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"ConsolidatedStatementsOfCashFlows_Label_00135": { "value": "11160000.0", "decimals": -3, "dimensions": { "concept": "lug:ProceedsFromExerciseOfAntiDilutionRights", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlows_Label_00136": { "value": "13142000.0", "decimals": -3, "dimensions": { "concept": "lug:ProceedsFromExerciseOfAntiDilutionRights", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlows_NegatedLabel_00239": { "value": "663798000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlows_NegatedLabel_00240": { "value": "143846000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlows_TotalLabel_00241": { "value": "-644863000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlows_TotalLabel_00242": { "value": "-487489000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlows_NegatedLabel_00147": { "value": "85977000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlows_NegatedLabel_00148": { "value": "82398000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlows_NegatedLabel_00154": { "value": "11253000.0", "decimals": -3, "dimensions": { "concept": "lug:VatPaidOnInvestingActivities", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlows_NegatedLabel_00153": { "value": "11106000.0", "decimals": -3, "dimensions": { "concept": "lug:VatPaidOnInvestingActivities", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlows_TotalLabel_00199": { "value": "-97230000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlows_TotalLabel_00200": { "value": "-93504000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlows_Label_00159": { "value": "45000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlows_Label_00160": { "value": "-222000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlows_TotalLabel_00161": { "value": "280981000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlows_TotalLabel_00162": { "value": "81175000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlows_PeriodStartLabel_00164": { "value": "349200000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlows_PeriodStartLabel_00163": { "value": "268025000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlows_PeriodEndLabel_00165": { "value": "630181000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300ZOV16K515FC525", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlows_PeriodEndLabel_00166": { "value": "349200000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00201": { "value": "LUNDIN GOLD INC.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00207": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00210": { "value": "1. NATURE OF OPERATIONS
Lundin Gold Inc. together with its subsidiaries (collectively referred to as \u201cLundin Gold\u201d or the \u201cCompany\u201d) is focused on its
Fruta del Norte gold operation and developing its portfolio of mineral concessions in Ecuador.
The common shares of the Company are listed for trading on the Toronto Stock Exchange (the \u201cTSX\u201d) and Nasdaq Stockholm
under the symbol \u201cLUG\u201d and the OTCQX Best Market under the symbol \u201cLUGDF\u201d. The Company was originally incorporated
in British Columbia and continued under the Canada Business Corporations Act in 2002.
The Company\u2019s head office is located at Suite 2800, 1055 Dunsmuir Street, Vancouver, BC, and it has an office in Quito,
Ecuador.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00204": { "value": "Lundin Gold Inc.", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00209": { "value": "Inc.", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00206": { "value": "focused on its Fruta del Norte gold operation and developing its portfolio of mineral concessions", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00202": { "value": "Ecuador", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00205": { "value": "Canada", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00208": { "value": "Canada", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00203": { "value": "Suite 2800, 1055 Dunsmuir Street, Vancouver, BC", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00211": { "value": "2. BASIS OF PREPARATION
These consolidated financial statements, including comparatives, have been prepared in accordance with International
Financial Reporting Standards as issued by the International Accounting Standards Board (\u201cIFRS Accounting Standards\u201d).
The principal accounting policies applied in the preparation of these consolidated financial statements are set out below
and have been consistently applied to all the periods presented.
These consolidated financial statements were approved for issue by the Board of Directors on February 19, 2026.
The following entities are included in these consolidated financial statements:
\u00a0 \u00a0
Ordinary shares held
\u00a0
Country of
December 31,
December 31,
\u00a0
incorporation
2025
2024
Aurelian Resources Inc.
Canada
100%
100%
Aurelian Resources Corporation Ltd.
Canada
100%
100%
Aurelian Exploration Inc.
Canada
100%
100%
Condor Finance Corp.
Canada
100%
100%
Aurelian Ecuador S.A.
Ecuador
100%
100%
AurelianEcuador Holding S.A.
Ecuador
100%
100%
Ecoaurelian Agricola S.A.
Ecuador
100%
100%
Aurelianmenor S.A.
Ecuador
100%
100%
Surnorte S.A.
Ecuador
100%
100%
SurNorte Ventures Pte. Ltd.
Singapore
100%
100%
SurNorte Holdings I Pte. Ltd.
Singapore
100%
100%
\n
The proportion of the voting rights held directly by the parent company does not differ from the proportion of ordinary
shares held.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00212": { "value": "These consolidated financial statements, including comparatives, have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (\u201cIFRS Accounting Standards\u201d). ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00213": { "value": "3. SUMMARY OF MATERIAL ACCOUNTING POLICIES
The Company\u2019s material accounting policies are outlined below:
(a)
Basis of consolidation
These consolidated financial statements incorporate the financial statements of the Company and the entities
controlled by the Company. Control exists when the Company 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. The
financial information of subsidiaries is included in the consolidated financial statements from the date that control
commences until the date that control ceases. All significant intercompany transactions and balances have been
eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the
policies adopted by the Company.
(b)
Foreign currency translation
The presentation currency of these consolidated financial statements is U.S. dollars. The functional currency of the
Company\u2019s significant subsidiary, Aurelian Ecuador S.A., and certain entities is U.S. dollars. Effective January 1, 2025,
the functional currency of other entities with a functional currency different from the presentation currency was
changed from Canadian dollars (\u201cCAD\u201d) to U.S. dollars in order to reflect its financing structure.
Transactions and balances
In preparing the financial statements of the individual entities, transactions in currencies other than the entity\u2019s
functional currency (foreign currencies) are recorded at the rates of exchange prevailing at the dates of the transactions.
At each statement of financial position date, monetary assets and liabilities are translated using the period end foreign
exchange rate. Non-monetary assets and liabilities are translated using the historical rate on the date of the transaction.
All gains and losses on translation of these foreign currency transactions are included in the statement of income.
(c)
Critical accounting estimates and judgments
The preparation of consolidated financial statements requires management to make judgments, estimates and
assumptions that affect the application of policies and reported amounts of assets and liabilities, and expenses. The
estimates and associated assumptions are based on historical experience and various other factors that are believed to
be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying
values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these
estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the
revision and further periods if the review affects both current and future periods.
Significant assumptions about the future and other sources of estimation uncertainty that management has made
at the end of the reporting period that have a significant risk of resulting in a material adjustment to the carrying
amounts of assets and liabilities in the event that the actual results differ from assumptions made, relate to, but are
not limited to, the following:
Mineral reserves and resources
\u2013 The Company estimates its mineral reserves and resources based on information
compiled and reviewed by qualified persons as defined in accordance with NI 43-101 requirements. The estimation
of mineral reserves and resources requires judgment to interpret geological data and metallurgical testing, design
of appropriate mining methods, recovery methods and establishment of a life of mine production schedule. The
estimation of recoverable reserves is also based on assumptions such as capital costs, operating costs and metal
pricing. New geological data or changes in the above assumptions may change the economic viability of reserves and
may, ultimately, result in the reserves being revised. Changes in the reserve or resource estimates may impact the
valuation of property, plant and equipment and mineral properties, the depletion and depreciation of property, plant
and equipment and mineral properties, utilization of tax losses and decommissioning and site restoration provisions.
Assessment of impairment indicators
\u2013 Management applies significant judgement in assessing whether indicators of
impairment exist for a cash generating unit which would necessitate impairment testing. Internal and external factors
such as significant changes in the use of the asset, commodity prices, foreign exchange rates, capital and production
forecasts, mineral reserve and resource quantities, and discount rates are used by management in determining
whether there are any indicators. As at December 31, 2025, management did not identify any impairment indicators
on the Company\u2019s mineral properties, property, plant, and equipment.
Deferred taxes
\u2013 Deferred tax provisions are calculated by the Company while the actual amounts of income tax expense
are not final until tax returns are filed and accepted by the relevant authorities. Judgment is required in assessing whether
deferred tax assets and certain deferred tax liabilities are recognized on the balance sheet, in interpreting applicable tax
laws, and what tax rate is expected to be applied in the year when the related temporary differences reverse. Deferred tax
liabilities arising from temporary differences are recognized unless the reversal of the temporary differences is not expected
to occur in the foreseeable future and can be controlled. Assumptions about the generation of future taxable profits and
repatriation of retained earnings depend on management\u2019s estimates of future production and sales volumes, gold prices,
reserves and resources, operating costs, decommissioning and restoration costs, capital expenditures, dividends and other
capital management transactions. These estimates and judgments are subject to risk and uncertainty and could result in an
adjustment to the deferred tax provision and a corresponding credit or charge to profit.
Decommissioning and site restoration provisions \u2013
The Company has obligations for site restoration and
decommissioning related to Fruta del Norte. The future obligations for decommissioning and site restoration activities
are estimated by the Company using mine closure plans or other similar studies which outline the requirements that
will be carried out to meet the obligations. The provision for decommissioning and site restoration is remeasured at the
end of each reporting period for changes in estimates or circumstances. Changes in estimates or circumstances include
changes in legal or regulatory requirements, increased obligations arising from additional mining and exploration
activities, changes to cost estimates, and changes to inflation and discount rates.
(d)
Financial instruments
Financial assets and liabilities are recognized when the Company becomes a party to the contractual provisions of the
instrument.
Financial assets and liabilities are initially measured at fair value. Transaction costs that are directly attributable to
the acquisition or issue of financial assets and liabilities (other than financial assets and financial liabilities at fair
value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities,
as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or
financial liabilities measured at fair value through profit or loss are recognized immediately in the statement of income.
Financial assets
The Company classifies its financial assets according to the following measurement categories:
i.
Amortized cost
Assets that are held for collection of contractual cash flows where those cash flows represent solely payments
of principal and interest are measured at amortized cost.
ii.
Fair value through other comprehensive loss (\u201cFVOCI\u201d)
Assets that are held for both collection of contractual cash flows and future potential sale, where the assets\u2019
cash flows represent solely payments of principal and interest, are measured at fair value through other
comprehensive loss.
iii.
Fair value through profit or loss (\u201cFVPL\u201d)
Assets that do not meet the criteria for amortized cost or FVOCI are measured at fair value through profit or loss.
Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have
been transferred and the Company has transferred substantially all the risks and rewards of ownership.
Impairment of financial assets
The Company assesses the expected credit losses associated with its financial assets carried at amortized cost and
FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk.
Financial liabilities
The Company classifies its financial liabilities according to the following measurement categories:
i.
FVPL
Liabilities that are (i) held for trading or (ii) designated as FVPL, are measured at FVPL.
A financial liability is classified as held for trading if:
\u2022
It has been incurred principally for the purpose of repurchasing it in the near term; or
\u2022
On initial recognition it is part of a portfolio of identified financial instruments that the Company may
manage together and has a recent actual pattern of short-term profit-taking; or
\u2022
It is a derivative, except for a derivative that is a financial guarantee contract or a designated and
effective hedging instrument.
A financial liability that is not a financial liability held for trading may be designated as FVPL upon initial
recognition if:
\u2022
Such designation eliminates or significantly reduces a measurement or recognition inconsistency
that would otherwise arise; or
\u2022
The financial liability forms part of a group of financial assets or liabilities or both, which is managed
and its performance is evaluated on a fair value basis; or
\u2022
It forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the
entire combined contract to be designated as FVPL.
The amount of change in the fair value of the financial liability that is attributable to changes in the credit risk of
that liability is recognised in other comprehensive income. The remaining amount of change in the fair value of
liability is recognised in the statement of income. Changes in fair value attributable to a financial liability\u2019s credit
risk that are recognised in other comprehensive income are not subsequently reclassified to the statement of
income; instead, they are transferred to retained earnings upon derecognition of the financial liability.
ii.
Amortized cost
Liabilities not measured at FVPL are measured subsequently at amortized cost using the effective interest
method.
Financial liabilities are derecognized when, and only when, the Company\u2019s obligations are discharged, cancelled or
have expired.
(e)
Cash and cash equivalents
Cash and cash equivalents include cash on hand and deposits held with banks, which are readily convertible into
known amounts of cash or mature within 90 days from the original dates of acquisition. Cash is classified as a financial
asset that is subsequently measured at amortized cost.
(f)
Inventories
Ore stockpiles, in-circuit and finished metal inventory are valued at the lower of weighted average production cost and
net realizable value. Production costs include the cost of raw materials, direct labour, mine-site overhead expenses and
applicable depreciation and depletion of mineral properties, plant and equipment. Net realizable value is calculated as
the estimated price at the time of sale based on prevailing and long-term metal prices less estimated future production
costs to convert the inventories into saleable form and estimated costs to sell.
Ore stockpile inventory represents ore on the surface that has been extracted from the mine and is available for further
processing. In-circuit inventory represents material in the mill circuit that is in the process of being converted into a
saleable form. Finished metal inventory represents dor\u00e9 and concentrate located at the mine, in transit to and at port,
and dor\u00e9 at refineries.
Materials and supplies inventories are valued at the lower of weighted average cost and net realizable value with a provision
recorded for obsolete or slow-moving inventory. Replacement costs of materials and spare parts are generally used as
the best estimate of net realizable value.
Any write-downs of inventory to net realizable value are recorded within cost of sales in the statement of income. If
there is a subsequent increase in the value of inventory, the previous write-downs to net realizable value are reversed
up to cost to the extent that the related inventory has not been sold.
(g)
Property, plant and equipment
Property, plant and equipment are carried at cost less accumulated depreciation and impairment losses. The cost of an
asset consists of its purchase price, any directly attributable costs of bringing the asset to its present working condition
and location for its intended use and an initial estimate of the costs of dismantling and removing the item and restoring
the site on which it is located.
Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, only
when it is probable that future economic benefits associated with the item will flow to the Company and the cost of
the item can be measured reliably.
Depreciation of a majority of asset classes is calculated using the straight-line method to allocate its cost less its
residual value over its estimated useful life. Mine and plant facilities are depleted using a unit of production method
over the total recoverable reserves. The estimated useful lives of property, plant and equipment are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Buildings
20 years
Machinery and equipment
5 to 10 years
Vehicles
5 years
Furniture and office equipment
3 to 10 years
Mine and plant facilities
based on total recoverable reserves on a unit of production basis
Depreciation methods and estimated useful lives and residual values are reviewed annually and when facts and
circumstances require a re-estimate.
The Company reviews the estimated total recoverable reserves annually and when events and circumstances indicate
that such a review should be made. Changes to estimated total recoverable reserves are accounted for prospectively.
Expenditures on major maintenance or repairs, including the cost of the replacement of parts of assets and overhaul
costs or where an asset or part of an asset is replaced, is capitalized and the remaining carrying amount of the item
repaired, overhauled or replaced is derecognized when it is probable that future economic benefits associated with
the item will be available to the Company. All other costs are expensed as incurred.
An item of plant and equipment is derecognized upon disposal or when no future economic benefits are expected
to arise from the continued use of the asset. Any related gain or loss is determined as the difference between the
net disposal proceeds or residual value, as applicable, and the carrying amount of the asset, and is recognized in the
statement of income.
(h)
Exploration and evaluation (\u201cE&E\u201d) expenditures and mineral properties
Exploration and evaluation expenditures are those costs required to find a mineral property and determine commercial
viability. E&E costs include costs to establish an initial mineral resource and determine whether Inferred mineral
resources can be upgraded to Measured and Indicated mineral resources and whether Measured and Indicated
mineral resources can be converted to Proven and Probable reserves.
E&E costs consist of, but are not limited to:
\u2022
gathering exploration data through topographical and geological studies;
\u2022
exploratory drilling, trenching and sampling;
\u2022
determining the volume and grade of the resource;
\u2022
test work on geology, metallurgy, mining, geotechnical and environmental; and
\u2022
conducting engineering, marketing and financial studies.
Project costs in relation to these activities are expensed as incurred until such time that the project demonstrates
technical feasibility and commercial viability. Technical feasibility an commercial viability generally coincides with the
establishment of Proven and Probable mineral reserves. Upon demonstrating technical feasibility and commercial
viability, and subject to an impairment analysis, any such future costs, including costs incurred to increase Proven and
Probable reserves, are capitalized as development costs within mineral properties.
After initial recognition, mineral properties are valued at cost less accumulated depletion and any impairment losses. Costs
associated with acquiring a mineral property are capitalized as incurred. Upon commencement of commercial
production, mineral properties are depleted based on total recoverable reserves on a unit of production basis.
The Company reviews the estimated total recoverable reserves annually and when events and circumstances indicate
that such a review should be made. Changes to estimated total recoverable reserves are accounted for prospectively.
(i)
Impairment of non-financial assets
Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances
indicate that the carrying amount may not be recoverable. An impairment loss is recorded immediately if the asset\u2019s
carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less
costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for
which there are separately identifiable cash flows (cash-generating units).
Fair value is the price that would be received from selling an asset or cash generating unit in an orderly transaction
between market participants at the measurement date. Costs to sell are incremental costs directly attributable to the
disposal of an asset or cash generating unit. Fair value less costs to sell is measured by estimating future after tax cash
flows using estimated future prices, mineral reserves and resources and operating and capital costs. All inputs used are
those that an independent market participant would consider appropriate.
Valueinuseisdeterminedasthepresentvalueofthefuturecashflowsexpectedtobederivedfromcontinuinguseofanassetor
cash generating unit in its present form. These estimated future cash flows are discounted to their present value using a pre-tax
discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or cash
generating unit for which estimates of future cash flows have not been adjusted.
Non-financial assets that have been impaired in prior periods are reviewed for possible reversal of the impairment
at each reporting date. When identified, a reversal of an impairment loss is recognized in the statement of income
immediately.
(j)
Provisions
Asset retirement obligations
The Company recognizes a liability for an asset retirement obligation on long-lived assets when a present legal or constructive
obligation exists, as a result of past events, and the amount of the liability is reasonably determinable. Asset retirement
obligations are initially recognized and recorded as a liability based on estimated future cash flows discounted at a
risk-free rate. This is adjusted at each reporting period for changes to factors including the expected amount of cash
flows required to discharge the liability, the timing of such cash flows and the risk-free discount rate. Corresponding
amounts and adjustments are added to the carrying value of the related long-lived asset and depleted to operations
over the life of the related asset.
(k)
Current and deferred income tax
Tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive
income or directly in equity. In this case the tax is also recognized in other comprehensive income or directly in equity,
respectively.
i.
Current tax
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted on the
statement of financial position date in the countries where the Company\u2019s subsidiaries operate and generate
taxable income. Management periodically evaluates positions taken in tax returns with respect to situations
in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on
the basis of amounts expected to be paid to the tax authorities.
ii.
Deferred tax
Deferred income tax is recognized on temporary differences arising between the tax bases of assets and
liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income
tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a
business combination that at the time of the transaction affects neither accounting nor taxable profit or loss.
Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted
by the statement of financial position date and are expected to apply when the related deferred income tax
asset is realized or the deferred income tax liability is settled.
Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will
be available against which the temporary differences can be utilized.
Deferred income tax is provided on temporary differences arising on investments in subsidiaries, except
where the timing of the reversal of the temporary difference is controlled by the Company and it is probable
that the temporary difference will not reverse in the foreseeable future.
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 taxes assets and liabilities relate to
income taxes levied by the same taxation authority on either the taxable entity or different taxable entities
where there is an intention to settle the balances on a net basis.
(l)
Share capital
Common shares are classified as equity.
Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction from the proceeds.
(m)
Stock-based compensation
The Company has a stock-based compensation plan, under which the entity receives services from employees and
non-employees as consideration for equity instruments (options and share units) of the Company.
Stock options and share units granted to employees and non-employees are measured on the grant date. The fair value of the
employee and non-employee services received in exchange for the grant of the options and share units are recognized as an
expense. The total amount to be expensed is determined by reference to the fair value of the stock options and share
units granted and the vesting periods. The total expense is recognized over the vesting period, which is the period over
which all of the specified vesting conditions are to be satisfied.
As share units are expected to be settled in cash, the liability is remeasured at fair value at each reporting period and at
the date of settlement, with changes in fair value recognized as stock-based compensation expense in the consolidated
statements of income and comprehensive income in the period incurred.
The cash subscribed for the shares issued when the options are exercised is credited to share capital, net of any directly
attributable transaction costs.
(n)
Earnings per share
Basic earnings per share is computed by dividing the net income available to common shareholders by the weighted average
number of shares outstanding during the reporting period. Diluted earnings per share is computed similar to basic
earnings per share except that the weighted average shares outstanding are increased to include additional shares for the
assumed exercise of stock options, if dilutive. The number of additional shares is calculated by assuming that outstanding
stock options were exercised and that the proceeds from such exercises were used to acquire common stock at the
average market price during the reporting periods.
(o)
Comprehensive income
Comprehensive income is the change in the Company\u2019s net assets that results from transactions, events and
circumstances from sources other than the Company\u2019s shareholders and includes items that would not normally be
included in net profit such as derivative gains (losses) related to the Company\u2019s own credit risk on designated financial
liabilities measured at fair value through profit or loss. The Company\u2019s comprehensive income, components of other
comprehensive income (loss) and cumulative translation adjustments are presented in the consolidated statements of
income and comprehensive income and the statements of changes in equity.
(p)
Revenue recognition
Revenues are presented based on the location where the sale originated and recognized when all of the following
criteria are met:
\u2022
Control has been transferred to the customer;
\u2022
Neither continuing managerial involvement to the degree usually associated with ownership, nor
effective control over the goods sold, has been retained;
\u2022
The amount of revenue can be reliably measured;
\u2022
It is probable that the economic benefits associated with the sale will flow to the Company; and
\u2022
The costs incurred or to be incurred in respect of the sale can be reliably measured.
These conditions are generally satisfied when title passes to the customer.
Dor\u00e9 sales
Revenues are recorded at the time of physical delivery, which is also the date that title of the gold and silver passes to
the customer. The sales price is fixed on the date of sale based on the spot price.
Concentrate sales
Based on the terms of concentrate sales contracts with independent smelting companies, revenues are recorded when
the concentrate is loaded on vessels for shipment to the customers, which is also the date that title passes to the
customer. Sales prices are provisionally set at that time based on the then market prices. Subsequent determination
of final gold prices can range from one to four months after shipment depending on the customer. For sales that are
provisionally priced at year end, an estimate of the adjustment to revenues and trade receivables is calculated based
on the expected month when the final gold price is forecast to be determined and the related forward price of gold at
the end of the reporting period.
(q)
New IFRS accounting standards and amendments
The following standards and interpretations, which may be applicable to the Company, have been issued but are not
yet effective as of December 31, 2025:
Amendments to IFRS 9 and IFRS 7 \u2013 Amendments to the Classification and Measurement of Financial Instruments
In May 2024, the IASB issued targeted amendments to IFRS 9 and IFRS 7 to respond to recent questions arising in
practice, and to include new requirements not only for financial institutions but also for corporate entities. These
amendments:
\u2022
clarify the date of recognition and derecognition of some financial assets and liabilities, with a new
exception for some financial liabilities settled through an electronic cash transfer system;
\u2022
clarify and add further guidance for assessing whether a financial asset meets the solely payments of
principal and interest (SPPI) criterion;
\u2022
add new disclosures for certain instruments with contractual terms that can change cash flows (such
as some financial instruments with features linked to the achievement of environment, social and
governance targets); and
\u2022
update the disclosures for equity instruments designated at FVOCI.
The amendments are effective for annual periods beginning on or after January 1, 2026 with early application
permitted, and are not expected to have a material impact on our financial statements.
IFRS 18 \u2013 Presentation and Disclosure in Financial Statements
In April 2024, the IASB issued IFRS 18, Presentation and Disclosure of Financial Statements (IFRS 18), which replaces
IAS 1, Presentation of Financial Statements. IFRS 18 introduces a specified structure for the income statement by
requiring income and expenses to be presented into the three defined categories of operating, investing and financing,
and by specifying certain defined totals and subtotals. Where company-specific measures related to the income
statement are provided, IFRS 18 requires companies to disclose explanations around these measures, which are
referred to as management-defined performance measures. IFRS 18 also provides additional guidance on principles of
aggregation and disaggregation which apply to the primary financial statements and the notes. IFRS 18 will not affect
the recognition and measurement of items in the financial statements, nor will it affect which items are classified in
other comprehensive income and how these items are classified.
The standard is effective for reporting periods beginning on or after January 1, 2027, including for interim financial
statements. Retrospective application is required and early application is permitted. The Company is currently assessing
the effect of this new standard on our financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00279": { "value": "(a)
Basis of consolidation
These consolidated financial statements incorporate the financial statements of the Company and the entities
controlled by the Company. Control exists when the Company 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. The
financial information of subsidiaries is included in the consolidated financial statements from the date that control
commences until the date that control ceases. All significant intercompany transactions and balances have been
eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the
policies adopted by the Company.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00280": { "value": "Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Company.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00281": { "value": "(b)
Foreign currency translation
The presentation currency of these consolidated financial statements is U.S. dollars. The functional currency of the
Company\u2019s significant subsidiary, Aurelian Ecuador S.A., and certain entities is U.S. dollars. Effective January 1, 2025,
the functional currency of other entities with a functional currency different from the presentation currency was
changed from Canadian dollars (\u201cCAD\u201d) to U.S. dollars in order to reflect its financing structure.
Transactions and balances
In preparing the financial statements of the individual entities, transactions in currencies other than the entity\u2019s
functional currency (foreign currencies) are recorded at the rates of exchange prevailing at the dates of the transactions.
At each statement of financial position date, monetary assets and liabilities are translated using the period end foreign
exchange rate. Non-monetary assets and liabilities are translated using the historical rate on the date of the transaction.
All gains and losses on translation of these foreign currency transactions are included in the statement of income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00284": { "value": "The presentation currency of these consolidated financial statements is U.S. dollars. The functional currency of the
Company\u2019s significant subsidiary, Aurelian Ecuador S.A., and certain entities is U.S. dollars. Effective January 1, 2025,
the functional currency of other entities with a functional currency different from the presentation currency was
changed from Canadian dollars (\u201cCAD\u201d) to U.S. dollars in order to reflect its financing structure.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00285": { "value": "(c)
Critical accounting estimates and judgments
The preparation of consolidated financial statements requires management to make judgments, estimates and
assumptions that affect the application of policies and reported amounts of assets and liabilities, and expenses. The
estimates and associated assumptions are based on historical experience and various other factors that are believed to
be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying
values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these
estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the
revision and further periods if the review affects both current and future periods.
Significant assumptions about the future and other sources of estimation uncertainty that management has made
at the end of the reporting period that have a significant risk of resulting in a material adjustment to the carrying
amounts of assets and liabilities in the event that the actual results differ from assumptions made, relate to, but are
not limited to, the following:
Mineral reserves and resources
\u2013 The Company estimates its mineral reserves and resources based on information
compiled and reviewed by qualified persons as defined in accordance with NI 43-101 requirements. The estimation
of mineral reserves and resources requires judgment to interpret geological data and metallurgical testing, design
of appropriate mining methods, recovery methods and establishment of a life of mine production schedule. The
estimation of recoverable reserves is also based on assumptions such as capital costs, operating costs and metal
pricing. New geological data or changes in the above assumptions may change the economic viability of reserves and
may, ultimately, result in the reserves being revised. Changes in the reserve or resource estimates may impact the
valuation of property, plant and equipment and mineral properties, the depletion and depreciation of property, plant
and equipment and mineral properties, utilization of tax losses and decommissioning and site restoration provisions.
Assessment of impairment indicators
\u2013 Management applies significant judgement in assessing whether indicators of
impairment exist for a cash generating unit which would necessitate impairment testing. Internal and external factors
such as significant changes in the use of the asset, commodity prices, foreign exchange rates, capital and production
forecasts, mineral reserve and resource quantities, and discount rates are used by management in determining
whether there are any indicators. As at December 31, 2025, management did not identify any impairment indicators
on the Company\u2019s mineral properties, property, plant, and equipment.
Deferred taxes
\u2013 Deferred tax provisions are calculated by the Company while the actual amounts of income tax expense
are not final until tax returns are filed and accepted by the relevant authorities. Judgment is required in assessing whether
deferred tax assets and certain deferred tax liabilities are recognized on the balance sheet, in interpreting applicable tax
laws, and what tax rate is expected to be applied in the year when the related temporary differences reverse. Deferred tax
liabilities arising from temporary differences are recognized unless the reversal of the temporary differences is not expected
to occur in the foreseeable future and can be controlled. Assumptions about the generation of future taxable profits and
repatriation of retained earnings depend on management\u2019s estimates of future production and sales volumes, gold prices,
reserves and resources, operating costs, decommissioning and restoration costs, capital expenditures, dividends and other
capital management transactions. These estimates and judgments are subject to risk and uncertainty and could result in an
adjustment to the deferred tax provision and a corresponding credit or charge to profit.
Decommissioning and site restoration provisions \u2013
The Company has obligations for site restoration and
decommissioning related to Fruta del Norte. The future obligations for decommissioning and site restoration activities
are estimated by the Company using mine closure plans or other similar studies which outline the requirements that
will be carried out to meet the obligations. The provision for decommissioning and site restoration is remeasured at the
end of each reporting period for changes in estimates or circumstances. Changes in estimates or circumstances include
changes in legal or regulatory requirements, increased obligations arising from additional mining and exploration
activities, changes to cost estimates, and changes to inflation and discount rates.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00286": { "value": "Mineral reserves and resources
\u2013 The Company estimates its mineral reserves and resources based on information
compiled and reviewed by qualified persons as defined in accordance with NI 43-101 requirements. The estimation
of mineral reserves and resources requires judgment to interpret geological data and metallurgical testing, design
of appropriate mining methods, recovery methods and establishment of a life of mine production schedule. The
estimation of recoverable reserves is also based on assumptions such as capital costs, operating costs and metal
pricing. New geological data or changes in the above assumptions may change the economic viability of reserves and
may, ultimately, result in the reserves being revised. Changes in the reserve or resource estimates may impact the
valuation of property, plant and equipment and mineral properties, the depletion and depreciation of property, plant
and equipment and mineral properties, utilization of tax losses and decommissioning and site restoration provisions.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMiningAssetsExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00287": { "value": "Assessment of impairment indicators
\u2013 Management applies significant judgement in assessing whether indicators of
impairment exist for a cash generating unit which would necessitate impairment testing. Internal and external factors
such as significant changes in the use of the asset, commodity prices, foreign exchange rates, capital and production
forecasts, mineral reserve and resource quantities, and discount rates are used by management in determining
whether there are any indicators. As at December 31, 2025, management did not identify any impairment indicators
on the Company\u2019s mineral properties, property, plant, and equipment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00288": { "value": "Decommissioning and site restoration provisions \u2013
The Company has obligations for site restoration and
decommissioning related to Fruta del Norte. The future obligations for decommissioning and site restoration activities
are estimated by the Company using mine closure plans or other similar studies which outline the requirements that
will be carried out to meet the obligations. The provision for decommissioning and site restoration is remeasured at the
end of each reporting period for changes in estimates or circumstances. Changes in estimates or circumstances include
changes in legal or regulatory requirements, increased obligations arising from additional mining and exploration
activities, changes to cost estimates, and changes to inflation and discount rates.(j)
Provisions
Asset retirement obligations
The Company recognizes a liability for an asset retirement obligation on long-lived assets when a present legal or constructive
obligation exists, as a result of past events, and the amount of the liability is reasonably determinable. Asset retirement
obligations are initially recognized and recorded as a liability based on estimated future cash flows discounted at a
risk-free rate. This is adjusted at each reporting period for changes to factors including the expected amount of cash
flows required to discharge the liability, the timing of such cash flows and the risk-free discount rate. Corresponding
amounts and adjustments are added to the carrying value of the related long-lived asset and depleted to operations
over the life of the related asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00289": { "value": "(d)
Financial instruments
Financial assets and liabilities are recognized when the Company becomes a party to the contractual provisions of the
instrument.
Financial assets and liabilities are initially measured at fair value. Transaction costs that are directly attributable to
the acquisition or issue of financial assets and liabilities (other than financial assets and financial liabilities at fair
value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities,
as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or
financial liabilities measured at fair value through profit or loss are recognized immediately in the statement of income.
Financial assets
The Company classifies its financial assets according to the following measurement categories:
i.
Amortized cost
Assets that are held for collection of contractual cash flows where those cash flows represent solely payments
of principal and interest are measured at amortized cost.
ii.
Fair value through other comprehensive loss (\u201cFVOCI\u201d)
Assets that are held for both collection of contractual cash flows and future potential sale, where the assets\u2019
cash flows represent solely payments of principal and interest, are measured at fair value through other
comprehensive loss.
iii.
Fair value through profit or loss (\u201cFVPL\u201d)
Assets that do not meet the criteria for amortized cost or FVOCI are measured at fair value through profit or loss.
Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have
been transferred and the Company has transferred substantially all the risks and rewards of ownership.
Impairment of financial assets
The Company assesses the expected credit losses associated with its financial assets carried at amortized cost and
FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk.
Financial liabilities
The Company classifies its financial liabilities according to the following measurement categories:
i.
FVPL
Liabilities that are (i) held for trading or (ii) designated as FVPL, are measured at FVPL.
A financial liability is classified as held for trading if:
\u2022
It has been incurred principally for the purpose of repurchasing it in the near term; or
\u2022
On initial recognition it is part of a portfolio of identified financial instruments that the Company may
manage together and has a recent actual pattern of short-term profit-taking; or
\u2022
It is a derivative, except for a derivative that is a financial guarantee contract or a designated and
effective hedging instrument.
A financial liability that is not a financial liability held for trading may be designated as FVPL upon initial
recognition if:
\u2022
Such designation eliminates or significantly reduces a measurement or recognition inconsistency
that would otherwise arise; or
\u2022
The financial liability forms part of a group of financial assets or liabilities or both, which is managed
and its performance is evaluated on a fair value basis; or
\u2022
It forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the
entire combined contract to be designated as FVPL.
The amount of change in the fair value of the financial liability that is attributable to changes in the credit risk of
that liability is recognised in other comprehensive income. The remaining amount of change in the fair value of
liability is recognised in the statement of income. Changes in fair value attributable to a financial liability\u2019s credit
risk that are recognised in other comprehensive income are not subsequently reclassified to the statement of
income; instead, they are transferred to retained earnings upon derecognition of the financial liability.
ii.
Amortized cost
Liabilities not measured at FVPL are measured subsequently at amortized cost using the effective interest
method.
Financial liabilities are derecognized when, and only when, the Company\u2019s obligations are discharged, cancelled or
have expired.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00290": { "value": "(d)
Financial instruments
Financial assets and liabilities are recognized when the Company becomes a party to the contractual provisions of the
instrument.
Financial assets and liabilities are initially measured at fair value. Transaction costs that are directly attributable to
the acquisition or issue of financial assets and liabilities (other than financial assets and financial liabilities at fair
value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities,
as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or
financial liabilities measured at fair value through profit or loss are recognized immediately in the statement of income.
Financial assets
The Company classifies its financial assets according to the following measurement categories:
i.
Amortized cost
Assets that are held for collection of contractual cash flows where those cash flows represent solely payments
of principal and interest are measured at amortized cost.
ii.
Fair value through other comprehensive loss (\u201cFVOCI\u201d)
Assets that are held for both collection of contractual cash flows and future potential sale, where the assets\u2019
cash flows represent solely payments of principal and interest, are measured at fair value through other
comprehensive loss.
iii.
Fair value through profit or loss (\u201cFVPL\u201d)
Assets that do not meet the criteria for amortized cost or FVOCI are measured at fair value through profit or loss.
Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have
been transferred and the Company has transferred substantially all the risks and rewards of ownership.
Impairment of financial assets
The Company assesses the expected credit losses associated with its financial assets carried at amortized cost and
FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk.
Financial liabilities
The Company classifies its financial liabilities according to the following measurement categories:
i.
FVPL
Liabilities that are (i) held for trading or (ii) designated as FVPL, are measured at FVPL.
A financial liability is classified as held for trading if:
\u2022
It has been incurred principally for the purpose of repurchasing it in the near term; or
\u2022
On initial recognition it is part of a portfolio of identified financial instruments that the Company may
manage together and has a recent actual pattern of short-term profit-taking; or
\u2022
It is a derivative, except for a derivative that is a financial guarantee contract or a designated and
effective hedging instrument.
A financial liability that is not a financial liability held for trading may be designated as FVPL upon initial
recognition if:
\u2022
Such designation eliminates or significantly reduces a measurement or recognition inconsistency
that would otherwise arise; or
\u2022
The financial liability forms part of a group of financial assets or liabilities or both, which is managed
and its performance is evaluated on a fair value basis; or
\u2022
It forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the
entire combined contract to be designated as FVPL.
The amount of change in the fair value of the financial liability that is attributable to changes in the credit risk of
that liability is recognised in other comprehensive income. The remaining amount of change in the fair value of
liability is recognised in the statement of income. Changes in fair value attributable to a financial liability\u2019s credit
risk that are recognised in other comprehensive income are not subsequently reclassified to the statement of
income; instead, they are transferred to retained earnings upon derecognition of the financial liability.
ii.
Amortized cost
Liabilities not measured at FVPL are measured subsequently at amortized cost using the effective interest
method.
Financial liabilities are derecognized when, and only when, the Company\u2019s obligations are discharged, cancelled or
have expired.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00291": { "value": "Financial assets and liabilities are initially measured at fair value. Transaction costs that are directly attributable to
the acquisition or issue of financial assets and liabilities (other than financial assets and financial liabilities at fair
value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities,
as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or
financial liabilities measured at fair value through profit or loss are recognized immediately in the statement of income.
Financial assets
The Company classifies its financial assets according to the following measurement categories:
i.
Amortized cost
Assets that are held for collection of contractual cash flows where those cash flows represent solely payments
of principal and interest are measured at amortized cost.
ii.
Fair value through other comprehensive loss (\u201cFVOCI\u201d)
Assets that are held for both collection of contractual cash flows and future potential sale, where the assets\u2019
cash flows represent solely payments of principal and interest, are measured at fair value through other
comprehensive loss.
iii.
Fair value through profit or loss (\u201cFVPL\u201d)
Assets that do not meet the criteria for amortized cost or FVOCI are measured at fair value through profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00294": { "value": "Financial assets
The Company classifies its financial assets according to the following measurement categories:
i.
Amortized cost
Assets that are held for collection of contractual cash flows where those cash flows represent solely payments
of principal and interest are measured at amortized cost.
ii.
Fair value through other comprehensive loss (\u201cFVOCI\u201d)
Assets that are held for both collection of contractual cash flows and future potential sale, where the assets\u2019
cash flows represent solely payments of principal and interest, are measured at fair value through other
comprehensive loss.
iii.
Fair value through profit or loss (\u201cFVPL\u201d)
Assets that do not meet the criteria for amortized cost or FVOCI are measured at fair value through profit or loss.
Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have
been transferred and the Company has transferred substantially all the risks and rewards of ownership.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00292": { "value": "iii.
Fair value through profit or loss (\u201cFVPL\u201d)
Assets that do not meet the criteria for amortized cost or FVOCI are measured at fair value through profit or loss.i.
FVPL
Liabilities that are (i) held for trading or (ii) designated as FVPL, are measured at FVPL.
A financial liability is classified as held for trading if:
\u2022
It has been incurred principally for the purpose of repurchasing it in the near term; or
\u2022
On initial recognition it is part of a portfolio of identified financial instruments that the Company may
manage together and has a recent actual pattern of short-term profit-taking; or
\u2022
It is a derivative, except for a derivative that is a financial guarantee contract or a designated and
effective hedging instrument.
A financial liability that is not a financial liability held for trading may be designated as FVPL upon initial
recognition if:
\u2022
Such designation eliminates or significantly reduces a measurement or recognition inconsistency
that would otherwise arise; or
\u2022
The financial liability forms part of a group of financial assets or liabilities or both, which is managed
and its performance is evaluated on a fair value basis; or
\u2022
It forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the
entire combined contract to be designated as FVPL.
The amount of change in the fair value of the financial liability that is attributable to changes in the credit risk of
that liability is recognised in other comprehensive income. The remaining amount of change in the fair value of
liability is recognised in the statement of income. Changes in fair value attributable to a financial liability\u2019s credit
risk that are recognised in other comprehensive income are not subsequently reclassified to the statement of
income; instead, they are transferred to retained earnings upon derecognition of the financial liability. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00293": { "value": "Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Company has transferred substantially all the risks and rewards of ownership.Financial liabilities are derecognized when, and only when, the Company\u2019s obligations are discharged, cancelled or have expired.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00295": { "value": "Impairment of financial assets
The Company assesses the expected credit losses associated with its financial assets carried at amortized cost and
FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00296": { "value": "Financial liabilities
The Company classifies its financial liabilities according to the following measurement categories:
i.
FVPL
Liabilities that are (i) held for trading or (ii) designated as FVPL, are measured at FVPL.
A financial liability is classified as held for trading if:
\u2022
It has been incurred principally for the purpose of repurchasing it in the near term; or
\u2022
On initial recognition it is part of a portfolio of identified financial instruments that the Company may
manage together and has a recent actual pattern of short-term profit-taking; or
\u2022
It is a derivative, except for a derivative that is a financial guarantee contract or a designated and
effective hedging instrument.
A financial liability that is not a financial liability held for trading may be designated as FVPL upon initial
recognition if:
\u2022
Such designation eliminates or significantly reduces a measurement or recognition inconsistency
that would otherwise arise; or
\u2022
The financial liability forms part of a group of financial assets or liabilities or both, which is managed
and its performance is evaluated on a fair value basis; or
\u2022
It forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the
entire combined contract to be designated as FVPL.
The amount of change in the fair value of the financial liability that is attributable to changes in the credit risk of
that liability is recognised in other comprehensive income. The remaining amount of change in the fair value of
liability is recognised in the statement of income. Changes in fair value attributable to a financial liability\u2019s credit
risk that are recognised in other comprehensive income are not subsequently reclassified to the statement of
income; instead, they are transferred to retained earnings upon derecognition of the financial liability.
ii.
Amortized cost
Liabilities not measured at FVPL are measured subsequently at amortized cost using the effective interest
method.
Financial liabilities are derecognized when, and only when, the Company\u2019s obligations are discharged, cancelled or
have expired.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00297": { "value": "i.
FVPL
Liabilities that are (i) held for trading or (ii) designated as FVPL, are measured at FVPL.
A financial liability is classified as held for trading if:
\u2022
It has been incurred principally for the purpose of repurchasing it in the near term; or
\u2022
On initial recognition it is part of a portfolio of identified financial instruments that the Company may
manage together and has a recent actual pattern of short-term profit-taking; or
\u2022
It is a derivative, except for a derivative that is a financial guarantee contract or a designated and
effective hedging instrument.
A financial liability that is not a financial liability held for trading may be designated as FVPL upon initial
recognition if:
\u2022
Such designation eliminates or significantly reduces a measurement or recognition inconsistency
that would otherwise arise; or
\u2022
The financial liability forms part of a group of financial assets or liabilities or both, which is managed
and its performance is evaluated on a fair value basis; or
\u2022
It forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the
entire combined contract to be designated as FVPL.
The amount of change in the fair value of the financial liability that is attributable to changes in the credit risk of
that liability is recognised in other comprehensive income. The remaining amount of change in the fair value of
liability is recognised in the statement of income. Changes in fair value attributable to a financial liability\u2019s credit
risk that are recognised in other comprehensive income are not subsequently reclassified to the statement of
income; instead, they are transferred to retained earnings upon derecognition of the financial liability. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00298": { "value": "(e)
Cash and cash equivalents
Cash and cash equivalents include cash on hand and deposits held with banks, which are readily convertible into
known amounts of cash or mature within 90 days from the original dates of acquisition. Cash is classified as a financial
asset that is subsequently measured at amortized cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00299": { "value": "(f)
Inventories
Ore stockpiles, in-circuit and finished metal inventory are valued at the lower of weighted average production cost and
net realizable value. Production costs include the cost of raw materials, direct labour, mine-site overhead expenses and
applicable depreciation and depletion of mineral properties, plant and equipment. Net realizable value is calculated as
the estimated price at the time of sale based on prevailing and long-term metal prices less estimated future production
costs to convert the inventories into saleable form and estimated costs to sell.
Ore stockpile inventory represents ore on the surface that has been extracted from the mine and is available for further
processing. In-circuit inventory represents material in the mill circuit that is in the process of being converted into a
saleable form. Finished metal inventory represents dor\u00e9 and concentrate located at the mine, in transit to and at port,
and dor\u00e9 at refineries.
Materials and supplies inventories are valued at the lower of weighted average cost and net realizable value with a provision
recorded for obsolete or slow-moving inventory. Replacement costs of materials and spare parts are generally used as
the best estimate of net realizable value.
Any write-downs of inventory to net realizable value are recorded within cost of sales in the statement of income. If
there is a subsequent increase in the value of inventory, the previous write-downs to net realizable value are reversed
up to cost to the extent that the related inventory has not been sold.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00300": { "value": "(g)
Property, plant and equipment
Property, plant and equipment are carried at cost less accumulated depreciation and impairment losses. The cost of an
asset consists of its purchase price, any directly attributable costs of bringing the asset to its present working condition
and location for its intended use and an initial estimate of the costs of dismantling and removing the item and restoring
the site on which it is located.
Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, only
when it is probable that future economic benefits associated with the item will flow to the Company and the cost of
the item can be measured reliably.
Depreciation of a majority of asset classes is calculated using the straight-line method to allocate its cost less its
residual value over its estimated useful life. Mine and plant facilities are depleted using a unit of production method
over the total recoverable reserves. The estimated useful lives of property, plant and equipment are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Buildings
20 years
Machinery and equipment
5 to 10 years
Vehicles
5 years
Furniture and office equipment
3 to 10 years
Mine and plant facilities
based on total recoverable reserves on a unit of production basis
Depreciation methods and estimated useful lives and residual values are reviewed annually and when facts and
circumstances require a re-estimate.
The Company reviews the estimated total recoverable reserves annually and when events and circumstances indicate
that such a review should be made. Changes to estimated total recoverable reserves are accounted for prospectively.
Expenditures on major maintenance or repairs, including the cost of the replacement of parts of assets and overhaul
costs or where an asset or part of an asset is replaced, is capitalized and the remaining carrying amount of the item
repaired, overhauled or replaced is derecognized when it is probable that future economic benefits associated with
the item will be available to the Company. All other costs are expensed as incurred.
An item of plant and equipment is derecognized upon disposal or when no future economic benefits are expected
to arise from the continued use of the asset. Any related gain or loss is determined as the difference between the
net disposal proceeds or residual value, as applicable, and the carrying amount of the asset, and is recognized in the
statement of income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00305": { "value": "Depreciation of a majority of asset classes is calculated using the straight-line method to allocate its cost less its
residual value over its estimated useful life. Mine and plant facilities are depleted using a unit of production method
over the total recoverable reserves. The estimated useful lives of property, plant and equipment are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Buildings
20 years
Machinery and equipment
5 to 10 years
Vehicles
5 years
Furniture and office equipment
3 to 10 years
Mine and plant facilities
based on total recoverable reserves on a unit of production basis
Depreciation methods and estimated useful lives and residual values are reviewed annually and when facts and
circumstances require a re-estimate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00306": { "value": "(h)
Exploration and evaluation (\u201cE&E\u201d) expenditures and mineral properties
Exploration and evaluation expenditures are those costs required to find a mineral property and determine commercial
viability. E&E costs include costs to establish an initial mineral resource and determine whether Inferred mineral
resources can be upgraded to Measured and Indicated mineral resources and whether Measured and Indicated
mineral resources can be converted to Proven and Probable reserves.
E&E costs consist of, but are not limited to:
\u2022
gathering exploration data through topographical and geological studies;
\u2022
exploratory drilling, trenching and sampling;
\u2022
determining the volume and grade of the resource;
\u2022
test work on geology, metallurgy, mining, geotechnical and environmental; and
\u2022
conducting engineering, marketing and financial studies.
Project costs in relation to these activities are expensed as incurred until such time that the project demonstrates
technical feasibility and commercial viability. Technical feasibility an commercial viability generally coincides with the
establishment of Proven and Probable mineral reserves. Upon demonstrating technical feasibility and commercial
viability, and subject to an impairment analysis, any such future costs, including costs incurred to increase Proven and
Probable reserves, are capitalized as development costs within mineral properties.
After initial recognition, mineral properties are valued at cost less accumulated depletion and any impairment losses. Costs
associated with acquiring a mineral property are capitalized as incurred. Upon commencement of commercial
production, mineral properties are depleted based on total recoverable reserves on a unit of production basis.
The Company reviews the estimated total recoverable reserves annually and when events and circumstances indicate
that such a review should be made. Changes to estimated total recoverable reserves are accounted for prospectively.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00337": { "value": "(i)
Impairment of non-financial assets
Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances
indicate that the carrying amount may not be recoverable. An impairment loss is recorded immediately if the asset\u2019s
carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less
costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for
which there are separately identifiable cash flows (cash-generating units).
Fair value is the price that would be received from selling an asset or cash generating unit in an orderly transaction
between market participants at the measurement date. Costs to sell are incremental costs directly attributable to the
disposal of an asset or cash generating unit. Fair value less costs to sell is measured by estimating future after tax cash
flows using estimated future prices, mineral reserves and resources and operating and capital costs. All inputs used are
those that an independent market participant would consider appropriate.
Valueinuseisdeterminedasthepresentvalueofthefuturecashflowsexpectedtobederivedfromcontinuinguseofanassetor
cash generating unit in its present form. These estimated future cash flows are discounted to their present value using a pre-tax
discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or cash
generating unit for which estimates of future cash flows have not been adjusted.
Non-financial assets that have been impaired in prior periods are reviewed for possible reversal of the impairment
at each reporting date. When identified, a reversal of an impairment loss is recognized in the statement of income
immediately.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00338": { "value": "(j)
Provisions
Asset retirement obligations
The Company recognizes a liability for an asset retirement obligation on long-lived assets when a present legal or constructive
obligation exists, as a result of past events, and the amount of the liability is reasonably determinable. Asset retirement
obligations are initially recognized and recorded as a liability based on estimated future cash flows discounted at a
risk-free rate. This is adjusted at each reporting period for changes to factors including the expected amount of cash
flows required to discharge the liability, the timing of such cash flows and the risk-free discount rate. Corresponding
amounts and adjustments are added to the carrying value of the related long-lived asset and depleted to operations
over the life of the related asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00339": { "value": "(k)
Current and deferred income tax
Tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive
income or directly in equity. In this case the tax is also recognized in other comprehensive income or directly in equity,
respectively.
i.
Current tax
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted on the
statement of financial position date in the countries where the Company\u2019s subsidiaries operate and generate
taxable income. Management periodically evaluates positions taken in tax returns with respect to situations
in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on
the basis of amounts expected to be paid to the tax authorities.
ii.
Deferred tax
Deferred income tax is recognized on temporary differences arising between the tax bases of assets and
liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income
tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a
business combination that at the time of the transaction affects neither accounting nor taxable profit or loss.
Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted
by the statement of financial position date and are expected to apply when the related deferred income tax
asset is realized or the deferred income tax liability is settled.
Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will
be available against which the temporary differences can be utilized.
Deferred income tax is provided on temporary differences arising on investments in subsidiaries, except
where the timing of the reversal of the temporary difference is controlled by the Company and it is probable
that the temporary difference will not reverse in the foreseeable future.
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 taxes assets and liabilities relate to
income taxes levied by the same taxation authority on either the taxable entity or different taxable entities
where there is an intention to settle the balances on a net basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00340": { "value": "ii.
Deferred tax
Deferred income tax is recognized on temporary differences arising between the tax bases of assets and
liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income
tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a
business combination that at the time of the transaction affects neither accounting nor taxable profit or loss.
Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted
by the statement of financial position date and are expected to apply when the related deferred income tax
asset is realized or the deferred income tax liability is settled.
Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will
be available against which the temporary differences can be utilized.
Deferred income tax is provided on temporary differences arising on investments in subsidiaries, except
where the timing of the reversal of the temporary difference is controlled by the Company and it is probable
that the temporary difference will not reverse in the foreseeable future.
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 taxes assets and liabilities relate to
income taxes levied by the same taxation authority on either the taxable entity or different taxable entities
where there is an intention to settle the balances on a net basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00341": { "value": "(l)
Share capital
Common shares are classified as equity.
Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction from the proceeds.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00342": { "value": "(m)
Stock-based compensation
The Company has a stock-based compensation plan, under which the entity receives services from employees and
non-employees as consideration for equity instruments (options and share units) of the Company.
Stock options and share units granted to employees and non-employees are measured on the grant date. The fair value of the
employee and non-employee services received in exchange for the grant of the options and share units are recognized as an
expense. The total amount to be expensed is determined by reference to the fair value of the stock options and share
units granted and the vesting periods. The total expense is recognized over the vesting period, which is the period over
which all of the specified vesting conditions are to be satisfied.
As share units are expected to be settled in cash, the liability is remeasured at fair value at each reporting period and at
the date of settlement, with changes in fair value recognized as stock-based compensation expense in the consolidated
statements of income and comprehensive income in the period incurred.
The cash subscribed for the shares issued when the options are exercised is credited to share capital, net of any directly
attributable transaction costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00343": { "value": "(n)
Earnings per share
Basic earnings per share is computed by dividing the net income available to common shareholders by the weighted average
number of shares outstanding during the reporting period. Diluted earnings per share is computed similar to basic
earnings per share except that the weighted average shares outstanding are increased to include additional shares for the
assumed exercise of stock options, if dilutive. The number of additional shares is calculated by assuming that outstanding
stock options were exercised and that the proceeds from such exercises were used to acquire common stock at the
average market price during the reporting periods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00346": { "value": "(p)
Revenue recognition
Revenues are presented based on the location where the sale originated and recognized when all of the following
criteria are met:
\u2022
Control has been transferred to the customer;
\u2022
Neither continuing managerial involvement to the degree usually associated with ownership, nor
effective control over the goods sold, has been retained;
\u2022
The amount of revenue can be reliably measured;
\u2022
It is probable that the economic benefits associated with the sale will flow to the Company; and
\u2022
The costs incurred or to be incurred in respect of the sale can be reliably measured.
These conditions are generally satisfied when title passes to the customer.
Dor\u00e9 sales
Revenues are recorded at the time of physical delivery, which is also the date that title of the gold and silver passes to
the customer. The sales price is fixed on the date of sale based on the spot price.
Concentrate sales
Based on the terms of concentrate sales contracts with independent smelting companies, revenues are recorded when
the concentrate is loaded on vessels for shipment to the customers, which is also the date that title passes to the
customer. Sales prices are provisionally set at that time based on the then market prices. Subsequent determination
of final gold prices can range from one to four months after shipment depending on the customer. For sales that are
provisionally priced at year end, an estimate of the adjustment to revenues and trade receivables is calculated based
on the expected month when the final gold price is forecast to be determined and the related forward price of gold at
the end of the reporting period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00214": { "value": "4. TRADE RECEIVABLES AND OTHER CURRENT ASSETS \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
December 31,
\u00a0
2025
2024
Trade receivables (a)
$
199,227
$
155,948
VAT recoverable (b)
42,534
58,028
Prepaid expenses and others
18,340
19,579
\u00a0
$
260,101
$
233,555
\n
(a)
Trade receivables represent the value of concentrate and dor\u00e9 sold as at period end for which the funds are not yet
received. Consistent with industry standards, concentrate sales generally have relatively long payment terms and
are not settled in full until two to five months after export.
Concentrate sales are first recorded based on provisional prices. For sales that are provisionally priced as at December
31, 2025, an adjustment is estimated and recorded using the forward gold price at year end for the future month
when the final gold price for each individual sale is expected to be determined. This adjustment resulted in an
increase of $33.8 million in trade receivables as of December 31, 2025 (December 31, 2024 - $5.1 million increase)
reflecting rising gold prices during the period.
(b)
Subject to submission of VAT claims and their acceptance by the applicable tax authorities, VAT paid in Ecuador by
the Company is being refunded or applied as a credit against taxes payable, based on the level of export sales in
any given month. Therefore, a portion of the VAT recoverable has been reclassified as current assets based on the
Company\u2019s assessment of the estimated time for processing VAT claims during the next twelve months.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00215": { "value": "4. TRADE RECEIVABLES AND OTHER CURRENT ASSETS \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
December 31,
\u00a0
2025
2024
Trade receivables (a)
$
199,227
$
155,948
VAT recoverable (b)
42,534
58,028
Prepaid expenses and others
18,340
19,579
\u00a0
$
260,101
$
233,555
\n
(a)
Trade receivables represent the value of concentrate and dor\u00e9 sold as at period end for which the funds are not yet
received. Consistent with industry standards, concentrate sales generally have relatively long payment terms and
are not settled in full until two to five months after export.
Concentrate sales are first recorded based on provisional prices. For sales that are provisionally priced as at December
31, 2025, an adjustment is estimated and recorded using the forward gold price at year end for the future month
when the final gold price for each individual sale is expected to be determined. This adjustment resulted in an
increase of $33.8 million in trade receivables as of December 31, 2025 (December 31, 2024 - $5.1 million increase)
reflecting rising gold prices during the period.
(b)
Subject to submission of VAT claims and their acceptance by the applicable tax authorities, VAT paid in Ecuador by
the Company is being refunded or applied as a credit against taxes payable, based on the level of export sales in
any given month. Therefore, a portion of the VAT recoverable has been reclassified as current assets based on the
Company\u2019s assessment of the estimated time for processing VAT claims during the next twelve months.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00217": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
December 31,
\u00a0
2025
2024
Trade receivables (a)
$
199,227
$
155,948
VAT recoverable (b)
42,534
58,028
Prepaid expenses and others
18,340
19,579
\u00a0
$
260,101
$
233,555
\n(b)
Subject to submission of VAT claims and their acceptance by the applicable tax authorities, VAT paid in Ecuador by
the Company is being refunded or applied as a credit against taxes payable, based on the level of export sales in
any given month. Therefore, a portion of the VAT recoverable has been reclassified as current assets based on the
Company\u2019s assessment of the estimated time for processing VAT claims during the next twelve months.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00216": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
December 31,
\u00a0
2025
2024
Trade receivables (a)
$
199,227
$
155,948
VAT recoverable (b)
42,534
58,028
Prepaid expenses and others
18,340
19,579
\u00a0
$
260,101
$
233,555
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00218": { "value": "5. INVENTORIES \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
December 31,
\u00a0
2025
2024
Ore stockpile
$
4,529
$
8,254
Gold in circuit
9,724
8,546
Dor\u00e9 and concentrate
20,416
18,687
Materials and supplies
58,213
52,723
\u00a0
$
92,882
$
88,210
\n
As at December 31, 2025, the Company maintained a provision of $4.0 million (December 31, 2024 - $4.0 million) associated
with obsolete or slow-moving materials & supplies inventory.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00219": { "value": "6. PROPERTY, PLANT AND EQUIPMENT \n \n
\u00a0 \u00a0
Furniture
\u00a0
Cost
Construction
Mine and
Machinery and
Vehicles
and office
Total
\u00a0 \u00a0
in-progress
\u00a0
plant facilities
\u00a0
equipment
\u00a0
equipment
\u00a0
Balance, January 1,
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2024
$ 7,009
$ 986,741
$ 49,591
$ 24,440
$ 2,543
$ 1,070,324
Additions
38,363
47,629
1,086
423
2,730
90,231
Disposals and other
-
-
(1,465)
(1,561)
-
(3,026)
Reclassifications
(6,128)
6,128
-
-
-
-
Cumulative translation
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
adjustment
-
(1,057)
-
-
(12)
(1,069)
Balance, December 31,
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2024
39,244
1,039,441
49,212
23,302
5,261
1,156,460
Additions
49,238
23,338
4,261
2,706
1,614
81,157
Disposals and other
-
(290)
(271)
(2,165)
-
(2,726)
Reclassifications
(49,376)
49,376
-
-
-
-
Balance, December 31,
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2025
$ 39,106
$ 1,111,865
$ 53,202
$ 23,843
$ 6,875
$ 1,234,891
\n \n
Furniture
\u00a0
Accumulated depletion
Construction
Mine and
Machinery and
\u00a0
Vehicles
and office
Total
\u00a0
and depreciation
\u00a0
in-progress
\u00a0
plant facilities
\u00a0
equipment
\u00a0
equipment
\u00a0
Balance, January 1,
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2024
$ -
$ 306,896
$ 24,669
$ 19,583
$ 280
$ 351,428
Depletion and
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
depreciation
-
102,883
6,530
1,884
831
112,128
Disposals and other
\u00a0
-
(866)
(1,561)
-
(2,427)
Cumulative translation
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
adjustment
-
(371)
-
-
(1)
(372)
Balance, December 31,
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2024
-
409,408
30,333
19,906
1,110
460,757
Depletion and
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
depreciation
-
101,835
6,588
1,678
1,775
111,876
Disposals and other
-
(22)
(177)
(2,165)
-
(2,364)
Balance, December 31,
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2025
$ -
$ 511,221
$ 36,744
$ 19,419
$
2,885
$ 570,269
Net book value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
As at December 31,
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2024
$ 39,244
$ 630,033
$ 18,879
$ 3,396
$ 4,151
$ 695,703
As a December 31, 2025
$ 39,106
$ 600,644
$ 16,458
$ 4,424
$ 3,990
$ 664,622
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00220": { "value": "\n \n
\u00a0 \u00a0
Furniture
\u00a0
Cost
Construction
Mine and
Machinery and
Vehicles
and office
Total
\u00a0 \u00a0
in-progress
\u00a0
plant facilities
\u00a0
equipment
\u00a0
equipment
\u00a0
Balance, January 1,
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2024
$ 7,009
$ 986,741
$ 49,591
$ 24,440
$ 2,543
$ 1,070,324
Additions
38,363
47,629
1,086
423
2,730
90,231
Disposals and other
-
-
(1,465)
(1,561)
-
(3,026)
Reclassifications
(6,128)
6,128
-
-
-
-
Cumulative translation
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
adjustment
-
(1,057)
-
-
(12)
(1,069)
Balance, December 31,
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2024
39,244
1,039,441
49,212
23,302
5,261
1,156,460
Additions
49,238
23,338
4,261
2,706
1,614
81,157
Disposals and other
-
(290)
(271)
(2,165)
-
(2,726)
Reclassifications
(49,376)
49,376
-
-
-
-
Balance, December 31,
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2025
$ 39,106
$ 1,111,865
$ 53,202
$ 23,843
$ 6,875
$ 1,234,891
\n \n
Furniture
\u00a0
Accumulated depletion
Construction
Mine and
Machinery and
\u00a0
Vehicles
and office
Total
\u00a0
and depreciation
\u00a0
in-progress
\u00a0
plant facilities
\u00a0
equipment
\u00a0
equipment
\u00a0
Balance, January 1,
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2024
$ -
$ 306,896
$ 24,669
$ 19,583
$ 280
$ 351,428
Depletion and
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
depreciation
-
102,883
6,530
1,884
831
112,128
Disposals and other
\u00a0
-
(866)
(1,561)
-
(2,427)
Cumulative translation
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
adjustment
-
(371)
-
-
(1)
(372)
Balance, December 31,
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2024
-
409,408
30,333
19,906
1,110
460,757
Depletion and
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
depreciation
-
101,835
6,588
1,678
1,775
111,876
Disposals and other
-
(22)
(177)
(2,165)
-
(2,364)
Balance, December 31,
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2025
$ -
$ 511,221
$ 36,744
$ 19,419
$
2,885
$ 570,269
Net book value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
As at December 31,
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2024
$ 39,244
$ 630,033
$ 18,879
$ 3,396
$ 4,151
$ 695,703
As a December 31, 2025
$ 39,106
$ 600,644
$ 16,458
$ 4,424
$ 3,990
$ 664,622
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00221": { "value": "7. MINERAL PROPERTIES \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Cost
Fruta del Norte
Balance, January 1, 2024
$ 160,028
Adjustments to restoration asset
(1,677)
Depletion
(25,319)
Balance, December 31, 2024
133,032
Adjustments to restoration asset
-
Depletion
(22,888)
Balance, December 31, 2025
$ 110,144
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00222": { "value": "8. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
December 31,
\u00a0
2025
2024
Accounts payable
$
15,201
$
18,261
Accrued liabilities
55,907
52,051
Accrued profit sharing to employees and royalties
88,559
39,635
\u00a0
$
159,667
$
109,947
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00223": { "value": "8. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
December 31,
\u00a0
2025
2024
Accounts payable
$
15,201
$
18,261
Accrued liabilities
55,907
52,051
Accrued profit sharing to employees and royalties
88,559
39,635
\u00a0
$
159,667
$
109,947
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00224": { "value": "9. LONG-TERM DEBT
The stream loan credit facility (the \u201cStream Facility\u201d) and the offtake derivative liability (the \u201cOfftake\u201d) were accounted
for as financial liabilities at fair value through profit or loss until the closing of their buy out from Newmont Corporation
(\u201cNewmont\u201d) on June 27, 2024 (the \u201cClosing Date\u201d) following payment of the first tranche of the purchase price of $180
million. The second and final tranche of $150 million was paid on September 30, 2024. The total buy out price of $330
million was comprised of the remaining unamortized principal balance of $94.4 million and finance expense of $235.6
million. The derivative adjustments during the year ended December 31, 2024 reflect the reversal of accumulated derivative
adjustments recorded on the Stream Facility since its inception in 2017.
Until the Closing Date, the Company made scheduled monthly payments under the Stream Facility totaling $35.8 million of
which $6.7 million was paid on account of principal; $3.7 million for accrued interest; and the remaining $25.4 million as
a finance expense. Following the buy out of the Stream Facility, the remaining balance of deferred transaction costs were
recognized within finance expense. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00225": { "value": "10. RECLAMATION PROVISION
The Company\u2019s reclamation provision relates to the rehabilitation of Fruta del Norte. The reclamation provision has been
calculated based on total estimated rehabilitation costs and discounted back to its present value. The pre-tax discount rate
and inflation rate are adjusted annually and reflect current market assessments.
At December 31, 2025, the Company applied a pre-tax discount rate of 9.4% (2024 \u2013 9.7%) and an inflation rate of 1.0%
(2024 \u2013 1.3%). The estimated total future liability for reclamation and remediation costs on an undiscounted basis and
adjusted for an estimate of future inflation is approximately $29.8 million (2024 \u2013 $30.7 million).
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
December 31,
\u00a0
2025
2024
Balance, beginning of year
$
7,866
$
8,722
Change in discount rate, amount, and timing of cash flows
-
(1,677)
Accretion of liability component of obligations
760
821
Balance, end of year
$
8,626
$
7,866
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00226": { "value": "11. SHARE CAPITAL
Authorized:
\u2022
Unlimited number of common shares without par value
\u2022
Unlimited number of preference shares without par value
During the year ended December 31, 2025, the Company issued 252,592 common shares to Newmont Corporation
(\u201cNewmont\u201d), indirectly through its subsidiary Newcrest Canada Inc. (\u201cNewcrest\u201d), at a weighted average price of CAD$44.18
per share for total proceeds of $11.2 million. During the year ended December 31, 2024, 804,340 common shares were
issued to Newcrest at a weighted average price of CAD$22.40 per share for total proceeds of $13.1 million. These issuances
were completed in accordance with anti-dilution rights granted from an initial investment into the Company by Newcrest,
which was subsequently acquired by Newmont.
Income per common share
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
December 31,
\u00a0
2025
2024
Net income
$
792,151
$
426,050
Basic weighted average number of common shares outstanding
241,033,793
239,312,029
Dilutive stock options
1,476,592
1,414,639
Dilutive share units
-
699,657
Diluted weighted average number of common shares outstanding
242,510,385
241,426,325
Income per common share:
\u00a0 \u00a0
Basic
$
3.29
$
1.78
Diluted
3.27
1.76
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00227": { "value": "Income per common share \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
December 31,
\u00a0
2025
2024
Net income
$
792,151
$
426,050
Basic weighted average number of common shares outstanding
241,033,793
239,312,029
Dilutive stock options
1,476,592
1,414,639
Dilutive share units
-
699,657
Diluted weighted average number of common shares outstanding
242,510,385
241,426,325
Income per common share:
\u00a0 \u00a0
Basic
$
3.29
$
1.78
Diluted
3.27
1.76
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00229": { "value": "12. STOCK-BASED COMPENSATION
Under an omnibus incentive plan (the \u201cOmnibus Plan\u201d) that allows for the reservation of a maximum 6% of the common
shares issued and outstanding for issuance at any given time, the Company may grant stock options, restricted share units
and deferred share units (collectively, the \u201cAwards\u201d). Subject to specific provisions under the Omnibus Plan, the eligibility,
vesting period, term, and number of Awards are granted at the discretion of the Company\u2019s board of directors.
Recipients of share units granted and outstanding on a dividend record date are entitled to receive an award of additional
share units equal to the cash dividends declared and paid on the Company\u2019s common shares (\u201cDividend Equivalent\u201d).
Dividend Equivalents are calculated in accordance with the Omnibus Plan based on the number of share units held, the
dividend per share and the weighted average trading price of the Company\u2019s shares on the TSX for the five days preceding
the date the dividend was paid. These additional share units are subject to the same terms and conditions as the underlying
share units.
(a)
Stock options
Stock options granted and outstanding under the Omnibus Plan have an expiry date of five years and vest over a period
of three or four years from date of grant. Stock options are exercisable into one common share of the Company at the
price specified in the terms of the option agreement.
During the year ended December 31, 2025, 148,200 stock options were granted to employees under the Omnibus
Plan. The fair value based method of accounting was applied to stock options on the date of grant using the Black-
Scholes option pricing model with the following weighted-average assumptions:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
December 31,
\u00a0
2025
2024
Risk-free interest rate
2.65%
3.16%
Expected stock price volatility
35.26%
33.29%
Expected life
4.0 years
3.7 years
Expected dividends (CAD)
$1.23
$0.55
Weighted-average fair value per option granted (CAD)
$9.65
$3.77
\n
A continuity summary of the stock options granted and outstanding under the Omnibus Plan is presented below:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Year ended
Year ended
\u00a0
December 31,
December 31,
\u00a0
2025
2024
\u00a0
Number of
Weighted
Number of
Weighted
\u00a0
stock options
average
stock options
average
\u00a0 \u00a0
exercise price
\u00a0
exercise price
\u00a0 \u00a0
(CAD)
\u00a0
(CAD)
Balance, beginning of period
2,378,949
$
11.87
3,594,969
$
10.18
Granted
148,200
40.49
350,900
16.07
Forfeited
-
-
(112,167)
16.02
Exercised
1
(963,425)
11.41
(1,454,753)
8.40
Balance outstanding, end of period
1,563,724
$
14.87
2,378,949
$
11.87
Balance exercisable, end of period
1,032,230
$
11.14
1,523,442
$
10.99
\n
1
The weighted average share price on the exercise date for the stock options exercised during the year ended December 31, 2025 was CAD$55.08 (2024 - CAD$19.65).
The following table summarizes outstanding options at December 31, 2025:
\n\n \n
Outstanding options
Weighted average
Range of
Number of
remaining
Weighted average
exercise prices
options
contractual life
exercise price (CAD)
(CAD)
outstanding
(years)
$
9.79 to 10.72
723,762
0.73
$
10.05
$
10.73 to 29.53
689,149
2.44
14.36
$
29.54 to 98.65
150,813
4.17
40.30
1,563,724
1.82
$ 14.87
\n
The equity-settled share-based payment reserve includes the fair value of employee options as measured at grant date
\n
and amortized over the period during which the employees become unconditionally entitled to the options. During
\n
the year ended December 31, 2025, the Company recorded stock-based compensation expense of $1.0 million (2024
\n
\u2013 $1.2 million) related to options.
\n
(b)
Share units
\n
Under the Omnibus Plan, the Company has granted restricted share units and deferred share units (collectively, \u201cShare
\n
Units\u201d) to eligible employees and non-employee directors as presented below:
\n\n \n
Restricted share units
Restricted
Deferred
with performance
criteria
share units
share units
Balance at January 1, 2024
562,852
175,201
13,467
Granted
240,871
132,180
30,934
Granted \u2013 Dividend Equivalent
16,564
6,126
1,194
Forfeited
(56,876)
(15,823)
-
Settled
(266,949)
(122,704)
-
Balance at December 31, 2024
496,462
174,980
45,595
Granted
235,632
51,260
15,031
Granted \u2013 Dividend Equivalent
17,782
8,491
2,746
Forfeited
-
(793)
-
Settled
(371,097)
(54,328)
-
Balance at December 31, 2025
378,779
179,610
63,372
\n
Share Units can be settled in common share or cash at the discretion of the Company\u2019s board of directors and were
\n
initially expected to be settled in shares. Starting December 31, 2024, to the extent permitted by the Company\u2019s
\n
omnibus incentive plan, Share Units are expected to generally settle in cash in future period and reclassified as
\n
financial liabilities measured at fair value. As at December 31, 2025, all Share Units are accounted for as cash-settled
\n
stock-based payments.
\n
Restricted share units with performance criteria (\u201cPSUs\u201d)
\n
PSUs are granted to eligible employees and vest three years from date of grant subject to continued employment and
\n
certain performance conditions being met. The number of PSUs that vest are adjusted using a multiplier that is based
\n
on total shareholder return by the Company\u2019s shares over the three-year period relative to a peer group as defined by
\n
the Company\u2019s board of directors. Each vested PSU entitles the recipient to a payment of one common share or cash
\n
at the discretion of the Company\u2019s board of directors.
\n
The fair value of PSUs was measured at each reporting date using Monte Carlo simulation and resulted in a weighted-
\n
average fair value per unit of CAD$182.50 as at December 31, 2025 (2024 \u2013 CAD$32.09).
\n
During the year ended December 31, 2025, the Company recorded stock-based compensation expense of $34.8 million
\n
(2024 \u2013 $10.1 million) relating to PSUs and a liability of $36.1 million as at December 31, 2025 (2024 \u2013 $10.7 million).
Restricted share units without performance criteria (\u201cRSUs\u201d)
RSUs are granted to eligible employees and vest one to three years from date of grant subject to continued employment.
Each vested RSU entitles the recipient to a payment of one common share or cash at the discretion of the Company\u2019s
board of directors.
The fair value of RSUs was measured at each reporting period using the 5-day volume weighted average share price
and resulted in a weighted-average fair value per unit of CAD$116.45 as at December 31, 2025 (2024 \u2013 CAD$31.09).
During the year ended December 31, 2025, the Company recorded stock-based compensation expense of $8.0 million
(2024 \u2013 $2.3 million) relating to RSUs and a liability of $8.7 million as at December 31, 2025 (2024 \u2013 $1.5 million)
Deferred share units (\u201cDSUs\u201d)
DSUs are granted to non-employee directors and do not vest until the end of service as a director of the Company. Each
vested DSU entitles the recipient to a payment of one common share or cash at the discretion of the Company\u2019s board
of directors. Given DSUs are expected to generally settle in cash in future periods, outstanding DSUs were reclassified
as financial liabilities measured at fair value starting June 30, 2025.
Using the 5-day volume weighted average share price, fair value of DSUs was measured as at the December 31, 2025
with a weighted-average fair value per unit of CAD$116.45. For the year ended December 31, 2024, the fair value of
DSUs was measured on the date of grant with a weighted-average fair value per unit of CAD$18.86.
During the year ended December 31, 2025, the Company recorded stock-based compensation expense of $4.7 million
(2024 \u2013 $0.5 million) relating to DSUs. The total liability of DSUs as at December 31, 2025 was $5.4 million (2024 - $nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00228": { "value": "12. STOCK-BASED COMPENSATION
Under an omnibus incentive plan (the \u201cOmnibus Plan\u201d) that allows for the reservation of a maximum 6% of the common
shares issued and outstanding for issuance at any given time, the Company may grant stock options, restricted share units
and deferred share units (collectively, the \u201cAwards\u201d). Subject to specific provisions under the Omnibus Plan, the eligibility,
vesting period, term, and number of Awards are granted at the discretion of the Company\u2019s board of directors.
Recipients of share units granted and outstanding on a dividend record date are entitled to receive an award of additional
share units equal to the cash dividends declared and paid on the Company\u2019s common shares (\u201cDividend Equivalent\u201d).
Dividend Equivalents are calculated in accordance with the Omnibus Plan based on the number of share units held, the
dividend per share and the weighted average trading price of the Company\u2019s shares on the TSX for the five days preceding
the date the dividend was paid. These additional share units are subject to the same terms and conditions as the underlying
share units.
(a)
Stock options
Stock options granted and outstanding under the Omnibus Plan have an expiry date of five years and vest over a period
of three or four years from date of grant. Stock options are exercisable into one common share of the Company at the
price specified in the terms of the option agreement.
During the year ended December 31, 2025, 148,200 stock options were granted to employees under the Omnibus
Plan. The fair value based method of accounting was applied to stock options on the date of grant using the Black-
Scholes option pricing model with the following weighted-average assumptions:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
December 31,
\u00a0
2025
2024
Risk-free interest rate
2.65%
3.16%
Expected stock price volatility
35.26%
33.29%
Expected life
4.0 years
3.7 years
Expected dividends (CAD)
$1.23
$0.55
Weighted-average fair value per option granted (CAD)
$9.65
$3.77
\n
A continuity summary of the stock options granted and outstanding under the Omnibus Plan is presented below:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Year ended
Year ended
\u00a0
December 31,
December 31,
\u00a0
2025
2024
\u00a0
Number of
Weighted
Number of
Weighted
\u00a0
stock options
average
stock options
average
\u00a0 \u00a0
exercise price
\u00a0
exercise price
\u00a0 \u00a0
(CAD)
\u00a0
(CAD)
Balance, beginning of period
2,378,949
$
11.87
3,594,969
$
10.18
Granted
148,200
40.49
350,900
16.07
Forfeited
-
-
(112,167)
16.02
Exercised
1
(963,425)
11.41
(1,454,753)
8.40
Balance outstanding, end of period
1,563,724
$
14.87
2,378,949
$
11.87
Balance exercisable, end of period
1,032,230
$
11.14
1,523,442
$
10.99
\n
1
The weighted average share price on the exercise date for the stock options exercised during the year ended December 31, 2025 was CAD$55.08 (2024 - CAD$19.65).
\n\n\n\n\n
The following table summarizes outstanding options at December 31, 2025:
\n\n \n
Outstanding options
Weighted average
Range of
Number of
remaining
Weighted average
exercise prices
options
contractual life
exercise price (CAD)
(CAD)
outstanding
(years)
$
9.79 to 10.72
723,762
0.73
$
10.05
$
10.73 to 29.53
689,149
2.44
14.36
$
29.54 to 98.65
150,813
4.17
40.30
1,563,724
1.82
$ 14.87
\n
The equity-settled share-based payment reserve includes the fair value of employee options as measured at grant date
\n
and amortized over the period during which the employees become unconditionally entitled to the options. During
\n
the year ended December 31, 2025, the Company recorded stock-based compensation expense of $1.0 million (2024
\n
\u2013 $1.2 million) related to options.
\n
(b)
Share units
\n
Under the Omnibus Plan, the Company has granted restricted share units and deferred share units (collectively, \u201cShare
\n
Units\u201d) to eligible employees and non-employee directors as presented below:
\n\n \n
Restricted share units
Restricted
Deferred
with performance
criteria
share units
share units
Balance at January 1, 2024
562,852
175,201
13,467
Granted
240,871
132,180
30,934
Granted \u2013 Dividend Equivalent
16,564
6,126
1,194
Forfeited
(56,876)
(15,823)
-
Settled
(266,949)
(122,704)
-
Balance at December 31, 2024
496,462
174,980
45,595
Granted
235,632
51,260
15,031
Granted \u2013 Dividend Equivalent
17,782
8,491
2,746
Forfeited
-
(793)
-
Settled
(371,097)
(54,328)
-
Balance at December 31, 2025
378,779
179,610
63,372
\n
Share Units can be settled in common share or cash at the discretion of the Company\u2019s board of directors and were
\n
initially expected to be settled in shares. Starting December 31, 2024, to the extent permitted by the Company\u2019s
\n
omnibus incentive plan, Share Units are expected to generally settle in cash in future period and reclassified as
\n
financial liabilities measured at fair value. As at December 31, 2025, all Share Units are accounted for as cash-settled
\n
stock-based payments.
\n
Restricted share units with performance criteria (\u201cPSUs\u201d)
\n
PSUs are granted to eligible employees and vest three years from date of grant subject to continued employment and
\n
certain performance conditions being met. The number of PSUs that vest are adjusted using a multiplier that is based
\n
on total shareholder return by the Company\u2019s shares over the three-year period relative to a peer group as defined by
\n
the Company\u2019s board of directors. Each vested PSU entitles the recipient to a payment of one common share or cash
\n
at the discretion of the Company\u2019s board of directors.
\n
The fair value of PSUs was measured at each reporting date using Monte Carlo simulation and resulted in a weighted-
\n
average fair value per unit of CAD$182.50 as at December 31, 2025 (2024 \u2013 CAD$32.09).
\n
During the year ended December 31, 2025, the Company recorded stock-based compensation expense of $34.8 million
\n
(2024 \u2013 $10.1 million) relating to PSUs and a liability of $36.1 million as at December 31, 2025 (2024 \u2013 $10.7 million).
Restricted share units without performance criteria (\u201cRSUs\u201d)
RSUs are granted to eligible employees and vest one to three years from date of grant subject to continued employment.
Each vested RSU entitles the recipient to a payment of one common share or cash at the discretion of the Company\u2019s
board of directors.
The fair value of RSUs was measured at each reporting period using the 5-day volume weighted average share price
and resulted in a weighted-average fair value per unit of CAD$116.45 as at December 31, 2025 (2024 \u2013 CAD$31.09).
During the year ended December 31, 2025, the Company recorded stock-based compensation expense of $8.0 million
(2024 \u2013 $2.3 million) relating to RSUs and a liability of $8.7 million as at December 31, 2025 (2024 \u2013 $1.5 million)
Deferred share units (\u201cDSUs\u201d)
DSUs are granted to non-employee directors and do not vest until the end of service as a director of the Company. Each
vested DSU entitles the recipient to a payment of one common share or cash at the discretion of the Company\u2019s board
of directors. Given DSUs are expected to generally settle in cash in future periods, outstanding DSUs were reclassified
as financial liabilities measured at fair value starting June 30, 2025.
Using the 5-day volume weighted average share price, fair value of DSUs was measured as at the December 31, 2025
with a weighted-average fair value per unit of CAD$116.45. For the year ended December 31, 2024, the fair value of
DSUs was measured on the date of grant with a weighted-average fair value per unit of CAD$18.86.
During the year ended December 31, 2025, the Company recorded stock-based compensation expense of $4.7 million
(2024 \u2013 $0.5 million) relating to DSUs. The total liability of DSUs as at December 31, 2025 was $5.4 million (2024 - $nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00230": { "value": "13. REVENUES
December 31,
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
December 31,
December 31,
\u00a0
2025
2025
2024
2024
Dor\u00e9 sales
1
$
597,836
$
423,550
Concentrate sales
1,100,448
772,200
Gain (loss) on provisionally priced trade receivables
84,656
(2,700)
\u00a0
$
1,782,940
$
1,193,050
\n
1
During the year ended December 31, 2024, $177.9 million of dor\u00e9 sales were sold under the Offtake to Newmont until the Closing Date of the Stream Facility
and Offtake buy out.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00231": { "value": "14. OPERATING EXPENSES
December 31,
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
December 31,
December 31,
\u00a0
2025
2025
2024
2024
Direct production costs
$
250,254
$
244,373
Transportation
27,762
21,372
Direct sales costs, including employee portion of profit sharing
39,514
19,408
Change in inventories
1,213
(1,626)
\u00a0
$
318,743
$
283,527
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00232": { "value": "15. EXPLORATION \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
December 31,
\u00a0
2025
2024
Catering and camp expenses
$
3,720
$
2,891
Concessions and land
1,103
699
Mining supervision & control fees
(1)
3,231
-
Development
871
1,954
Drilling
24,659
17,667
Environmental
1,798
1,477
Geophysics
1,775
2,006
Salaries and benefits
8,031
6,204
Sampling and supplies
11,450
7,027
Study and evaluation
1,290
-
Others
1,595
1,243
\u00a0
$
59,523
$
41,168
\n
1
Effective June 2025, the Government of Ecuador introduced the new mining supervision and control fee which is intended to fund oversight activities carried out by the
Mining Regulation and Control Agency.", "dimensions": { "concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00233": { "value": "16. ADMINISTRATION \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
December 31,
\u00a0
2025
2024
Corporate social responsibility
$
2,063
$
2,119
Investor relations
456
285
Office and general
4,162
3,896
Professional fees
2,370
2,284
Regulatory and transfer agent
740
469
Salaries and benefits
5,163
6,739
Special government levy
(1)
-
1,913
Stock-based compensation
48,460
15,734
Travel
1,003
1,092
\u00a0
$
64,417
$
34,531
\n
1
In March 2024, the Government of Ecuador introduced a special one-time temporary security contribution to strengthen security amid rising violence in the country. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00234": { "value": "17. RELATED PARTY TRANSACTION
(a)
Key management compensation
Key management includes executive officers and directors of the Company. The compensation paid or payable to key
management for employee services, including amounts paid to certain executive officers following the end of their
employment, during the year ended December 31 is shown below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
December 31,
\u00a0
2025
2024
Salaries, bonuses and benefits
$
5,240
$
5,226
Stock-based compensation
33,971
4,076
\u00a0
$
39,211
$
9,302
\n
(b)
Other related party transactions
During the year ended December 31, 2025, the Company incurred $0.9 million (2024 \u2013 $1.3 million), primarily relating
to office rental and related services provided by a company associated with a director of the Company. In addition, the
Company entered into transactions with its largest shareholder, Newmont, during the years ended December 31, 2025
and December 31, 2024 as disclosed in Note 9, Note 11, and Note 13.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00243": { "value": "(a)
Key management compensation
Key management includes executive officers and directors of the Company. The compensation paid or payable to key
management for employee services, including amounts paid to certain executive officers following the end of their
employment, during the year ended December 31 is shown below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
December 31,
\u00a0
2025
2024
Salaries, bonuses and benefits
$
5,240
$
5,226
Stock-based compensation
33,971
4,076
\u00a0
$
39,211
$
9,302
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00244": { "value": "18. INCOME TAXES
(a)
Income tax expense
Current income tax expense is generated from net income for tax purposes in Ecuador relating to operations at Fruta
del Norte. In addition to corporate income taxes in Ecuador which are levied at a rate of 22% and dividend withholding
taxes levied at a rate of 5% related to the anticipated portion of net income distributed from Ecuador, included in
current income tax expense is the portion of profit sharing payable to the Government of Ecuador which is calculated
at a rate of 12% of net income for tax purposes. The employee portion of profit sharing, calculated at a rate of 3% of
net income for tax purposes, is considered an employment benefit and included in operating costs.
The rates used in Ecuador differ from the amount that would result from applying the Canadian federal and provincial
income tax rates to net income before tax. These differences result from the following items:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
December 31,
\u00a0
2025
2024
Net income before tax
$
1,123,542
$
634,117
Canadian federal and provincial income tax rates
27.00%
27.00%
Expected income tax expense based on the above rates
303,356
171,212
Increase (decrease) due to:
\u00a0 \u00a0
Differences in foreign tax rates
(49,339)
(4,731)
Non-deductible costs
19,286
7,130
Withholding taxes (current and deferred)
38,930
31,681
Losses and temporary differences for which an income tax asset has not
\u00a0 \u00a0
been recognized
14,945
3,951
Non-taxable portion of capital gains
-
(1,176)
Global minimum top-up tax
4,213
-
Income tax expense
$
331,391
$
208,067
\n
(b)
Deferred income taxes
Deferred tax assets (liabilities) have been recognized on the statement of financial position as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
December 31,
\u00a0
2025
2024
Inventories
$
(5,646)
$
(3,697)
Mineral properties and property, plant and equipment
(99,789)
(137,070)
Long-term debt
105,444
65,018
Trade receivables and other current assets
18,211
10,475
Accounts payable and accrued liabilities
3,017
2,430
Other
(10,600)
(21,500)
\u00a0
$
10,637
$
(84,344)
Deductible temporary differences for which no deferred taxes assets have been recognized are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
December 31,
\u00a0
2025
2024
Non-capital losses - Canada
$
27,760
$
24,205
Net-capital losses - Canada
-
5,192
Mineral properties and property, plant and equipment
66,860
66,866
Other
61,008
13,045
\u00a0
$
155,628
$
109,308
\n
As at December 31, 2025, the Company has the following tax losses which may be used to reduce future taxable
income:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Year of expiry
Canada
2026
$
-
2027
-
2028
-
2029
-
2030 and onwards
27,760
Total
$
27,760
\n
(c)
OECD Pillar Two
Effective January 1, 2025, the Company became subject to the OECD Pillar Two model rules as two out of the last four year\u2019s
revenues exceeded \u20ac750 million. Pillar Two legislation was enacted in Canada effective January 1, 2024 and Singapore
effective January 1, 2025. Under the legislation, the Company is liable to pay a top-up tax for the difference between the
GloBE effective tax rate for each jurisdiction and the 15% minimum rate. The Company has effective tax rates that exceed
15% in all jurisdictions in which it operates, except for one jurisdiction. The Company has performed an analysis of the
country-by-country reporting safe harbour test and concluded the safe harbour does not apply in 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00245": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
December 31,
\u00a0
2025
2024
Net income before tax
$
1,123,542
$
634,117
Canadian federal and provincial income tax rates
27.00%
27.00%
Expected income tax expense based on the above rates
303,356
171,212
Increase (decrease) due to:
\u00a0 \u00a0
Differences in foreign tax rates
(49,339)
(4,731)
Non-deductible costs
19,286
7,130
Withholding taxes (current and deferred)
38,930
31,681
Losses and temporary differences for which an income tax asset has not
\u00a0 \u00a0
been recognized
14,945
3,951
Non-taxable portion of capital gains
-
(1,176)
Global minimum top-up tax
4,213
-
Income tax expense
$
331,391
$
208,067
\n
(b)
Deferred income taxes
Deferred tax assets (liabilities) have been recognized on the statement of financial position as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
December 31,
\u00a0
2025
2024
Inventories
$
(5,646)
$
(3,697)
Mineral properties and property, plant and equipment
(99,789)
(137,070)
Long-term debt
105,444
65,018
Trade receivables and other current assets
18,211
10,475
Accounts payable and accrued liabilities
3,017
2,430
Other
(10,600)
(21,500)
\u00a0
$
10,637
$
(84,344)
Deductible temporary differences for which no deferred taxes assets have been recognized are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
December 31,
\u00a0
2025
2024
Non-capital losses - Canada
$
27,760
$
24,205
Net-capital losses - Canada
-
5,192
Mineral properties and property, plant and equipment
66,860
66,866
Other
61,008
13,045
\u00a0
$
155,628
$
109,308
\n
As at December 31, 2025, the Company has the following tax losses which may be used to reduce future taxable
income:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Year of expiry
Canada
2026
$
-
2027
-
2028
-
2029
-
2030 and onwards
27,760
Total
$
27,760
\n
(c)
OECD Pillar Two
Effective January 1, 2025, the Company became subject to the OECD Pillar Two model rules as two out of the last four year\u2019s
revenues exceeded \u20ac750 million. Pillar Two legislation was enacted in Canada effective January 1, 2024 and Singapore
effective January 1, 2025. Under the legislation, the Company is liable to pay a top-up tax for the difference between the
GloBE effective tax rate for each jurisdiction and the 15% minimum rate. The Company has effective tax rates that exceed
15% in all jurisdictions in which it operates, except for one jurisdiction. The Company has performed an analysis of the
country-by-country reporting safe harbour test and concluded the safe harbour does not apply in 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00246": { "value": "19. SUPPLEMENTAL CASH INFORMATION
Cash and cash equivalents are comprised of the following:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
December 31,
\u00a0
2025
2024
Cash
$
410,068
$
224,783
Short-term investments
220,113
124,417
\u00a0
$
630,181
$
349,200
\n
Other supplemental cash information:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
December 31,
\u00a0
2025
2024
Income taxes paid
(1)
$
312,637
$
136,913
Change in accounts payable and accrued liabilities
\u00a0 \u00a0
related to:
\u00a0 \u00a0
Acquisition of property, plant and equipment
(4,820)
7,833
\n
1
Effective January 1, 2024, the Company is subject to monthly income tax instalment payments in Ecuador using a rate published by the tax authorities in Ecuador based
on the previous year\u2019s tax return. During the year ended December 31, 2025, in addition to monthly corporate income tax instalment payments, the Company remitted
$70.6 million to the Government of Ecuador as a partial payment against its annual income taxes due in April 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00247": { "value": "20. SEGMENTED INFORMATION
Operating segments are components of an entity that engage in business activities from which they incur expenses and
whose operating results are regularly reviewed by a chief operating decision maker to make resource allocation decisions
and to assess performance. The Chief Executive Officer is responsible for allocating resources and reviewing operating
results of each operating segment on a periodic basis.
The Company\u2019s primary business activity is the Fruta del Norte operating mine in Ecuador where all revenues originate.
Materially all of the Company\u2019s non-current assets and non-current liabilities relate to Fruta del Norte. In addition, the
Company conducts exploration activities and maintains a number of concessions in Ecuador outside of Fruta del Norte.
The following are summaries of the Company\u2019s current and non-current assets, current and non-current liabilities, and
income from mining operations:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Exploration
Corporate and
\u00a0
\u00a0
Fruta del Norte
activities
other
Total
As at December 31, 2025
\u00a0 \u00a0 \u00a0 \u00a0
Current assets
$ 640,673
$ 585
$ 341,906
$ 983,164
Non-current assets
803,373
90
531
803,994
Total assets
1,444,046
675
342,437
1,787,158
Current liabilities
354,265
4,798
29,447
388,510
Non-current liabilities
8,626
-
25,893
34,519
Total liabilities
362,891
4,798
55,340
423,029
For the year ended December 31, 2025
\u00a0 \u00a0 \u00a0 \u00a0
Revenues
1,782,940
-
-
1,782,940
Operating expenses
(318,743)
-
-
(318,743)
Royalty expenses
(102,819)
-
-
(102,819)
Depletion and depreciation
(135,041)
-
-
(135,041)
Income from mining operations
1,226,337
-
-
1,226,337
As at December 31, 2024
\u00a0 \u00a0 \u00a0 \u00a0
Current assets
$ 446,585
$ 166
$ 227,708
$ 674,459
Non-current assets
852,348
78
596
853,022
Total assets
1,298,933
244
228,304
1,527,481
Current liabilities
204,667
1,478
9,370
215,515
Non-current liabilities
70,710
-
24,957
95,667
Total liabilities
275,377
1,478
34,327
311,182
For the year ended December 31, 2024
\u00a0 \u00a0 \u00a0 \u00a0
Revenues
1,193,050
-
-
1,193,050
Operating expenses
(283,527)
-
-
(283,527)
Royalty expenses
(69,158)
-
-
(69,158)
Depletion and depreciation
(136,979)
-
-
(136,979)
Income from mining operations
703,386
-
-
703,386
\n
The Company generated 76% of its revenue from four major customers during the year ended December 31, 2025 (2024
\u2013 69% from four major customers). However, the Company is not economically dependent on these customers as gold and
silver can be sold to smelters and through numerous banks and commodity market traders worldwide.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00248": { "value": "Operating segments are components of an entity that engage in business activities from which they incur expenses and
whose operating results are regularly reviewed by a chief operating decision maker to make resource allocation decisions
and to assess performance. The Chief Executive Officer is responsible for allocating resources and reviewing operating
results of each operating segment on a periodic basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00249": { "value": "21. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
(a)
Fair value of financial instruments
The Company\u2019s financial instruments include cash, cash equivalents and certain receivables, which are
categorized as financial assets at amortized cost, and accounts payable and accrued liabilities, which are
categorized as financial liabilities at amortized cost. The fair value of these financial instruments approximates their
carrying values due to the short-term nature of these instruments. Further, provisionally priced trade receivables of
$199.2 million (December 31, 2024 - $156.0 million) are measured at fair value using quoted forward market prices
(Fair value hierarchy level 2).
Fair value measurements and hierarchy
IFRS Accounting Standards establish a fair value hierarchy that prioritizes the inputs to valuation techniques used to
measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical
assets or liabilities and the lower priority to unobservable inputs. The three levels of the fair value hierarchy are as follows:
Level 1:
Quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability
to access at the measurement date.
Level 2:
Inputs that are observable, either directly or indirectly, for substantially the full term of the asset or
liability.
Level 3:
Inputs that are both significant to the fair value measurement and unobservable.
(b)
Financial risk management
The Company\u2019s financial instruments are exposed to a variety of financial risks by virtue of its activities or by their
nature.
Currency risk
Lundin Gold is a Canadian company, with foreign operations in Ecuador. Revenues generated and expenditures incurred
in Ecuador are primarily denominated in U.S. dollars. However, equity capital, if needed, is typically raised in Canadian
dollars. As such, the Company is subject to risk due to fluctuations in the exchange rates of foreign currencies. Although
the Company does not enter into derivative financial instruments to manage its exposure, the Company tries to manage
this risk by maintaining most of its cash in U.S. dollars. Based on this exposure, a 2% change in the U.S. dollar exchange
rate would give rise to an increase or decrease of approximately $1.0 million in net income for the year.
Credit risk
Credit risk is the risk of a financial loss to the Company if a counterparty to a financial instrument fails to meet its
contractual obligations. The majority of the Company\u2019s cash is held in large financial institutions with a high investment
grade rating. The Company is also subject to credit risk associated with its trade receivables. The Company manages
this risk by only selling to reputable customers with strong financial statements.
Concentration of credit risk
Cash and cash equivalents are held with high quality financial institutions. Substantially all of the Company\u2019s cash and
cash equivalents held with financial institutions exceed government-insured limits. The Company has established a
treasury policy that seeks to minimize its credit risk by entering into transactions with investment grade creditworthy
and reputable financial institutions and by monitoring the credit standing of those financial institutions. The Company
seeks to limit the amount of exposure with any one counterparty in accordance with its established treasury policy.
Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its obligations as they become due. Cash flow
forecasting is performed regularly to monitor the Company\u2019s liquidity requirements to ensure it has sufficient cash to
always meet its operational needs. In addition, management is actively involved in the review, planning and approval
of significant expenditures and commitments.
The maturities of the Company\u2019s current liabilities are due to be settled within one year, and other non-current
liabilities are due to be settled within two to three years. As at December 31, 2025, the Company\u2019s cash and cash
equivalent
balances exceeded the total liabilities.
Commodity price risk
The Company is subject to commodity price risk from fluctuations in the market prices of gold and silver. Commodity
price risks are affected by many factors that are outside the Company\u2019s control including global or regional consumption
patterns, the supply of and demand for metals, speculative activities, the availability and costs of substitutes, inflation, and
political and economic conditions. The Company has not hedged the price of any commodity at this time.
The fair value of a portion of the Company\u2019s trade receivables are impacted by fluctuations of commodity prices. Based
on this exposure, an increase or decrease of 5% in gold and silver prices would increase or decrease the fair value of the
Company\u2019s trade receivables by $8.9 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00260": { "value": "(a)
Fair value of financial instruments
The Company\u2019s financial instruments include cash, cash equivalents and certain receivables, which are
categorized as financial assets at amortized cost, and accounts payable and accrued liabilities, which are
categorized as financial liabilities at amortized cost. The fair value of these financial instruments approximates their
carrying values due to the short-term nature of these instruments. Further, provisionally priced trade receivables of
$199.2 million (December 31, 2024 - $156.0 million) are measured at fair value using quoted forward market prices
(Fair value hierarchy level 2).
Fair value measurements and hierarchy
IFRS Accounting Standards establish a fair value hierarchy that prioritizes the inputs to valuation techniques used to
measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical
assets or liabilities and the lower priority to unobservable inputs. The three levels of the fair value hierarchy are as follows:
Level 1:
Quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability
to access at the measurement date.
Level 2:
Inputs that are observable, either directly or indirectly, for substantially the full term of the asset or
liability.
Level 3:
Inputs that are both significant to the fair value measurement and unobservable. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00261": { "value": "(b)
Financial risk management
The Company\u2019s financial instruments are exposed to a variety of financial risks by virtue of its activities or by their
nature.
Currency risk
Lundin Gold is a Canadian company, with foreign operations in Ecuador. Revenues generated and expenditures incurred
in Ecuador are primarily denominated in U.S. dollars. However, equity capital, if needed, is typically raised in Canadian
dollars. As such, the Company is subject to risk due to fluctuations in the exchange rates of foreign currencies. Although
the Company does not enter into derivative financial instruments to manage its exposure, the Company tries to manage
this risk by maintaining most of its cash in U.S. dollars. Based on this exposure, a 2% change in the U.S. dollar exchange
rate would give rise to an increase or decrease of approximately $1.0 million in net income for the year.
Credit risk
Credit risk is the risk of a financial loss to the Company if a counterparty to a financial instrument fails to meet its
contractual obligations. The majority of the Company\u2019s cash is held in large financial institutions with a high investment
grade rating. The Company is also subject to credit risk associated with its trade receivables. The Company manages
this risk by only selling to reputable customers with strong financial statements.
Concentration of credit risk
Cash and cash equivalents are held with high quality financial institutions. Substantially all of the Company\u2019s cash and
cash equivalents held with financial institutions exceed government-insured limits. The Company has established a
treasury policy that seeks to minimize its credit risk by entering into transactions with investment grade creditworthy
and reputable financial institutions and by monitoring the credit standing of those financial institutions. The Company
seeks to limit the amount of exposure with any one counterparty in accordance with its established treasury policy.
Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its obligations as they become due. Cash flow
forecasting is performed regularly to monitor the Company\u2019s liquidity requirements to ensure it has sufficient cash to
always meet its operational needs. In addition, management is actively involved in the review, planning and approval
of significant expenditures and commitments.
The maturities of the Company\u2019s current liabilities are due to be settled within one year, and other non-current
liabilities are due to be settled within two to three years. As at December 31, 2025, the Company\u2019s cash and cash
equivalent
balances exceeded the total liabilities.
Commodity price risk
The Company is subject to commodity price risk from fluctuations in the market prices of gold and silver. Commodity
price risks are affected by many factors that are outside the Company\u2019s control including global or regional consumption
patterns, the supply of and demand for metals, speculative activities, the availability and costs of substitutes, inflation, and
political and economic conditions. The Company has not hedged the price of any commodity at this time.
The fair value of a portion of the Company\u2019s trade receivables are impacted by fluctuations of commodity prices. Based
on this exposure, an increase or decrease of 5% in gold and silver prices would increase or decrease the fair value of the
Company\u2019s trade receivables by $8.9 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00262": { "value": "Currency risk
Lundin Gold is a Canadian company, with foreign operations in Ecuador. Revenues generated and expenditures incurred
in Ecuador are primarily denominated in U.S. dollars. However, equity capital, if needed, is typically raised in Canadian
dollars. As such, the Company is subject to risk due to fluctuations in the exchange rates of foreign currencies. Although
the Company does not enter into derivative financial instruments to manage its exposure, the Company tries to manage
this risk by maintaining most of its cash in U.S. dollars. Based on this exposure, a 2% change in the U.S. dollar exchange
rate would give rise to an increase or decrease of approximately $1.0 million in net income for the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00273": { "value": "Credit risk
Credit risk is the risk of a financial loss to the Company if a counterparty to a financial instrument fails to meet its
contractual obligations. The majority of the Company\u2019s cash is held in large financial institutions with a high investment
grade rating. The Company is also subject to credit risk associated with its trade receivables. The Company manages
this risk by only selling to reputable customers with strong financial statements.
Concentration of credit risk
Cash and cash equivalents are held with high quality financial institutions. Substantially all of the Company\u2019s cash and
cash equivalents held with financial institutions exceed government-insured limits. The Company has established a
treasury policy that seeks to minimize its credit risk by entering into transactions with investment grade creditworthy
and reputable financial institutions and by monitoring the credit standing of those financial institutions. The Company
seeks to limit the amount of exposure with any one counterparty in accordance with its established treasury policy.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00274": { "value": "Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its obligations as they become due. Cash flow
forecasting is performed regularly to monitor the Company\u2019s liquidity requirements to ensure it has sufficient cash to
always meet its operational needs. In addition, management is actively involved in the review, planning and approval
of significant expenditures and commitments.
The maturities of the Company\u2019s current liabilities are due to be settled within one year, and other non-current
liabilities are due to be settled within two to three years. As at December 31, 2025, the Company\u2019s cash and cash
equivalent
balances exceeded the total liabilities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00275": { "value": "Commodity price risk
The Company is subject to commodity price risk from fluctuations in the market prices of gold and silver. Commodity
price risks are affected by many factors that are outside the Company\u2019s control including global or regional consumption
patterns, the supply of and demand for metals, speculative activities, the availability and costs of substitutes, inflation, and
political and economic conditions. The Company has not hedged the price of any commodity at this time.
The fair value of a portion of the Company\u2019s trade receivables are impacted by fluctuations of commodity prices. Based
on this exposure, an increase or decrease of 5% in gold and silver prices would increase or decrease the fair value of the
Company\u2019s trade receivables by $8.9 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00276": { "value": "22. CAPITAL RISK MANAGEMENT
The Company\u2019s objectives when managing capital are to safeguard the Company\u2019s ability to continue as a going concern
and operate Fruta del Norte and to maintain a flexible capital structure which optimizes the cost of capital at an acceptable
risk while continuing to provide a return to shareholders through dividends.
In the management of capital, the Company considers items included in shareholders\u2019 equity. The Company manages the
capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the
Company\u2019s assets. In order to maintain or adjust the capital structure, the Company may choose to attempt to issue new
shares or debt instruments, acquire or dispose of assets, or to bring in joint venture partners.
In order to facilitate the management of its capital requirements, the Company prepares annual budgets that are updated
as necessary depending on various factors, including successful capital deployment and general industry conditions. The
annual and updated budgets are approved by the Board of Directors.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00277": { "value": "23. COMMITMENTS
Significant capital and other expenditures contracted as at December 31, 2025 but not recognized as liabilities are as
follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Capital
\u00a0
\u00a0
expenditures
Other
2026
$
25,785
$
476
2027
-
476
2028 onward
-
5,319
Total
$
25,785
$
6,271
\n
The Company\u2019s sales are subject to a 5% net smelter royalty payable to the Government of Ecuador and a 1% net revenue
royalty payable to third parties. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00278": { "value": "23. COMMITMENTS
Significant capital and other expenditures contracted as at December 31, 2025 but not recognized as liabilities are as
follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Capital
\u00a0
\u00a0
expenditures
Other
2026
$
25,785
$
476
2027
-
476
2028 onward
-
5,319
Total
$
25,785
$
6,271
\n
The Company\u2019s sales are subject to a 5% net smelter royalty payable to the Government of Ecuador and a 1% net revenue
royalty payable to third parties. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }