Original Credit agreement\u2019). The Group repaid US$25,000,000 of the loan in December 2023, and repaid the remaining balance of US$275,000,000 during 2024, and the Credit Agreement was terminated. Financial covenants under the agreement were: (i) Consolidated Leverage Ratio <= 3 and (ii) Consolidated Interest Coverage Ratio \u2265 4.00. - In December 2022, a credit agreement for up to US$200,000,000 was signed between Amarillo Mineracao do Brasil Ltda. and Compania Minera Ares SAC, and The Bank of Nova Scotia and BBVA Securities Inc, with Hochschild Mining PLC as guarantor. The medium-term facility was fully withdrawn as of December 2024 (US$60,000,000 in 2023, and US$140,000,000 in 2024), and is payable in equal quarterly instalments from February 2025 through November 2027, with an interest rate of three-month SOFR plus a spread of 2.05%. The Group fully repaid the US$200,000,000 in 2025. Financial covenants under the agreement were: (i) Consolidated Leverage Ratio <= 3 and (ii) Consolidated Interest Coverage Ratio \u2265 4.00. - In October 2024, an ESG-linked credit agreement for up to US$300,000,000 was signed between Amarillo Mineracao do Brasil Ltda. and Compania Minera Ares SAC, and The Bank of Nova Scotia and BBVA Securities Inc, with Hochschild Mining PLC as guarantor (the New Credit Agreement). The medium-term facility can be withdrawn until October 2026, and is payable in equal quarterly instalments from January 2028 through October 2029, with an interest rate of three-month SOFR plus a spread of 1.95%, which may be reduced to 1.90% if certain ESG metrics are achieved. A structuring fee of US$1,950,000 was paid to the lenders and additional US$225,000 was incurred as transaction costs. In addition, a commitment fee of 0.528% are payable on quarterly instalments for any amounts remaining undrawn on the facility. During the year the Group paid $1,559,000 of commitments fees. US$30,000,000 was withdrawn in December 2024 to repay the remaining amount outstanding of the Original Credit Agreement US$300,000,000 loan, and US$90,000,000 was withdrawn in 2025. The remaining balance of US$180,000,000 was undrawn as at 31 December 2025. Financial covenants under the agreement are: (i) Consolidated Leverage Ratio <= 3 and (ii) Consolidated Interest Coverage Ratio \u2265 4.00. There have been no breaches of the \ufb01nancial covenants of any interest-bearing loans and borrowing in the current period. - As at 31 December 2025, Compa\u00f1ia Minera Ares has one loan with Interbank amounting to US$5,000,000 plus interests of US$104,000 (maturity in January 2027). Amarillo has one loan with JP Morgan amounting to US$40,000,000 plus interests of US$104,000 (maturity in June 2027), and one loan with BBVA amounting to US$60,000,000 plus interests of US$821,000 (maturity in April 2027). \n \n (b) Capitalised borrowing costs: In 2025, interest expense of US$7,567,000 that is directly attributable to the construction of Monte do Carmo (US$6,278,000), Mara Rosa (US$376,000) and Compa\u00f1\u00eda Minera Ares S.A.C. (US$913,000) has been capitalised and is included in property, plant and equipment within construction in progress and capital advances (US$1,289,000) and mining property and development costs (US$116,000), and exploration and evaluation assets (US$6,162,000). In 2024, interest expense of US$7,012,000 that is directly attributable to the construction of Mara Rosa (US$6,257,000) and Compa\u00f1\u00eda Minera Ares S.A.C. (US$755,000) has been capitalised and is included in property, plant and equipment within construction in progress and capital advances (US$4,991,000) and mining property and development costs (US$1,982,000), and exploration and evaluation assets (US$39,000)). \n \n \n 27 Borrowings continued \n \n The carrying value including accrued interest payable of the medium-term bank loans as at 31 December 2025 is US$226,690,000 (2024: US$230,814,000). The maturity of non-current borrowings is as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
As at 31 December
2025 2024
US$000 US$000
Between 1 and 2 years 105,000 66,667
Between 2 and 5 years 120,000 96,666
Over 5 years \u2013 \u2013
Total 225,000 163,333
\n The carrying amount of the pre-shipment, short-term and other loans approximates their fair value. The carrying amount and fair value of the medium-term bank loans are as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Carrying amount as at 31 December Fair value as at 31 December
2025 2024 2025 2024
US$000 US$000 US$000 US$000
Medium-term bank loans 226,690 230,814 220,076 221,560
\n The movement in borrowings during the years 2025 and 2024 are as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
As at 1 January 2025 Additions Repayments Reclassi\ufb01cations and others 1 As at 31 December 2025
US$000 US$000 US$000 US$000 US$000
CURRENT
Pre-shipment and other loans in Minera Santa Cruz 1,486 \u2013 (1,486) \u2013 \u2013
Short-term bank loans 80,000 215,000 (185,000) \u2013 110,000
Medium-term bank loans 66,667 \u2013 (66,667) \u2013 \u2013
Accrued interest 1,096 15,635 (17,703) 5,615 4,643
149,249 230,635 (270,856) 5,615 114,643
NON -CURRENT
Medium-term bank loans 163,333 195,000 (133,333) \u2013 225,000
Total current and non- current borrowings 312,582 425,635 (404,189) 5,615 339,643
\n 1 Reclassi\ufb01cations and others of accrued interests includes capitalisation of interests of US$7,567,000 (27(b)), offset by transaction costs of US$1,742,000, and foreign exchange effect of US$210,000. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
As at 1 January 2024 Additions Repayments Reclassi\ufb01cations and others 1 As at 31 December 2024
US$000 US$000 US$000 US$000 US$000
CURRENT
Pre-shipment and other loans in Minera Santa Cruz 3,870 1,607 (3,991) \u2013 1,486
Short-term bank loans \u2013 140,000 (60,000) \u2013 80,000
Medium-term bank loans 100,001 8,333 (275,000) 233,333 66,667
Stock market promissory note 2,000 \u2013 (2,000) \u2013 \u2013
Accrued interest 6,193 15,425 (27,074) 6,552 1,096
112,064 165,365 (368,065) 239,885 149,249
NON-CURRENT
Medium-term bank loans 234,999 161,667 \u2013 (233,333) 163,333
Total current and non-current borrowings 347,063 327,032 (368,065) 6,552 312,582
\n 1 Reclassi\ufb01cation and others from non-current of US$233,333,000 includes transfer from non-current to current borrowings of US$233,333,000. Reclassi\ufb01cations and others of accrued interests includes capitalisation of interests of US$7,012,000 (28(c)), offset by transaction costs of US$364,000, and foreign exchange effect of US$96,000. \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260409071751828": { "value": "\n (b) Capitalised borrowing costs: In 2025, interest expense of US$7,567,000 that is directly attributable to the construction of Monte do Carmo (US$6,278,000), Mara Rosa (US$376,000) and Compa\u00f1\u00eda Minera Ares S.A.C. (US$913,000) has been capitalised and is included in property, plant and equipment within construction in progress and capital advances (US$1,289,000) and mining property and development costs (US$116,000), and exploration and evaluation assets (US$6,162,000). In 2024, interest expense of US$7,012,000 that is directly attributable to the construction of Mara Rosa (US$6,257,000) and Compa\u00f1\u00eda Minera Ares S.A.C. (US$755,000) has been capitalised and is included in property, plant and equipment within construction in progress and capital advances (US$4,991,000) and mining property and development costs (US$1,982,000), and exploration and evaluation assets (US$39,000)). \n \n The carrying value including accrued interest payable of the medium-term bank loans as at 31 December 2025 is US$226,690,000 (2024: US$230,814,000). The maturity of non-current borrowings is as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
As at 31 December
2025 2024
US$000 US$000
Between 1 and 2 years 105,000 66,667
Between 2 and 5 years 120,000 96,666
Over 5 years \u2013 \u2013
Total 225,000 163,333
\n The carrying amount of the pre-shipment, short-term and other loans approximates their fair value. The carrying amount and fair value of the medium-term bank loans are as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Carrying amount as at 31 December Fair value as at 31 December
2025 2024 2025 2024
US$000 US$000 US$000 US$000
Medium-term bank loans 226,690 230,814 220,076 221,560
\n The movement in borrowings during the years 2025 and 2024 are as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
As at 1 January 2025 Additions Repayments Reclassi\ufb01cations and others 1 As at 31 December 2025
US$000 US$000 US$000 US$000 US$000
CURRENT
Pre-shipment and other loans in Minera Santa Cruz 1,486 \u2013 (1,486) \u2013 \u2013
Short-term bank loans 80,000 215,000 (185,000) \u2013 110,000
Medium-term bank loans 66,667 \u2013 (66,667) \u2013 \u2013
Accrued interest 1,096 15,635 (17,703) 5,615 4,643
149,249 230,635 (270,856) 5,615 114,643
NON -CURRENT
Medium-term bank loans 163,333 195,000 (133,333) \u2013 225,000
Total current and non- current borrowings 312,582 425,635 (404,189) 5,615 339,643
\n 1 Reclassi\ufb01cations and others of accrued interests includes capitalisation of interests of US$7,567,000 (27(b)), offset by transaction costs of US$1,742,000, and foreign exchange effect of US$210,000. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
As at 1 January 2024 Additions Repayments Reclassi\ufb01cations and others 1 As at 31 December 2024
US$000 US$000 US$000 US$000 US$000
CURRENT
Pre-shipment and other loans in Minera Santa Cruz 3,870 1,607 (3,991) \u2013 1,486
Short-term bank loans \u2013 140,000 (60,000) \u2013 80,000
Medium-term bank loans 100,001 8,333 (275,000) 233,333 66,667
Stock market promissory note 2,000 \u2013 (2,000) \u2013 \u2013
Accrued interest 6,193 15,425 (27,074) 6,552 1,096
112,064 165,365 (368,065) 239,885 149,249
NON-CURRENT
Medium-term bank loans 234,999 161,667 \u2013 (233,333) 163,333
Total current and non-current borrowings 347,063 327,032 (368,065) 6,552 312,582
\n 1 Reclassi\ufb01cation and others from non-current of US$233,333,000 includes transfer from non-current to current borrowings of US$233,333,000. Reclassi\ufb01cations and others of accrued interests includes capitalisation of interests of US$7,012,000 (28(c)), offset by transaction costs of US$364,000, and foreign exchange effect of US$96,000. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408130734186": { "value": "\n 28 Provisions \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Provision for mine closure 1 Long-Term Incentive Plan Workers pro\ufb01t sharing Legal claims Total
US$000 US$000 US$000 US$000 US$000
At 1 January 2024 162,716 \u2013 3,426 7,971 174,113
Additions \u2013 3,231 6,590 6,153 15,974
Accretion (note 13) 3,110 (87) \u2013 \u2013 3,023
Change in discount rate (3,727) \u2013 \u2013 \u2013 (3,727)
Change in estimates 18,805 \u2013 \u2013 \u2013 18,805
Foreign exchange effect \u2013 \u2013 \u2013 (608) (608)
Transfers to assets held for sale (note 24) (9,652) \u2013 \u2013 \u2013 (9,652)
Transfer to other payables \u2013 (7,161) \u2013 \u2013 (7,161)
Transfer from other reserves \u2013 7,954 \u2013 \u2013 7,954
Payments (11,833) \u2013 (3,210) (1,815) (16,858)
At 31 December 2024 159,419 3,937 6,806 11,701 181,863
Less: current portion (22,799) \u2013 (6,806) (5,477) (35,082)
Non-current portion 136,620 3,937 \u2013 6,224 146,781
At 1 January 2025 159,419 3,937 6,806 11,701 181,863
Additions \u2013 4,157 23,447 3,476 31,080
Accretion (note 13) 3,070 107 \u2013 \u2013 3,177
Change in discount rate 3,713 \u2013 \u2013 \u2013 3,713
Change in estimates 27,445 \u2013 \u2013 \u2013 27,445
Foreign exchange effect \u2013 \u2013 \u2013 468 468
Transfer to other payables \u2013 (3,845) (239) \u2013 (,084)
Payments (15,829) \u2013 (8,845) (1,641) (26,315)
At 31 December 2025 177,818 4,356 21,169 14,004 217,347
Less: current portion (28,880) \u2013 (21,169) (5,406) (55,455)
Non-current portion 148,938 4,356 \u2013 8,598 161,892
\n 1 Provision for mine closureThe provision represents the discounted values of the estimated cost to decommission and rehabilitate the mines at the expected date of closure of each of the mines. The present value of the provision has been calculated using a real pre-tax annual discount rate, based on a US Treasury bond of an appropriate tenure adjusted for the impact of in\ufb02ation as at 31 December 2025 and 2024 respectively, and the cash \ufb02ows have been adjusted to re\ufb02ect the risk attached to these cash \ufb02ows. Uncertainties on the timing for use of this provision include changes in the future that could impact the time of closing the mines, as new resources and reserves are discovered, technological changes, regulatory changes, cost increases, changes in discount rates. Those uncertainties may result in future actual expenditure differing from the amounts currently provided. The discount rate used was 1.59% (2024: 2.00%). Expected cash \ufb02ows will be over a period from one to 25 years (2024: over a period from one to 25 years). During the year the Company revised certain estimates related to its mine closure provision, mainly associated with the Sipan, Selene and Ares units, which are currently in the closure phase. The change primarily re\ufb02ects updated cost assumptions and the inclusion of additional capital and operating costs related to water treatment activities. \n \n Based on the internal and external reviews of mine rehabilitation estimates, the provision for mine closure increased by US$27,445,000 due to the change in estimates and increased by US$3,713,000 due to the change in the discount rate, as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Change in estimate Change in discount rate Timing of expected
31 December 2025 31 December 2024 31 December 2025 31 December 2024 out\ufb02ows Years
Arcata \u2013 (1) \u2013 (7) \u2013
Ares 5,997 10,323 434 99 2026-2036
Sipan 7,405 4,242 465 25 2026-2037
Selene 8,982 144 740 (108) 2026-2033
Recognised in the consolidated income statement 22,384 14,708 1,639 9
Pallancata (934) (789) (75) (417) 2026, 2037- 2049
Matarani \u2013 (30) 6 (10) 2036- 2041
Azuca \u2013 \u2013 \u2013 (2) \u2013
Inmaculada 724 3,229 383 (2,126) 2026-2050
San Jose 3,140 419 1,434 (613) 2027-2042
Mara Rosa 2,131 1,268 326 (568) 2037-2045
Recognised in property, plant and equipment 5,061 4,097 2,074 (3,736)
Total 27,445 18,805 3,713 (3,727)
\n A change in any of the following key assumptions used to determine the provision would have the following impact: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
As at 31 December 2025 US$000
Closure costs (increase by 10%) increase of provision 17,782
Discount rate (increase by 0.5%) (decrease of provision) (6,631)
\n An element of mine closure planning can be water management, which relates to the treatment of contact water. The cost of this water processing could continue for a number of years after closure activities have been completed and is therefore, potentially, exposed to long-term climate change. Mine planning for Hochschild\u2019s operating assets takes into account mine-closure activities. In the case of the now-closed Sipan mine, due to the speci\ufb01c characteristics of the closed mine components, contact water treatment is ongoing. According to our most recent approved Mine Closure Plan (July 2021), Sipan will be the subject of ongoing treatment until 2031 or until baseline water quality conditions have been met. As at the date of approval of these \ufb01nancial statements, the impact of climate change on Sipan\u2019s mine closure planning is not expected to be material. \n \n 28 Provisions continued 2 Long-term incentive planCorresponds to the provision related to awards granted under the Long-Term Incentive Plan (LTIP) to designated personnel of the Group, and includes the 2024 awards, granted in March 2024, payable in March 2027 and the 2025 awards, granted in March 2025, payable in March 2028. The 2023 awards which are payable in 2026 have a value of US$3,845,000 and are included in trade and other payables. The effect has been recorded as administrative expenses. The following tables list the inputs to the last Monte Carlo model used for the LTIPs: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
As at 31 December 2025 As at 31 December 2024
LTIP 2024 LTIP 2025 LTIP 2023 LTIP 2024
US$000 US$000 US$000 US$000
Dividend yield (%) 0 0 0 0
Expected annual volatility (%) 44.77 44.77 47.46 47.46
Risk-free interest rate (%) 3.59 3.55 4.77 4.77
Expected life (years) 1 2 1 2
Weighted average share price (pence \u00a3) 95.99 216.77 63.9 96.51
\n On 22 May 2024, bene\ufb01ciaries of LTIPs were communicated of a change in the payment mechanism resulting in a modi\ufb01cation of the LTIP from an equity-settled to a cash-settled transaction. This resulted in a recognition of liability based on the fair valuation of the cash-settled LTIPs as at the date of modi\ufb01cation and reversal of the share-based payment reserves. The effect at the date of the modi\ufb01cation was an additional expense of US$419,000. 3 Legal ClaimsThe non-current balance of US$8,598,000 (2024: US$6,224,000) mainly corresponds to labour lawsuits in Minera Santa Cruz of US$5,405,000 and legal claims in Compa\u00f1ia Minera Ares of US$2,440,000 (2024: US$Nil); the Group expect to resolve in a period of more than one year. Current contingencies mainly includes the balance of Compa\u00f1ia Minera Ares of US$4,611,000 (2024: US$3,002,000) related to administrative \ufb01nes. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408130347584": { "value": "\n 29 Equity \n \n (a) Share capital and share premium Issued share capital The issued share capital of the Company as at 31 December 2025 and 2024 is as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n
Class of shares Issued Number Amount
Ordinary shares (1 pence per share) 514,458,432 \u00a35,144,584
\n The movement in share capital of the Company from 1 January 2024 to 31 December 2025 is as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Number of ordinary shares Share capital US$000
Shares issued as at 31 December 2024 514,458,432 9,068
Shares issued as at 31 December 2025 514,458,432 9,068
\n Rights attached to ordinary shares At general meetings of the Company, on a show of hands and on a poll, every member who is present in person or subject to the below, by proxy, has one vote for every share of which they are the holder/proxy. However, in the case of a vote on a show of hands where a proxy has been appointed by more than one\n \n \n \n member, the proxy has one vote for and one vote against if the proxy has been instructed by one or more members to vote for the resolution and by one or more members to vote against the resolution. \n \n \n (b) Other reserves Fair value reserve of \ufb01nancial assets at fair value through OCI In accordance with IFRS 9, the Group made the decision to classify its investments in listed and unlisted companies as \ufb01nancial assets at fair value through OCI. The increase/decrease in the fair value, net of the related deferred tax liability, is taken directly to this account where it will remain until disposal, when the cumulative unrealised gains and losses are recycled through retained earnings. Cumulative translation adjustment The cumulative translation adjustment account is used to record exchange differences arising from the translation of the \ufb01nancial statements of subsidiaries with a functional currency different to the reporting currency of the Group. Merger reserve The merger reserve represents the difference between the value of the net assets of the Cayman Holding Companies (Ardsley, Garrison, Larchmont and Hochschild Mining (Peru)) acquired under the Share Exchange Agreement and the nominal value of the shares issued in consideration of such acquisition. In addition, a merger reserve was generated by certain share placing transactions made by the Group after the IPO. The merger reserve available for distribution is disclosed within retained earnings. Cash \ufb02ow hedges Changes in the fair value of derivatives designated as cash \ufb02ow hedges, which are held to hedge the exposure to variability in cash \ufb02ows of the hedged items, are recognised in other components of equity until changes in the fair value of the hedged item are recognised in pro\ufb01t or loss. The Group uses cash \ufb02ow hedges for hedging the exposure to variability in gold and silver prices. \n \n Share-based payment reserve The share-based payment reserve is used to recognise the value of equity-settled share-based payment transactions provided to employees, as a part of their remuneration. In May 2024 the award changed from an equity-settled bene\ufb01t to a cash-settled bene\ufb01t, and the balance recorded in other reserves was transferred to provisions (note 28(2)). As at 31 December 2025 the balance is US$Nil (2024: US$Nil). \n \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260409072107132": { "value": "\n (a) Share capital and share premium Issued share capital The issued share capital of the Company as at 31 December 2025 and 2024 is as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n
Class of shares Issued Number Amount
Ordinary shares (1 pence per share) 514,458,432 \u00a35,144,584
\n The movement in share capital of the Company from 1 January 2024 to 31 December 2025 is as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Number of ordinary shares Share capital US$000
Shares issued as at 31 December 2024 514,458,432 9,068
Shares issued as at 31 December 2025 514,458,432 9,068
\n Rights attached to ordinary shares At general meetings of the Company, on a show of hands and on a poll, every member who is present in person or subject to the below, by proxy, has one vote for every share of which they are the holder/proxy. However, in the case of a vote on a show of hands where a proxy has been appointed by more than one\n \n member, the proxy has one vote for and one vote against if the proxy has been instructed by one or more members to vote for the resolution and by one or more members to vote against the resolution. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260409072259885": { "value": "\n (b) Other reserves Fair value reserve of \ufb01nancial assets at fair value through OCI In accordance with IFRS 9, the Group made the decision to classify its investments in listed and unlisted companies as \ufb01nancial assets at fair value through OCI. The increase/decrease in the fair value, net of the related deferred tax liability, is taken directly to this account where it will remain until disposal, when the cumulative unrealised gains and losses are recycled through retained earnings. Cumulative translation adjustment The cumulative translation adjustment account is used to record exchange differences arising from the translation of the \ufb01nancial statements of subsidiaries with a functional currency different to the reporting currency of the Group. Merger reserve The merger reserve represents the difference between the value of the net assets of the Cayman Holding Companies (Ardsley, Garrison, Larchmont and Hochschild Mining (Peru)) acquired under the Share Exchange Agreement and the nominal value of the shares issued in consideration of such acquisition. In addition, a merger reserve was generated by certain share placing transactions made by the Group after the IPO. The merger reserve available for distribution is disclosed within retained earnings. Cash \ufb02ow hedges Changes in the fair value of derivatives designated as cash \ufb02ow hedges, which are held to hedge the exposure to variability in cash \ufb02ows of the hedged items, are recognised in other components of equity until changes in the fair value of the hedged item are recognised in pro\ufb01t or loss. The Group uses cash \ufb02ow hedges for hedging the exposure to variability in gold and silver prices. \n \n Share-based payment reserve The share-based payment reserve is used to recognise the value of equity-settled share-based payment transactions provided to employees, as a part of their remuneration. In May 2024 the award changed from an equity-settled bene\ufb01t to a cash-settled bene\ufb01t, and the balance recorded in other reserves was transferred to provisions (note 28(2)). As at 31 December 2025 the balance is US$Nil (2024: US$Nil). \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408130320371": { "value": "\n Share-based payment reserve The share-based payment reserve is used to recognise the value of equity-settled share-based payment transactions provided to employees, as a part of their remuneration. In May 2024 the award changed from an equity-settled bene\ufb01t to a cash-settled bene\ufb01t, and the balance recorded in other reserves was transferred to provisions (note 28(2)). As at 31 December 2025 the balance is US$Nil (2024: US$Nil). \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408130229828": { "value": "\n 31 Dividends \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December
2025 US$000 2024 US$000
DIVIDENDS PAID AND PROPOSED DURING THE YEAR
Dividends on ordinary shares:
Final dividend for 2024: 1.94 US$ cents per share (2023: Nil US$ cents per share) 10,050 \u2013
Interim dividend for 2025: 1.00 US$ cents per share (2024: Nil US$ cents per share) 5,145 \u2013
Total dividends paid in cash 15,195 \u2013
Proposed dividends on ordinary share
Final dividend for 2025: 5.00 US$ cents per share (2024: 1.94 US$ cents per share) 25,723 10,000
Dividends declared to non-controlling interests: 0.013 US$ per share (2024: 0.002 US$ per share) 2,246 388
Total dividends declared to non-controlling interests 2,246 388
\n Dividends paid in 2025 to non-controlling interests amounted to US$2,246,000 (2024: US$388,000). Dividends per share The proposed \ufb01nal dividend in respect of the year ending 31 December 2025 is 5.00 US$ cents per share (2024: US$1.94). \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260409050244733": { "value": "5.0", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "Fxbrl_20260408130137420": { "value": "\n 32 Related-party balances and transactions (a) Related-party accounts receivable and payable The Group had the following related-party balances and transactions during the years ended 31 December 2025 and 2024. The related parties are companies owned or controlled by the main shareholder of the Parent company or associates. \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Accounts receivable as at 31 December Accounts payable as at 31 December
2025 US$000 2024 US$000 2025 US$000 2024 US$000
CURRENT RELATED PARTY BALANCES
Cementos Pacasmayo S.A.A. 1 172 73 105 60
UTEC 2 \u2013 \u2013 202 \u2013
Tecsup 2 \u2013 30 6 149
REE UNO SpA 3 \u2013 18 \u2013 \u2013
Aclara Resources Inc. 3 2 \u2013 \u2013 \u2013
Aclara Resources Peru 3 2 \u2013 \u2013 \u2013
Total 176 121 313 209
\n 1 The account receivable relates to reimbursement of expenses paid by the Group on behalf of Cementos Pacasmayo S.A.A, an entity controlled by Eduardo Hochschild. The account payable relates to the rentals payments. 2 Peruvian not-for-pro\ufb01t educational institutions controlled by Eduardo Hochschild. 3 Associated companies of the Aclara Group (refer to note 19). \n \n As at 31 December 2025 and 2024, all accounts are, or were, non-interest bearing. No security has been granted or guarantees given by the Group in respect of these related party balances. Principal transactions between af\ufb01liates are as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December
2025 US$000 2024 US$000
EXPENSES
Expense recognised for the rental and services paid to Cementos Pacasmayo S.A.A. (503) (505)
Expense donation Asociacion Amanatari 1 (160) (80)
Expense scholarship to UTEC (94) (371)
Expense sponsorships to UTEC (5) \u2013
Expense donations to UTEC (202) \u2013
Expense research project with UTEC \u2013 (19)
Expense technical services from Tecsup (30) (159)
Income from administrative services to REE UNO SpA 22 40
Income from reimbursement of security costs of Cementos Pacasmayo S.A.A. 881 676
Income from administrative services to Aclara Resources Peru 11 11
Revenue from sale of dore to Farragut Holdings Inc. 2 \u2013 72
\n 1 Peruvian non-for-pro\ufb01t institution controlled by Eduardo Hochschild. 2 Cayman Island Company controlled by Eduardo Hochschild. Transactions between the Group and these companies are at an arm\u2019s length basis. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408130108274": { "value": "\n (b) Compensation of key management personnel of the Group \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December
COMPENSATION OF KEY MANAGEMENT PERSONNEL (INCLUDING DIRECTORS) 2025 US$000 2024 US$000
Short-term employee bene\ufb01ts 7,611 6,570
Long-Term Incentive Plans 1,888 1,714
Total compensation paid to key management personnel 9,499 8,284
\n This amount includes the remuneration paid to the Directors of the Parent Company of the Group of US$4,601,000 (2024: US$3,482,000). \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408130027198": { "value": "\n 33 Auditor\u2019s remuneration The auditor\u2019s remuneration for services provided to the Group during the years ended 31 December 2025 and 2024 is as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Amounts paid to Ernst & Young in the year ended 31 December
2025 2024
US$000 US$000
Audit fees pursuant to legislation 1 1,661 1,561
Audit related assurance services 341 150
Other assurance services 15 24
Total 2,017 1,735
\n 1 The total fee includes audit fees of US$635,000 in respect of local statutory audits of subsidiaries (2024: US$560,000). Audit fees might be different from those previously reported as they might include additional out of scope fees and out of pocket expenses. In 2025 and 2024, all fees are included in administrative expenses. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408125932373": { "value": "\n 34 Notes to the statement of cash \ufb02ows \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended at 31 December
2025 2024
US$000 US$000
Reconciliation of loss for the year to net cash generated from operating activities
Pro\ufb01t for the year 247,402 113,749
Adjustments to reconcile Group loss to net cash in\ufb02ows from operating activities
Depreciation (note 3(a)) 174,552 158,649
Amortisation of intangibles (note 3(a)) 1,940 1,579
Write-off of assets (note 16) 4,074 3,883
Provision of doubtful receivable 180 245
(Reversal of impairment)/impairment of assets (note 11) (56,845) 13,732
Share of post-tax (gain)/losses and impairment of associates (note 19) (20,544) 6,489
Gain on sale of property, plant and equipment (note 12) (377) (656)
Provision for obsolescence of supplies (notes 12 and 22) 1,745 864
Increase of provision for mine closure (note 12) 24,023 14,717
Loss on discontinuation of hedge relationship (note 38(a)) 26,427 \u2013
Finance income (note 13) (11,826) (13,097)
Finance costs (note 13) 41,112 26,928
Income tax expense (note 14) 125,422 63,468
Other 6,633 3,351
Increase/(decrease) of cash \ufb02ows from operations due to changes in assets and liabilities
Trade and other receivables (56,257) (79,788)
Income tax receivable (1,456) (2,813)
Other \ufb01nancial assets and liabilities 12,477 (2,410)
Inventories (31,767) (21,161)
Trade and other payables (26,090) 70,282
Provisions 13,068 7,029
Cash generated from operations 473,893 365,040
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408100021844": { "value": "\n \n 35 Commitments (a) Mining rights purchase options During the ordinary course of business, the Group enters into agreements to carry out exploration under concessions held by third parties. Generally, under the terms of these agreements, the Group has the option to acquire the concession or invest in the entity holding the concession. In order to exercise these options the Group must satisfy certain financial and other obligations during the term of the agreement. The options lapse in the event that the Group does not meet its financial obligations. At any point in time, the Group may cancel the agreements without penalty, except where specified below. These agreements are not under non-cancellable/irrevocable clauses. The Group has no commitments as at 31 December 2025 and 31 December 2024. (b) Capital commitments \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
As at 31 December
2025 2024
US$000 US$000
Peru 7,654 26,527
Argentina 477 1,733
Brazil 9,894 \u2013
18,025 28,260
\n \n \n 36 Contingencies The Group is subject to various claims which arise in the ordinary course of business. In addition, the Group is subject to various laws and regulations which, if not observed, could give rise to penalties. It is not practical to determine the amount of any potential claims or penalties or the likelihood of any unfavourable outcome arising from any future inspections that might be initiated by the regulators. No provision has been made in the \ufb01nancial statements and none of these claims are currently expected to result in any material loss to the Group. (a) Taxation Fiscal periods remain open to review by the tax authorities for four years in Peru, \ufb01ve years in Argentina and Mexico, ten years in Brazil and three years in Chile, preceding the year of review. During this time the authorities have the right to raise additional tax assessments including penalties and interest. Under certain circumstances, reviews may cover longer periods. Because a number of \ufb01scal periods remain open to review by the tax authorities, coupled with the complexity of the Group and the transactions undertaken by it, there remains a risk that signi\ufb01cant additional tax liabilities may arise. As at 31 December 2025, the Group had exposures totalling US$19,520,000 (2024: US$17,077,000). When the Tax authority challenges the deductibility of certain expenses the Group reassesses the case internally and externally, with the support of a third-party professional to determine the probability of success and, depending on the result, makes the decision whether or not to continue with the claim. Notwithstanding this risk, the Directors believe that management\u2019s interpretation of the relevant legislation and assessment of taxation is appropriate and that it is probable that the Group\u2019s tax and customs positions will be sustained in the event of a challenge by the tax authorities. Consequently, the Directors consider that no tax liability is required to be recognised in respect of these claims or risks. (b) Guarantees The Group is required to provide guarantees in Peru in respect of environmental restoration and decommissioning obligations. The Group has provided for the estimated cost of these activities (see note 28(1)). \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408125850475": { "value": "\n 35 Commitments (a) Mining rights purchase options During the ordinary course of business, the Group enters into agreements to carry out exploration under concessions held by third parties. Generally, under the terms of these agreements, the Group has the option to acquire the concession or invest in the entity holding the concession. In order to exercise these options the Group must satisfy certain financial and other obligations during the term of the agreement. The options lapse in the event that the Group does not meet its financial obligations. At any point in time, the Group may cancel the agreements without penalty, except where specified below. These agreements are not under non-cancellable/irrevocable clauses. The Group has no commitments as at 31 December 2025 and 31 December 2024. (b) Capital commitments \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
As at 31 December
2025 2024
US$000 US$000
Peru 7,654 26,527
Argentina 477 1,733
Brazil 9,894 \u2013
18,025 28,260
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408125501997": { "value": "\n 36 Contingencies The Group is subject to various claims which arise in the ordinary course of business. In addition, the Group is subject to various laws and regulations which, if not observed, could give rise to penalties. It is not practical to determine the amount of any potential claims or penalties or the likelihood of any unfavourable outcome arising from any future inspections that might be initiated by the regulators. No provision has been made in the \ufb01nancial statements and none of these claims are currently expected to result in any material loss to the Group. (a) Taxation Fiscal periods remain open to review by the tax authorities for four years in Peru, \ufb01ve years in Argentina and Mexico, ten years in Brazil and three years in Chile, preceding the year of review. During this time the authorities have the right to raise additional tax assessments including penalties and interest. Under certain circumstances, reviews may cover longer periods. Because a number of \ufb01scal periods remain open to review by the tax authorities, coupled with the complexity of the Group and the transactions undertaken by it, there remains a risk that signi\ufb01cant additional tax liabilities may arise. As at 31 December 2025, the Group had exposures totalling US$19,520,000 (2024: US$17,077,000). When the Tax authority challenges the deductibility of certain expenses the Group reassesses the case internally and externally, with the support of a third-party professional to determine the probability of success and, depending on the result, makes the decision whether or not to continue with the claim. Notwithstanding this risk, the Directors believe that management\u2019s interpretation of the relevant legislation and assessment of taxation is appropriate and that it is probable that the Group\u2019s tax and customs positions will be sustained in the event of a challenge by the tax authorities. Consequently, the Directors consider that no tax liability is required to be recognised in respect of these claims or risks. (b) Guarantees The Group is required to provide guarantees in Peru in respect of environmental restoration and decommissioning obligations. The Group has provided for the estimated cost of these activities (see note 28(1)). \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408125426195": { "value": "\n 37 Mining royalties Peru In accordance with Peruvian legislation, owners of mining concessions must pay a mining royalty for the exploitation of metallic and non-metallic resources. Mining royalties have been calculated with rates ranging from 1% to 3% of the value of mineral concentrate or equivalent sold, based on quoted market prices. In October 2011, changes came into effect for mining companies, with the following features: (a) Introduction of a Special Mining Tax (SMT), levied on mining companies at the stage of exploiting mineral resources. (b) Modi\ufb01cation of the mining royalty calculation, which consists of applying a progressive scale of rates ranging from 1% to 12%, of the quarterly operating pro\ufb01t. The former royalty was calculated on the basis of monthly sales value of mineral concentrates. The SMT and modi\ufb01ed mining royalty are accounted for as an income tax in accordance with IAS 12 Income Taxes. As at 31 December 2025, the amount payable as under the new mining royalty and the SMT amounted to US$6,125,000 (2024: US$1,717,000) and US$5,326,000 (2024: US$1,742,000) respectively. The new mining royalty and SMT are reported as \u2018Income tax payable\u2019 in the Statement of Financial Position. The amount recorded in the income statement was US$14,974,000 (2024: US$7,108,000) of new mining royalty and US$13,656,000 (2024: US$7,051,000) of SMT, both classi\ufb01ed as income tax. Argentina In accordance with Argentinian legislation, Provinces (being the legal owners of the mineral resources) are entitled to collect royalties from mine operators. For San Jose, the mining royalty applicable to dore and concentrate is 3% of the pit-head value. As at 31 December 2025, the amount payable as mining royalties amounted to US$1,432,000 (2024: US$970,000). The amount recorded in the income statement as cost of sales was US$10,631,000 (2024: US$7,331,000). Brazil Under Brazilian law, the Government has the right to collect royalties from mine operators. For Mara Rosa, the mining royalty applicable to the dore is 1.5% on the sales made. As of 31 December 2025, the amount payable as mining royalties is US$189,000 (2024: US$500,000). The amount recorded in the income statement as cost of sales was US$2,024,000 (2024: US$2,363,000). \n ", "dimensions": { "concept": "hoch:DisclosureOfMiningRoyaltiesTextBlock", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408123655913": { "value": "\n 38 Financial risk management The Group is exposed to a variety of risks and uncertainties which may have a \ufb01nancial impact on the Group and which also impact the achievement of social, economic and environmental objectives. These risks include strategic, commercial, operational and \ufb01nancial risks and are further categorised into risk areas to facilitate consolidated risk reporting across the Group. The Group has made signi\ufb01cant developments in the management of the Group\u2019s risk environment which seeks to identify and, where appropriate, implement the controls to mitigate the impact of the Group\u2019s signi\ufb01cant risks. This effort is supported by a Risk Committee with the participation of the CEO, the Vice Presidents, and the head of the internal audit function. The Risk Committee is responsible for implementing the Group\u2019s policy on risk management and internal control in support of the Company\u2019s business objectives, and monitoring the effectiveness of risk management within the organisation. \n \n (a) Commodity price risk Silver and gold prices have a material impact on the Group\u2019s results of operations. Prices are signi\ufb01cantly affected by changes in global economic conditions and related industry cycles. Generally, producers of silver and gold are unable to in\ufb02uence prices directly; therefore, the Group\u2019s pro\ufb01tability is ensured through the control of its cost base and the ef\ufb01ciency of its operations. Management continuously monitors silver and gold prices and reserves the right to take the necessary action, such as entering into hedging agreements, where appropriate and within Board approved parameters, to mitigate the impact of this risk. \n \n \n 38 Financial risk management continued \n \n \n Derivative \ufb01nancial assets \u2013 Gold forwards and zero cost collars On 12 April 2023, the Group signed agreements to hedge the sale of 27,600 ounces of gold at US$2,100 per ounce for 2024. On 19 June 2023, the Group signed agreements to hedge the sale of 150,000 ounces of gold (50,000 ounces per year) at US$2,117.05, US$2,166.65 and US$2,205.50 per ounce in 2025, 2026 and 2027 respectively. On 14 December 2023, the Group signed a gold collar agreement of 99,999.96 ounces of gold at strike put of US$2,000 and strike call of US$2,252 per ounce for 2024. On 14 February 2024, the Group signed a gold collar agreement of 60,000 ounces of gold at strike put of US$2,000 and strike call of US$2,485 per ounce for 2025. On 6 August 2025 the Group renegotiated the gold forward hedge agreement to roll forward 20,813 ounces from August to December 2025 to the \ufb01rst semester of 2028, at a gold price of US$2,150 per ounce (US$2,117 per ounce in the original agreement). No cash \ufb02ows resulted from the renegotiation of the agreements. The forwards and zero cost collars are being used to hedge exposure to changes in cash \ufb02ows from gold commodity prices. There is an economic relationship between the hedged item and the hedging instruments due to a common underlying. In accordance with IFRS 9, the derivative instruments are categorised as cash \ufb02ow hedges at the inception of the hedging relationship and, on an ongoing basis, the Group assesses whether a hedging relationship meets the hedge effectiveness requirements. The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the silver and gold forwards and zero cost collars is identical to the hedged risk components. To test the hedge effectiveness, the Group uses the hypothetical derivative method and compares the changes in the fair value of the gold and silver forwards against the changes in fair value of the hedged item attributable to the hedged risk. That said, it is observed that the effectiveness tests comply with the requirements of IFRS 9 and that the hedging strategy is highly effective. The fair values of the gold and silver forwards and zero cost collars were calculated using a discounted cash \ufb02ow model applying a combination of level 1 (USD quoted market commodity prices) and Level 2 inputs. The models used to value the commodity forward contracts are standard models that calculate the present value of the \ufb01xed-legs (the \ufb01xed gold and silver leg) and compare them with the present value of the expected cash \ufb02ows of the \ufb02owing legs (the London metal exchange (LME) gold and silver \ufb01xing). In the case of the commodity forward contracts, the models use the LME AU and AG forward curve and the SOFR swap curve for discounting. This approach results in the fair value measurement categorised in its entirety as Level 2 in the fair value hierarchy. The fair values of the gold forwards as at 31 December 2025 and 31 December 2024 are as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
As at 31 December 2025 As at 31 December 2024
US$000 US$000
Current liabilities (111,567) (40,276)
Non-current liabilities (165,157) (61,343)
(276,724) (101,619)
\n \n \n \n \n \n The effect recorded is as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December 2025 Year ended 31 December 2024
US$000 US$000
Income statement \u2013 revenue
- Loss on realised hedges (86,048) (27,903)
- Loss on discontinuation of hedge relationship 1 (26,427) \u2013
Income statement \u2013 \ufb01nance income 1,817 866
Equity \u2013 Cash \ufb02ow hedges reserve
- Unrealised loss on hedges 176,860 85,560
- Loss on discontinuation of hedge relationship 1 (26,427) \u2013
\n 1 In August 2025, the Group renegotiated the gold forward hedge agreement resulting in the extension of 20,813 ounces from August to December 2025 to the \ufb01rst semester of 2028. At the date of the roll-forward, the fair value of these instruments amounted to a liability of US$26,427,000. In accordance with IFRS 9, the accumulated loss recognised in the cash \ufb02ow hedge reserve within equity, was reclassi\ufb01ed to the income statement following the discontinuation of the original hedge relationship and the realisation of the hedged item. Given the non-recurring and non-cash nature of this hedge accounting reclassi\ufb01cation to the income statement, and the fact that the cash settlement will occur in 2028 once the instruments mature, the resulting charge has been presented as an exceptional item within revenue. The sensitivity of the fair value of the current hedges outstanding at 31 December 2025 to a reasonable movement in gold prices, with all other variables held constant, determined as a +/-10% change in gold prices -/+ US$50,627,000 effect on OCI. The Group has price adjustments arising from the sale of concentrate and dore which were provisionally priced at the time the sale was recorded (refer to note 5). The sensitivity of the fair value to an immediate 10% favourable or adverse change in the price of gold and silver (assuming all other variables remain constant), is as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Increase/ decrease in price of Effect on pro\ufb01t before tax
ounces of: US$000
2025 Gold +/-10% +/-2,243
Silver+/-10% +/-3,310
2024 Gold +/-10% +/-530
Silver+/-10% +/-302
\n (b) Foreign currency risk The Group produces silver and gold which are typically priced in US$ dollars. A proportion of the Group\u2019s costs are incurred in Peruvian nuevos soles, Argentinian pesos, Brazilian reais, sterling pounds, Canadian dollars, Chilean pesos, and Mexican pesos. Accordingly, the Group\u2019s \ufb01nancial results may be affected by exchange rate \ufb02uctuations between the US dollar and the local currency. The long-term relationship between commodity prices and currencies in the countries in which the Group operates provides a certain degree of natural protection. The Group does not use derivative instruments to manage its foreign currency risks. \n \n \n 38 Financial risk management continued \n \n The following table demonstrates the sensitivity of \ufb01nancial assets and liabilities, at the reporting date, denominated in their respective currencies, to a reasonably possible change in the US$ dollar exchange rate, with all other variables held constant, of the Group\u2019s pro\ufb01t before tax and the Group\u2019s equity. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Increase/ decrease in US$/other currencies\u2019 Effect on pro\ufb01t before tax Effect on OCI
Year rate US$000 US$000
2025
Argentinian pesos +/-10% -/+10,135 \u2013
Mexican pesos +/-10% +/-78 \u2013
Peruvian nuevos soles +/-10% -/+14,703 \u2013
Reais +/-10% -/+1,056 \u2013
Pounds sterling +/-10% -/+104 \u2013
Canadian dollars +/-10% +/-656 \u2013
Chilean pesos +/-10% +/-604 \u2013
2024
Argentinian pesos +/-10% -/+7,140 \u2013
Mexican pesos +/-10% +/-47 \u2013
Peruvian nuevos soles +/-10% -/+26,497 \u2013
Reais +/-10% -/+10,035 \u2013
Pounds sterling +/-10% -/+94 \u2013
Canadian dollars +/-10% -/+518 +/-26
Chilean pesos +/-10% +/-862 \u2013
\n \n \n (c) Credit risk Credit risk arises from debtors\u2019 inability to make payment of their obligations to the Group as they become due (without taking into account the fair value of any guarantee or pledged assets). The Group is primarily exposed to credit risk as a result of commercial activities and non-compliance, by counterparties, in transactions in cash which are primarily limited to cash balances deposited in banks and accounts receivable at the statement of \ufb01nancial position date. Counterparty credit exposure based on commercial activities, including trade and other receivables, embedded derivatives, hedge instruments and cash balances in banks as at 31 December 2025 and 31 December 2024: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
As at 31 December 2025 % collected as at 10 March 2026 As at 31 December 2024 % collected as at 11 March 2025
Summary commercial partners US$000 US$000 US$000 US$000
Trade receivables 81,373 61% 37,238 66%
\n \n \n \n Other receivables include advances to suppliers and receivables from contractors for the sale of supplies. There is limited credit risk on these amounts as the Group can withhold the balances that it owes the suppliers or contractors for their services. \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
As at 31 December 2025 As at 31 December 2024
Cash and cash equivalents \u2013 Credit/rating 1 US$000 US$000
A+ 36,089 \u2013
A 251,723 343
AAA 4,658 \u2013
A- \u2013 19,177
AA- 17,187 \u2013
BBB+ \u2013 71,810
BBB- 2,490 \u2013
Not available 4,807 5,643
Total 316,954 96,973
\n 1 Represents the long-term credit rating as at 3 January 2026 (2023: 3 January 2025). As at 31 December 2025, the credit rating of the counterparties of the gold hedges is A+ (2024: A- and BBB+). To manage the credit risk associated with commercial activities, the Group took the following steps: \u2013 Active use of prepayment/advance clauses in sales contracts \u2013 Delaying delivery of title and/or requiring advance payments to reduce exposure timeframe (potential delay in sales recognition) \u2013 Maintaining as diversi\ufb01ed a portfolio of clients as possible To manage credit risk associated with cash balances deposited in banks, the Group took the following steps: \u2013 Increasing banking relationships with large, established and well-capitalised institutions in order to secure access to credit and to diversify credit risk \u2013 Limiting exposure to \ufb01nancial counterparties according to Board approved limits \u2013 Investing cash in short-term, highly liquid and low-risk instruments (term deposits mainly) \u2013 Increase the utilisation of UK bank accounts Receivable balances are monitored on an ongoing basis and the result of the Group\u2019s exposure to bad debts is recognised in the consolidated income statement. The maximum exposure is the carrying amount as disclosed in notes 21, 23 and 38(e). The Group\u2019s risk assessment procedures includes customer analysis and reviewing \ufb01nancial counterparties. For further details refer to the Commentary section of the Commercial Counterparty risk in the Risk management and Viability Statement. \n (d) Equity risk on \ufb01nancial instruments The Group acquires \ufb01nancial instruments in connection with strategic alliances with third parties. The Group constantly monitors the fair value of these instruments in order to decide whether or not it is convenient to dispose of these investments. The disposal decision is also based on management\u2019s intention to continue with the strategic alliance, the tax implications and changes in the share price of the investee. The Group is not sensitive to reasonable movements in the share price of \ufb01nancial assets at fair value through OCI. (e) Fair value hierarchy The Group uses the following hierarchy for determining and disclosing the fair value of \ufb01nancial instruments by valuation technique: \n \n 38 Financial risk management continued Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2: other techniques for which all inputs which have a signi\ufb01cant effect on the recorded fair value are observable, either directly or indirectly. Level 3: techniques which use inputs which have a signi\ufb01cant effect on the recorded fair value that are not based on observable market data. As at 31 December 2025 and 2024, the Group held the following \ufb01nancial instruments measured at fair value: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31 December 2025 Level 1 Level 2 Level 3
US$000 US$000 US$000 US$000
ASSETS AND LIABILITIES MEASURED AT FAIR VALUE
Equity shares (note 20) 86 86
Trade receivables (note 21) 81,373 81,373
Stream Agreements (note 25(a)) (19,332) (19,332)
Derivative \ufb01nancial liabilities 1 (289,789) (289,789)
\n 1 Includes US$276,724,000 related to hedging instruments, and US$13,065,000 related to the warrants issued in connection with Tiernan\u2019s Private Placement and Railtown\u2019s legacy options and warrants. \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
31 December 2024 Level 1 Level 2 Level 3
US$000 US$000 US$000 US$000
ASSETS AND LIABILITIES MEASURED AT FAIR VALUE
Equity shares (note 20) 475 475
Trade receivables (note 21) 37,238 37,238
Mutual funds 5 5
Bonds in Minera Santa Cruz S.A. 2,474 2,474
Stream Agreements (note 25(a)) (25,926) (25,926)
Derivative \ufb01nancial liabilities (101,619) (101,619)
\n During the year ended 31 December 2025 and 2024, there were no transfers between these levels. The reconciliation of the trade receivables categorised as Level 3 is as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Trade receivables/ price adjustments
US$000
Balance at 1 January 2024 29,421
Net change in trade receivables from goods sold 11,892
Changes in fair value of price adjustments (note 5) 8,209
Realised price adjustments during the year (12,284)
Balance at 31 December 2024 37,238
Net change in trade receivables from goods sold 22,720
Changes in fair value of price adjustments (note 5) 55,528
Realised price adjustments during the year (34,113)
Balance at 31 December 2025 81,373
\n \n The impact of the hedging instrument and hedge item on the statement of \ufb01nancial position is as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Average price Line item in the statement of \ufb01nancial Carrying amount of hedging instrument Change in fair value of hedging instrument used for measuring ineffectiveness for the period Change in fair value of hedged item used for measuring ineffectiveness for the period
Ounces US$/ounce position US$000 US$000 US$000
2025
Gold forward and zero cost collar contracts 120,832 From 2,117 to 2,206 Derivative \ufb01nancial liabilities (276,724) (167,317) (167,317)
2024
Gold forward and zero cost collar contracts 210,000 From 2,000 to 2,485 Derivative \ufb01nancial liabilities (101,619) (68,633) (68,633)
\n The hedging gain recognised in OCI before tax on gold forward hedges and gold zero cost collars is equal to the change in fair value of the hedged item attributable to the hedged risk used for measuring effectiveness. There is no ineffectiveness recognised in pro\ufb01t or loss. \n \n Derivative \ufb01nancial liabilities \u2013 Warrants and Railtown\u2019s legacy options and warrants \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
As at 31 December 2025 As at 31 December 2024
US$000 US$000
Non-current liabilities \u2013 Warrants (note 4(a)) (11,920) \u2013
Non- current liabilities \u2013 Railtown\u2019s legacy options and warrants (note 4(a) (1,145) \u2013
(13,065) \u2013
\n The effect recorded is as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December 2025 Year ended 31 December 2024
US$000 US$000
Income statement \u2013 \ufb01nance cost 1 (7,831) \u2013
\n 1 Represents the loss arising from changes in the fair value of warrants classi\ufb01ed as derivative \ufb01nancial liabilities of US$7,365,000 (note 4) and change in fair value of Railtown\u2019s legacy options and warrants of US$466,000. The fair value of the warrants as at 31 December 2025 was determined using the Black-Scholes option pricing model, based on the following key assumptions: exercise price of C$6.50, expiry date of 16 December 2027, risk-free interest rate of 2.58%, country risk premium of 0.83%, expected volatility of 61.44%, dividend yield of 0%, and share price of C$7.15. \n \n \n 38 Financial risk management continued \n \n The reconciliation of the warrants issued in Tiernan in connection with the Treasury Offering and the Secondary Offering (note 4(a)) is as follow: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Derivative \ufb01nancial liabilities
US$000
Balance at 1 January 2025 \u2013
Warrants issued due to the Treasury Offering and Secondary Offering 4,542
Fair value adjustment 7,365
Foreign exchange effect 13
Balance at 31 December 2025 11,920
\n The sensitivity of the value of the warrants is as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
US$000
Annual volatility (increase by 5%) 681
Annual volatility (decrease by 5%) (724)
Share price (increase by 5%) 1,107
Share price (decrease by 5%) (1,107)
\n Impact of hedging on equity Set out below is the reconciliation of each component of equity and the analysis of other comprehensive income: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Gold hedges
US$000
Balance at 1 January 2024 (11,546)
Reclassi\ufb01cation adjustments for items included in the income statement on realisation:
Transfer to sales (revenue) 27,903
Revaluation arising on the year (113,463)
Movement in deferred tax 28,473
Balance at 31 December 2024 (68,633)
Reclassi\ufb01cation adjustments for items included in the income statement on realisation:
Transfer to sales (revenue) 86,048
Revaluation arising on the year (262,908)
Loss on discontinuation of hedge relationship 1 26,427
Movement in deferred tax 51,749
Balance at 31 December 2025 (167,317)
\n 1 In August 2025, the Group renegotiated the gold forward hedge agreement resulting in the extension of 20,813 ounces from August to December 2025 to the \ufb01rst semester of 2028. At the date of the roll-forward, the fair value of these instruments amounted to a liability of US$26,427,000. In accordance with IFRS 9, the accumulated loss recognised in the cash \ufb02ow hedge reserve within equity, was reclassi\ufb01ed to the income statement following the discontinuation of the original hedge relationship and the realisation of the hedged item. Given the non-recurring and non-cash nature of this hedge accounting reclassi\ufb01cation to the income statement, and the fact that the cash settlement will occur in 2028 once the instruments mature, the resulting charge has been presented as an exceptional item within revenue. \n \n \n \n (f) Liquidity risk Liquidity risk arises from the Group\u2019s inability to obtain the funds it requires to comply with its commitments, including the inability to sell a \ufb01nancial asset quickly enough and at a price close to its fair value. Management constantly monitors the Group\u2019s level of short- and medium-term liquidity, and their access to credit lines, in order to ensure appropriate \ufb01nancing is available for its operations. The table below categorises the undiscounted cash \ufb02ows of Group\u2019s \ufb01nancial liabilities into relevant maturity groupings based on the remaining period as at the statement of \ufb01nancial position to the contractual maturity date. Interest cash \ufb02ows have been calculated using the spot rate at year end. \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Less than 1 year Between 1 and 2 years Between 2 and 5 years Over 5 years Total
US$000 US$000 US$000 US$000 US$000
At 31 December 2025
Trade and other payables 199,826 15,016 20,000 \u2013 234,842
Derivative \ufb01nancial liabilities 112,863 115,638 51,437 \u2013 279,938
Borrowings 127,353 114,767 126,684 \u2013 368,804
Total 440,042 245,421 198,121 \u2013 883,584
At 31 December 2024
Trade and other payables 189,608 17,043 5,000 \u2013 211,651
Derivative \ufb01nancial liabilities 40,276 29,155 32,188 \u2013 101,619
Borrowings 163,558 75,865 103,307 \u2013 342,730
Total 393,442 122,063 140,495 \u2013 656,000
\n \n \n (g) Interest rate risk The Group has \ufb01nancial assets and liabilities which are exposed to interest rate risk. Changes in interest rates primarily impact loans and borrowings by changing either their fair value (\ufb01xed rate debt) or their future cash \ufb02ows (variable rate debt). The Group does not have a formal policy of determining how much of its exposure should be at \ufb01xed or at variable rates. However, at the time of taking new loans or borrowings, management applies its judgement to decide whether it believes that a \ufb01xed or variable rate borrowing would be more favourable to the Group over the expected period until maturity. \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
As at 31 December 2025
Less than 1 year Between 1 and 2 years Between 2 and 5 years Over 5 years Total
US$000 US$000 US$000 US$000 US$000
FIXED RATE
Assets 221,717 1 \u2013 \u2013 \u2013 221,717
Liabilities (90,000) (5,000) \u2013 \u2013 (95,000)
FLOATING RATE
Liabilities (20,000) (100,000) (120,000) \u2013 (240,000)
\n 1 The increase is explained due to higher time deposits held in Minera Santa Cruz and Compa\u00f1ia Minera Ares (note 23). \n \n \n 38 Financial risk management continued \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
As at 31 December 2024
Less than 1 year Between 1 and 2 years Between 2 and 5 years Over 5 years Total
US$000 US$000 US$000 US$000 US$000
FIXED RATE
Assets 2,122 \u2013 \u2013 \u2013 2,122
Liabilities (81,486) \u2013 \u2013 \u2013 (81,486)
FLOATING RATE
Liabilities (66,667) (66,667) (96,666) \u2013 (230,000)
\n Interest on \ufb01nancial instruments classi\ufb01ed as \ufb02oating rate is re-priced at intervals of less than one year. Interest on \ufb01nancial instruments classi\ufb01ed as \ufb01xed rate is \ufb01xed until the maturity of the instrument. The other \ufb01nancial instruments of the Group that are not included in the above tables are non-interest bearing and are therefore not subject to interest rate risk. The sensitivity to a reasonable movement in the interest rate, with all other variables held constant, of the \ufb01nancial instruments with a \ufb02oating rate, determined as a +/-200bps change in interest rates has a - /+US$4,700,000 effect on pro\ufb01t before tax (2024: -/+US$5,660,000). The Group is exposed to \ufb02uctuations in market interest rates. This assumes that the amount remains unchanged from that in place at 31 December 2025 and 2024 and that the change in interest rates is effective from the beginning of the year. In reality, the \ufb02oating rate will \ufb02uctuate over the year and interest rates will change accordingly. \n \n \n (h) Capital risk management The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders, bene\ufb01ts for other stakeholders, and to maintain an optimal capital structure to reduce the cost of capital. Management considers as part of its capital, the \ufb01nancial sources of funding from shareholders and third parties (notes 27 and 29). In 2025 the Group received proceeds from borrowings of US$410,000,000 (2024: US$311,607,000) whilst US$386,486,000 (2024: US$340,991,000) was repaid. In 2024 the Group closed a US$300,000,000 medium- term committed debt facility with Scotiabank and BBVA and used US$90,000,000 in 2025. Management also retains the right to fund operations (fully owned and with joint venture partners) with a mix of equity and joint venture partners\u2019 debt. \n \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260409072429830": { "value": "\n (a) Commodity price risk Silver and gold prices have a material impact on the Group\u2019s results of operations. Prices are signi\ufb01cantly affected by changes in global economic conditions and related industry cycles. Generally, producers of silver and gold are unable to in\ufb02uence prices directly; therefore, the Group\u2019s pro\ufb01tability is ensured through the control of its cost base and the ef\ufb01ciency of its operations. Management continuously monitors silver and gold prices and reserves the right to take the necessary action, such as entering into hedging agreements, where appropriate and within Board approved parameters, to mitigate the impact of this risk. \n \n \n Derivative \ufb01nancial assets \u2013 Gold forwards and zero cost collars On 12 April 2023, the Group signed agreements to hedge the sale of 27,600 ounces of gold at US$2,100 per ounce for 2024. On 19 June 2023, the Group signed agreements to hedge the sale of 150,000 ounces of gold (50,000 ounces per year) at US$2,117.05, US$2,166.65 and US$2,205.50 per ounce in 2025, 2026 and 2027 respectively. On 14 December 2023, the Group signed a gold collar agreement of 99,999.96 ounces of gold at strike put of US$2,000 and strike call of US$2,252 per ounce for 2024. On 14 February 2024, the Group signed a gold collar agreement of 60,000 ounces of gold at strike put of US$2,000 and strike call of US$2,485 per ounce for 2025. On 6 August 2025 the Group renegotiated the gold forward hedge agreement to roll forward 20,813 ounces from August to December 2025 to the \ufb01rst semester of 2028, at a gold price of US$2,150 per ounce (US$2,117 per ounce in the original agreement). No cash \ufb02ows resulted from the renegotiation of the agreements. The forwards and zero cost collars are being used to hedge exposure to changes in cash \ufb02ows from gold commodity prices. There is an economic relationship between the hedged item and the hedging instruments due to a common underlying. In accordance with IFRS 9, the derivative instruments are categorised as cash \ufb02ow hedges at the inception of the hedging relationship and, on an ongoing basis, the Group assesses whether a hedging relationship meets the hedge effectiveness requirements. The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the silver and gold forwards and zero cost collars is identical to the hedged risk components. To test the hedge effectiveness, the Group uses the hypothetical derivative method and compares the changes in the fair value of the gold and silver forwards against the changes in fair value of the hedged item attributable to the hedged risk. That said, it is observed that the effectiveness tests comply with the requirements of IFRS 9 and that the hedging strategy is highly effective. The fair values of the gold and silver forwards and zero cost collars were calculated using a discounted cash \ufb02ow model applying a combination of level 1 (USD quoted market commodity prices) and Level 2 inputs. The models used to value the commodity forward contracts are standard models that calculate the present value of the \ufb01xed-legs (the \ufb01xed gold and silver leg) and compare them with the present value of the expected cash \ufb02ows of the \ufb02owing legs (the London metal exchange (LME) gold and silver \ufb01xing). In the case of the commodity forward contracts, the models use the LME AU and AG forward curve and the SOFR swap curve for discounting. This approach results in the fair value measurement categorised in its entirety as Level 2 in the fair value hierarchy. The fair values of the gold forwards as at 31 December 2025 and 31 December 2024 are as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
As at 31 December 2025 As at 31 December 2024
US$000 US$000
Current liabilities (111,567) (40,276)
Non-current liabilities (165,157) (61,343)
(276,724) (101,619)
\n \n \n \n The effect recorded is as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December 2025 Year ended 31 December 2024
US$000 US$000
Income statement \u2013 revenue
- Loss on realised hedges (86,048) (27,903)
- Loss on discontinuation of hedge relationship 1 (26,427) \u2013
Income statement \u2013 \ufb01nance income 1,817 866
Equity \u2013 Cash \ufb02ow hedges reserve
- Unrealised loss on hedges 176,860 85,560
- Loss on discontinuation of hedge relationship 1 (26,427) \u2013
\n 1 In August 2025, the Group renegotiated the gold forward hedge agreement resulting in the extension of 20,813 ounces from August to December 2025 to the \ufb01rst semester of 2028. At the date of the roll-forward, the fair value of these instruments amounted to a liability of US$26,427,000. In accordance with IFRS 9, the accumulated loss recognised in the cash \ufb02ow hedge reserve within equity, was reclassi\ufb01ed to the income statement following the discontinuation of the original hedge relationship and the realisation of the hedged item. Given the non-recurring and non-cash nature of this hedge accounting reclassi\ufb01cation to the income statement, and the fact that the cash settlement will occur in 2028 once the instruments mature, the resulting charge has been presented as an exceptional item within revenue. The sensitivity of the fair value of the current hedges outstanding at 31 December 2025 to a reasonable movement in gold prices, with all other variables held constant, determined as a +/-10% change in gold prices -/+ US$50,627,000 effect on OCI. The Group has price adjustments arising from the sale of concentrate and dore which were provisionally priced at the time the sale was recorded (refer to note 5). The sensitivity of the fair value to an immediate 10% favourable or adverse change in the price of gold and silver (assuming all other variables remain constant), is as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Increase/ decrease in price of Effect on pro\ufb01t before tax
ounces of: US$000
2025 Gold +/-10% +/-2,243
Silver+/-10% +/-3,310
2024 Gold +/-10% +/-530
Silver+/-10% +/-302
\n (b) Foreign currency risk The Group produces silver and gold which are typically priced in US$ dollars. A proportion of the Group\u2019s costs are incurred in Peruvian nuevos soles, Argentinian pesos, Brazilian reais, sterling pounds, Canadian dollars, Chilean pesos, and Mexican pesos. Accordingly, the Group\u2019s \ufb01nancial results may be affected by exchange rate \ufb02uctuations between the US dollar and the local currency. The long-term relationship between commodity prices and currencies in the countries in which the Group operates provides a certain degree of natural protection. The Group does not use derivative instruments to manage its foreign currency risks. \n \n The following table demonstrates the sensitivity of \ufb01nancial assets and liabilities, at the reporting date, denominated in their respective currencies, to a reasonably possible change in the US$ dollar exchange rate, with all other variables held constant, of the Group\u2019s pro\ufb01t before tax and the Group\u2019s equity. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Increase/ decrease in US$/other currencies\u2019 Effect on pro\ufb01t before tax Effect on OCI
Year rate US$000 US$000
2025
Argentinian pesos +/-10% -/+10,135 \u2013
Mexican pesos +/-10% +/-78 \u2013
Peruvian nuevos soles +/-10% -/+14,703 \u2013
Reais +/-10% -/+1,056 \u2013
Pounds sterling +/-10% -/+104 \u2013
Canadian dollars +/-10% +/-656 \u2013
Chilean pesos +/-10% +/-604 \u2013
2024
Argentinian pesos +/-10% -/+7,140 \u2013
Mexican pesos +/-10% +/-47 \u2013
Peruvian nuevos soles +/-10% -/+26,497 \u2013
Reais +/-10% -/+10,035 \u2013
Pounds sterling +/-10% -/+94 \u2013
Canadian dollars +/-10% -/+518 +/-26
Chilean pesos +/-10% +/-862 \u2013
\n \n (g) Interest rate risk The Group has \ufb01nancial assets and liabilities which are exposed to interest rate risk. Changes in interest rates primarily impact loans and borrowings by changing either their fair value (\ufb01xed rate debt) or their future cash \ufb02ows (variable rate debt). The Group does not have a formal policy of determining how much of its exposure should be at \ufb01xed or at variable rates. However, at the time of taking new loans or borrowings, management applies its judgement to decide whether it believes that a \ufb01xed or variable rate borrowing would be more favourable to the Group over the expected period until maturity. \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
As at 31 December 2025
Less than 1 year Between 1 and 2 years Between 2 and 5 years Over 5 years Total
US$000 US$000 US$000 US$000 US$000
FIXED RATE
Assets 221,717 1 \u2013 \u2013 \u2013 221,717
Liabilities (90,000) (5,000) \u2013 \u2013 (95,000)
FLOATING RATE
Liabilities (20,000) (100,000) (120,000) \u2013 (240,000)
\n 1 The increase is explained due to higher time deposits held in Minera Santa Cruz and Compa\u00f1ia Minera Ares (note 23). \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
As at 31 December 2024
Less than 1 year Between 1 and 2 years Between 2 and 5 years Over 5 years Total
US$000 US$000 US$000 US$000 US$000
FIXED RATE
Assets 2,122 \u2013 \u2013 \u2013 2,122
Liabilities (81,486) \u2013 \u2013 \u2013 (81,486)
FLOATING RATE
Liabilities (66,667) (66,667) (96,666) \u2013 (230,000)
\n Interest on \ufb01nancial instruments classi\ufb01ed as \ufb02oating rate is re-priced at intervals of less than one year. Interest on \ufb01nancial instruments classi\ufb01ed as \ufb01xed rate is \ufb01xed until the maturity of the instrument. The other \ufb01nancial instruments of the Group that are not included in the above tables are non-interest bearing and are therefore not subject to interest rate risk. The sensitivity to a reasonable movement in the interest rate, with all other variables held constant, of the \ufb01nancial instruments with a \ufb02oating rate, determined as a +/-200bps change in interest rates has a - /+US$4,700,000 effect on pro\ufb01t before tax (2024: -/+US$5,660,000). The Group is exposed to \ufb02uctuations in market interest rates. This assumes that the amount remains unchanged from that in place at 31 December 2025 and 2024 and that the change in interest rates is effective from the beginning of the year. In reality, the \ufb02oating rate will \ufb02uctuate over the year and interest rates will change accordingly. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260409073955656": { "value": "\n Derivative \ufb01nancial assets \u2013 Gold forwards and zero cost collars On 12 April 2023, the Group signed agreements to hedge the sale of 27,600 ounces of gold at US$2,100 per ounce for 2024. On 19 June 2023, the Group signed agreements to hedge the sale of 150,000 ounces of gold (50,000 ounces per year) at US$2,117.05, US$2,166.65 and US$2,205.50 per ounce in 2025, 2026 and 2027 respectively. On 14 December 2023, the Group signed a gold collar agreement of 99,999.96 ounces of gold at strike put of US$2,000 and strike call of US$2,252 per ounce for 2024. On 14 February 2024, the Group signed a gold collar agreement of 60,000 ounces of gold at strike put of US$2,000 and strike call of US$2,485 per ounce for 2025. On 6 August 2025 the Group renegotiated the gold forward hedge agreement to roll forward 20,813 ounces from August to December 2025 to the \ufb01rst semester of 2028, at a gold price of US$2,150 per ounce (US$2,117 per ounce in the original agreement). No cash \ufb02ows resulted from the renegotiation of the agreements. The forwards and zero cost collars are being used to hedge exposure to changes in cash \ufb02ows from gold commodity prices. There is an economic relationship between the hedged item and the hedging instruments due to a common underlying. In accordance with IFRS 9, the derivative instruments are categorised as cash \ufb02ow hedges at the inception of the hedging relationship and, on an ongoing basis, the Group assesses whether a hedging relationship meets the hedge effectiveness requirements. The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the silver and gold forwards and zero cost collars is identical to the hedged risk components. To test the hedge effectiveness, the Group uses the hypothetical derivative method and compares the changes in the fair value of the gold and silver forwards against the changes in fair value of the hedged item attributable to the hedged risk. That said, it is observed that the effectiveness tests comply with the requirements of IFRS 9 and that the hedging strategy is highly effective. The fair values of the gold and silver forwards and zero cost collars were calculated using a discounted cash \ufb02ow model applying a combination of level 1 (USD quoted market commodity prices) and Level 2 inputs. The models used to value the commodity forward contracts are standard models that calculate the present value of the \ufb01xed-legs (the \ufb01xed gold and silver leg) and compare them with the present value of the expected cash \ufb02ows of the \ufb02owing legs (the London metal exchange (LME) gold and silver \ufb01xing). In the case of the commodity forward contracts, the models use the LME AU and AG forward curve and the SOFR swap curve for discounting. This approach results in the fair value measurement categorised in its entirety as Level 2 in the fair value hierarchy. The fair values of the gold forwards as at 31 December 2025 and 31 December 2024 are as follows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
As at 31 December 2025 As at 31 December 2024
US$000 US$000
Current liabilities (111,567) (40,276)
Non-current liabilities (165,157) (61,343)
(276,724) (101,619)
\n \n The effect recorded is as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December 2025 Year ended 31 December 2024
US$000 US$000
Income statement \u2013 revenue
- Loss on realised hedges (86,048) (27,903)
- Loss on discontinuation of hedge relationship 1 (26,427) \u2013
Income statement \u2013 \ufb01nance income 1,817 866
Equity \u2013 Cash \ufb02ow hedges reserve
- Unrealised loss on hedges 176,860 85,560
- Loss on discontinuation of hedge relationship 1 (26,427) \u2013
\n 1 In August 2025, the Group renegotiated the gold forward hedge agreement resulting in the extension of 20,813 ounces from August to December 2025 to the \ufb01rst semester of 2028. At the date of the roll-forward, the fair value of these instruments amounted to a liability of US$26,427,000. In accordance with IFRS 9, the accumulated loss recognised in the cash \ufb02ow hedge reserve within equity, was reclassi\ufb01ed to the income statement following the discontinuation of the original hedge relationship and the realisation of the hedged item. Given the non-recurring and non-cash nature of this hedge accounting reclassi\ufb01cation to the income statement, and the fact that the cash settlement will occur in 2028 once the instruments mature, the resulting charge has been presented as an exceptional item within revenue. The sensitivity of the fair value of the current hedges outstanding at 31 December 2025 to a reasonable movement in gold prices, with all other variables held constant, determined as a +/-10% change in gold prices -/+ US$50,627,000 effect on OCI. The Group has price adjustments arising from the sale of concentrate and dore which were provisionally priced at the time the sale was recorded (refer to note 5). The sensitivity of the fair value to an immediate 10% favourable or adverse change in the price of gold and silver (assuming all other variables remain constant), is as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Increase/ decrease in price of Effect on pro\ufb01t before tax
ounces of: US$000
2025 Gold +/-10% +/-2,243
Silver+/-10% +/-3,310
2024 Gold +/-10% +/-530
Silver+/-10% +/-302
\n \n Derivative \ufb01nancial liabilities \u2013 Warrants and Railtown\u2019s legacy options and warrants \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
As at 31 December 2025 As at 31 December 2024
US$000 US$000
Non-current liabilities \u2013 Warrants (note 4(a)) (11,920) \u2013
Non- current liabilities \u2013 Railtown\u2019s legacy options and warrants (note 4(a) (1,145) \u2013
(13,065) \u2013
\n The effect recorded is as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Year ended 31 December 2025 Year ended 31 December 2024
US$000 US$000
Income statement \u2013 \ufb01nance cost 1 (7,831) \u2013
\n 1 Represents the loss arising from changes in the fair value of warrants classi\ufb01ed as derivative \ufb01nancial liabilities of US$7,365,000 (note 4) and change in fair value of Railtown\u2019s legacy options and warrants of US$466,000. The fair value of the warrants as at 31 December 2025 was determined using the Black-Scholes option pricing model, based on the following key assumptions: exercise price of C$6.50, expiry date of 16 December 2027, risk-free interest rate of 2.58%, country risk premium of 0.83%, expected volatility of 61.44%, dividend yield of 0%, and share price of C$7.15. \n \n The reconciliation of the warrants issued in Tiernan in connection with the Treasury Offering and the Secondary Offering (note 4(a)) is as follow: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Derivative \ufb01nancial liabilities
US$000
Balance at 1 January 2025 \u2013
Warrants issued due to the Treasury Offering and Secondary Offering 4,542
Fair value adjustment 7,365
Foreign exchange effect 13
Balance at 31 December 2025 11,920
\n The sensitivity of the value of the warrants is as follows: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
US$000
Annual volatility (increase by 5%) 681
Annual volatility (decrease by 5%) (724)
Share price (increase by 5%) 1,107
Share price (decrease by 5%) (1,107)
\n Impact of hedging on equity Set out below is the reconciliation of each component of equity and the analysis of other comprehensive income: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Gold hedges
US$000
Balance at 1 January 2024 (11,546)
Reclassi\ufb01cation adjustments for items included in the income statement on realisation:
Transfer to sales (revenue) 27,903
Revaluation arising on the year (113,463)
Movement in deferred tax 28,473
Balance at 31 December 2024 (68,633)
Reclassi\ufb01cation adjustments for items included in the income statement on realisation:
Transfer to sales (revenue) 86,048
Revaluation arising on the year (262,908)
Loss on discontinuation of hedge relationship 1 26,427
Movement in deferred tax 51,749
Balance at 31 December 2025 (167,317)
\n 1 In August 2025, the Group renegotiated the gold forward hedge agreement resulting in the extension of 20,813 ounces from August to December 2025 to the \ufb01rst semester of 2028. At the date of the roll-forward, the fair value of these instruments amounted to a liability of US$26,427,000. In accordance with IFRS 9, the accumulated loss recognised in the cash \ufb02ow hedge reserve within equity, was reclassi\ufb01ed to the income statement following the discontinuation of the original hedge relationship and the realisation of the hedged item. Given the non-recurring and non-cash nature of this hedge accounting reclassi\ufb01cation to the income statement, and the fact that the cash settlement will occur in 2028 once the instruments mature, the resulting charge has been presented as an exceptional item within revenue. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408125246511": { "value": "\n (c) Credit risk Credit risk arises from debtors\u2019 inability to make payment of their obligations to the Group as they become due (without taking into account the fair value of any guarantee or pledged assets). The Group is primarily exposed to credit risk as a result of commercial activities and non-compliance, by counterparties, in transactions in cash which are primarily limited to cash balances deposited in banks and accounts receivable at the statement of \ufb01nancial position date. Counterparty credit exposure based on commercial activities, including trade and other receivables, embedded derivatives, hedge instruments and cash balances in banks as at 31 December 2025 and 31 December 2024: \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
As at 31 December 2025 % collected as at 10 March 2026 As at 31 December 2024 % collected as at 11 March 2025
Summary commercial partners US$000 US$000 US$000 US$000
Trade receivables 81,373 61% 37,238 66%
\n \n Other receivables include advances to suppliers and receivables from contractors for the sale of supplies. There is limited credit risk on these amounts as the Group can withhold the balances that it owes the suppliers or contractors for their services. \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
As at 31 December 2025 As at 31 December 2024
Cash and cash equivalents \u2013 Credit/rating 1 US$000 US$000
A+ 36,089 \u2013
A 251,723 343
AAA 4,658 \u2013
A- \u2013 19,177
AA- 17,187 \u2013
BBB+ \u2013 71,810
BBB- 2,490 \u2013
Not available 4,807 5,643
Total 316,954 96,973
\n 1 Represents the long-term credit rating as at 3 January 2026 (2023: 3 January 2025). As at 31 December 2025, the credit rating of the counterparties of the gold hedges is A+ (2024: A- and BBB+). To manage the credit risk associated with commercial activities, the Group took the following steps: \u2013 Active use of prepayment/advance clauses in sales contracts \u2013 Delaying delivery of title and/or requiring advance payments to reduce exposure timeframe (potential delay in sales recognition) \u2013 Maintaining as diversi\ufb01ed a portfolio of clients as possible To manage credit risk associated with cash balances deposited in banks, the Group took the following steps: \u2013 Increasing banking relationships with large, established and well-capitalised institutions in order to secure access to credit and to diversify credit risk \u2013 Limiting exposure to \ufb01nancial counterparties according to Board approved limits \u2013 Investing cash in short-term, highly liquid and low-risk instruments (term deposits mainly) \u2013 Increase the utilisation of UK bank accounts Receivable balances are monitored on an ongoing basis and the result of the Group\u2019s exposure to bad debts is recognised in the consolidated income statement. The maximum exposure is the carrying amount as disclosed in notes 21, 23 and 38(e). The Group\u2019s risk assessment procedures includes customer analysis and reviewing \ufb01nancial counterparties. For further details refer to the Commentary section of the Commercial Counterparty risk in the Risk management and Viability Statement. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260408123225771": { "value": "\n (f) Liquidity risk Liquidity risk arises from the Group\u2019s inability to obtain the funds it requires to comply with its commitments, including the inability to sell a \ufb01nancial asset quickly enough and at a price close to its fair value. Management constantly monitors the Group\u2019s level of short- and medium-term liquidity, and their access to credit lines, in order to ensure appropriate \ufb01nancing is available for its operations. The table below categorises the undiscounted cash \ufb02ows of Group\u2019s \ufb01nancial liabilities into relevant maturity groupings based on the remaining period as at the statement of \ufb01nancial position to the contractual maturity date. Interest cash \ufb02ows have been calculated using the spot rate at year end. \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
Less than 1 year Between 1 and 2 years Between 2 and 5 years Over 5 years Total
US$000 US$000 US$000 US$000 US$000
At 31 December 2025
Trade and other payables 199,826 15,016 20,000 \u2013 234,842
Derivative \ufb01nancial liabilities 112,863 115,638 51,437 \u2013 279,938
Borrowings 127,353 114,767 126,684 \u2013 368,804
Total 440,042 245,421 198,121 \u2013 883,584
At 31 December 2024
Trade and other payables 189,608 17,043 5,000 \u2013 211,651
Derivative \ufb01nancial liabilities 40,276 29,155 32,188 \u2013 101,619
Borrowings 163,558 75,865 103,307 \u2013 342,730
Total 393,442 122,063 140,495 \u2013 656,000
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Fxbrl_20260409074351162": { "value": "\n (h) Capital risk management The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders, bene\ufb01ts for other stakeholders, and to maintain an optimal capital structure to reduce the cost of capital. Management considers as part of its capital, the \ufb01nancial sources of funding from shareholders and third parties (notes 27 and 29). In 2025 the Group received proceeds from borrowings of US$410,000,000 (2024: US$311,607,000) whilst US$386,486,000 (2024: US$340,991,000) was repaid. In 2024 the Group closed a US$300,000,000 medium- term committed debt facility with Scotiabank and BBVA and used US$90,000,000 in 2025. Management also retains the right to fund operations (fully owned and with joint venture partners) with a mix of equity and joint venture partners\u2019 debt. \n ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300JK10TVQ3CCJQ89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "FN20260409000145163": { "value": "Foreign exchange effect generated in the Group\u2019s companies when the functional currency is the local currency, mainly generated by Foreign exchange effect generated in the Group\u2019s companies when the functional currency is the local currency, mainly generated by the decrease (2024: increase) of the US$ exchange rate in Brazil. the decrease (2024: increase) of the US$ exchange rate in Brazil. ", "dimensions": { "concept": "xbrl:note", "noteId": "FN20260409000145163", "language": "en" } }, "FN20260409000253533": { "value": "Taxes paid have been offset with value added tax (VAT) credits received of US$30,632,000 (2024: US$6,732,000).", "dimensions": { "concept": "xbrl:note", "noteId": "FN20260409000253533", "language": "en" } } } }