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A1 543 Granville Street Suite 501 Vancouver BC V6C 1X8 604 696-0741 DL Services Inc. Columbia Center 701 Fifth Avenue, Suite 6100 Seattle WA 98104-7043 206 903-8800 Common shares, no par value MTA NYSE true true 92899448 Yes Yes false false false KPMG LLP Canada 85 9794000 9717000 4379000 2516000 1259000 723000 15432000 12956000 255153000 255302000 200000 314000 81000 105000 255434000 255721000 270866000 268677000 3966000 1188000 2446000 0 6412000 1188000 0 12693000 6412000 13881000 12176000 0 0 2233000 525000 536000 12701000 2769000 19113000 16650000 310465000 307848000 14371000 13021000 -73083000 -68842000 251753000 252027000 270866000 268677000 11739000 5882000 2240000 2509000 9499000 3373000 6639000 5217000 2924000 2632000 -64000 -4476000 202000 113000 -94000 493000 1613000 1977000 237000 339000 -738000 0 -476000 612000 -552000 150000 -3572000 -5424000 656000 52000 13000 0 -4241000 -5476000 -0.05 -0.05 -0.06 -0.06 92510341 92510341 91503747 91503747 -4241000 -5476000 2240000 2509000 1613000 1977000 237000 339000 2924000 2632000 202000 113000 -94000 493000 -738000 0 669000 52000 453000 -671000 406000 -25000 4931000 731000 0 806000 247000 409000 -1862000 -511000 -580000 21000 2166000 -3211000 4408000 -2573000 2437000 2199000 316000 249000 -2121000 -1950000 13100000 0 11919000 0 0 719000 0 156000 1605000 58000 1819000 339000 -2243000 478000 33000 -345000 77000 -4390000 9717000 14107000 9794000 9717000 90877231 303323000 12930000 -63366000 252887000 429800 1109000 1109000 250000 719000 719000 213717 946000 -790000 156000 305690 1751000 -1751000 926000 926000 1706000 1706000 -5476000 -5476000 92076438 307848000 13021000 -68842000 252027000 412088 1043000 1043000 78262 207000 -207000 332660 1367000 -1367000 1074000 1074000 1850000 -4241000 -4241000 92899448 310465000 14371000 -73083000 251753000 <div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>1.</strong></span><span style="width:27.66pt;display:inline-block"> </span><span style="color:#ff9b00"><strong>NATURE OF OPERATIONS </strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Metalla Royalty &amp; Streaming Ltd. ("<strong>Metalla</strong>" or the "<strong>Company</strong>"), incorporated in British Columbia, Canada, is a precious metals royalty and streaming company, which engages in the acquisition and management of gold, silver, and copper royalties, streams, and similar production-based interests. The Company's common shares ("<strong>Common Shares</strong>") are listed on the TSX Venture Exchange ("<strong>TSX-V</strong>") under the symbol "<strong>MTA</strong>" and on the NYSE American ("<strong>NYSE</strong>") under the symbol "<strong>MTA</strong>". The head office and principal address is 501 - 543 Granville Street, Vancouver, British Columbia, Canada.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company has incurred a cumulative deficit to date of $73.1 million as at December 31, 2025, and has had losses from operations for multiple years. Continued operations of the Company are dependent on the Company's ability to generate positive cash flow in the future, receive continued financial support, and/or complete external financing. Management expects that its cash balance, cash flows from operating activities, and available credit facilities will be sufficient to fund the operations of the Company for at least twelve months from the date of this report.</span></span></p> </div> -73100000 <div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>2.</strong></span><span style="width:27.66pt;display:inline-block"> </span><span style="color:#ff9b00"><strong>SUMMARY OF MATERIAL ACCOUNTING POLICIES</strong></span></span></span></p> <div> <p style="margin-left:54pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>(a)</strong></span><span style="width:7pt;text-indent:0pt;display:inline-block"> </span><span style="color:#ff9b00"><strong>Statement of Compliance</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">These consolidated financial statements have been prepared using accounting policies in compliance with International Financial Reporting Standards ("<strong>IFRS</strong>") as issued by the International Accounting Standards Board ("<strong>IASB</strong>").</span></span></p> </div> <div> <p style="margin-left:54pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>(b)</strong></span><span style="width:6.51pt;text-indent:0pt;display:inline-block"> </span><span style="color:#ff9b00"><strong>Basis of Preparation and Measurement</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">These consolidated financial statements have been prepared on a historical cost basis, except for financial instruments, which have been measured at fair value. In addition, these consolidated financial statements have been prepared using the accrual basis of accounting except for cash flow information.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">These consolidated financial statements are presented in thousands of United States dollars except as otherwise indicated.</span></span></p> </div> <div> <p style="margin-left:54pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>(c)</strong></span><span style="width:7pt;text-indent:0pt;display:inline-block"> </span><span style="color:#ff9b00"><strong>Foreign Currency Translation</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The functional currency of the Company and its subsidiaries is the principal currency of the economic environment in which they operate. For the Company and its subsidiaries, the functional currency is the U.S. dollar. The presentation currency for the Company is the U.S. dollar.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Transactions in currencies other than the functional currency are recorded at exchange rates prevailing on the dates of the transactions. At the end of each reporting period, the monetary assets and liabilities of the Company that are denominated in foreign currencies are translated at the rate of exchange at the reporting date while non-monetary assets and liabilities are translated at historical rates. Revenues and expenses are translated at the exchange rates approximating those in effect on the date of the transactions. Exchange gains and losses arising on translation are included in the consolidated statement of loss and comprehensive loss.</span></span></p> </div> <div></div> <div> <p style="margin-left:54pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>(d)</strong></span><span style="width:6.51pt;text-indent:0pt;display:inline-block"> </span><span style="color:#ff9b00"><strong>Future Changes to Accounting Policies</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Certain new accounting standards and amendments to accounting standards have been published that are not mandatory for the year ended December 31, 2025, and have not been early adopted by the Company. New and amended accounting standards that are not applicable to the Company have been excluded from this note. The Company is currently assessing the impact of the following new and amended standards:</span></span></p> <ul style="padding-left:0pt;list-style-type:disc"> <li style="margin-left:63.14pt;text-align:justify;padding-left:8.86pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The IASB has issued classification and measurement and disclosure amendments to <i>IFRS 9 - Financial Instruments</i> and <i>IFRS 7 -</i> <i>Financial Instruments: Disclosures</i>, which are effective for years beginning on or after January 1, 2026, with earlier application permitted. The amendments clarify the date of recognition and derecognition of some financial assets and liabilities and introduce a new exception for some financial liabilities settled through an electronic payment system. Other changes include a clarification of the requirements when assessing whether a financial asset meets the solely payments of principal and interest criteria and new disclosures for certain instruments with contractual terms that can change cash flows (including instruments where cash flow changes are linked to environmental, social or governance targets).</span></span></li> </ul> <ul style="padding-left:0pt;list-style-type:disc"> <li style="margin-left:63.14pt;text-align:justify;padding-left:8.86pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>IFRS 18 - Presentation and Disclosure in Financial Statements </i>("<strong>IFRS 18</strong>") is a new standard that will provide new presentation and disclosure requirements, and which will replace <i>IAS 1 - Presentation of Financial Statements</i>. IFRS 18 introduces changes to the structure of the statement of profit or loss; provides required disclosures in financial statements for certain profit or loss performance measures that are reported outside an entity's financial statements; and provides enhanced principles on aggregation and disaggregation in financial statements. Many other existing principles in IAS 1 have been maintained. IFRS 18 is effective for years beginning on or after January 1, 2027, with earlier application permitted.</span></span></li> </ul> </div> <div> <p style="margin-left:54pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>(e)</strong></span><span style="width:7pt;text-indent:0pt;display:inline-block"> </span><span style="color:#ff9b00"><strong>Principles of Consolidation</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">These consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, including its principal subsidiaries Nova Royalty Corp. (Canada), Royalty &amp; Streaming Mexico S.A. de C.V. (Mexico), Metalla America Ltd. (USA), Nova Royalty USA Corp. (USA), MTA Royalty &amp; Streaming Pty Ltd. (Australia), ValGold Resources Ltd. (Canada), Geological Services Inc. (USA), Idaho Resources Corporation (USA), Genesis Gold Corporation (USA), and Metalla SEZC (Cayman Islands). All intercompany balances and transactions have been eliminated on consolidation.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>Subsidiaries</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Subsidiaries are all entities over which the Company has exposure to variable returns from its involvement and has the ability to use power over the investee to affect its returns. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Company controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company until the date on which control ceases.</span></span></p> </div> <div></div> <div> <p style="margin-left:54pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>(f)</strong></span><span style="width:9.01pt;text-indent:0pt;display:inline-block"> </span><span style="color:#ff9b00"><strong>Royalty, Stream, and Other Interests</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Royalty, stream, and other interests consist of acquired royalty, stream, and other interests. These interests are recorded at cost and capitalized as tangible assets with finite lives. They are subsequently measured at cost less accumulated depletion and accumulated impairment losses, if any. Project evaluation costs that are not related to a specific royalty or stream asset are expensed in the period incurred. Borrowing costs attributed to the acquisition of qualifying assets are capitalized to royalty, stream, and other interests, and are included in the carrying amounts of related assets until the asset is available for use in the manner intended by management.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Producing royalty and stream interests are depleted using the units-of-production method over the life of the property to which the interest relates, which is estimated using available information of proven and probable reserves and the portion of resources expected to be classified as mineral reserves at the mine corresponding to the specific agreement.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company classifies its royalty and streaming interests on a basis consistent with the underlying mineral property to which the royalty or streaming interest relates. Royalty, stream, and other interests on mineral properties in exploration stage are classified as such and are not depleted. In assessing whether an underlying exploration stage mineral property has advanced beyond the evaluation stage, management considers a combination of factors, including the completion of an economic evaluation (such as a Preliminary Economic Assessment, Pre-Feasibility Study or Feasibility Study), and/or public disclosures by the operator evidencing a formal plan or decision to advance the project to development, supported by reasonably estimates of projected costs and timeline to commence development. Where such development decision is supported by the underlying property operator, the associated royalty or streaming interest is re-categorized to the development stage. Royalties on producing properties are classified separately net of accumulated depletion.</span></span></p> </div> <div> <p style="margin-left:54pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>(g)</strong></span><span style="width:6.51pt;text-indent:0pt;display:inline-block"> </span><span style="color:#ff9b00"><strong>Impairment of Royalty, Stream, and Other Interests</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The carrying amounts of royalty, stream, and other interests are reviewed for impairment at each reporting date, or whenever events or changes in circumstances indicate the carrying amounts may not be recoverable. If there are indicators of impairment, a review is undertaken to determine whether the carrying amounts are in excess of their recoverable amounts. Reviews are undertaken on an asset-by-asset basis, except where the recoverable amount for an individual asset cannot be determined, in which case the review is undertaken at the cash-generating unit ("<strong>CGU</strong>") level.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">If the carrying amount of a CGU or non-financial asset exceeds the recoverable amount, being the higher of its fair value less costs to sell and its value-in-use, an impairment loss is recognized in net loss as the excess of the carrying amount over the recoverable amount. With respect to CGUs, impairment losses are allocated to reduce the carrying amounts of the assets of the CGU on a pro-rata basis. The future cash flows expected is derived using estimates of proven and probable reserves, a portion of resources that is expected to be converted into reserves and information regarding the Company's royalty, stream, and other production-based interests that could affect the future recoverability of the Company's interests. Discount factors are determined individually for each asset and reflect their respective risk profiles. In certain circumstances, the Company may use a market approach in determining the recoverable amount which may include an estimate of (a) net present value of estimated future cash flows; (b) dollar value per ounce or pound of reserve/resource; (c) cash-flow multiples; and/or (d) market capitalization of comparable assets.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Non-financial assets that have previously been impaired are tested for a possible reversal of the impairment whenever events or changes in circumstances indicate that the impairment may have reversed, or may have partially reversed. In these instances, the impairment loss is reversed to the recoverable amount but not beyond the carrying amount, net of amortization, that would have arisen if the prior impairment loss had not been recognized.</span></span></p> </div> <div></div> <div> <p style="margin-left:54pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>(h)</strong></span><span style="width:6.51pt;text-indent:0pt;display:inline-block"> </span><span style="color:#ff9b00"><strong>Revenue Recognition</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Revenue is comprised of revenue earned in the year from royalty, stream, and other interests. The Company recognizes revenue upon the transfer of control of the relevant commodity to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those commodities.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">For stream interests, revenue recognition occurs when the relevant commodity received from the stream operator is delivered by the Company to its third-party customers. Revenue is measured at the fair value of the consideration received or receivable when management can reliably estimate the amount, pursuant to the terms of the sales contract.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">For royalty interests, revenue recognition occurs when control of the relevant commodity is transferred to the end customer by the operator of the royalty property. Revenue is measured at the fair value of the consideration received or receivable when management can reliably estimate the amount, pursuant to the terms of the royalty agreement. In some instances, the Company will not have access to sufficient information to make a reasonable estimate of consideration to which it expects to be entitled and, accordingly, revenue recognition is deferred until management can make a reasonable estimate. Differences between estimates and actual amounts are adjusted and recorded in the period that the actual amounts are known.</span></span></p> </div> <div style="margin-top:0pt"> <p style="margin-left:54pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>(i)</strong></span><span style="width:9.51pt;text-indent:0pt;display:inline-block"> </span><span style="color:#ff9b00"><strong>Financial Instruments </strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">All financial instruments are initially recorded at fair value and designated as follows:</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Cash includes cash on account and is subsequently measured at amortized cost.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Trade receivables relate to amounts received from sales of refined gold and silver and royalty revenue. These receivables are non-interest bearing and are recognized at fair value and are subsequently measured at amortized cost. The Company has applied the simplified approach to determining expected credit losses, which requires expected lifetime losses to be recognized upon initial recognition of the receivables.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Marketable securities are designated as fair value through profit and loss ("<strong>FVTPL</strong>") unless they are irrevocably designated, on an individual basis, as fair value through other comprehensive income ("<strong>FVOCI</strong>"). Investment transactions are recognized on the trade date. Fair values are determined by reference to quoted market prices at the statement of financial position date.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Derivative loan liabilities are designated as FVTPL.  Fair values are determined using a valuation model and inputs that are not based on observable market data.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Accounts payables, accrued liabilities, and loans payable are initially recorded at fair value, less transaction costs. These financial liabilities are subsequently measured at amortized cost, calculated using the effective interest method.</span></span></p> </div> <div> <p style="margin-left:54pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>(j)</strong></span><span style="width:9.51pt;text-indent:0pt;display:inline-block"> </span><span style="color:#ff9b00"><strong>Related Party Transactions</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Parties are considered related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered related if they are subject to common control or significant influence. A transaction is considered a related party transaction when there is a transfer of resources or obligations between related parties.</span></span></p> </div> <div></div> <div> <p style="margin-left:54pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>(k)</strong></span><span style="width:7pt;text-indent:0pt;display:inline-block"> </span><span style="color:#ff9b00"><strong>Share Capital</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Common shares issued for non-monetary consideration are recorded at their fair value based on closing price on the measurement date and classified as equity. The measurement date is defined as the earliest of the date at which the commitment for performance by the counterparty to earn the common shares is reached or the date at which the counterparty's performance is complete.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The proceeds from the issue of units are allocated between common shares and share purchase warrants on a pro-rata basis based on the relative fair values. The fair value of the common shares is based on the market closing price on the date of issuance and the fair value of the share purchase warrants is determined using the Black-Scholes option pricing model.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Transaction costs directly attributable to the issue of common shares are recognized as a deduction from equity, net of any tax effects.</span></span></p> </div> <div> <p style="margin-left:54pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>(l)</strong></span><span style="width:9.51pt;text-indent:0pt;display:inline-block"> </span><span style="color:#ff9b00"><strong>Income Taxes</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Income tax expense consists of current and deferred tax expense. Income tax expense is recognized in the consolidated statement of loss and comprehensive loss.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Current tax expense is the expected tax payable on the taxable income for the period, using tax rates enacted or substantively enacted at period end, adjusted for amendments to tax payable with regards to previous periods.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Deferred tax assets and liabilities are recognized for deferred tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and losses carried forward. Deferred tax assets and liabilities are measured using the enacted or substantively enacted tax rates expected to apply when the asset is realized or the liability is settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that substantive enactment occurs.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. To the extent that the Company does not consider it probable that a deferred tax asset will be recovered, the deferred tax asset is reduced.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis.</span></span></p> </div> <div> <p style="margin-left:54pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>(m)</strong></span><span style="width:4pt;text-indent:0pt;display:inline-block"> </span><span style="color:#ff9b00"><strong>Earnings (loss) Per Share</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company presents basic earnings (loss) per share data for its common shares, calculated by dividing the income (loss) attributable to equity holders of the Company by the weighted average number of common shares issued and outstanding during the period. Diluted earnings per share is calculated by adjusting the earnings attributable to equity holders and the weighted average number of common shares outstanding for the effects of all potentially dilutive common shares. The calculation of diluted earnings per share assumes that the proceeds to be received on the exercise of dilutive share options and warrants are used to repurchase common shares at the average market price during the period. In periods where a loss is reported, diluted loss per share is the same as basic loss per share as the effects of potentially dilutive common shares would be anti-dilutive.</span></span></p> </div> <div></div> <div> <p style="margin-left:54pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>(n)</strong></span><span style="width:6.51pt;text-indent:0pt;display:inline-block"> </span><span style="color:#ff9b00"><strong>Share-based Payments</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company grants stock options and restricted share units ("<strong>RSUs</strong>") to directors, officers, employees and consultants to acquire common shares of the Company. An individual is classified as an employee when the individual is an employee for legal or tax purposes or provides services similar to those performed by an employee. The fair value of stock options is measured on the date of grant, using the Black-Scholes option pricing model, and is recognized over the vesting period. Consideration paid for the shares on the exercise of stock options is credited to share capital. In situations where equity instruments are issued to non-employees and some or all of the goods or services received by the entity as consideration cannot be specifically identified, they are measured at the fair value of the share-based payment. Otherwise, share-based payments are measured at the fair value of the goods or services received.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The fair value method of accounting is used for share-based payment transactions. Under this method, the cost of stock options and other equity-settled share-based payment arrangements are recorded based on the estimated fair value at the grant date and charged to earnings over the vesting period. Where awards are forfeited because non-market based vesting conditions are not satisfied, the expense previously recognized is proportionately reversed in the period the forfeiture occurs.</span></span></p> </div> <div> <p style="margin-left:54pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>(o)</strong></span><span style="width:6.51pt;text-indent:0pt;display:inline-block"> </span><span style="color:#ff9b00"><strong>Segment Reporting</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segment, has been identified as the Chief Executive Officer ("<strong>CEO</strong>").</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company operates in a single segment, the acquisition and management of precious metal royalties, streams, and similar production-based interests. In addition, the Company has corporate activities, which include the evaluation and acquisition of new precious metal royalties, streams, and similar production-based interests, treasury and finance, regulatory reporting, and corporate administration.</span></span></p> </div> <div> <p style="margin-left:54pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>(p)</strong></span><span style="width:6.51pt;text-indent:0pt;display:inline-block"> </span><span style="color:#ff9b00"><strong>Critical Accounting Estimates and Judgments</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The preparation of the Company's consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities and contingent liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are continuously evaluated and are based on management's experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Information about significant areas of estimation uncertainty and judgments made by management in preparing the consolidated financial statements are described below. Critical accounting estimates are estimates and assumptions made by management that may result in a material adjustment to the carrying amount of assets and liabilities within the next financial year and include, but are not limited to, the following:</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>Royalty interests</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company holds royalty interests in production stage mineral properties. The royalty interests are recorded initially at their costs and are being depleted using the units of production basis over the expected life of the related mineral property, which is determined using available estimates of future production. Proven and probable reserves and future production plans associated with the royalty interests as determined by the operators impact the measurement of the respective assets. These estimates affect the depletion of the royalty interests and the assessment of the recoverability of the carrying value of the royalty interests.</span></span></p> <div></div> <p style="margin-left:36pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Judgement is applied in assessing whether certain facts and circumstances are indicators of impairment. Management considers both external and internal sources of information in assessing whether there are any indicators that the Company’s royalty, stream, and other interests may be impaired. Indicators related to the economic performance of the underlying mining operations, changes in expected future metal prices, and updates to operator reserves and resources, typically involve a higher degree of risk and estimation uncertainty. In addition, Management also considers other factors including legal, geopolitical, and other market and economic conditions.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In determining the recoverable amounts of the Company's royalty interests, management makes estimates of the discounted net cash flows expected to be derived from the Company's royalty interests, costs of disposal, and the appropriate discount rates and discount multiples that apply to the specific asset. Reductions in metal price forecasts, increases in estimated future costs of production for the mine operators, reductions in the amount of recoverable mineral reserves, mineral resources, and exploration potential, and/or adverse current economics can result in a write-down of the carrying amounts of the Company's royalty interests.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>Depletion</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company's royalty, stream, and other production-based interests that generate economic benefits are considered depletable and are depleted on a unit-of-production basis over the ounces of production that are expected to generate the cash flows that will be attributable to the Company. These calculations require the use of estimates and assumptions, including the amount of contained metals, the recovery rates, and payable rates for the contained metals being treated through a milling or refining process. Changes to these assumptions may impact the estimated recoverable reserves, resources or exploration potential which could directly impact the depletion rates used. Changes to depletion rates are accounted for prospectively.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>Derivative loan liabilities</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company previously held derivative loan liabilities which were carried at fair value at each period end. In order to calculate the fair value at period end the Company used a valuation model and was required to make estimates and assumptions on the risk-free interest rate, expected stock price volatility, and credit spread.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>Income taxes</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The interpretation of existing tax laws or regulations in Canada, Australia, Argentina, Mexico, the United States, or any of the countries in which our property interests are located requires the use of judgment. Differing interpretation of these laws or regulations could result in an increase in the Company's taxes, or other governmental charges, duties or impositions. In addition, the recoverability of deferred income tax assets, including expected periods of reversal of temporary differences and expectations of future taxable income, are assessed by management at the end of each reporting period and adjusted, as necessary, on a prospective basis.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>Functional currency</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The functional currency for each of the Company's subsidiaries and associates is the currency of the primary economic environment in which the entity operates. Determination of functional currency may involve certain judgments to determine the primary economic environment, and the Company reconsiders the functional currency of its entities if there is a change in events and conditions which determine the primary economic environment.</span></span></p> </div> </div> <div> <p style="margin-left:54pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>(a)</strong></span><span style="width:7pt;text-indent:0pt;display:inline-block"> </span><span style="color:#ff9b00"><strong>Statement of Compliance</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">These consolidated financial statements have been prepared using accounting policies in compliance with International Financial Reporting Standards ("<strong>IFRS</strong>") as issued by the International Accounting Standards Board ("<strong>IASB</strong>").</span></span></p> </div> <div> <p style="margin-left:54pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>(b)</strong></span><span style="width:6.51pt;text-indent:0pt;display:inline-block"> </span><span style="color:#ff9b00"><strong>Basis of Preparation and Measurement</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">These consolidated financial statements have been prepared on a historical cost basis, except for financial instruments, which have been measured at fair value. In addition, these consolidated financial statements have been prepared using the accrual basis of accounting except for cash flow information.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">These consolidated financial statements are presented in thousands of United States dollars except as otherwise indicated.</span></span></p> </div> <div> <p style="margin-left:54pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>(c)</strong></span><span style="width:7pt;text-indent:0pt;display:inline-block"> </span><span style="color:#ff9b00"><strong>Foreign Currency Translation</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The functional currency of the Company and its subsidiaries is the principal currency of the economic environment in which they operate. For the Company and its subsidiaries, the functional currency is the U.S. dollar. The presentation currency for the Company is the U.S. dollar.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Transactions in currencies other than the functional currency are recorded at exchange rates prevailing on the dates of the transactions. At the end of each reporting period, the monetary assets and liabilities of the Company that are denominated in foreign currencies are translated at the rate of exchange at the reporting date while non-monetary assets and liabilities are translated at historical rates. Revenues and expenses are translated at the exchange rates approximating those in effect on the date of the transactions. Exchange gains and losses arising on translation are included in the consolidated statement of loss and comprehensive loss.</span></span></p> </div> <div> <p style="margin-left:54pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>(d)</strong></span><span style="width:6.51pt;text-indent:0pt;display:inline-block"> </span><span style="color:#ff9b00"><strong>Future Changes to Accounting Policies</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Certain new accounting standards and amendments to accounting standards have been published that are not mandatory for the year ended December 31, 2025, and have not been early adopted by the Company. New and amended accounting standards that are not applicable to the Company have been excluded from this note. The Company is currently assessing the impact of the following new and amended standards:</span></span></p> <ul style="padding-left:0pt;list-style-type:disc"> <li style="margin-left:63.14pt;text-align:justify;padding-left:8.86pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The IASB has issued classification and measurement and disclosure amendments to <i>IFRS 9 - Financial Instruments</i> and <i>IFRS 7 -</i> <i>Financial Instruments: Disclosures</i>, which are effective for years beginning on or after January 1, 2026, with earlier application permitted. The amendments clarify the date of recognition and derecognition of some financial assets and liabilities and introduce a new exception for some financial liabilities settled through an electronic payment system. Other changes include a clarification of the requirements when assessing whether a financial asset meets the solely payments of principal and interest criteria and new disclosures for certain instruments with contractual terms that can change cash flows (including instruments where cash flow changes are linked to environmental, social or governance targets).</span></span></li> </ul> <ul style="padding-left:0pt;list-style-type:disc"> <li style="margin-left:63.14pt;text-align:justify;padding-left:8.86pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>IFRS 18 - Presentation and Disclosure in Financial Statements </i>("<strong>IFRS 18</strong>") is a new standard that will provide new presentation and disclosure requirements, and which will replace <i>IAS 1 - Presentation of Financial Statements</i>. IFRS 18 introduces changes to the structure of the statement of profit or loss; provides required disclosures in financial statements for certain profit or loss performance measures that are reported outside an entity's financial statements; and provides enhanced principles on aggregation and disaggregation in financial statements. Many other existing principles in IAS 1 have been maintained. IFRS 18 is effective for years beginning on or after January 1, 2027, with earlier application permitted.</span></span></li> </ul> </div> <div> <p style="margin-left:54pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>(e)</strong></span><span style="width:7pt;text-indent:0pt;display:inline-block"> </span><span style="color:#ff9b00"><strong>Principles of Consolidation</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">These consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, including its principal subsidiaries Nova Royalty Corp. (Canada), Royalty &amp; Streaming Mexico S.A. de C.V. (Mexico), Metalla America Ltd. (USA), Nova Royalty USA Corp. (USA), MTA Royalty &amp; Streaming Pty Ltd. (Australia), ValGold Resources Ltd. (Canada), Geological Services Inc. (USA), Idaho Resources Corporation (USA), Genesis Gold Corporation (USA), and Metalla SEZC (Cayman Islands). All intercompany balances and transactions have been eliminated on consolidation.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>Subsidiaries</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Subsidiaries are all entities over which the Company has exposure to variable returns from its involvement and has the ability to use power over the investee to affect its returns. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Company controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company until the date on which control ceases.</span></span></p> </div> <div> <p style="margin-left:54pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>(f)</strong></span><span style="width:9.01pt;text-indent:0pt;display:inline-block"> </span><span style="color:#ff9b00"><strong>Royalty, Stream, and Other Interests</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Royalty, stream, and other interests consist of acquired royalty, stream, and other interests. These interests are recorded at cost and capitalized as tangible assets with finite lives. They are subsequently measured at cost less accumulated depletion and accumulated impairment losses, if any. Project evaluation costs that are not related to a specific royalty or stream asset are expensed in the period incurred. Borrowing costs attributed to the acquisition of qualifying assets are capitalized to royalty, stream, and other interests, and are included in the carrying amounts of related assets until the asset is available for use in the manner intended by management.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Producing royalty and stream interests are depleted using the units-of-production method over the life of the property to which the interest relates, which is estimated using available information of proven and probable reserves and the portion of resources expected to be classified as mineral reserves at the mine corresponding to the specific agreement.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company classifies its royalty and streaming interests on a basis consistent with the underlying mineral property to which the royalty or streaming interest relates. Royalty, stream, and other interests on mineral properties in exploration stage are classified as such and are not depleted. In assessing whether an underlying exploration stage mineral property has advanced beyond the evaluation stage, management considers a combination of factors, including the completion of an economic evaluation (such as a Preliminary Economic Assessment, Pre-Feasibility Study or Feasibility Study), and/or public disclosures by the operator evidencing a formal plan or decision to advance the project to development, supported by reasonably estimates of projected costs and timeline to commence development. Where such development decision is supported by the underlying property operator, the associated royalty or streaming interest is re-categorized to the development stage. Royalties on producing properties are classified separately net of accumulated depletion.</span></span></p> </div> <div> <p style="margin-left:54pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>(g)</strong></span><span style="width:6.51pt;text-indent:0pt;display:inline-block"> </span><span style="color:#ff9b00"><strong>Impairment of Royalty, Stream, and Other Interests</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The carrying amounts of royalty, stream, and other interests are reviewed for impairment at each reporting date, or whenever events or changes in circumstances indicate the carrying amounts may not be recoverable. If there are indicators of impairment, a review is undertaken to determine whether the carrying amounts are in excess of their recoverable amounts. Reviews are undertaken on an asset-by-asset basis, except where the recoverable amount for an individual asset cannot be determined, in which case the review is undertaken at the cash-generating unit ("<strong>CGU</strong>") level.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">If the carrying amount of a CGU or non-financial asset exceeds the recoverable amount, being the higher of its fair value less costs to sell and its value-in-use, an impairment loss is recognized in net loss as the excess of the carrying amount over the recoverable amount. With respect to CGUs, impairment losses are allocated to reduce the carrying amounts of the assets of the CGU on a pro-rata basis. The future cash flows expected is derived using estimates of proven and probable reserves, a portion of resources that is expected to be converted into reserves and information regarding the Company's royalty, stream, and other production-based interests that could affect the future recoverability of the Company's interests. Discount factors are determined individually for each asset and reflect their respective risk profiles. In certain circumstances, the Company may use a market approach in determining the recoverable amount which may include an estimate of (a) net present value of estimated future cash flows; (b) dollar value per ounce or pound of reserve/resource; (c) cash-flow multiples; and/or (d) market capitalization of comparable assets.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Non-financial assets that have previously been impaired are tested for a possible reversal of the impairment whenever events or changes in circumstances indicate that the impairment may have reversed, or may have partially reversed. In these instances, the impairment loss is reversed to the recoverable amount but not beyond the carrying amount, net of amortization, that would have arisen if the prior impairment loss had not been recognized.</span></span></p> </div> <div> <p style="margin-left:54pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>(h)</strong></span><span style="width:6.51pt;text-indent:0pt;display:inline-block"> </span><span style="color:#ff9b00"><strong>Revenue Recognition</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Revenue is comprised of revenue earned in the year from royalty, stream, and other interests. The Company recognizes revenue upon the transfer of control of the relevant commodity to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those commodities.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">For stream interests, revenue recognition occurs when the relevant commodity received from the stream operator is delivered by the Company to its third-party customers. Revenue is measured at the fair value of the consideration received or receivable when management can reliably estimate the amount, pursuant to the terms of the sales contract.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">For royalty interests, revenue recognition occurs when control of the relevant commodity is transferred to the end customer by the operator of the royalty property. Revenue is measured at the fair value of the consideration received or receivable when management can reliably estimate the amount, pursuant to the terms of the royalty agreement. In some instances, the Company will not have access to sufficient information to make a reasonable estimate of consideration to which it expects to be entitled and, accordingly, revenue recognition is deferred until management can make a reasonable estimate. Differences between estimates and actual amounts are adjusted and recorded in the period that the actual amounts are known.</span></span></p> </div> <div style="margin-top:0pt"> <p style="margin-left:54pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>(i)</strong></span><span style="width:9.51pt;text-indent:0pt;display:inline-block"> </span><span style="color:#ff9b00"><strong>Financial Instruments </strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">All financial instruments are initially recorded at fair value and designated as follows:</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Cash includes cash on account and is subsequently measured at amortized cost.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Trade receivables relate to amounts received from sales of refined gold and silver and royalty revenue. These receivables are non-interest bearing and are recognized at fair value and are subsequently measured at amortized cost. The Company has applied the simplified approach to determining expected credit losses, which requires expected lifetime losses to be recognized upon initial recognition of the receivables.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Marketable securities are designated as fair value through profit and loss ("<strong>FVTPL</strong>") unless they are irrevocably designated, on an individual basis, as fair value through other comprehensive income ("<strong>FVOCI</strong>"). Investment transactions are recognized on the trade date. Fair values are determined by reference to quoted market prices at the statement of financial position date.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Derivative loan liabilities are designated as FVTPL.  Fair values are determined using a valuation model and inputs that are not based on observable market data.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Accounts payables, accrued liabilities, and loans payable are initially recorded at fair value, less transaction costs. These financial liabilities are subsequently measured at amortized cost, calculated using the effective interest method.</span></span></p> </div> <div> <p style="margin-left:54pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>(j)</strong></span><span style="width:9.51pt;text-indent:0pt;display:inline-block"> </span><span style="color:#ff9b00"><strong>Related Party Transactions</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Parties are considered related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered related if they are subject to common control or significant influence. A transaction is considered a related party transaction when there is a transfer of resources or obligations between related parties.</span></span></p> </div> <div> <p style="margin-left:54pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>(k)</strong></span><span style="width:7pt;text-indent:0pt;display:inline-block"> </span><span style="color:#ff9b00"><strong>Share Capital</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Common shares issued for non-monetary consideration are recorded at their fair value based on closing price on the measurement date and classified as equity. The measurement date is defined as the earliest of the date at which the commitment for performance by the counterparty to earn the common shares is reached or the date at which the counterparty's performance is complete.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The proceeds from the issue of units are allocated between common shares and share purchase warrants on a pro-rata basis based on the relative fair values. The fair value of the common shares is based on the market closing price on the date of issuance and the fair value of the share purchase warrants is determined using the Black-Scholes option pricing model.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Transaction costs directly attributable to the issue of common shares are recognized as a deduction from equity, net of any tax effects.</span></span></p> </div> <div> <p style="margin-left:54pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>(l)</strong></span><span style="width:9.51pt;text-indent:0pt;display:inline-block"> </span><span style="color:#ff9b00"><strong>Income Taxes</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Income tax expense consists of current and deferred tax expense. Income tax expense is recognized in the consolidated statement of loss and comprehensive loss.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Current tax expense is the expected tax payable on the taxable income for the period, using tax rates enacted or substantively enacted at period end, adjusted for amendments to tax payable with regards to previous periods.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Deferred tax assets and liabilities are recognized for deferred tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and losses carried forward. Deferred tax assets and liabilities are measured using the enacted or substantively enacted tax rates expected to apply when the asset is realized or the liability is settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that substantive enactment occurs.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. To the extent that the Company does not consider it probable that a deferred tax asset will be recovered, the deferred tax asset is reduced.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis.</span></span></p> </div> <div> <p style="margin-left:54pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>(m)</strong></span><span style="width:4pt;text-indent:0pt;display:inline-block"> </span><span style="color:#ff9b00"><strong>Earnings (loss) Per Share</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company presents basic earnings (loss) per share data for its common shares, calculated by dividing the income (loss) attributable to equity holders of the Company by the weighted average number of common shares issued and outstanding during the period. Diluted earnings per share is calculated by adjusting the earnings attributable to equity holders and the weighted average number of common shares outstanding for the effects of all potentially dilutive common shares. The calculation of diluted earnings per share assumes that the proceeds to be received on the exercise of dilutive share options and warrants are used to repurchase common shares at the average market price during the period. In periods where a loss is reported, diluted loss per share is the same as basic loss per share as the effects of potentially dilutive common shares would be anti-dilutive.</span></span></p> </div> <div> <p style="margin-left:54pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>(n)</strong></span><span style="width:6.51pt;text-indent:0pt;display:inline-block"> </span><span style="color:#ff9b00"><strong>Share-based Payments</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company grants stock options and restricted share units ("<strong>RSUs</strong>") to directors, officers, employees and consultants to acquire common shares of the Company. An individual is classified as an employee when the individual is an employee for legal or tax purposes or provides services similar to those performed by an employee. The fair value of stock options is measured on the date of grant, using the Black-Scholes option pricing model, and is recognized over the vesting period. Consideration paid for the shares on the exercise of stock options is credited to share capital. In situations where equity instruments are issued to non-employees and some or all of the goods or services received by the entity as consideration cannot be specifically identified, they are measured at the fair value of the share-based payment. Otherwise, share-based payments are measured at the fair value of the goods or services received.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The fair value method of accounting is used for share-based payment transactions. Under this method, the cost of stock options and other equity-settled share-based payment arrangements are recorded based on the estimated fair value at the grant date and charged to earnings over the vesting period. Where awards are forfeited because non-market based vesting conditions are not satisfied, the expense previously recognized is proportionately reversed in the period the forfeiture occurs.</span></span></p> </div> <div> <p style="margin-left:54pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>(o)</strong></span><span style="width:6.51pt;text-indent:0pt;display:inline-block"> </span><span style="color:#ff9b00"><strong>Segment Reporting</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segment, has been identified as the Chief Executive Officer ("<strong>CEO</strong>").</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company operates in a single segment, the acquisition and management of precious metal royalties, streams, and similar production-based interests. In addition, the Company has corporate activities, which include the evaluation and acquisition of new precious metal royalties, streams, and similar production-based interests, treasury and finance, regulatory reporting, and corporate administration.</span></span></p> </div> <div> <p style="margin-left:54pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>(p)</strong></span><span style="width:6.51pt;text-indent:0pt;display:inline-block"> </span><span style="color:#ff9b00"><strong>Critical Accounting Estimates and Judgments</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The preparation of the Company's consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities and contingent liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are continuously evaluated and are based on management's experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Information about significant areas of estimation uncertainty and judgments made by management in preparing the consolidated financial statements are described below. Critical accounting estimates are estimates and assumptions made by management that may result in a material adjustment to the carrying amount of assets and liabilities within the next financial year and include, but are not limited to, the following:</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>Royalty interests</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company holds royalty interests in production stage mineral properties. The royalty interests are recorded initially at their costs and are being depleted using the units of production basis over the expected life of the related mineral property, which is determined using available estimates of future production. Proven and probable reserves and future production plans associated with the royalty interests as determined by the operators impact the measurement of the respective assets. These estimates affect the depletion of the royalty interests and the assessment of the recoverability of the carrying value of the royalty interests.</span></span></p> <div></div> <p style="margin-left:36pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Judgement is applied in assessing whether certain facts and circumstances are indicators of impairment. Management considers both external and internal sources of information in assessing whether there are any indicators that the Company’s royalty, stream, and other interests may be impaired. Indicators related to the economic performance of the underlying mining operations, changes in expected future metal prices, and updates to operator reserves and resources, typically involve a higher degree of risk and estimation uncertainty. In addition, Management also considers other factors including legal, geopolitical, and other market and economic conditions.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In determining the recoverable amounts of the Company's royalty interests, management makes estimates of the discounted net cash flows expected to be derived from the Company's royalty interests, costs of disposal, and the appropriate discount rates and discount multiples that apply to the specific asset. Reductions in metal price forecasts, increases in estimated future costs of production for the mine operators, reductions in the amount of recoverable mineral reserves, mineral resources, and exploration potential, and/or adverse current economics can result in a write-down of the carrying amounts of the Company's royalty interests.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>Depletion</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company's royalty, stream, and other production-based interests that generate economic benefits are considered depletable and are depleted on a unit-of-production basis over the ounces of production that are expected to generate the cash flows that will be attributable to the Company. These calculations require the use of estimates and assumptions, including the amount of contained metals, the recovery rates, and payable rates for the contained metals being treated through a milling or refining process. Changes to these assumptions may impact the estimated recoverable reserves, resources or exploration potential which could directly impact the depletion rates used. Changes to depletion rates are accounted for prospectively.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>Derivative loan liabilities</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company previously held derivative loan liabilities which were carried at fair value at each period end. In order to calculate the fair value at period end the Company used a valuation model and was required to make estimates and assumptions on the risk-free interest rate, expected stock price volatility, and credit spread.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>Income taxes</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The interpretation of existing tax laws or regulations in Canada, Australia, Argentina, Mexico, the United States, or any of the countries in which our property interests are located requires the use of judgment. Differing interpretation of these laws or regulations could result in an increase in the Company's taxes, or other governmental charges, duties or impositions. In addition, the recoverability of deferred income tax assets, including expected periods of reversal of temporary differences and expectations of future taxable income, are assessed by management at the end of each reporting period and adjusted, as necessary, on a prospective basis.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>Functional currency</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The functional currency for each of the Company's subsidiaries and associates is the currency of the primary economic environment in which the entity operates. Determination of functional currency may involve certain judgments to determine the primary economic environment, and the Company reconsiders the functional currency of its entities if there is a change in events and conditions which determine the primary economic environment.</span></span></p> </div> <div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>3.</strong></span><span style="width:27.66pt;display:inline-block"> </span><span style="color:#ff9b00"><strong>ACCOUNTS RECEIVABLE</strong></span></span></span></p> <div> <div style="margin-left:36pt"> <table border="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000;width:100%;width:100%;width:100%"> <tr> <td style="vertical-align:bottom;text-align:center"> </td> <td colspan="1" style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500"> </td> <td colspan="5" style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at</strong></span></span></td> <td colspan="1" style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:center;width:72%"> </td> <td style="vertical-align:bottom;text-align:center;width:2%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:center;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31,</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;width:1%"> </td> <td style="vertical-align:bottom;text-align:center;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31,</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;width:1%"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:center;width:72%"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2025</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:center;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2024</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:72%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Royalty and stream receivables</span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>4,312</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,253</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:72%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">GST and other recoverable taxes</span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>33</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">251</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(255, 165, 0);width:72%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Other receivables</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>34</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">12</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:1.5pt solid rgb(255, 165, 0);width:72%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Total accounts receivable</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>4,379</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,516</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:1%"> </td> </tr> </table> </div> </div> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;margin-left:36pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As at December 31, 2025, and December 31, 2024, the Company did not have any royalty and stream receivables that were past due. The Company's allowance for doubtful accounts as at December 31, 2025, and December 31, 2024, was $Nil.</span></span></p> </div> <div> <div style="margin-left:36pt"> <table border="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000;width:100%;width:100%;width:100%"> <tr> <td style="vertical-align:bottom;text-align:center"> </td> <td colspan="1" style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500"> </td> <td colspan="5" style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at</strong></span></span></td> <td colspan="1" style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:center;width:72%"> </td> <td style="vertical-align:bottom;text-align:center;width:2%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:center;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31,</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;width:1%"> </td> <td style="vertical-align:bottom;text-align:center;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31,</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;width:1%"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:center;width:72%"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2025</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:center;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2024</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:72%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Royalty and stream receivables</span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>4,312</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,253</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:72%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">GST and other recoverable taxes</span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>33</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">251</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(255, 165, 0);width:72%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Other receivables</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>34</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">12</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:1.5pt solid rgb(255, 165, 0);width:72%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Total accounts receivable</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>4,379</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,516</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:1%"> </td> </tr> </table> </div> </div> 4312000 2253000 33000 251000 34000 12000 4379000 2516000 0 0 <div> <div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>4.</strong></span><span style="width:28.66pt;display:inline-block"> </span><span style="color:#ff9b00"><strong>ROYALTY, STREAM, AND OTHER INTERESTS</strong></span></span></span></p> <div> <div style="margin-left:36pt"> <table style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="vertical-align:bottom;text-align:center;width:47.2527%"> </td> <td style="vertical-align:bottom;text-align:center;width:1.221%"> </td> <td style="vertical-align:bottom;text-align:center;width:10.0122%;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Producing</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;width:0.976801%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;width:0.976801%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;width:1.221%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;width:10.0122%;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Development</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;width:0.9768%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;width:0.9768%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;width:1.221%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;width:10.0122%;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Exploration</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;width:0.9768%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;width:0.9768%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;width:1.221%;padding-left:3pt;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;width:10.0122%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;width:1.9536%"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:center;width:47.2527%"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500;width:1.221%"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:10.0122%;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Assets</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:0.976801%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;width:0.976801%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:1.221%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:10.0122%;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Assets</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:0.9768%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;width:0.9768%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:1.221%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:10.0122%;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Assets</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:0.9768%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;width:0.9768%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:1.221%;padding-left:3pt;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:10.0122%;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Total</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500;width:1.9536%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:47.2527%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at December 31, 2023</strong></span></span></td> <td style="vertical-align:bottom;width:1.221%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;width:10.0122%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">17,531</span></span></td> <td style="vertical-align:bottom;width:0.976801%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.976801%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;width:10.0122%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">232,476</span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;width:10.0122%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">7,817</span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;width:10.0122%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">257,824</span></span></td> <td style="vertical-align:bottom;width:1.9536%;text-align:left"> </td> </tr> <tr> <td style="vertical-align:bottom;width:47.2527%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Depletion</span></span></td> <td style="vertical-align:bottom;width:1.221%;text-align:left"> </td> <td style="vertical-align:bottom;width:10.0122%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(2,509</span></span></td> <td style="vertical-align:bottom;width:0.976801%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;width:0.976801%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left"> </td> <td style="vertical-align:bottom;width:10.0122%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left"> </td> <td style="vertical-align:bottom;width:10.0122%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left;padding-left:3pt"> </td> <td style="vertical-align:bottom;width:10.0122%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(2,509</span></span></td> <td style="vertical-align:bottom;width:1.9536%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="vertical-align:bottom;width:47.2527%;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Reclassifications and other</span></span></td> <td style="vertical-align:bottom;width:1.221%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:10.0122%;text-align:right;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">10,992</span></span></td> <td style="vertical-align:bottom;width:0.976801%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:0.976801%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:10.0122%;text-align:right;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(10,992</span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:10.0122%;text-align:right;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(13</span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left;border-bottom:0.75pt solid #ffa500;padding-left:3pt"> </td> <td style="vertical-align:bottom;width:10.0122%;text-align:right;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(13</span></span></td> <td style="vertical-align:bottom;width:1.9536%;text-align:left;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="vertical-align:bottom;width:47.2527%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at December 31, 2024</strong></span></span></td> <td style="vertical-align:bottom;width:1.221%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;width:10.0122%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">26,014</span></span></td> <td style="vertical-align:bottom;width:0.976801%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.976801%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;width:10.0122%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">221,484</span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;width:10.0122%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">7,804</span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left;background-color:#ffcc5b;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;width:10.0122%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>255,302</strong></span></span></td> <td style="vertical-align:bottom;width:1.9536%;text-align:left;background-color:#ffcc5b"> </td> </tr> <tr> <td style="vertical-align:bottom;width:47.2527%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Côté-Gosselin acquisition</span></span></td> <td style="vertical-align:bottom;width:1.221%;text-align:left"> </td> <td style="vertical-align:bottom;width:10.0122%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;width:0.976801%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.976801%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left"> </td> <td style="vertical-align:bottom;width:10.0122%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,437</span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left"> </td> <td style="vertical-align:bottom;width:10.0122%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left;background-color:#ffcc5b;padding-left:3pt"> </td> <td style="vertical-align:bottom;width:10.0122%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2,437</strong></span></span></td> <td style="vertical-align:bottom;width:1.9536%;text-align:left;background-color:#ffcc5b"> </td> </tr> <tr> <td style="vertical-align:bottom;width:47.2527%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Depletion</span></span></td> <td style="vertical-align:bottom;width:1.221%;text-align:left"> </td> <td style="vertical-align:bottom;width:10.0122%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(2,240</span></span></td> <td style="vertical-align:bottom;width:0.976801%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;width:0.976801%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left"> </td> <td style="vertical-align:bottom;width:10.0122%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left"> </td> <td style="vertical-align:bottom;width:10.0122%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left;background-color:#ffcc5b;padding-left:3pt"> </td> <td style="vertical-align:bottom;width:10.0122%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(2,240</strong></span></span></td> <td style="vertical-align:bottom;width:1.9536%;text-align:left;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> </tr> <tr> <td style="vertical-align:bottom;width:47.2527%;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Reclassifications and other⁽¹⁾</span></span></td> <td style="vertical-align:bottom;width:1.221%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:10.0122%;text-align:right;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,785</span></span></td> <td style="vertical-align:bottom;width:0.976801%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:0.976801%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:10.0122%;text-align:right;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(1,785</span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:10.0122%;text-align:right;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(346</span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b;padding-left:3pt"> </td> <td style="vertical-align:bottom;width:10.0122%;text-align:right;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(346</strong></span></span></td> <td style="vertical-align:bottom;width:1.9536%;text-align:left;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> </tr> <tr> <td style="vertical-align:bottom;width:47.2527%;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at December 31, 2025</strong></span></span></td> <td style="vertical-align:bottom;width:1.221%;text-align:left;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;width:10.0122%;text-align:right;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>25,559</strong></span></span></td> <td style="vertical-align:bottom;width:0.976801%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:0.976801%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;width:10.0122%;text-align:right;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>222,136</strong></span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:0.9768%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;width:10.0122%;text-align:right;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>7,458</strong></span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:0.9768%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;width:10.0122%;text-align:right;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>255,153</strong></span></span></td> <td style="vertical-align:bottom;width:1.9536%;text-align:left;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b"> </td> </tr> <tr> <td style="vertical-align:bottom;width:47.2527%"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left"> </td> <td style="vertical-align:bottom;width:10.0122%;text-align:right"> </td> <td style="vertical-align:bottom;width:0.976801%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.976801%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left"> </td> <td style="vertical-align:bottom;width:10.0122%;text-align:right"> </td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left"> </td> <td style="vertical-align:bottom;width:10.0122%;text-align:right"> </td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left;background-color:#ffcc5b;padding-left:3pt"> </td> <td style="vertical-align:bottom;width:10.0122%;text-align:right;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:1.9536%;text-align:left;background-color:#ffcc5b"> </td> </tr> <tr> <td style="vertical-align:bottom;width:47.2527%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Historical cost</strong></span></span></td> <td style="vertical-align:bottom;width:1.221%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;width:10.0122%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>37,796</strong></span></span></td> <td style="vertical-align:bottom;width:0.976801%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.976801%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;width:10.0122%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>226,908</strong></span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;width:10.0122%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>7,507</strong></span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left;background-color:#ffcc5b;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;width:10.0122%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>272,211</strong></span></span></td> <td style="vertical-align:bottom;width:1.9536%;text-align:left;background-color:#ffcc5b"> </td> </tr> <tr> <td style="vertical-align:bottom;width:47.2527%;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Accumulated depletion and impairments</strong></span></span></td> <td style="vertical-align:bottom;width:1.221%;text-align:left;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;width:10.0122%;text-align:right;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(12,237</strong></span></span></td> <td style="vertical-align:bottom;width:0.976801%;text-align:left;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;width:0.976801%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;width:10.0122%;text-align:right;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(4,772</strong></span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;width:10.0122%;text-align:right;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(49</strong></span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;width:10.0122%;text-align:right;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(17,058</strong></span></span></td> <td style="vertical-align:bottom;width:1.9536%;text-align:left;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> </tr> </table> </div> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:36pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>(1) During the year the Company wrote off an exploration asset in its entirety for $0.3 million.</i></span></span></p> </div> <p style="margin-left:54pt;text-indent:-18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>(a)</strong></span><span style="width:7pt;text-indent:0pt;display:inline-block"> </span><span style="color:#ff9b00"><strong>During the year ended December 31, 2025, the Company completed the following transactions:</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>Acquisition</strong></span></span></span></p> </div> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span>On October 31, 2025, the Company completed the acquisition of a further 0.15% interest in the Côté-Gosselin Net Smelter Return ("<strong>NSR</strong>") royalty for C$3.4 million ($2.4 million) in cash, bringing Metalla's total ownership on the Côté-Gosselin NSR royalty to 1.50%.</span></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span style="color:#ff9b00"><strong>Reclassification</strong></span></span></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span>During the year ended December 31, 2025, the Company reclassified Endeavor from development assets to producing assets and commenced depletion because of the restart of the Endeavor mine.</span></span></span></span></p> <div></div> <p style="margin-left:54pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span style="color:#ff9b00"><strong>(b)</strong></span><span style="width:6.51pt;text-indent:0pt;display:inline-block"> </span><span style="color:#ff9b00"><strong>During the year ended December 31, 2024, the Company completed the following transactions:</strong></span></span></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span style="color:#ff9b00"><strong>Reclassifications </strong></span></span></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">During the year ended December 31, 2024, the Company: (i) reclassified Tocantinzinho and La Guitarra from development assets to producing assets; and (ii) reclassified El Realito, which has been fully depleted, from producing assets to development assets as management does not expect any further production from El Realito without further exploration on underground potential.</span></span></span></span></p> </div> <table style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="vertical-align:bottom;text-align:center;width:47.2527%"> </td> <td style="vertical-align:bottom;text-align:center;width:1.221%"> </td> <td style="vertical-align:bottom;text-align:center;width:10.0122%;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Producing</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;width:0.976801%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;width:0.976801%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;width:1.221%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;width:10.0122%;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Development</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;width:0.9768%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;width:0.9768%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;width:1.221%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;width:10.0122%;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Exploration</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;width:0.9768%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;width:0.9768%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;width:1.221%;padding-left:3pt;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;width:10.0122%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;width:1.9536%"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:center;width:47.2527%"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500;width:1.221%"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:10.0122%;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Assets</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:0.976801%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;width:0.976801%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:1.221%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:10.0122%;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Assets</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:0.9768%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;width:0.9768%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:1.221%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:10.0122%;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Assets</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:0.9768%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;width:0.9768%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:1.221%;padding-left:3pt;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:10.0122%;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Total</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500;width:1.9536%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:47.2527%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at December 31, 2023</strong></span></span></td> <td style="vertical-align:bottom;width:1.221%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;width:10.0122%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">17,531</span></span></td> <td style="vertical-align:bottom;width:0.976801%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.976801%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;width:10.0122%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">232,476</span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;width:10.0122%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">7,817</span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;width:10.0122%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">257,824</span></span></td> <td style="vertical-align:bottom;width:1.9536%;text-align:left"> </td> </tr> <tr> <td style="vertical-align:bottom;width:47.2527%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Depletion</span></span></td> <td style="vertical-align:bottom;width:1.221%;text-align:left"> </td> <td style="vertical-align:bottom;width:10.0122%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(2,509</span></span></td> <td style="vertical-align:bottom;width:0.976801%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;width:0.976801%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left"> </td> <td style="vertical-align:bottom;width:10.0122%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left"> </td> <td style="vertical-align:bottom;width:10.0122%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left;padding-left:3pt"> </td> <td style="vertical-align:bottom;width:10.0122%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(2,509</span></span></td> <td style="vertical-align:bottom;width:1.9536%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="vertical-align:bottom;width:47.2527%;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Reclassifications and other</span></span></td> <td style="vertical-align:bottom;width:1.221%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:10.0122%;text-align:right;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">10,992</span></span></td> <td style="vertical-align:bottom;width:0.976801%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:0.976801%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:10.0122%;text-align:right;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(10,992</span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:10.0122%;text-align:right;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(13</span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left;border-bottom:0.75pt solid #ffa500;padding-left:3pt"> </td> <td style="vertical-align:bottom;width:10.0122%;text-align:right;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(13</span></span></td> <td style="vertical-align:bottom;width:1.9536%;text-align:left;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="vertical-align:bottom;width:47.2527%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at December 31, 2024</strong></span></span></td> <td style="vertical-align:bottom;width:1.221%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;width:10.0122%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">26,014</span></span></td> <td style="vertical-align:bottom;width:0.976801%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.976801%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;width:10.0122%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">221,484</span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;width:10.0122%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">7,804</span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left;background-color:#ffcc5b;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;width:10.0122%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>255,302</strong></span></span></td> <td style="vertical-align:bottom;width:1.9536%;text-align:left;background-color:#ffcc5b"> </td> </tr> <tr> <td style="vertical-align:bottom;width:47.2527%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Côté-Gosselin acquisition</span></span></td> <td style="vertical-align:bottom;width:1.221%;text-align:left"> </td> <td style="vertical-align:bottom;width:10.0122%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;width:0.976801%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.976801%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left"> </td> <td style="vertical-align:bottom;width:10.0122%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,437</span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left"> </td> <td style="vertical-align:bottom;width:10.0122%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left;background-color:#ffcc5b;padding-left:3pt"> </td> <td style="vertical-align:bottom;width:10.0122%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2,437</strong></span></span></td> <td style="vertical-align:bottom;width:1.9536%;text-align:left;background-color:#ffcc5b"> </td> </tr> <tr> <td style="vertical-align:bottom;width:47.2527%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Depletion</span></span></td> <td style="vertical-align:bottom;width:1.221%;text-align:left"> </td> <td style="vertical-align:bottom;width:10.0122%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(2,240</span></span></td> <td style="vertical-align:bottom;width:0.976801%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;width:0.976801%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left"> </td> <td style="vertical-align:bottom;width:10.0122%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left"> </td> <td style="vertical-align:bottom;width:10.0122%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left;background-color:#ffcc5b;padding-left:3pt"> </td> <td style="vertical-align:bottom;width:10.0122%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(2,240</strong></span></span></td> <td style="vertical-align:bottom;width:1.9536%;text-align:left;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> </tr> <tr> <td style="vertical-align:bottom;width:47.2527%;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Reclassifications and other⁽¹⁾</span></span></td> <td style="vertical-align:bottom;width:1.221%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:10.0122%;text-align:right;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,785</span></span></td> <td style="vertical-align:bottom;width:0.976801%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:0.976801%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:10.0122%;text-align:right;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(1,785</span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:10.0122%;text-align:right;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(346</span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b;padding-left:3pt"> </td> <td style="vertical-align:bottom;width:10.0122%;text-align:right;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(346</strong></span></span></td> <td style="vertical-align:bottom;width:1.9536%;text-align:left;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> </tr> <tr> <td style="vertical-align:bottom;width:47.2527%;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at December 31, 2025</strong></span></span></td> <td style="vertical-align:bottom;width:1.221%;text-align:left;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;width:10.0122%;text-align:right;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>25,559</strong></span></span></td> <td style="vertical-align:bottom;width:0.976801%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:0.976801%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;width:10.0122%;text-align:right;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>222,136</strong></span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:0.9768%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;width:10.0122%;text-align:right;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>7,458</strong></span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:0.9768%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;width:10.0122%;text-align:right;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>255,153</strong></span></span></td> <td style="vertical-align:bottom;width:1.9536%;text-align:left;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b"> </td> </tr> <tr> <td style="vertical-align:bottom;width:47.2527%"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left"> </td> <td style="vertical-align:bottom;width:10.0122%;text-align:right"> </td> <td style="vertical-align:bottom;width:0.976801%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.976801%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left"> </td> <td style="vertical-align:bottom;width:10.0122%;text-align:right"> </td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left"> </td> <td style="vertical-align:bottom;width:10.0122%;text-align:right"> </td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left;background-color:#ffcc5b;padding-left:3pt"> </td> <td style="vertical-align:bottom;width:10.0122%;text-align:right;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:1.9536%;text-align:left;background-color:#ffcc5b"> </td> </tr> <tr> <td style="vertical-align:bottom;width:47.2527%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Historical cost</strong></span></span></td> <td style="vertical-align:bottom;width:1.221%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;width:10.0122%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>37,796</strong></span></span></td> <td style="vertical-align:bottom;width:0.976801%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.976801%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;width:10.0122%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>226,908</strong></span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;width:10.0122%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>7,507</strong></span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.9768%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left;background-color:#ffcc5b;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;width:10.0122%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>272,211</strong></span></span></td> <td style="vertical-align:bottom;width:1.9536%;text-align:left;background-color:#ffcc5b"> </td> </tr> <tr> <td style="vertical-align:bottom;width:47.2527%;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Accumulated depletion and impairments</strong></span></span></td> <td style="vertical-align:bottom;width:1.221%;text-align:left;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;width:10.0122%;text-align:right;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(12,237</strong></span></span></td> <td style="vertical-align:bottom;width:0.976801%;text-align:left;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;width:0.976801%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;width:10.0122%;text-align:right;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(4,772</strong></span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;width:10.0122%;text-align:right;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(49</strong></span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;width:0.9768%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;width:10.0122%;text-align:right;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(17,058</strong></span></span></td> <td style="vertical-align:bottom;width:1.9536%;text-align:left;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> </tr> </table> 17531000 232476000 7817000 257824000 2509000 0 0 2509000 10992000 -10992000 -13000 -13000 26014000 221484000 7804000 255302000 0 2437000 0 2437000 2240000 0 0 2240000 1785000 -1785000 -346000 -346000 25559000 222136000 7458000 255153000 37796000 226908000 7507000 272211000 12237000 4772000 49000 17058000 300000 0.0015 3400000 2400000 0.015 <div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>5.</strong></span><span style="width:27.66pt;display:inline-block"> </span><span style="color:#ff9b00"><strong>LOANS PAYABLE</strong></span></span></span></p> <div style="margin-left:36pt"> <div> <table border="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="vertical-align:bottom;width:59.5238%;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;width:0.680272%;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Revolving</strong></span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;width:0.453515%;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Convertible</strong></span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:center;white-space:nowrap;padding-left:3pt"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;width:2.04082%;text-align:center;white-space:nowrap"> </td> </tr> <tr> <td style="vertical-align:bottom;width:59.5238%;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;width:0.680272%;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">   </span></span></td> <td style="vertical-align:bottom;width:1.13379%;text-align:center;white-space:nowrap;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:center;white-space:nowrap;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Credit Facility</strong></span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:center;white-space:nowrap;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:0.453515%;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">   </span></span></td> <td style="vertical-align:bottom;width:1.13379%;text-align:center;white-space:nowrap;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:center;white-space:nowrap;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Loan Facility</strong></span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:center;white-space:nowrap;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">   </span></span></td> <td style="vertical-align:bottom;width:0.566895%;text-align:center;white-space:nowrap;border-bottom:0.75pt solid rgb(255, 165, 0);padding-left:3pt"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:center;white-space:nowrap;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Total</strong></span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:center;white-space:nowrap;border-bottom:0.75pt solid #ffa500"> </td> </tr> <tr> <td style="vertical-align:bottom;width:59.5238%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at December 31, 2023</strong></span></span></td> <td style="vertical-align:bottom;width:0.680272%"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.453515%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">13,588</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">13,588</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"> </td> </tr> <tr> <td style="vertical-align:bottom;width:59.5238%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Interest and accretion expense</span></span></td> <td style="vertical-align:bottom;width:0.680272%"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.453515%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,751</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left;padding-left:3pt"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,751</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"> </td> </tr> <tr> <td style="vertical-align:bottom;width:59.5238%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Conversion</span></span></td> <td style="vertical-align:bottom;width:0.680272%"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.453515%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(1,109</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;width:0.566895%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left;padding-left:3pt"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(1,109</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="vertical-align:bottom;width:59.5238%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Foreign exchange adjustments</span></span></td> <td style="vertical-align:bottom;width:0.680272%"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.453515%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(1,044</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;width:0.566895%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left;padding-left:3pt"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(1,044</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="vertical-align:bottom;width:59.5238%;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Fair value adjustment of derivative portion</span></span></td> <td style="vertical-align:bottom;width:0.680272%;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:0.453515%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(493</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;width:0.566895%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);padding-left:3pt"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(493</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="vertical-align:bottom;width:59.5238%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at December 31, 2024</strong></span></span></td> <td style="vertical-align:bottom;width:0.680272%"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.453515%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">12,693</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left;background-color:rgb(255, 204, 91);padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;width:9.97732%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>12,693</strong></span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left;background-color:#ffcc5b"> </td> </tr> <tr> <td style="vertical-align:bottom;width:59.5238%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Draw down on revolving credit facility</span></span></td> <td style="vertical-align:bottom;width:0.680272%"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">13,100</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.453515%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left;background-color:rgb(255, 204, 91);padding-left:3pt"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>13,100</strong></span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left;background-color:#ffcc5b"> </td> </tr> <tr> <td style="vertical-align:bottom;width:59.5238%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Transaction costs</span></span></td> <td style="vertical-align:bottom;width:0.680272%"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(1,084</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;width:0.453515%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left;background-color:rgb(255, 204, 91);padding-left:3pt"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(1,084</strong></span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> </tr> <tr> <td style="vertical-align:bottom;width:59.5238%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Interest and accretion expense</span></span></td> <td style="vertical-align:bottom;width:0.680272%"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">628</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.453515%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">772</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left;background-color:rgb(255, 204, 91);padding-left:3pt"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,400</strong></span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left;background-color:#ffcc5b"> </td> </tr> <tr> <td style="vertical-align:bottom;width:59.5238%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Principal repayment</span></span></td> <td style="vertical-align:bottom;width:0.680272%"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.453515%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(11,919</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;width:0.566895%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left;background-color:rgb(255, 204, 91);padding-left:3pt"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(11,919</strong></span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> </tr> <tr> <td style="vertical-align:bottom;width:59.5238%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Conversion</span></span></td> <td style="vertical-align:bottom;width:0.680272%"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.453515%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(1,043</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;width:0.566895%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left;background-color:rgb(255, 204, 91);padding-left:3pt"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(1,043</strong></span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> </tr> <tr> <td style="vertical-align:bottom;width:59.5238%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Extinguishment of loan facility</span></span></td> <td style="vertical-align:bottom;width:0.680272%"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.453515%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">738</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left;background-color:rgb(255, 204, 91);padding-left:3pt"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>738</strong></span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left;background-color:#ffcc5b"> </td> </tr> <tr> <td style="vertical-align:bottom;width:59.5238%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Interest payment</span></span></td> <td style="vertical-align:bottom;width:0.680272%"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(305</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;width:0.453515%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(1,300</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;width:0.566895%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left;background-color:rgb(255, 204, 91);padding-left:3pt"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(1,605</strong></span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> </tr> <tr> <td style="vertical-align:bottom;width:59.5238%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Accrued fees payment</span></span></td> <td style="vertical-align:bottom;width:0.680272%"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.453515%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(536</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;width:0.566895%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left;background-color:rgb(255, 204, 91);padding-left:3pt"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(536</strong></span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> </tr> <tr> <td style="vertical-align:bottom;width:59.5238%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Foreign exchange adjustments</span></span></td> <td style="vertical-align:bottom;width:0.680272%"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.453515%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">501</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left;background-color:rgb(255, 204, 91);padding-left:3pt"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>501</strong></span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left;background-color:#ffcc5b"> </td> </tr> <tr> <td style="vertical-align:bottom;width:59.5238%;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Fair value adjustment of derivative portion</span></span></td> <td style="vertical-align:bottom;width:0.680272%;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:0.453515%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">94</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);padding-left:3pt"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>94</strong></span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b"> </td> </tr> <tr> <td style="vertical-align:bottom;width:59.5238%;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at December 31, 2025</strong></span></span></td> <td style="vertical-align:bottom;width:0.680272%;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;width:9.97732%;text-align:right;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>12,339</strong></span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:0.453515%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;width:9.97732%;text-align:right;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;width:9.97732%;text-align:right;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>12,339</strong></span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b"> </td> </tr> <tr> <td style="vertical-align:bottom;width:59.5238%;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Less: Accrued interest included in accounts payable</span></span></td> <td style="vertical-align:bottom;width:0.680272%;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(163</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;width:0.453515%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);padding-left:3pt"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(163</strong></span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> </tr> <tr> <td style="vertical-align:bottom;width:59.5238%;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at December 31, 2025</strong></span></span></td> <td style="vertical-align:bottom;width:0.680272%;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;width:9.97732%;text-align:right;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>12,176</strong></span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:0.453515%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;width:9.97732%;text-align:right;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;width:9.97732%;text-align:right;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>12,176</strong></span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b"> </td> </tr> </table> </div> </div> <p style="margin:0pt"> </p> <div></div> <p style="margin-left:36pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>Revolving Credit Facility</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On June 24, 2025, Metalla entered into a definitive agreement with the Bank of Montreal ("<strong>BMO</strong>") and National Bank Financial ("<strong>NBF</strong>") for a revolving credit facility of $40.0 million (the "<strong>RCF</strong>"), with an accordion feature for an additional $35.0 million of availability option, subject to certain conditions, to increase the facility to $75.0 million. Upon close, the Company drew down $13.1 million from the RCF and incurred transaction costs of $1.1 million which will be amortized over the term of the loan.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The RCF will be available to finance acquisitions and investments, and for general corporate purposes. The RCF has a maturity date of June 24, 2028, which is extendable annually for one year on the mutual agreement of Metalla, BMO, and NBF. Drawdowns under the RCF can either be USD base rate advances which will bear an interest rate equal to a base rate plus applicable margin, or can be term benchmark advances which will bear an interest rate equal to the Secured Overnight Financing Rate ("<strong>SOFR</strong>") plus a credit spread adjustment of 0.10%, plus an applicable margin of 2.50% to 3.50% per annum depending on the Company's net leverage ratio.  The undrawn portion of the RCF is subject to a standby fee of 0.56% to 0.79% per annum depending on the Company's net leverage ratio.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The RCF is subject to standard conditions and covenants which include a net leverage ratio, an interest coverage ratio, and a minimum liquidity amount. The Company was in full compliance with all covenants as at December 31, 2025. The RCF is secured by a first-ranking security interest over all present and future property and assets of the Company and its material subsidiaries.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">For the year ended December 31, 2025, the Company recognized interest expenses associated with the RCF of $0.6 million (December 31, 2024 - $Nil), and recognized finance charges of $0.1 million (December 31, 2024 - $Nil), related to standby fees associated with the RCF. As at December 31, 2025, the amount drawn on the RCF was $13.1 million, the availability under the RCF was $26.9 million, and the transaction costs, net of accumulated amortization were $0.9 million.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>Convertible Loan Facility</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In March 2019, the Company entered into a convertible loan facility (the "<strong>Loan Facility</strong>") with Beedie Investments Ltd. ("<strong>Beedie</strong>") to fund acquisitions of royalties and streams, which was subsequently amended from time to time. The Loan Facility bore interest on amounts advanced and a standby fee on funds available. Funds advanced were convertible into Common Shares at Beedie's option, with the conversion price determined at the date of each drawdown or at the conversion date (in the case of the conversion of accrued and unpaid interest). The Loan Facility was secured by certain assets of the Company.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The conversion feature, prepayment options, and availability of credit under the Loan Facility (together the "<strong>Derivative Loan Liabilities</strong>") were all determined to be non-cash embedded derivatives that were not closely related to the principal amounts due under the loan facility, and as such were bifurcated from the loan facility and the Derivative Loan Liabilities were accounted for at fair value through profit and loss. The debt portion of the loan facility along with any transaction costs and fees directly attributable to the loan facility were included in the respective effective interest rate calculation for the debt portion and were measured at amortized cost.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Effective December 1, 2023, Metalla and Beedie entered into an amended and restated convertible Loan Facility agreement to amend and restate ‎the‎ loan facility (the "<strong>A&amp;R Loan Facility</strong>"). Pursuant to the A&amp;R Loan Facility, the parties agreed to, among other things, increase ‎the A&amp;R Loan Facility from C$25.0 million to C$50.0 million, amend the conversion price of the principal amount outstanding of C$16.4 million to a conversion price of C$6.00 per share, amend the conversion price of any accrued and unpaid interest (the "<strong>Accrued Interest Amount</strong>") to a conversion price equal to the market price of the shares of Metalla at the time of conversion, and have any accrued and unpaid fees (the "<strong>Accrued Fees Amount</strong>") to not be convertible into Common Shares.</span></span></p> <div></div> <p style="margin-left:36pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On December 1, 2023, following the changes to the A&amp;R Facility and the drawdown of the C$12.2 million, the Derivative Loan Liabilities were remeasured and were assigned a fair value of $0.9 million, and the debt portion of the Principal Amount was assigned a fair value of $11.2 million for a total face value of $12.1 million (C$16.4 million). The debt portion, including any directly attributable transaction costs and fees were accounted for at amortized cost using the implied effective interest rate of 14.6%. The Accrued Interest Amount and the Accrued Fees Amount under the A&amp;R Loan Facility were both accounted for as loans payable which were initially valued at fair value and subsequently measured at amortized cost and were included in the total A&amp;R Loan Facility balance.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On February 20, 2024, Beedie elected to convert C$1.5 million ($1.1 million) of the Accrued Interest Amount into Common Shares at a conversion price of C$3.49 per share, being the closing price of the shares of Metalla on the TSX-V on February 20, 2024, for a total of 429,800 Common Shares which were issued on March 19, 2024. </span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On January 13, 2025, Beedie elected to convert C$1.5 million ($1.0 million) of the Accrued Interest Amount into Common Shares at a conversion price of C$3.64 per share, being the closing price of the shares of Metalla on the TSX-V on January 13, 2025, for a total of 412,088 Common Shares which were issued on February 4, 2025. Additionally, on January 31, 2025, the Company made a payment of C$2.0 million to Beedie to reduce all of the Accrued Interest Amount and Accrued Fees Amount to $Nil as of the payment date.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On June 24, 2025, concurrent with the closing of the RCF, the Company fully repaid and retired the A&amp;R Loan Facility.  The final payments to Beedie included a repayment of the principal balance outstanding of C$16.4 million plus C$0.7 million in accrued interest and standby fees.  In connection with the retirement of the A&amp;R Loan Facility, certain assets secured by Beedie were released and there are no further amounts due under the A&amp;R Loan Facility.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt">The Derivative Loan Liabilities were remeasured at June 24, 2025, immediately prior to the retirement of the A&amp;R Loan Facility, and were assigned a fair value of $0.2 million (December 31, 2024 - $0.1 million) and were calculated using a convertible debt and swaption pricing model with the following major market inputs and assumptions:</span></span></p> <div style="margin-left:36pt;margin-top:0pt;margin-bottom:0pt"> <div style="margin-top:0pt;margin-bottom:0pt"> <table border="0" style="border-collapse:collapse;font-size:10pt;border-color:rgb(0, 0, 0);width:100%;margin-top:0pt;margin-bottom:0pt"> <tr style="margin-top:0pt;margin-bottom:0pt"> <td style="vertical-align:bottom;text-align:center;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:center;margin-top:0pt;margin-bottom:0pt"> </td> <td colspan="1" style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);margin-top:0pt;margin-bottom:0pt"> </td> <td colspan="5" style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">As at</strong></span></span></td> <td colspan="1" style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);margin-top:0pt;margin-bottom:0pt"> </td> </tr> <tr style="margin-top:0pt;margin-bottom:0pt"> <td style="vertical-align:bottom;text-align:center;width:70%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:center;width:2%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:center;width:1%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:center;width:10%;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">June 24,</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;width:2%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:center;width:2%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:center;width:1%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:center;width:10%;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">December 31,</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;width:2%;margin-top:0pt;margin-bottom:0pt"> </td> </tr> <tr style="margin-top:0pt;margin-bottom:0pt"> <td style="vertical-align:bottom;text-align:center;width:70%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:center;width:2%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:10%;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">2025</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;width:2%;margin-top:0pt;margin-bottom:0pt"> <p style="vertical-align:bottom;text-align:center;margin-top:0pt;margin-bottom:0pt"> </p> </td> <td style="vertical-align:bottom;text-align:center;width:2%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:10%;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">2024</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%;margin-top:0pt;margin-bottom:0pt"> </td> </tr> <tr style="margin-top:0pt;margin-bottom:0pt"> <td style="vertical-align:bottom;text-align:left;width:70%;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt">Maturity date</span></span></td> <td style="vertical-align:bottom;text-align:center;width:2%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:center;background-color:rgb(255, 204, 91);width:1%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;background-color:rgb(255, 204, 91);width:10%;margin-top:0pt;margin-bottom:0pt;text-align:right"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">May 10, 2027</strong></span></span></td> <td style="vertical-align:bottom;background-color:rgb(255, 204, 91);border-top:0.75pt solid rgb(255, 165, 0);width:2%;margin-top:0pt;margin-bottom:0pt;text-align:right"> </td> <td style="vertical-align:bottom;width:2%;margin-top:0pt;margin-bottom:0pt;text-align:right"> </td> <td style="vertical-align:bottom;width:1%;margin-top:0pt;margin-bottom:0pt;text-align:right"> </td> <td style="vertical-align:bottom;width:10%;margin-top:0pt;margin-bottom:0pt;text-align:right"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt">May 10, 2027</span></span></td> <td style="vertical-align:bottom;text-align:center;width:2%;margin-top:0pt;margin-bottom:0pt"> </td> </tr> <tr style="margin-top:0pt;margin-bottom:0pt"> <td style="vertical-align:bottom;width:70%;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt">Risk free interest rate</span></span></td> <td style="vertical-align:bottom;width:2%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:1%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:10%;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">2.50%</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:left;width:2%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt">2.72%</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;margin-top:0pt;margin-bottom:0pt"> </td> </tr> <tr style="margin-top:0pt;margin-bottom:0pt"> <td style="vertical-align:bottom;width:70%;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt">Share price</span></span></td> <td style="vertical-align:bottom;width:2%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:1%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:10%;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">C$4.93</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:left;width:2%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt">C$3.62</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;margin-top:0pt;margin-bottom:0pt"> </td> </tr> <tr style="margin-top:0pt;margin-bottom:0pt"> <td style="vertical-align:bottom;width:70%;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt">Expected volatility</span></span></td> <td style="vertical-align:bottom;width:2%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:1%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:10%;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">50%</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:left;width:2%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt">54%</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;margin-top:0pt;margin-bottom:0pt"> </td> </tr> <tr style="margin-top:0pt;margin-bottom:0pt"> <td style="vertical-align:bottom;width:70%;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt">Dividend yield</span></span></td> <td style="vertical-align:bottom;width:2%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:1%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:10%;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">$Nil</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:left;width:2%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt">$Nil</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;margin-top:0pt;margin-bottom:0pt"> </td> </tr> <tr style="margin-top:0pt;margin-bottom:0pt"> <td style="vertical-align:bottom;border-bottom:1.5pt solid rgb(255, 165, 0);width:70%;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt">Conversion price</span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid rgb(255, 165, 0);width:2%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:1%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:10%;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">C$6.00</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:2%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:1%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);width:10%;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt">C$6.00</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:2%;margin-top:0pt;margin-bottom:0pt"> </td> </tr> </table> </div> </div> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On June 24, 2025, upon retirement of the A&amp;R Loan Facility, the Company recorded a $0.7 million loss on extinguishment, which represents the difference between the carrying amount of the A&amp;R Loan Facility on the retirement date and the amount that was paid to retire the A&amp;R Loan Facility.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">For the year ended December 31, 2025, the Company recognized finance charges of $0.2 million (December 31, 2024 - $0.3 million), related to costs associated with the A&amp;R Loan Facility, including standby fees on the undrawn portion of the A&amp;R Loan Facility, as well as set up and other associated costs.</span></span></p> <div></div> <p style="margin-left:36pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>Amendment to IAS 1 - Presentation of Financial Statements</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company adopted an amendment to IAS 1 effective January 1, 2024, which required the A&amp;R Loan Facility to be presented as a current liability rather than a non-current liability even though the maturity date was not within the next twelve months. This was because the lender had the unconditional right to convert the debt into equity at any time, including within the next twelve months. There were no changes to the expected cash outflows from the convertible debt, and no changes to the liquidity of the Company and the maturity date of the debt remained May 10, 2027, however due to the change in IAS 1 the Company was required to disclose the A&amp;R Loan Facility as a current liability.</span></span></p> </div> <div> <table border="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="vertical-align:bottom;width:59.5238%;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;width:0.680272%;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Revolving</strong></span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;width:0.453515%;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Convertible</strong></span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:center;white-space:nowrap;padding-left:3pt"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;width:2.04082%;text-align:center;white-space:nowrap"> </td> </tr> <tr> <td style="vertical-align:bottom;width:59.5238%;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;width:0.680272%;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">   </span></span></td> <td style="vertical-align:bottom;width:1.13379%;text-align:center;white-space:nowrap;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:center;white-space:nowrap;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Credit Facility</strong></span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:center;white-space:nowrap;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:0.453515%;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">   </span></span></td> <td style="vertical-align:bottom;width:1.13379%;text-align:center;white-space:nowrap;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:center;white-space:nowrap;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Loan Facility</strong></span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:center;white-space:nowrap;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">   </span></span></td> <td style="vertical-align:bottom;width:0.566895%;text-align:center;white-space:nowrap;border-bottom:0.75pt solid rgb(255, 165, 0);padding-left:3pt"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:center;white-space:nowrap;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Total</strong></span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:center;white-space:nowrap;border-bottom:0.75pt solid #ffa500"> </td> </tr> <tr> <td style="vertical-align:bottom;width:59.5238%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at December 31, 2023</strong></span></span></td> <td style="vertical-align:bottom;width:0.680272%"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.453515%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">13,588</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">13,588</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"> </td> </tr> <tr> <td style="vertical-align:bottom;width:59.5238%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Interest and accretion expense</span></span></td> <td style="vertical-align:bottom;width:0.680272%"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.453515%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,751</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left;padding-left:3pt"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,751</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"> </td> </tr> <tr> <td style="vertical-align:bottom;width:59.5238%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Conversion</span></span></td> <td style="vertical-align:bottom;width:0.680272%"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.453515%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(1,109</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;width:0.566895%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left;padding-left:3pt"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(1,109</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="vertical-align:bottom;width:59.5238%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Foreign exchange adjustments</span></span></td> <td style="vertical-align:bottom;width:0.680272%"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.453515%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(1,044</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;width:0.566895%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left;padding-left:3pt"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(1,044</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="vertical-align:bottom;width:59.5238%;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Fair value adjustment of derivative portion</span></span></td> <td style="vertical-align:bottom;width:0.680272%;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:0.453515%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(493</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;width:0.566895%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);padding-left:3pt"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(493</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="vertical-align:bottom;width:59.5238%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at December 31, 2024</strong></span></span></td> <td style="vertical-align:bottom;width:0.680272%"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.453515%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">12,693</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left;background-color:rgb(255, 204, 91);padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;width:9.97732%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>12,693</strong></span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left;background-color:#ffcc5b"> </td> </tr> <tr> <td style="vertical-align:bottom;width:59.5238%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Draw down on revolving credit facility</span></span></td> <td style="vertical-align:bottom;width:0.680272%"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">13,100</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.453515%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left;background-color:rgb(255, 204, 91);padding-left:3pt"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>13,100</strong></span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left;background-color:#ffcc5b"> </td> </tr> <tr> <td style="vertical-align:bottom;width:59.5238%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Transaction costs</span></span></td> <td style="vertical-align:bottom;width:0.680272%"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(1,084</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;width:0.453515%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left;background-color:rgb(255, 204, 91);padding-left:3pt"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(1,084</strong></span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> </tr> <tr> <td style="vertical-align:bottom;width:59.5238%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Interest and accretion expense</span></span></td> <td style="vertical-align:bottom;width:0.680272%"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">628</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.453515%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">772</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left;background-color:rgb(255, 204, 91);padding-left:3pt"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,400</strong></span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left;background-color:#ffcc5b"> </td> </tr> <tr> <td style="vertical-align:bottom;width:59.5238%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Principal repayment</span></span></td> <td style="vertical-align:bottom;width:0.680272%"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.453515%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(11,919</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;width:0.566895%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left;background-color:rgb(255, 204, 91);padding-left:3pt"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(11,919</strong></span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> </tr> <tr> <td style="vertical-align:bottom;width:59.5238%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Conversion</span></span></td> <td style="vertical-align:bottom;width:0.680272%"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.453515%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(1,043</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;width:0.566895%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left;background-color:rgb(255, 204, 91);padding-left:3pt"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(1,043</strong></span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> </tr> <tr> <td style="vertical-align:bottom;width:59.5238%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Extinguishment of loan facility</span></span></td> <td style="vertical-align:bottom;width:0.680272%"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.453515%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">738</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left;background-color:rgb(255, 204, 91);padding-left:3pt"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>738</strong></span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left;background-color:#ffcc5b"> </td> </tr> <tr> <td style="vertical-align:bottom;width:59.5238%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Interest payment</span></span></td> <td style="vertical-align:bottom;width:0.680272%"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(305</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;width:0.453515%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(1,300</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;width:0.566895%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left;background-color:rgb(255, 204, 91);padding-left:3pt"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(1,605</strong></span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> </tr> <tr> <td style="vertical-align:bottom;width:59.5238%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Accrued fees payment</span></span></td> <td style="vertical-align:bottom;width:0.680272%"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.453515%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(536</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;width:0.566895%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left;background-color:rgb(255, 204, 91);padding-left:3pt"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(536</strong></span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> </tr> <tr> <td style="vertical-align:bottom;width:59.5238%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Foreign exchange adjustments</span></span></td> <td style="vertical-align:bottom;width:0.680272%"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.453515%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">501</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left;background-color:rgb(255, 204, 91);padding-left:3pt"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>501</strong></span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left;background-color:#ffcc5b"> </td> </tr> <tr> <td style="vertical-align:bottom;width:59.5238%;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Fair value adjustment of derivative portion</span></span></td> <td style="vertical-align:bottom;width:0.680272%;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:0.453515%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">94</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);padding-left:3pt"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>94</strong></span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b"> </td> </tr> <tr> <td style="vertical-align:bottom;width:59.5238%;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at December 31, 2025</strong></span></span></td> <td style="vertical-align:bottom;width:0.680272%;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;width:9.97732%;text-align:right;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>12,339</strong></span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:0.453515%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;width:9.97732%;text-align:right;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;width:9.97732%;text-align:right;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>12,339</strong></span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b"> </td> </tr> <tr> <td style="vertical-align:bottom;width:59.5238%;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Less: Accrued interest included in accounts payable</span></span></td> <td style="vertical-align:bottom;width:0.680272%;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(163</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;width:0.453515%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);padding-left:3pt"> </td> <td style="vertical-align:bottom;width:9.97732%;text-align:right;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(163</strong></span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> </tr> <tr> <td style="vertical-align:bottom;width:59.5238%;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at December 31, 2025</strong></span></span></td> <td style="vertical-align:bottom;width:0.680272%;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;width:9.97732%;text-align:right;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>12,176</strong></span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:0.453515%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1.13379%;text-align:left;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;width:9.97732%;text-align:right;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:0.566895%;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;width:9.97732%;text-align:right;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>12,176</strong></span></span></td> <td style="vertical-align:bottom;width:2.04082%;text-align:left;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b"> </td> </tr> </table> </div> 0 13588000 13588000 0 1751000 1751000 0 1109000 1109000 0 -1044000 -1044000 0 -493000 -493000 0 12693000 12693000 13100000 0 13100000 1084000 0 1084000 628000 772000 1400000 0 11919000 11919000 0 1043000 1043000 0 -738000 -738000 305000 1300000 1605000 0 536000 536000 0 501000 501000 0 94000 94000 12339000 0 12339000 163000 0 163000 12176000 0 12176000 40000000 35000000 75000000 13100000 1100000 0.001 0.025 0.035 0.0056 0.0079 600000 0 100000 0 13100000 26900000 900000 25000000 50000000 16400000 6 12200000 900000 11200000 12100000 16400000 0.146 1500000 1100000 3.49 429800 1500000 1000000 3.64 412088 2000000 0 16400000 700000 200000 100000 <div style="margin-top:0pt;margin-bottom:0pt"> <table border="0" style="border-collapse:collapse;font-size:10pt;border-color:rgb(0, 0, 0);width:100%;margin-top:0pt;margin-bottom:0pt"> <tr style="margin-top:0pt;margin-bottom:0pt"> <td style="vertical-align:bottom;text-align:center;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:center;margin-top:0pt;margin-bottom:0pt"> </td> <td colspan="1" style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);margin-top:0pt;margin-bottom:0pt"> </td> <td colspan="5" style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">As at</strong></span></span></td> <td colspan="1" style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);margin-top:0pt;margin-bottom:0pt"> </td> </tr> <tr style="margin-top:0pt;margin-bottom:0pt"> <td style="vertical-align:bottom;text-align:center;width:70%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:center;width:2%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:center;width:1%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:center;width:10%;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">June 24,</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;width:2%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:center;width:2%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:center;width:1%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:center;width:10%;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">December 31,</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;width:2%;margin-top:0pt;margin-bottom:0pt"> </td> </tr> <tr style="margin-top:0pt;margin-bottom:0pt"> <td style="vertical-align:bottom;text-align:center;width:70%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:center;width:2%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:10%;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">2025</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;width:2%;margin-top:0pt;margin-bottom:0pt"> <p style="vertical-align:bottom;text-align:center;margin-top:0pt;margin-bottom:0pt"> </p> </td> <td style="vertical-align:bottom;text-align:center;width:2%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:10%;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">2024</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%;margin-top:0pt;margin-bottom:0pt"> </td> </tr> <tr style="margin-top:0pt;margin-bottom:0pt"> <td style="vertical-align:bottom;text-align:left;width:70%;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt">Maturity date</span></span></td> <td style="vertical-align:bottom;text-align:center;width:2%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:center;background-color:rgb(255, 204, 91);width:1%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;background-color:rgb(255, 204, 91);width:10%;margin-top:0pt;margin-bottom:0pt;text-align:right"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">May 10, 2027</strong></span></span></td> <td style="vertical-align:bottom;background-color:rgb(255, 204, 91);border-top:0.75pt solid rgb(255, 165, 0);width:2%;margin-top:0pt;margin-bottom:0pt;text-align:right"> </td> <td style="vertical-align:bottom;width:2%;margin-top:0pt;margin-bottom:0pt;text-align:right"> </td> <td style="vertical-align:bottom;width:1%;margin-top:0pt;margin-bottom:0pt;text-align:right"> </td> <td style="vertical-align:bottom;width:10%;margin-top:0pt;margin-bottom:0pt;text-align:right"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt">May 10, 2027</span></span></td> <td style="vertical-align:bottom;text-align:center;width:2%;margin-top:0pt;margin-bottom:0pt"> </td> </tr> <tr style="margin-top:0pt;margin-bottom:0pt"> <td style="vertical-align:bottom;width:70%;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt">Risk free interest rate</span></span></td> <td style="vertical-align:bottom;width:2%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:1%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:10%;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">2.50%</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:left;width:2%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt">2.72%</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;margin-top:0pt;margin-bottom:0pt"> </td> </tr> <tr style="margin-top:0pt;margin-bottom:0pt"> <td style="vertical-align:bottom;width:70%;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt">Share price</span></span></td> <td style="vertical-align:bottom;width:2%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:1%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:10%;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">C$4.93</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:left;width:2%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt">C$3.62</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;margin-top:0pt;margin-bottom:0pt"> </td> </tr> <tr style="margin-top:0pt;margin-bottom:0pt"> <td style="vertical-align:bottom;width:70%;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt">Expected volatility</span></span></td> <td style="vertical-align:bottom;width:2%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:1%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:10%;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">50%</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:left;width:2%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt">54%</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;margin-top:0pt;margin-bottom:0pt"> </td> </tr> <tr style="margin-top:0pt;margin-bottom:0pt"> <td style="vertical-align:bottom;width:70%;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt">Dividend yield</span></span></td> <td style="vertical-align:bottom;width:2%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:1%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:10%;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">$Nil</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:left;width:2%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt">$Nil</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;margin-top:0pt;margin-bottom:0pt"> </td> </tr> <tr style="margin-top:0pt;margin-bottom:0pt"> <td style="vertical-align:bottom;border-bottom:1.5pt solid rgb(255, 165, 0);width:70%;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt">Conversion price</span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid rgb(255, 165, 0);width:2%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:1%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:10%;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">C$6.00</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:2%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:1%;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);width:10%;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt">C$6.00</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:2%;margin-top:0pt;margin-bottom:0pt"> </td> </tr> </table> </div> 2027-05-10 2027-05-10 0.025 0.0272 4.93 3.62 0.50 0.54 0 0 6 6 700000 200000 300000 <div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>6.</strong></span><span style="width:27.66pt;display:inline-block"> </span><span style="color:#ff9b00"><strong>REVENUE</strong></span></span></span></p> <div> <div style="margin-left:36pt"> <table border="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000;width:100%;width:100%"> <tr> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td colspan="1" style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500"> </td> <td colspan="5" style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Year ended</strong></span></span></td> <td colspan="1" style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:center;width:67%"> </td> <td style="vertical-align:bottom;text-align:center;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;width:2%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:center;width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31,</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;width:1%"> </td> <td style="vertical-align:bottom;text-align:center;width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31,</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:center;width:67%"> </td> <td style="vertical-align:bottom;text-align:center;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2025</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:center;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2024</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Royalty revenue</span></span></td> <td style="vertical-align:bottom;width:2%"> </td> <td style="vertical-align:bottom;background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"> </td> <td style="vertical-align:bottom;background-color:rgb(255, 204, 91);width:11%"> </td> <td style="vertical-align:bottom;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;width:2%"> </td> <td style="vertical-align:bottom;width:1%"> </td> <td style="vertical-align:bottom;width:11%"> </td> <td style="vertical-align:bottom;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;padding-left:15pt;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Tocantinzinho</span></span></td> <td style="vertical-align:bottom;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>4,501</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,116</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;padding-left:15pt;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Wharf</span></span></td> <td style="vertical-align:bottom;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2,828</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,622</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;padding-left:15pt;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Aranzazu</span></span></td> <td style="vertical-align:bottom;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2,324</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,856</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;padding-left:15pt;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Endeavor</span></span></td> <td style="vertical-align:bottom;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>966</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;padding-left:15pt;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">La Guitarra</span></span></td> <td style="vertical-align:bottom;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>457</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">115</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;padding-left:15pt;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">La Encantada</span></span></td> <td style="vertical-align:bottom;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>441</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">415</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;padding-left:15pt;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">El Realito</span></span></td> <td style="vertical-align:bottom;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">601</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(255, 165, 0);padding-left:15pt;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Other⁽¹⁾</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>58</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Total royalty revenue</span></span></td> <td style="vertical-align:bottom;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>11,575</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5,725</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(255, 165, 0);width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Other fixed royalty payments</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>164</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">157</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:1.5pt solid rgb(255, 165, 0);width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Total revenue</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>11,739</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5,882</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:2%"> </td> </tr> </table> </div> </div> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"> <span style="color:#404040"><i>(1) During the year the Company received a small amount of revenue from Plomosas related to the test mining of a bulk sample.</i></span></span></span></p> </div> <div> <div style="margin-left:36pt"> <table border="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000;width:100%;width:100%"> <tr> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td colspan="1" style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500"> </td> <td colspan="5" style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Year ended</strong></span></span></td> <td colspan="1" style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:center;width:67%"> </td> <td style="vertical-align:bottom;text-align:center;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;width:2%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:center;width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31,</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;width:1%"> </td> <td style="vertical-align:bottom;text-align:center;width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31,</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:center;width:67%"> </td> <td style="vertical-align:bottom;text-align:center;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2025</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:center;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2024</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Royalty revenue</span></span></td> <td style="vertical-align:bottom;width:2%"> </td> <td style="vertical-align:bottom;background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"> </td> <td style="vertical-align:bottom;background-color:rgb(255, 204, 91);width:11%"> </td> <td style="vertical-align:bottom;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;width:2%"> </td> <td style="vertical-align:bottom;width:1%"> </td> <td style="vertical-align:bottom;width:11%"> </td> <td style="vertical-align:bottom;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;padding-left:15pt;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Tocantinzinho</span></span></td> <td style="vertical-align:bottom;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>4,501</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,116</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;padding-left:15pt;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Wharf</span></span></td> <td style="vertical-align:bottom;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2,828</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,622</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;padding-left:15pt;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Aranzazu</span></span></td> <td style="vertical-align:bottom;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2,324</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,856</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;padding-left:15pt;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Endeavor</span></span></td> <td style="vertical-align:bottom;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>966</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;padding-left:15pt;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">La Guitarra</span></span></td> <td style="vertical-align:bottom;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>457</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">115</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;padding-left:15pt;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">La Encantada</span></span></td> <td style="vertical-align:bottom;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>441</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">415</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;padding-left:15pt;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">El Realito</span></span></td> <td style="vertical-align:bottom;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">601</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(255, 165, 0);padding-left:15pt;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Other⁽¹⁾</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>58</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Total royalty revenue</span></span></td> <td style="vertical-align:bottom;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>11,575</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5,725</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(255, 165, 0);width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Other fixed royalty payments</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>164</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">157</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:1.5pt solid rgb(255, 165, 0);width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Total revenue</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>11,739</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5,882</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:2%"> </td> </tr> </table> </div> </div> 4501000 1116000 2828000 1622000 2324000 1856000 966000 0 457000 115000 441000 415000 0 601000 58000 0 11575000 5725000 164000 157000 11739000 5882000 <div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>7.</strong></span><span style="width:27.66pt;display:inline-block"> </span><span style="color:#ff9b00"><strong>GENERAL AND ADMINISTRATIVE EXPENSES</strong></span></span></span></p> <div style="margin-left:36pt"> <table border="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000;width:100%"> <tr> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td colspan="1" style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500"> </td> <td colspan="5" style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Year ended</strong></span></span></td> <td colspan="1" style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:center;width:71%"> </td> <td style="vertical-align:bottom;text-align:center;width:1%"> </td> <td style="vertical-align:bottom;text-align:center;width:1%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:center;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31,</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;width:1%"> </td> <td style="vertical-align:bottom;text-align:center;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31,</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:center;width:71%"> </td> <td style="vertical-align:bottom;text-align:center;width:1%"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2025</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:center;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2024</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:71%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Compensation and benefits</span></span></td> <td style="vertical-align:bottom;width:1%"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:1%;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>4,185</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,807</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:71%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Corporate administration</span></span></td> <td style="vertical-align:bottom;width:1%"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:1%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,167</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,306</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:71%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Professional fees</span></span></td> <td style="vertical-align:bottom;width:1%"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:1%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,105</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">901</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(255, 165, 0);width:71%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Listing and filing fees</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:1%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>182</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">203</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:1.5pt solid rgb(255, 165, 0);width:71%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Total general and administrative expenses</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:1%;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>6,639</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5,217</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:2%"> </td> </tr> </table> </div> </div> <div style="margin-left:36pt"> <table border="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000;width:100%"> <tr> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td colspan="1" style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500"> </td> <td colspan="5" style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Year ended</strong></span></span></td> <td colspan="1" style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:center;width:71%"> </td> <td style="vertical-align:bottom;text-align:center;width:1%"> </td> <td style="vertical-align:bottom;text-align:center;width:1%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:center;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31,</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;width:1%"> </td> <td style="vertical-align:bottom;text-align:center;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31,</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:center;width:71%"> </td> <td style="vertical-align:bottom;text-align:center;width:1%"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2025</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:center;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2024</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:71%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Compensation and benefits</span></span></td> <td style="vertical-align:bottom;width:1%"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:1%;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>4,185</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,807</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:71%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Corporate administration</span></span></td> <td style="vertical-align:bottom;width:1%"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:1%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,167</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,306</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:71%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Professional fees</span></span></td> <td style="vertical-align:bottom;width:1%"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:1%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,105</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">901</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(255, 165, 0);width:71%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Listing and filing fees</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:1%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>182</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">203</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:1.5pt solid rgb(255, 165, 0);width:71%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Total general and administrative expenses</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:1%;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>6,639</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5,217</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:2%"> </td> </tr> </table> </div> 4185000 2807000 1167000 1306000 1105000 901000 182000 203000 6639000 5217000 <div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>8.</strong></span><span style="width:27.66pt;display:inline-block"> </span><span style="color:#ff9b00"><strong>INCOME TAXES</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Income tax expense differs from the amount that would result from applying Canadian income tax rates to earnings before income taxes. These differences result from the following items:</span></span></p> <div style="margin-left:36pt"> <table border="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000;width:100%;width:100%;width:100%;width:100%;width:100%;width:100%"> <tr> <td style="vertical-align:bottom;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid rgb(255, 165, 0)"> </td> <td colspan="5" style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid rgb(255, 165, 0)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>Year ended</strong></span></span></span></td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid rgb(255, 165, 0)"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:67%"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:1%"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:2%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31, </strong></span></span></td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:1%"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31, </strong></span></span></td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:1%"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:67%"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">   </span></span></td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid rgb(255, 165, 0);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2025</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">   </span></span></td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid rgb(255, 165, 0);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2024</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Loss before income taxes</span></span></td> <td style="vertical-align:bottom;width:1%"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(3,572</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(5,424</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(255, 165, 0);width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Canadian federal and provincial income tax rates</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>27.00%</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">27.00%</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Income tax recovery based on the above rates</span></span></td> <td style="vertical-align:bottom;width:1%"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(964</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(1,464</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="vertical-align:bottom;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Difference between Canadian and foreign tax rate</span></span></td> <td style="vertical-align:bottom;width:1%"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(181</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(128</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="vertical-align:bottom;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Permanent differences </span></span></td> <td style="vertical-align:bottom;width:1%"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(3,116</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">890</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Changes in unrecognized deferred tax assets</span></span></td> <td style="vertical-align:bottom;width:1%"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>5,016</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">761</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(255, 165, 0);width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Other adjustments</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(86</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(7</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:1.5pt solid rgb(255, 165, 0);width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Total income tax expense</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>669</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">52</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:1%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:67%"> </td> <td style="vertical-align:bottom;width:1%"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:11%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Current income tax expense</strong></span></span></td> <td style="vertical-align:bottom;width:1%"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>656</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">52</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:1.5pt solid rgb(255, 165, 0);width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Deferred income tax expense</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>13</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:1%"> </td> </tr> </table> </div> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The composition of the Company's net deferred income tax liability that has been recognized is as follows:</span></span></p> <div style="margin-left:36pt"> <table border="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000;width:100%"> <tr> <td style="vertical-align:bottom;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid rgb(255, 165, 0)"> </td> <td colspan="5" style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid rgb(255, 165, 0)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid rgb(255, 165, 0)"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:70%"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:1%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31, </strong></span></span></td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:1%"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31, </strong></span></span></td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:70%"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid rgb(255, 165, 0);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2025</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">   </span></span></td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid rgb(255, 165, 0);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2024</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:70%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Deferred tax assets:</span></span></td> <td style="vertical-align:bottom;background-color:rgb(255, 204, 91);width:1%;padding-left:3pt"> </td> <td style="vertical-align:bottom;background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;width:2%"> </td> <td style="vertical-align:bottom;width:1%"> </td> <td style="vertical-align:bottom;width:11%"> </td> <td style="vertical-align:bottom;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;padding-left:15pt;width:70%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Mineral expenditures and capital assets</span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:1%;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,731</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:right;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,060</span></span></td> <td style="vertical-align:bottom;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;padding-left:15pt;width:70%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Share issue costs</span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:1%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>420</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">455</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(255, 165, 0);padding-left:15pt;width:70%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Non-capital losses and others</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:1%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>19,791</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">12,651</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:70%"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:1%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>21,942</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">15,166</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:70%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Unrecognized deferred tax assets</span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:1%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(17,678</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(10,688</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(255, 165, 0);width:70%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Deferred tax liabilities</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:1%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(4,708</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(4,909</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:1.5pt solid rgb(255, 165, 0);width:70%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Net deferred income tax liabilities</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:1%;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(444</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(431</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="vertical-align:bottom;width:70%"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:1%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:11%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:70%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Deferred income tax assets</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:1%;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>81</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">105</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:1.5pt solid rgb(255, 165, 0);width:70%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Deferred income tax liabilities</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:1%;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(525</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(536</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> </table> </div> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company's significant temporary differences, unused tax credits, and unused tax losses that have not been recognized as deferred income tax assets as at December 31, 2025, are as follows:</span></span></p> <div> <div style="margin-left:36pt"> <table border="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td colspan="1" rowspan="4" style="vertical-align:bottom;text-align:center"> </td> <td colspan="1" rowspan="4" style="vertical-align:bottom;text-align:center"> </td> <td colspan="1" rowspan="4" style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0)"> </td> <td colspan="1" rowspan="4" style="vertical-align:bottom;text-align:center;margin-top:0pt;margin-bottom:0pt;border-bottom:0.75pt solid rgb(255, 165, 0)"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Mineral</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">expenditures</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">and other</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">capital assets</strong></span></span></span></span></p> </td> <td colspan="1" rowspan="4" style="vertical-align:bottom;text-align:center"> </td> <td colspan="1" rowspan="4" style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0)"> </td> <td colspan="1" rowspan="4" style="vertical-align:bottom;text-align:center;margin-top:0pt;margin-bottom:0pt;border-bottom:0.75pt solid rgb(255, 165, 0)"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Share issue</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">costs</strong></span></span></span></span></p> </td> <td colspan="1" rowspan="4" style="vertical-align:bottom;text-align:center"> </td> <td colspan="1" rowspan="4" style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0)"> </td> <td colspan="1" rowspan="4" style="vertical-align:bottom;text-align:center;margin-top:0pt;margin-bottom:0pt;border-bottom:0.75pt solid rgb(255, 165, 0)"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Non-capital</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">losses and</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">others</strong></span></span></span></span></p> </td> <td colspan="1" rowspan="4" style="vertical-align:bottom;text-align:center"> </td> <td colspan="1" rowspan="4" style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);padding-left:3pt"> </td> <td colspan="1" rowspan="4" style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0)"><strong><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Total</span></span></strong></td> <td style="vertical-align:bottom;text-align:center"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:center"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:center"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500"> </td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Expiry 2026 to 2045</span></span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,556</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">42,218</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:rgb(255, 204, 91);padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;width:10%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>43,774</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:#ffcc5b"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">No expiry date</span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;width:10%;text-align:right;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">17,457</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;width:10%;text-align:right;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;width:10%;text-align:right;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">7,498</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;width:10%;text-align:right;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>24,955</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b"> </td> </tr> </table> </div> <p style="margin-left:49pt;text-indent:-13.5pt;text-align:justify;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#404040"><i>*Tax attributes are subject to review, and potential adjustments, by tax authorities.</i></span></span></span></p> </div> </div> <div style="margin-left:36pt"> <table border="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000;width:100%;width:100%;width:100%;width:100%;width:100%;width:100%"> <tr> <td style="vertical-align:bottom;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid rgb(255, 165, 0)"> </td> <td colspan="5" style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid rgb(255, 165, 0)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>Year ended</strong></span></span></span></td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid rgb(255, 165, 0)"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:67%"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:1%"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:2%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31, </strong></span></span></td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:1%"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31, </strong></span></span></td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:1%"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:67%"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">   </span></span></td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid rgb(255, 165, 0);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2025</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">   </span></span></td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid rgb(255, 165, 0);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2024</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Loss before income taxes</span></span></td> <td style="vertical-align:bottom;width:1%"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(3,572</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(5,424</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(255, 165, 0);width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Canadian federal and provincial income tax rates</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>27.00%</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">27.00%</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Income tax recovery based on the above rates</span></span></td> <td style="vertical-align:bottom;width:1%"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(964</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(1,464</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="vertical-align:bottom;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Difference between Canadian and foreign tax rate</span></span></td> <td style="vertical-align:bottom;width:1%"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(181</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(128</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="vertical-align:bottom;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Permanent differences </span></span></td> <td style="vertical-align:bottom;width:1%"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(3,116</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">890</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Changes in unrecognized deferred tax assets</span></span></td> <td style="vertical-align:bottom;width:1%"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>5,016</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">761</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(255, 165, 0);width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Other adjustments</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(86</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(7</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:1.5pt solid rgb(255, 165, 0);width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Total income tax expense</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>669</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">52</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:1%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:67%"> </td> <td style="vertical-align:bottom;width:1%"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:11%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Current income tax expense</strong></span></span></td> <td style="vertical-align:bottom;width:1%"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>656</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">52</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:1.5pt solid rgb(255, 165, 0);width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Deferred income tax expense</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>13</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:1%"> </td> </tr> </table> </div> -3572000 -5424000 0.27 0.27 -964000 -1464000 -181000 -128000 -3116000 890000 5016000 761000 -86000 -7000 669000 52000 656000 52000 13000 0 <div style="margin-left:36pt"> <table border="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000;width:100%"> <tr> <td style="vertical-align:bottom;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid rgb(255, 165, 0)"> </td> <td colspan="5" style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid rgb(255, 165, 0)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid rgb(255, 165, 0)"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:70%"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:1%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31, </strong></span></span></td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:1%"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31, </strong></span></span></td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:70%"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid rgb(255, 165, 0);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2025</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">   </span></span></td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid rgb(255, 165, 0);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2024</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:70%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Deferred tax assets:</span></span></td> <td style="vertical-align:bottom;background-color:rgb(255, 204, 91);width:1%;padding-left:3pt"> </td> <td style="vertical-align:bottom;background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;width:2%"> </td> <td style="vertical-align:bottom;width:1%"> </td> <td style="vertical-align:bottom;width:11%"> </td> <td style="vertical-align:bottom;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;padding-left:15pt;width:70%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Mineral expenditures and capital assets</span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:1%;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,731</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:right;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,060</span></span></td> <td style="vertical-align:bottom;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;padding-left:15pt;width:70%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Share issue costs</span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:1%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>420</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">455</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(255, 165, 0);padding-left:15pt;width:70%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Non-capital losses and others</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:1%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>19,791</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">12,651</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:70%"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:1%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>21,942</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">15,166</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:70%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Unrecognized deferred tax assets</span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:1%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(17,678</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(10,688</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(255, 165, 0);width:70%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Deferred tax liabilities</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:1%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(4,708</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(4,909</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:1.5pt solid rgb(255, 165, 0);width:70%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Net deferred income tax liabilities</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:1%;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(444</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(431</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="vertical-align:bottom;width:70%"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:1%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:11%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:70%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Deferred income tax assets</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:1%;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>81</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">105</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:1.5pt solid rgb(255, 165, 0);width:70%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Deferred income tax liabilities</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:1%;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(525</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);width:11%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(536</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> </table> </div> 1731000 2060000 420000 455000 19791000 12651000 21942000 15166000 17678000 10688000 4708000 4909000 444000 431000 81000 105000 525000 536000 <div> <div style="margin-left:36pt"> <table border="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td colspan="1" rowspan="4" style="vertical-align:bottom;text-align:center"> </td> <td colspan="1" rowspan="4" style="vertical-align:bottom;text-align:center"> </td> <td colspan="1" rowspan="4" style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0)"> </td> <td colspan="1" rowspan="4" style="vertical-align:bottom;text-align:center;margin-top:0pt;margin-bottom:0pt;border-bottom:0.75pt solid rgb(255, 165, 0)"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Mineral</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">expenditures</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">and other</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">capital assets</strong></span></span></span></span></p> </td> <td colspan="1" rowspan="4" style="vertical-align:bottom;text-align:center"> </td> <td colspan="1" rowspan="4" style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0)"> </td> <td colspan="1" rowspan="4" style="vertical-align:bottom;text-align:center;margin-top:0pt;margin-bottom:0pt;border-bottom:0.75pt solid rgb(255, 165, 0)"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Share issue</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">costs</strong></span></span></span></span></p> </td> <td colspan="1" rowspan="4" style="vertical-align:bottom;text-align:center"> </td> <td colspan="1" rowspan="4" style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0)"> </td> <td colspan="1" rowspan="4" style="vertical-align:bottom;text-align:center;margin-top:0pt;margin-bottom:0pt;border-bottom:0.75pt solid rgb(255, 165, 0)"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Non-capital</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">losses and</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">others</strong></span></span></span></span></p> </td> <td colspan="1" rowspan="4" style="vertical-align:bottom;text-align:center"> </td> <td colspan="1" rowspan="4" style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);padding-left:3pt"> </td> <td colspan="1" rowspan="4" style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0)"><strong><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Total</span></span></strong></td> <td style="vertical-align:bottom;text-align:center"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:center"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:center"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500"> </td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Expiry 2026 to 2045</span></span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,556</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">42,218</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:rgb(255, 204, 91);padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;width:10%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>43,774</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:#ffcc5b"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">No expiry date</span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;width:10%;text-align:right;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">17,457</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;width:10%;text-align:right;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;width:10%;text-align:right;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">7,498</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;width:10%;text-align:right;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>24,955</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b"> </td> </tr> </table> </div> <p style="margin-left:49pt;text-indent:-13.5pt;text-align:justify;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#404040"><i>*Tax attributes are subject to review, and potential adjustments, by tax authorities.</i></span></span></span></p> </div> 0 1556000 42218000 43774000 17457000 0 7498000 24955000 <div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>9.</strong></span><span style="width:27.66pt;display:inline-block"> </span><span style="color:#ff9b00"><strong>SHARE CAPITAL</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Authorized share capital consists of an unlimited number of Common Shares without par value.</span></span></p> <p style="margin-left:54pt;text-indent:-18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>(a)</strong></span><span style="width:7pt;text-indent:0pt;display:inline-block"> </span><span style="color:#ff9b00"><strong>Issued Share Capital</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As at December 31, 2025, the Company had 92,899,448 Common Shares issued and outstanding (December 31, 2024 - 92,076,438).</span></span></p> <p style="margin-left:36pt;margin-bottom:0pt;text-align:justify;margin-top:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">During the year ended December 31, 2025, the Company:</span></span></p> <ul style="padding-left:0pt;margin-top:0pt;list-style-type:disc"> <li style="margin-left:63.14pt;text-align:justify;padding-left:8.86pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">issued 412,088 Common Shares related to the conversion of a portion of the Accrued Interest Amount from the A&amp;R Loan Facility (Note 5); and</span></span></li> <li style="margin-left:63.14pt;text-align:justify;padding-left:8.86pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">issued 410,922 Common Shares related to the vesting of RSUs and the exercise of stock options.</span></span></li> </ul> <p style="margin-left:36pt;margin-bottom:0pt;text-align:justify;margin-top:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">During the year ended December 31, 2024, the Company:</span></span></p> <ul style="padding-left:0pt;margin-top:0pt;list-style-type:disc"> <li style="margin-left:63.14pt;text-align:justify;padding-left:8.86pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">issued 429,800 Common Shares related to the conversion of a portion of the Accrued Interest Amount from the A&amp;R Loan Facility (Note 5);</span></span></li> <li style="margin-left:63.14pt;text-align:justify;padding-left:8.86pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">issued 250,000 Common Shares related to a private placement; and</span></span></li> <li style="margin-left:63.14pt;text-align:justify;padding-left:8.86pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">issued 519,407 Common Shares related to the vesting of RSUs and the exercise of stock options.</span></span></li> </ul> <p style="margin-left:54pt;text-indent:-18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>(b)</strong></span><span style="width:6.51pt;text-indent:0pt;display:inline-block"> </span><span style="color:#ff9b00"><strong>Stock Options </strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company has adopted a stock option plan approved by the Company's shareholders. The maximum number of shares that may be reserved for issuance under the plan is limited to 10% of the issued common shares of the Company at any time, less the amount reserved for RSUs. The plan allows for a cash-less broker exercise, or a net exercise on some of the Company's stock options upon vesting, both of which are subject to approval from the Company's Board of Directors. The vesting terms, if any, are determined by the Company's Board of Directors at the time of the grant.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The continuity of stock options for the year ended December 31, 2025, was as follows:</span></span></p> <div> <div style="margin-left:36pt"> <table border="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Weighted </strong></span></span></td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Average</strong></span></span></td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Exercise Price</strong></span></span></td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Number</strong></span></span></td> <td style="vertical-align:bottom;text-align:center"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(C$)</strong></span></span></td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Outstanding</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500"> </td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at December 31, 2023</strong></span></span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">6.83</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4,834,993</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Granted</span></span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4.14</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">160,000</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Exercised⁽¹⁾</span></span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3.69</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(820,781</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Expired</span></span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">8.43</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(1,176,005</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Forfeited</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4.47</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(115,000</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at December 31, 2024</strong></span></span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">7.02</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2,883,207</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:#ffcc5b"> </td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Granted</span></span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4.41</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>955,000</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:#ffcc5b"> </td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Exercised⁽¹⁾</span></span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4.46</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(157,500</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Expired</span></span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">10.00</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(698,750</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Forfeited</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4.26</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(17,500</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at December 31, 2025</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;border-bottom:1.5pt solid #ffa500"><strong><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></strong></td> <td style="vertical-align:bottom;width:10%;text-align:right;border-bottom:1.5pt solid #ffa500"><strong><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5.63</span></span></strong></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2,964,457</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b"> </td> </tr> </table> </div> </div> <p style="margin-left:49.5pt;text-indent:-13.5pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#404040"><i>(1) During the year ended December 31, 2025, 157,500 stock options were exercised on a net exercise basis with a total of 78,262 Common Shares issued for the exercise (2024 - 771,063 and 163,999, respectively).</i></span></span></span></p> <div></div> </div> <p style="margin-left:36pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">During the year ended December 31, 2025, the Company granted 955,000 stock options (December 31, 2024 - 160,000) with a weighted-average exercise price of C$4.41 (December 31, 2024 - C$4.14) and a grant date fair value of $1.1 million or $1.19 per option (December 31, 2024 - $0.2 million or $1.18 per option). The fair value of the stock options granted was estimated using the Black-Scholes option pricing model with weighted average assumptions as follows:</span></span></p> <div style="margin-left:36pt"> <table border="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td colspan="1" style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500"> </td> <td colspan="4" style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Year ended</strong></span></span></td> <td colspan="1" style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31, </strong></span></span></td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31, </strong></span></span></td> <td style="vertical-align:bottom;text-align:center"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2025</strong></span></span></td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2024</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500"> </td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Risk free interest rate</span></span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2.79%</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3.62%</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Expected dividend yield</span></span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>0%</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0%</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Expected stock price volatility</span></span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>51%</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">51%</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Expected life in years</span></span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>3.25</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3.25</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:1.5pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Forfeiture rate</span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #000000"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;border-bottom:1.5pt solid #000000;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;border-bottom:1.5pt solid #000000;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>0%</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:1.5pt solid #000000"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;border-bottom:1.5pt solid #000000"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;border-bottom:1.5pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0%</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:1.5pt solid #000000"> </td> </tr> </table> </div> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">For the year ended December 31, 2025, in accordance with the vesting terms of the stock options granted, the Company recorded a charge to share-based payments expense of $1.1 million (December 31, 2024 - $0.9 million), with an offsetting credit to reserves. As at December 31, 2025, the weighted average remaining life of the stock options outstanding was 2.64 years (December 31, 2024 - 2.39 years).</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company's outstanding and exercisable stock options as at December 31, 2025, and their expiry dates are as follows:</span></span></p> <div style="margin-left:36pt"> <table border="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center;width:1%"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Exercise Price</strong></span></span></td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Number</strong></span></span></td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Number</strong></span></span></td> <td style="vertical-align:bottom;text-align:center"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Expiry Date</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;width:1%"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(C$)</strong></span></span></td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0)"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Outstanding</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0)"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0)"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Exercisable</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0)"> </td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">April 27, 2026</span></span></td> <td style="vertical-align:bottom;width:1%"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span>$11.73</span></span></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>310,000</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>310,000</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:#ffcc5b"> </td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">August 27, 2026</span></span></td> <td style="vertical-align:bottom;width:1%"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span>$9.17</span></span></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>217,800</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>217,800</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:#ffcc5b"> </td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">July 20, 2027</span></span></td> <td style="vertical-align:bottom;width:1%"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span>$4.33</span></span></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>118,800</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>118,800</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:#ffcc5b"> </td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">August 16, 2027</span></span></td> <td style="vertical-align:bottom;width:1%"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span>$5.98</span></span></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>415,000</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>415,000</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:#ffcc5b"> </td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">February 22, 2028</span></span></td> <td style="vertical-align:bottom;width:1%"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span>$4.12</span></span></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>100,357</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>100,357</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:#ffcc5b"> </td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">December 28, 2028</span></span></td> <td style="vertical-align:bottom;width:1%"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span>$4.05</span></span></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>777,500</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>777,500</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:#ffcc5b"> </td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">July 23, 2029</span></span></td> <td style="vertical-align:bottom;width:1%"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span>$4.14</span></span></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>80,000</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:#ffcc5b"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">February 20, 2030</span></span></td> <td style="vertical-align:bottom;width:1%;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span>$4.41</span></span></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>945,000</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1%;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2,964,457</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,939,457</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b"> </td> </tr> </table> </div> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Subsequent to December 31, 2025, on February 12, 2026, the Company granted 475,700 stock options with an exercise price of C$9.88.</span></span></p> <p style="margin-left:54pt;text-indent:-18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>(c)</strong></span><span style="width:7pt;text-indent:0pt;display:inline-block"> </span><span style="color:#ff9b00"><strong>Restricted Share Units</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company has adopted an RSU plan approved by the Company's shareholders. The maximum number of RSUs that may be reserved for issuance under the plan is limited to 10% of the issued common shares of the Company at any time, less the amount reserved for stock options. The vesting terms are determined by the Company's Board of Directors at the time of issuance, the standard vesting terms have one-half vest in one year and one-half vest in two years.</span></span></p> <div></div> <p style="margin-left:36pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The continuity of RSUs for the year ended December 31, 2025, was as follows:</span></span></p> <div style="margin-left:36pt"> <table border="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="text-align:center;vertical-align:bottom"> </td> <td style="text-align:center;vertical-align:bottom"> </td> <td style="text-align:center;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>Number</strong></span></span></span></td> <td style="text-align:center;vertical-align:bottom"> </td> </tr> <tr> <td style="text-align:center;vertical-align:bottom"> </td> <td style="text-align:center;vertical-align:bottom"> </td> <td style="text-align:center;vertical-align:bottom;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>Outstanding</strong></span></span></span></td> <td style="text-align:center;vertical-align:bottom;border-bottom:0.75pt solid #ffa500"> </td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at December 31, 2023</strong></span></span></td> <td style="text-align:left;vertical-align:bottom;width:1%"> </td> <td style="text-align:right;vertical-align:bottom;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">978,350</span></span></td> <td style="text-align:left;vertical-align:bottom;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Granted</span></span></td> <td style="text-align:left;vertical-align:bottom;width:1%"> </td> <td style="text-align:right;vertical-align:bottom;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">300,000</span></span></td> <td style="text-align:left;vertical-align:bottom;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Settled</span></span></td> <td style="text-align:left;vertical-align:bottom;width:1%"> </td> <td style="text-align:right;vertical-align:bottom;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(305,690</span></span></td> <td style="text-align:left;vertical-align:bottom;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Forfeited</span></span></td> <td style="text-align:left;vertical-align:bottom;width:1%;border-bottom:0.75pt solid #ffa500"> </td> <td style="text-align:right;vertical-align:bottom;width:10%;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(75,000</span></span></td> <td style="text-align:left;vertical-align:bottom;width:2%;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at December 31, 2024</strong></span></span></td> <td style="text-align:left;vertical-align:bottom;width:1%;background-color:#ffcc5b"> </td> <td style="text-align:right;vertical-align:bottom;width:10%;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>897,660</strong></span></span></td> <td style="text-align:left;vertical-align:bottom;width:2%;background-color:#ffcc5b"> </td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Granted</span></span></td> <td style="text-align:left;vertical-align:bottom;width:1%;background-color:#ffcc5b"> </td> <td style="text-align:right;vertical-align:bottom;width:10%;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>525,788</strong></span></span></td> <td style="text-align:left;vertical-align:bottom;width:2%;background-color:#ffcc5b"> </td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Settled</span></span></td> <td style="text-align:left;vertical-align:bottom;width:1%;background-color:#ffcc5b"> </td> <td style="text-align:right;vertical-align:bottom;width:10%;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(332,660</strong></span></span></td> <td style="text-align:left;vertical-align:bottom;width:2%;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Forfeited</span></span></td> <td style="text-align:left;vertical-align:bottom;width:1%;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b"> </td> <td style="text-align:right;vertical-align:bottom;width:10%;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(8,750</strong></span></span></td> <td style="text-align:left;vertical-align:bottom;width:2%;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at December 31, 2025</strong></span></span></td> <td style="text-align:left;vertical-align:bottom;width:1%;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b"> </td> <td style="text-align:right;vertical-align:bottom;width:10%;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,082,038</strong></span></span></td> <td style="text-align:left;vertical-align:bottom;width:2%;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b"> </td> </tr> </table> </div> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">For the year ended December 31, 2025, in accordance with the vesting terms of the RSUs granted, the Company recorded a charge to share-based payments expense of $1.9 million (December 31, 2024 - $1.7 million), with an offsetting credit to reserves. Subsequent to December 31, 2025, on February 12, 2026, the Company granted 445,175 RSUs.</span></span></p> 92899448 92899448 92076438 92076438 412088 410922 429800 250000 519407 0.10 <div> <div style="margin-left:36pt"> <table border="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Weighted </strong></span></span></td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Average</strong></span></span></td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Exercise Price</strong></span></span></td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Number</strong></span></span></td> <td style="vertical-align:bottom;text-align:center"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(C$)</strong></span></span></td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Outstanding</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500"> </td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at December 31, 2023</strong></span></span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">6.83</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4,834,993</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Granted</span></span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4.14</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">160,000</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Exercised⁽¹⁾</span></span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3.69</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(820,781</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Expired</span></span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">8.43</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(1,176,005</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Forfeited</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4.47</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(115,000</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at December 31, 2024</strong></span></span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">7.02</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2,883,207</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:#ffcc5b"> </td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Granted</span></span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4.41</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>955,000</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:#ffcc5b"> </td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Exercised⁽¹⁾</span></span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4.46</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(157,500</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Expired</span></span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">10.00</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(698,750</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Forfeited</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4.26</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(17,500</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at December 31, 2025</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;border-bottom:1.5pt solid #ffa500"><strong><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></strong></td> <td style="vertical-align:bottom;width:10%;text-align:right;border-bottom:1.5pt solid #ffa500"><strong><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5.63</span></span></strong></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2,964,457</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b"> </td> </tr> </table> </div> </div> 6.83 4834993 4.14 160000 3.69 820781 8.43 1176005 4.47 115000 7.02 2883207 4.41 955000 4.46 157500 10 698750 4.26 17500 5.63 2964457 157500 78262 771063 163999 955000 160000 4.41 4.14 1100000 1.19 200000 1.18 <div style="margin-left:36pt"> <table border="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td colspan="1" style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500"> </td> <td colspan="4" style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Year ended</strong></span></span></td> <td colspan="1" style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31, </strong></span></span></td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31, </strong></span></span></td> <td style="vertical-align:bottom;text-align:center"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2025</strong></span></span></td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2024</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500"> </td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Risk free interest rate</span></span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2.79%</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3.62%</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Expected dividend yield</span></span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>0%</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0%</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Expected stock price volatility</span></span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>51%</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">51%</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Expected life in years</span></span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>3.25</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3.25</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:1.5pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Forfeiture rate</span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #000000"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;border-bottom:1.5pt solid #000000;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;border-bottom:1.5pt solid #000000;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>0%</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:1.5pt solid #000000"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;border-bottom:1.5pt solid #000000"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;border-bottom:1.5pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0%</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:1.5pt solid #000000"> </td> </tr> </table> </div> 0.0279 0.0362 0 0 0.51 0.51 3.25 3.25 0 0 1100000 900000 P2Y7M20D P2Y4M20D <div style="margin-left:36pt"> <table border="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center;width:1%"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Exercise Price</strong></span></span></td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Number</strong></span></span></td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Number</strong></span></span></td> <td style="vertical-align:bottom;text-align:center"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Expiry Date</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;width:1%"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(C$)</strong></span></span></td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0)"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Outstanding</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0)"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0)"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Exercisable</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0)"> </td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">April 27, 2026</span></span></td> <td style="vertical-align:bottom;width:1%"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span>$11.73</span></span></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>310,000</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>310,000</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:#ffcc5b"> </td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">August 27, 2026</span></span></td> <td style="vertical-align:bottom;width:1%"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span>$9.17</span></span></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>217,800</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>217,800</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:#ffcc5b"> </td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">July 20, 2027</span></span></td> <td style="vertical-align:bottom;width:1%"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span>$4.33</span></span></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>118,800</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>118,800</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:#ffcc5b"> </td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">August 16, 2027</span></span></td> <td style="vertical-align:bottom;width:1%"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span>$5.98</span></span></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>415,000</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>415,000</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:#ffcc5b"> </td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">February 22, 2028</span></span></td> <td style="vertical-align:bottom;width:1%"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span>$4.12</span></span></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>100,357</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>100,357</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:#ffcc5b"> </td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">December 28, 2028</span></span></td> <td style="vertical-align:bottom;width:1%"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span>$4.05</span></span></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>777,500</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>777,500</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:#ffcc5b"> </td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">July 23, 2029</span></span></td> <td style="vertical-align:bottom;width:1%"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span>$4.14</span></span></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>80,000</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:#ffcc5b"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">February 20, 2030</span></span></td> <td style="vertical-align:bottom;width:1%;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span>$4.41</span></span></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>945,000</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1%;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2,964,457</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,939,457</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b"> </td> </tr> </table> </div> 11.73 310000 310000 9.17 217800 217800 4.33 118800 118800 5.98 415000 415000 4.12 100357 100357 4.05 777500 777500 4.14 80000 0 4.41 945000 0 2964457 1939457 475700 9.88 0.10 <div style="margin-left:36pt"> <table border="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="text-align:center;vertical-align:bottom"> </td> <td style="text-align:center;vertical-align:bottom"> </td> <td style="text-align:center;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>Number</strong></span></span></span></td> <td style="text-align:center;vertical-align:bottom"> </td> </tr> <tr> <td style="text-align:center;vertical-align:bottom"> </td> <td style="text-align:center;vertical-align:bottom"> </td> <td style="text-align:center;vertical-align:bottom;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>Outstanding</strong></span></span></span></td> <td style="text-align:center;vertical-align:bottom;border-bottom:0.75pt solid #ffa500"> </td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at December 31, 2023</strong></span></span></td> <td style="text-align:left;vertical-align:bottom;width:1%"> </td> <td style="text-align:right;vertical-align:bottom;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">978,350</span></span></td> <td style="text-align:left;vertical-align:bottom;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Granted</span></span></td> <td style="text-align:left;vertical-align:bottom;width:1%"> </td> <td style="text-align:right;vertical-align:bottom;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">300,000</span></span></td> <td style="text-align:left;vertical-align:bottom;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Settled</span></span></td> <td style="text-align:left;vertical-align:bottom;width:1%"> </td> <td style="text-align:right;vertical-align:bottom;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(305,690</span></span></td> <td style="text-align:left;vertical-align:bottom;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Forfeited</span></span></td> <td style="text-align:left;vertical-align:bottom;width:1%;border-bottom:0.75pt solid #ffa500"> </td> <td style="text-align:right;vertical-align:bottom;width:10%;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(75,000</span></span></td> <td style="text-align:left;vertical-align:bottom;width:2%;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at December 31, 2024</strong></span></span></td> <td style="text-align:left;vertical-align:bottom;width:1%;background-color:#ffcc5b"> </td> <td style="text-align:right;vertical-align:bottom;width:10%;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>897,660</strong></span></span></td> <td style="text-align:left;vertical-align:bottom;width:2%;background-color:#ffcc5b"> </td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Granted</span></span></td> <td style="text-align:left;vertical-align:bottom;width:1%;background-color:#ffcc5b"> </td> <td style="text-align:right;vertical-align:bottom;width:10%;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>525,788</strong></span></span></td> <td style="text-align:left;vertical-align:bottom;width:2%;background-color:#ffcc5b"> </td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Settled</span></span></td> <td style="text-align:left;vertical-align:bottom;width:1%;background-color:#ffcc5b"> </td> <td style="text-align:right;vertical-align:bottom;width:10%;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(332,660</strong></span></span></td> <td style="text-align:left;vertical-align:bottom;width:2%;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Forfeited</span></span></td> <td style="text-align:left;vertical-align:bottom;width:1%;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b"> </td> <td style="text-align:right;vertical-align:bottom;width:10%;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(8,750</strong></span></span></td> <td style="text-align:left;vertical-align:bottom;width:2%;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at December 31, 2025</strong></span></span></td> <td style="text-align:left;vertical-align:bottom;width:1%;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b"> </td> <td style="text-align:right;vertical-align:bottom;width:10%;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,082,038</strong></span></span></td> <td style="text-align:left;vertical-align:bottom;width:2%;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b"> </td> </tr> </table> </div> 978350 300000 305690 75000 897660 525788 332660 8750 1082038 1900000 1700000 445175 <div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>10.</strong></span><span style="width:22.1pt;display:inline-block"> </span><span style="color:#ff9b00"><strong>RELATED PARTY TRANSACTIONS AND BALANCES</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The aggregate value of transactions and outstanding balances relating to key management personnel were as follows:</span></span></p> <div style="margin-left:36pt"> <table border="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="vertical-align:bottom;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;width:1%;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td colspan="1" style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500;white-space:nowrap"> </td> <td colspan="4" style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Year ended</strong></span></span></td> <td colspan="1" style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500;white-space:nowrap"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;width:1%;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31,</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31,</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;width:1%;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>   </strong></span></span></td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);white-space:nowrap;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2025</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>   </strong></span></span></td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2024</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500;white-space:nowrap"> </td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Salaries and fees</span></span></td> <td style="vertical-align:bottom;width:1%"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:rgb(255, 204, 91);padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;width:10%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>3,173</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,713</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Share-based payments</span></span></td> <td style="vertical-align:bottom;width:1%;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);padding-left:3pt"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2,392</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,042</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Total related party expenses</strong></span></span></td> <td style="vertical-align:bottom;width:1%;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;width:10%;text-align:right;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>5,565</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;width:10%;text-align:right;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3,755</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> </tr> </table> </div> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As at December 31, 2025, the Company had $1.8 million (December 31, 2024 - $0.6 million) due to directors and management related to remuneration and expense reimbursements. As at December 31, 2025, the Company had $<span style="-sec-ix-hidden:Fxbrl_20210323095835389">Nil</span> (December 31, 2024 - $<span style="-sec-ix-hidden:Fxbrl_20220323171046624">Nil</span>) due from directors and management.</span></span></p> </div> <div style="margin-left:36pt"> <table border="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="vertical-align:bottom;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;width:1%;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td colspan="1" style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500;white-space:nowrap"> </td> <td colspan="4" style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Year ended</strong></span></span></td> <td colspan="1" style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500;white-space:nowrap"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;width:1%;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31,</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31,</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;width:1%;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>   </strong></span></span></td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);white-space:nowrap;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2025</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>   </strong></span></span></td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2024</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500;white-space:nowrap"> </td> </tr> <tr> <td style="vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Salaries and fees</span></span></td> <td style="vertical-align:bottom;width:1%"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;background-color:rgb(255, 204, 91);padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;width:10%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>3,173</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;width:10%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,713</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Share-based payments</span></span></td> <td style="vertical-align:bottom;width:1%;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);padding-left:3pt"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2,392</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:10%;text-align:right;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,042</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Total related party expenses</strong></span></span></td> <td style="vertical-align:bottom;width:1%;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;width:10%;text-align:right;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>5,565</strong></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:1%;text-align:left;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;width:10%;text-align:right;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3,755</span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> </tr> </table> </div> 3173000 1713000 2392000 2042000 5565000 3755000 1800000 600000 <div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>11.</strong></span><span style="width:22.1pt;display:inline-block"> </span><span style="color:#ff9b00"><strong>SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>Significant Non-Cash Investing and Financing Activities</strong></span></span></span></p> <p style="margin-left:36pt;margin-bottom:0pt;text-align:justify;margin-top:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">During the year ended December 31, 2025, the Company:</span></span></p> <p style="margin-top:0pt;margin-left:72pt;margin-bottom:0pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">a)<span style="width:10pt;text-indent:0pt;display:inline-block"> </span>issued 412,088 Common Shares, valued at $1.0 million, for the conversion of a portion of the Accrued Interest Amount from the A&amp;R Loan Facility (Note 5);</span></span></p> <p style="margin-top:0pt;margin-left:72pt;margin-bottom:0pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">b)<span style="width:10pt;text-indent:0pt;display:inline-block"> </span>reallocated $1.4 million from reserves for 332,660 RSUs that settled; and</span></span></p> <p style="margin-top:0pt;margin-left:72pt;text-indent:-18pt;text-align:justify;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">c)<span style="width:10.5pt;text-indent:0pt;display:inline-block"> </span>reallocated $0.2 million from reserves for 157,500 stock options exercised.</span></span></p> <div></div> <p style="margin-left:36pt;margin-bottom:0pt;text-align:justify;margin-top:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">During the year ended December 31, 2024, the Company:</span></span></p> <p style="margin-top:0pt;margin-left:72pt;margin-bottom:0pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">a)<span style="width:10pt;text-indent:0pt;display:inline-block"> </span>issued 429,800 Common Shares, valued at $1.1 million, for the conversion of a portion of the Accrued Interest Amount from the A&amp;R Loan Facility (Note 5);</span></span></p> <p style="margin-top:0pt;margin-left:72pt;margin-bottom:0pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">b)<span style="width:10pt;text-indent:0pt;display:inline-block"> </span>reallocated $1.8 million from reserves for 305,690 RSUs that settled; and</span></span></p> <p style="margin-top:0pt;margin-left:72pt;text-indent:-18pt;text-align:justify;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">c)<span style="width:10.5pt;text-indent:0pt;display:inline-block"> </span>reallocated $0.8 million from reserves for 820,781 stock options exercised.</span></span></p> </div> 412088 1000000 1400000 332660 200000 157500 429800 1100000 1800000 305690 800000 820781 <div> <p style="margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>12.</strong></span><span style="width:22.1pt;display:inline-block"> </span><span style="color:#ff9b00"><strong>FINANCIAL INSTRUMENTS</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company classified its financial instruments as follows:</span></span></p> <div style="margin-left:36pt"> <table border="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000;width:100%;width:100%;width:100%;width:100%"> <tr> <td style="vertical-align:bottom;text-align:center;white-space:nowrap"> </td> <td colspan="1" style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid #ffa500"> </td> <td colspan="5" style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at</strong></span></span></td> <td colspan="1" style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid #ffa500"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:67%"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;padding-left:3pt;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31,</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:1%"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31,</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:67%"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid rgb(255, 165, 0);padding-left:3pt;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid rgb(255, 165, 0);width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2025</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">  </span></span></td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid rgb(255, 165, 0);width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2024</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Financial assets</strong></span></span></td> <td style="vertical-align:bottom;background-color:rgb(255, 204, 91);padding-left:3pt;width:2%"> </td> <td style="vertical-align:bottom;background-color:rgb(255, 204, 91);width:12%"> </td> <td style="vertical-align:bottom;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;width:2%"> </td> <td style="vertical-align:bottom;width:1%"> </td> <td style="vertical-align:bottom;width:12%"> </td> <td style="vertical-align:bottom;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Amortized cost:</span></span></td> <td style="vertical-align:bottom;background-color:rgb(255, 204, 91);padding-left:3pt;width:2%"> </td> <td style="vertical-align:bottom;background-color:rgb(255, 204, 91);width:12%"> </td> <td style="vertical-align:bottom;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;width:2%"> </td> <td style="vertical-align:bottom;width:1%"> </td> <td style="vertical-align:bottom;width:12%"> </td> <td style="vertical-align:bottom;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;padding-left:9pt;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Cash and cash equivalents</span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);padding-left:3pt;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>9,794</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">9,717</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;padding-left:9pt;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Royalty and stream receivables</span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);padding-left:3pt;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>4,312</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,253</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;padding-left:9pt;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Other receivables</span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);padding-left:3pt;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>67</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">263</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Fair value through profit or loss:</span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);padding-left:3pt;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(255, 165, 0);padding-left:9pt;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Marketable securities</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);padding-left:3pt;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>260</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">305</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:1.5pt solid rgb(255, 165, 0);width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Total financial assets</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);padding-left:3pt;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>14,433</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">12,538</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:67%"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);padding-left:3pt;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Financial liabilities</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);padding-left:3pt;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Amortized cost:</span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);padding-left:3pt;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;text-indent:9pt;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Trade and other payables</span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);padding-left:3pt;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>3,966</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,188</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;text-indent:9pt;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Loans payable</span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);padding-left:3pt;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>12,176</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">12,625</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;text-indent:9pt;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Acquisition payables</span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);padding-left:3pt;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2,446</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,233</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Fair value through profit or loss:</span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);padding-left:3pt;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(255, 165, 0);padding-left:9pt;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Derivative loan liabilities</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);padding-left:3pt;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">68</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:1.5pt solid rgb(255, 165, 0);width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Total financial liabilities</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);padding-left:3pt;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>18,588</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">16,114</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:2%"> </td> </tr> </table> </div> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>Fair Value</strong></span></span></span></p> <p style="margin-left:36pt;margin-bottom:0pt;text-align:justify;margin-top:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Financial instruments recorded at fair value on the consolidated statement of financial position are classified using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:</span></span></p> <p style="margin-top:0pt;margin-left:72pt;margin-bottom:0pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">a)<span style="width:10pt;text-indent:0pt;display:inline-block"> </span>Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities;</span></span></p> <p style="margin-top:0pt;margin-left:72pt;margin-bottom:0pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">b)<span style="width:10pt;text-indent:0pt;display:inline-block"> </span>Level 2 - Inputs other than quoted prices that are observable for assets or liabilities, either directly or indirectly; and</span></span></p> <p style="margin-top:0pt;margin-left:72pt;text-indent:-18pt;text-align:justify;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">c)<span style="width:10.5pt;text-indent:0pt;display:inline-block"> </span>Level 3 - Inputs for assets and liabilities that are not based on observable market data.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The fair value hierarchy requires the use of observable market inputs whenever such inputs exist. A financial instrument is classified to the lowest level of the hierarchy for which a significant input has been considered in measuring fair value.</span></span></p> <div></div> <p style="margin-left:36pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Cash, accounts receivables (royalty, and stream receivables, and other receivables), and accounts payable (trade and other payables), are carried at amortized cost. Their carrying value approximated their fair value because of the short-term nature of these instruments or because they reflect amounts that are receivable to the Company without further adjustments. Marketable securities are carried at fair value and are classified within Level 1 of the fair value hierarchy. There were no transfers between the levels of the fair value hierarchy during the year ended December 31, 2025, and the year ended December 31, 2024.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Loans payable and acquisition payables are carried at amortized cost. The RCF is classified within Level 2 because its applicable interest rate includes an adjustment based on the Company's net leverage ratio and a credit spread adjustment (Note 5). As at December 31, 2025, the fair value of the RCF was $11.4 million (December 31, 2024 - $<span style="-sec-ix-hidden:Fxbrl_20260314164157619">Nil</span>). In prior periods, the Company had derivative loan liabilities embedded in the A&amp;R Loan Facility that were carried at fair value and were classified within Level 3 of the fair value hierarchy, with the retirement of the A&amp;R Loan Facility on June 24, 2025, the Company no longer has any derivative loan liabilities. </span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>Capital Risk Management</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company's objectives when managing capital are to provide shareholder returns through maximization of the profitable growth of the business and to maintain a degree of financial flexibility relevant to the underlying operating and metal price risks while safeguarding the Company's ability to continue as a going concern. The capital of the Company consists of share capital. The Board of Directors does not establish a quantitative return on capital criteria for management. The Company manages the capital structure and makes adjustments in light of changes in economic conditions and the risk characteristics of the underlying assets. The Company may issue new shares in order to meet its financial obligations. The management of the Company believes that the capital resources of the Company as at December 31, 2025, are sufficient for its present needs for at least the next twelve months. The Company is not subject to externally imposed capital requirements.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>Credit Risk</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Credit risk arises from cash deposits, as well as credit exposures to counterparties of outstanding receivables and committed transactions. There is no significant concentration of credit risk other than cash deposits. The Company's cash deposits are primarily held with a Canadian chartered bank. Receivables include value added tax due from the Canadian government. The carrying amount of financial assets recorded in the financial statements represents the Company's maximum exposure to credit risk. The Company believes it is not exposed to significant credit risk and overall, the Company's credit risk has not declined from the prior year.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>Liquidity Risk</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company manages liquidity risk by continuing to monitor forecasted and actual cash flows. The Company has in place a planning and budgeting process to help determine the funds required to support the Company's normal operating requirements on an ongoing basis and its development plans. The Company strives to maintain sufficient liquidity to meet its short-term business requirements, taking into account its anticipated cash flows from royalty and stream interests, its cash on-hand, and its committed liabilities. The maturities of the Company's loan liabilities are disclosed in Note 5. All current liabilities are settled within one year.</span></span></p> <div></div> <p style="margin-left:36pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>Currency Risk</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company is exposed to the financial risk related to the fluctuation of foreign exchange rates. The Company primarily operates in Canada, Australia, Mexico, and the United States and incurs expenditures in currencies other than United States dollars. Thereby, the Company is exposed to foreign exchange risk arising from currency exposure. The Company has not hedged its exposure to currency fluctuations. Based on the above net exposure, as at December 31, 2025, and assuming that all other variables remain constant, a 1% depreciation or appreciation of the United States dollar against the Canadian dollar, Australian dollar, and Mexican peso would result in an increase/decrease in the Company's pre-tax loss of less than $0.1 million.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>Interest Rate Risk</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Interest rate risk is the risk that the fair value of a financial instrument or cash flows associated with the instrument will fluctuate due to changes in market interest rates. The only financial instrument that is subject to interest rate risk is the RCF (Note 5), which bears a variable interest rate when drawn. The undrawn Credit Facility is subject to standby charges. There is no significant impact on the Company's pre-tax loss with a 1% increase or decrease in the interest rate charged on the RCF as at December 31, 2025.</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>Commodity Price Risk</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company's royalties, streams, and other interests are subject to fluctuations from changes in market prices of the underlying commodities. The market prices of gold, copper, and silver are the primary drivers of the Company's profitability and ability to generate free cash flow. All of the Company's future revenue is not hedged in order to provide shareholders with full exposure to changes in the market prices of these commodities.</span></span></p> </div> <div style="margin-left:36pt"> <table border="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000;width:100%;width:100%;width:100%;width:100%"> <tr> <td style="vertical-align:bottom;text-align:center;white-space:nowrap"> </td> <td colspan="1" style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid #ffa500"> </td> <td colspan="5" style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>As at</strong></span></span></td> <td colspan="1" style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid #ffa500"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:67%"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;padding-left:3pt;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31,</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:1%"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31,</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:67%"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid rgb(255, 165, 0);padding-left:3pt;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid rgb(255, 165, 0);width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2025</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">  </span></span></td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid rgb(255, 165, 0);width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2024</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Financial assets</strong></span></span></td> <td style="vertical-align:bottom;background-color:rgb(255, 204, 91);padding-left:3pt;width:2%"> </td> <td style="vertical-align:bottom;background-color:rgb(255, 204, 91);width:12%"> </td> <td style="vertical-align:bottom;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;width:2%"> </td> <td style="vertical-align:bottom;width:1%"> </td> <td style="vertical-align:bottom;width:12%"> </td> <td style="vertical-align:bottom;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Amortized cost:</span></span></td> <td style="vertical-align:bottom;background-color:rgb(255, 204, 91);padding-left:3pt;width:2%"> </td> <td style="vertical-align:bottom;background-color:rgb(255, 204, 91);width:12%"> </td> <td style="vertical-align:bottom;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;width:2%"> </td> <td style="vertical-align:bottom;width:1%"> </td> <td style="vertical-align:bottom;width:12%"> </td> <td style="vertical-align:bottom;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;padding-left:9pt;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Cash and cash equivalents</span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);padding-left:3pt;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>9,794</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">9,717</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;padding-left:9pt;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Royalty and stream receivables</span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);padding-left:3pt;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>4,312</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,253</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;padding-left:9pt;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Other receivables</span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);padding-left:3pt;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>67</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">263</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Fair value through profit or loss:</span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);padding-left:3pt;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(255, 165, 0);padding-left:9pt;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Marketable securities</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);padding-left:3pt;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>260</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">305</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:1.5pt solid rgb(255, 165, 0);width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Total financial assets</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);padding-left:3pt;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>14,433</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">12,538</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:67%"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);padding-left:3pt;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Financial liabilities</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);padding-left:3pt;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Amortized cost:</span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);padding-left:3pt;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;text-indent:9pt;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Trade and other payables</span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);padding-left:3pt;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>3,966</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,188</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;text-indent:9pt;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Loans payable</span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);padding-left:3pt;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>12,176</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">12,625</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;text-indent:9pt;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Acquisition payables</span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);padding-left:3pt;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2,446</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,233</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Fair value through profit or loss:</span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);padding-left:3pt;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(255, 165, 0);padding-left:9pt;width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Derivative loan liabilities</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);padding-left:3pt;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">68</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:1.5pt solid rgb(255, 165, 0);width:67%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Total financial liabilities</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);padding-left:3pt;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>18,588</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">16,114</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:2%"> </td> </tr> </table> </div> 9794000 9717000 4312000 2253000 67000 263000 260000 305000 14433000 12538000 3966000 1188000 12176000 12625000 2446000 2233000 0 68000 18588000 16114000 11400000 0.01 100000 0.01 <div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#ff9b00"><strong>13.</strong></span><span style="width:22.1pt;display:inline-block"> </span><span style="color:#ff9b00"><strong>COMMITMENTS</strong></span></span></span></p> <p style="margin-left:36pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As at December 31, 2025, the Company had the following contractual obligations:</span></span></p> <div> <div style="margin-left:36pt"> <table border="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000;width:100%"> <tr> <td style="vertical-align:bottom;text-align:center;width:46%"> </td> <td style="vertical-align:bottom;text-align:center;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;width:1%"> </td> <td style="vertical-align:bottom;text-align:center;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Less than</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;width:1%"> </td> <td style="vertical-align:bottom;text-align:center;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1 to</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;width:1%"> </td> <td style="vertical-align:bottom;text-align:center;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Over</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;width:1%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:center;width:10%"> </td> <td style="vertical-align:bottom;text-align:center;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:center;width:46%"> </td> <td style="vertical-align:bottom;text-align:center;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">  </span></span></td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1 year</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>3 years</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>3 years</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Total</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:46%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Trade and other payables</span></span></td> <td style="vertical-align:bottom;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3,966</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:1%;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>3,966</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:46%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Loans payable principal and interest payments⁽¹⁾</span></span></td> <td style="vertical-align:bottom;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">810</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">14,798</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:1%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>15,608</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%"> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom;border-bottom:0.75pt solid rgb(255, 165, 0);width:46%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Payments related to acquisition of royalties and streams⁽²⁾</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,500</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:1%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2,500</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:1.5pt solid rgb(255, 165, 0);width:46%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Total commitments</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>7,276</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>14,798</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:1%;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>22,074</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%"> </td> </tr> </table> </div> </div> <p style="margin-left:54pt;margin-bottom:0pt;text-indent:-18pt;text-align:justify;margin-top:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#404040"><i>(1)</i></span><span style="width:8.22pt;text-indent:0pt;display:inline-block"> </span><span style="color:#404040"><i>Payments required to be made on the RCF based on the closing balance, applicable interest rate, and availability under the RCF as at December 31, 2025.</i></span></span></span></p> <p style="margin-top:0pt;margin-left:54pt;text-indent:-18pt;text-align:justify;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="color:#404040"><i>(2)</i></span><span style="width:8.22pt;text-indent:0pt;display:inline-block"> </span><span style="color:#404040"><i>Payment required for the royalty on the Lama project of $2.5 million, payable in cash or Common Shares within 90 days upon the earlier of a 2 Moz gold Mineral Reserve estimate on the royalty area or March 9, 2026, subsequent to year-end, the Company and the arm’s length seller amended the agreement whereby $1.25 million was paid in cash immediately and the remaining $1.25 million will be payable in cash in January 2027.</i></span></span></span></p> <p style="margin-top:10pt;margin-left:36pt;text-align:justify;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In addition to the commitments above, the Company could in the future have additional commitments payable in cash and/or shares related to the acquisition of royalty and stream interests. However, these payments are subject to certain triggers or milestone conditions that have not been met as at December 31, 2025.</span></span></p> </div> <div> <div style="margin-left:36pt"> <table border="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000;width:100%"> <tr> <td style="vertical-align:bottom;text-align:center;width:46%"> </td> <td style="vertical-align:bottom;text-align:center;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;width:1%"> </td> <td style="vertical-align:bottom;text-align:center;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Less than</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;width:1%"> </td> <td style="vertical-align:bottom;text-align:center;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1 to</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;width:1%"> </td> <td style="vertical-align:bottom;text-align:center;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Over</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;width:1%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:center;width:10%"> </td> <td style="vertical-align:bottom;text-align:center;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:center;width:46%"> </td> <td style="vertical-align:bottom;text-align:center;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">  </span></span></td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1 year</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>3 years</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>3 years</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;width:2%"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Total</strong></span></span></td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:46%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Trade and other payables</span></span></td> <td style="vertical-align:bottom;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3,966</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:1%;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>3,966</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:46%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Loans payable principal and interest payments⁽¹⁾</span></span></td> <td style="vertical-align:bottom;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">810</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">14,798</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:1%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;background-color:rgb(255, 204, 91);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>15,608</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;background-color:rgb(255, 204, 91);width:2%"> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom;border-bottom:0.75pt solid rgb(255, 165, 0);width:46%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Payments related to acquisition of royalties and streams⁽²⁾</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,500</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:1%"> </td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:1%;padding-left:3pt"> </td> <td style="vertical-align:bottom;text-align:right;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2,500</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:1.5pt solid rgb(255, 165, 0);width:46%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Total commitments</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>7,276</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>14,798</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);width:2%"> </td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:1%;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>22,074</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91);width:2%"> </td> </tr> </table> </div> </div> 3966000 0 0 3966000 810000 14798000 0 15608000 2500000 0 0 2500000 7276000 14798000 0 22074000 2500000 1250000 1250000 <div> <p style="margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span style="color:#ffa500"><strong>14.<span style="display:inline-block;width:23.5pt"> </span>SEGMENTED INFORMATION</strong></span></span></span></span></p> <p style="text-align:justify;margin-left:36pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span>The Company operates in one industry and has one reportable operating segment, consisting of acquiring and managing gold, silver, and copper royalties, streams, and similar production-based interests, which is managed and reviewed by the Company’s CEO who is the chief operating decision maker.</span></span></span></span></p> <p style="text-align:justify;margin-left:36pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span>Revenue by geographical region includes revenues earned from royalty and streams and is determined by the geographic area of the mining operations giving rise to the royalty revenue. The Company’s revenue by geographical area during the years ended December 31, 2025, and 2024 was as follows:</span></span></span></span></p> <div style="margin-left:36pt"> <table style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="vertical-align:bottom;width:65%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #ffa500;width:1.221%"> </td> <td colspan="5" style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>Year ended</strong></span></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #ffa500;width:1.9536%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:65%"> </td> <td style="vertical-align:bottom;width:1.221%"> </td> <td style="vertical-align:bottom;text-align:center;width:11.9658%;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>December 31, </strong></span></span></span></td> <td style="vertical-align:bottom;text-align:center;width:2%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;width:2%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;width:1.221%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;width:11.9658%;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>December 31, </strong></span></span></span></td> <td style="vertical-align:bottom;width:1.9536%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:65%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #ffa500;width:1.221%"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500;width:11.9658%;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>2025</strong></span></span></span></td> <td style="vertical-align:bottom;text-align:center;width:2%;border-bottom:0.75pt solid rgb(255, 165, 0);white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;width:2%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500;width:1.221%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500;width:11.9658%;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>2024</strong></span></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #ffa500;width:1.9536%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:65%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Revenue by geographical region:</span></span></span></td> <td style="vertical-align:bottom;width:1.221%;background-color:#ffcc5b;padding-left:3pt"> </td> <td style="vertical-align:bottom;width:11.9658%;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong> </strong></span></span></span></td> <td style="vertical-align:bottom;width:2%;background-color:rgb(255, 204, 91)"> </td> <td style="vertical-align:bottom;width:2%"> </td> <td style="vertical-align:bottom;width:1.221%"> </td> <td style="vertical-align:bottom;width:11.9658%"> </td> <td style="vertical-align:bottom;width:1.9536%"> </td> </tr> <tr> <td style="vertical-align:bottom;padding-left:10pt;width:65%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Australia</span></span></span></td> <td style="vertical-align:bottom;width:1.221%;text-align:left;background-color:#ffcc5b;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>$</strong></span></span></span></td> <td style="vertical-align:bottom;width:11.9658%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>966</strong></span></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:rgb(255, 204, 91)"> </td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>$</span></span></span></td> <td style="vertical-align:bottom;width:11.9658%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>-</span></span></span></td> <td style="vertical-align:bottom;width:1.9536%;text-align:left"> </td> </tr> <tr> <td style="vertical-align:bottom;padding-left:10pt;width:65%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Brazil</span></span></span></td> <td style="vertical-align:bottom;width:1.221%;text-align:left;background-color:#ffcc5b;padding-left:3pt"> </td> <td style="vertical-align:bottom;width:11.9658%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>4,501</strong></span></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:rgb(255, 204, 91)"> </td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left"> </td> <td style="vertical-align:bottom;width:11.9658%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>1,116</span></span></span></td> <td style="vertical-align:bottom;width:1.9536%;text-align:left"> </td> </tr> <tr> <td style="vertical-align:bottom;padding-left:10pt;width:65%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Mexico</span></span></span></td> <td style="vertical-align:bottom;width:1.221%;text-align:left;background-color:#ffcc5b;padding-left:3pt"> </td> <td style="vertical-align:bottom;width:11.9658%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>3,280</strong></span></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:rgb(255, 204, 91)"> </td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left"> </td> <td style="vertical-align:bottom;width:11.9658%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>2,987</span></span></span></td> <td style="vertical-align:bottom;width:1.9536%;text-align:left"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(255, 165, 0);padding-left:10pt;width:65%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>USA</span></span></span></td> <td style="vertical-align:bottom;width:1.221%;text-align:left;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b;padding-left:3pt"> </td> <td style="vertical-align:bottom;width:11.9658%;text-align:right;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>2,992</strong></span></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91)"> </td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0)"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:11.9658%;text-align:right;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>1,779</span></span></span></td> <td style="vertical-align:bottom;width:1.9536%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:1.5pt solid rgb(255, 165, 0);width:65%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>Total revenue</strong></span></span></span></td> <td style="vertical-align:bottom;width:1.221%;text-align:left;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>$</strong></span></span></span></td> <td style="vertical-align:bottom;width:11.9658%;text-align:right;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>11,739</strong></span></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91)"> </td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0)"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>$</span></span></span></td> <td style="vertical-align:bottom;width:11.9658%;text-align:right;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>5,882</span></span></span></td> <td style="vertical-align:bottom;width:1.9536%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> </tr> </table> </div> <p style="text-align:justify;margin-left:36pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>The geographical region of royalties, streams, and other mining interests are determined by <span>the geographic area of the mining operations related to the royalties, streams and other mining interests. </span>As at December 31, 2025, and 2024, non-current assets were located in the following geographical regions:</span></span></span></p> <div style="margin-left:36pt"> <table style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="vertical-align:bottom;width:65%"> </td> <td style="vertical-align:bottom;width:1.221%;border-bottom:0.75pt solid #ffa500"> </td> <td colspan="5" style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>As at</strong></span></span></span></td> <td style="vertical-align:bottom;text-align:center;width:1.9536%;border-bottom:0.75pt solid #ffa500"> </td> </tr> <tr> <td style="vertical-align:bottom;width:65%"> </td> <td style="vertical-align:bottom;width:1.221%"> </td> <td style="vertical-align:bottom;text-align:center;width:11.9658%;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>December 31, </strong></span></span></span></td> <td style="vertical-align:bottom;text-align:center;width:2%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;width:2%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;width:1.221%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;width:11.9658%;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>December 31, </strong></span></span></span></td> <td style="vertical-align:bottom;text-align:center;width:1.9536%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:65%"> </td> <td style="vertical-align:bottom;width:1.221%;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;text-align:center;width:11.9658%;border-bottom:0.75pt solid #ffa500;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>2025</strong></span></span></span></td> <td style="vertical-align:bottom;text-align:center;width:2%;border-bottom:0.75pt solid rgb(255, 165, 0);white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;width:2%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;width:1.221%;border-bottom:0.75pt solid #ffa500;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;width:11.9658%;border-bottom:0.75pt solid #ffa500;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>2024</strong></span></span></span></td> <td style="vertical-align:bottom;text-align:center;width:1.9536%;border-bottom:0.75pt solid #ffa500"> </td> </tr> <tr> <td style="vertical-align:bottom;width:65%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Non-current assets by geographical region:</span></span></span></td> <td style="vertical-align:bottom;width:1.221%;background-color:#ffcc5b;padding-left:3pt"> </td> <td style="vertical-align:bottom;width:11.9658%;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong> </strong></span></span></span></td> <td style="vertical-align:bottom;width:2%;background-color:rgb(255, 204, 91)"> </td> <td style="vertical-align:bottom;width:2%"> </td> <td style="vertical-align:bottom;width:1.221%"> </td> <td style="vertical-align:bottom;width:11.9658%"> </td> <td style="vertical-align:bottom;width:1.9536%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:65%;padding-left:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Argentina</span></span></span></td> <td style="vertical-align:bottom;width:1.221%;text-align:left;background-color:#ffcc5b;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>$</strong></span></span></span></td> <td style="vertical-align:bottom;width:11.9658%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>41,711</strong></span></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:rgb(255, 204, 91)"> </td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>$</span></span></span></td> <td style="vertical-align:bottom;width:11.9658%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>41,711</span></span></span></td> <td style="vertical-align:bottom;width:1.9536%;text-align:left"> </td> </tr> <tr> <td style="vertical-align:bottom;width:65%;padding-left:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Australia</span></span></span></td> <td style="vertical-align:bottom;width:1.221%;text-align:left;background-color:#ffcc5b;padding-left:3pt"> </td> <td style="vertical-align:bottom;width:11.9658%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>6,974</strong></span></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:rgb(255, 204, 91)"> </td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left"> </td> <td style="vertical-align:bottom;width:11.9658%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>7,010</span></span></span></td> <td style="vertical-align:bottom;width:1.9536%;text-align:left"> </td> </tr> <tr> <td style="vertical-align:bottom;width:65%;padding-left:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Brazil</span></span></span></td> <td style="vertical-align:bottom;width:1.221%;text-align:left;background-color:#ffcc5b;padding-left:3pt"> </td> <td style="vertical-align:bottom;width:11.9658%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>15,067</strong></span></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:rgb(255, 204, 91)"> </td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left"> </td> <td style="vertical-align:bottom;width:11.9658%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>15,811</span></span></span></td> <td style="vertical-align:bottom;width:1.9536%;text-align:left"> </td> </tr> <tr> <td style="vertical-align:bottom;width:65%;padding-left:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Canada</span></span></span></td> <td style="vertical-align:bottom;width:1.221%;text-align:left;background-color:#ffcc5b;padding-left:3pt"> </td> <td style="vertical-align:bottom;width:11.9658%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>40,303</strong></span></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:rgb(255, 204, 91)"> </td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left"> </td> <td style="vertical-align:bottom;width:11.9658%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>37,866</span></span></span></td> <td style="vertical-align:bottom;width:1.9536%;text-align:left"> </td> </tr> <tr> <td style="vertical-align:bottom;width:65%;padding-left:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Chile</span></span></span></td> <td style="vertical-align:bottom;width:1.221%;text-align:left;background-color:#ffcc5b;padding-left:3pt"> </td> <td style="vertical-align:bottom;width:11.9658%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>62,419</strong></span></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:rgb(255, 204, 91)"> </td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left"> </td> <td style="vertical-align:bottom;width:11.9658%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>62,765</span></span></span></td> <td style="vertical-align:bottom;width:1.9536%;text-align:left"> </td> </tr> <tr> <td style="vertical-align:bottom;width:65%;padding-left:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Mexico</span></span></span></td> <td style="vertical-align:bottom;width:1.221%;text-align:left;background-color:#ffcc5b;padding-left:3pt"> </td> <td style="vertical-align:bottom;width:11.9658%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>48,875</strong></span></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:rgb(255, 204, 91)"> </td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left"> </td> <td style="vertical-align:bottom;width:11.9658%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>49,902</span></span></span></td> <td style="vertical-align:bottom;width:1.9536%;text-align:left"> </td> </tr> <tr> <td style="vertical-align:bottom;width:65%;padding-left:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>USA</span></span></span></td> <td style="vertical-align:bottom;width:1.221%;text-align:left;background-color:#ffcc5b;padding-left:3pt"> </td> <td style="vertical-align:bottom;width:11.9658%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>39,781</strong></span></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:rgb(255, 204, 91)"> </td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left"> </td> <td style="vertical-align:bottom;width:11.9658%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>40,240</span></span></span></td> <td style="vertical-align:bottom;width:1.9536%;text-align:left"> </td> </tr> <tr> <td style="vertical-align:bottom;width:65%;border-bottom:0.75pt solid rgb(255, 165, 0);padding-left:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Other</span></span></span></td> <td style="vertical-align:bottom;width:1.221%;text-align:left;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b;padding-left:3pt"> </td> <td style="vertical-align:bottom;width:11.9658%;text-align:right;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>304</strong></span></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91)"> </td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0)"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:11.9658%;text-align:right;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>416</span></span></span></td> <td style="vertical-align:bottom;width:1.9536%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> </tr> <tr> <td style="vertical-align:bottom;width:65%;border-bottom:1.5pt solid rgb(255, 165, 0)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>Total non-current assets</strong></span></span></span></td> <td style="vertical-align:bottom;width:1.221%;text-align:left;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>$</strong></span></span></span></td> <td style="vertical-align:bottom;width:11.9658%;text-align:right;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>255,434</strong></span></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91)"> </td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0)"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>$</span></span></span></td> <td style="vertical-align:bottom;width:11.9658%;text-align:right;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>255,721</span></span></span></td> <td style="vertical-align:bottom;width:1.9536%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> </tr> </table> </div> </div> <table style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="vertical-align:bottom;width:65%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #ffa500;width:1.221%"> </td> <td colspan="5" style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>Year ended</strong></span></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #ffa500;width:1.9536%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:65%"> </td> <td style="vertical-align:bottom;width:1.221%"> </td> <td style="vertical-align:bottom;text-align:center;width:11.9658%;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>December 31, </strong></span></span></span></td> <td style="vertical-align:bottom;text-align:center;width:2%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;width:2%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;width:1.221%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;width:11.9658%;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>December 31, </strong></span></span></span></td> <td style="vertical-align:bottom;width:1.9536%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:65%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #ffa500;width:1.221%"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500;width:11.9658%;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>2025</strong></span></span></span></td> <td style="vertical-align:bottom;text-align:center;width:2%;border-bottom:0.75pt solid rgb(255, 165, 0);white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;width:2%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500;width:1.221%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid #ffa500;width:11.9658%;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>2024</strong></span></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #ffa500;width:1.9536%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:65%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Revenue by geographical region:</span></span></span></td> <td style="vertical-align:bottom;width:1.221%;background-color:#ffcc5b;padding-left:3pt"> </td> <td style="vertical-align:bottom;width:11.9658%;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong> </strong></span></span></span></td> <td style="vertical-align:bottom;width:2%;background-color:rgb(255, 204, 91)"> </td> <td style="vertical-align:bottom;width:2%"> </td> <td style="vertical-align:bottom;width:1.221%"> </td> <td style="vertical-align:bottom;width:11.9658%"> </td> <td style="vertical-align:bottom;width:1.9536%"> </td> </tr> <tr> <td style="vertical-align:bottom;padding-left:10pt;width:65%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Australia</span></span></span></td> <td style="vertical-align:bottom;width:1.221%;text-align:left;background-color:#ffcc5b;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>$</strong></span></span></span></td> <td style="vertical-align:bottom;width:11.9658%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>966</strong></span></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:rgb(255, 204, 91)"> </td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>$</span></span></span></td> <td style="vertical-align:bottom;width:11.9658%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>-</span></span></span></td> <td style="vertical-align:bottom;width:1.9536%;text-align:left"> </td> </tr> <tr> <td style="vertical-align:bottom;padding-left:10pt;width:65%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Brazil</span></span></span></td> <td style="vertical-align:bottom;width:1.221%;text-align:left;background-color:#ffcc5b;padding-left:3pt"> </td> <td style="vertical-align:bottom;width:11.9658%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>4,501</strong></span></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:rgb(255, 204, 91)"> </td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left"> </td> <td style="vertical-align:bottom;width:11.9658%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>1,116</span></span></span></td> <td style="vertical-align:bottom;width:1.9536%;text-align:left"> </td> </tr> <tr> <td style="vertical-align:bottom;padding-left:10pt;width:65%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Mexico</span></span></span></td> <td style="vertical-align:bottom;width:1.221%;text-align:left;background-color:#ffcc5b;padding-left:3pt"> </td> <td style="vertical-align:bottom;width:11.9658%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>3,280</strong></span></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:rgb(255, 204, 91)"> </td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left"> </td> <td style="vertical-align:bottom;width:11.9658%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>2,987</span></span></span></td> <td style="vertical-align:bottom;width:1.9536%;text-align:left"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(255, 165, 0);padding-left:10pt;width:65%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>USA</span></span></span></td> <td style="vertical-align:bottom;width:1.221%;text-align:left;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b;padding-left:3pt"> </td> <td style="vertical-align:bottom;width:11.9658%;text-align:right;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>2,992</strong></span></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91)"> </td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0)"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:11.9658%;text-align:right;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>1,779</span></span></span></td> <td style="vertical-align:bottom;width:1.9536%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> </tr> <tr> <td style="vertical-align:bottom;border-bottom:1.5pt solid rgb(255, 165, 0);width:65%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>Total revenue</strong></span></span></span></td> <td style="vertical-align:bottom;width:1.221%;text-align:left;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>$</strong></span></span></span></td> <td style="vertical-align:bottom;width:11.9658%;text-align:right;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>11,739</strong></span></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91)"> </td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0)"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>$</span></span></span></td> <td style="vertical-align:bottom;width:11.9658%;text-align:right;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>5,882</span></span></span></td> <td style="vertical-align:bottom;width:1.9536%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> </tr> </table> 966000 0 4501000 1116000 3280000 2987000 2992000 1779000 11739000 5882000 <table style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="vertical-align:bottom;width:65%"> </td> <td style="vertical-align:bottom;width:1.221%;border-bottom:0.75pt solid #ffa500"> </td> <td colspan="5" style="vertical-align:bottom;text-align:center;border-bottom:0.75pt solid rgb(255, 165, 0);white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>As at</strong></span></span></span></td> <td style="vertical-align:bottom;text-align:center;width:1.9536%;border-bottom:0.75pt solid #ffa500"> </td> </tr> <tr> <td style="vertical-align:bottom;width:65%"> </td> <td style="vertical-align:bottom;width:1.221%"> </td> <td style="vertical-align:bottom;text-align:center;width:11.9658%;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>December 31, </strong></span></span></span></td> <td style="vertical-align:bottom;text-align:center;width:2%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;width:2%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;width:1.221%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;width:11.9658%;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>December 31, </strong></span></span></span></td> <td style="vertical-align:bottom;text-align:center;width:1.9536%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:65%"> </td> <td style="vertical-align:bottom;width:1.221%;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;text-align:center;width:11.9658%;border-bottom:0.75pt solid #ffa500;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>2025</strong></span></span></span></td> <td style="vertical-align:bottom;text-align:center;width:2%;border-bottom:0.75pt solid rgb(255, 165, 0);white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;width:2%;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;width:1.221%;border-bottom:0.75pt solid #ffa500;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;width:11.9658%;border-bottom:0.75pt solid #ffa500;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>2024</strong></span></span></span></td> <td style="vertical-align:bottom;text-align:center;width:1.9536%;border-bottom:0.75pt solid #ffa500"> </td> </tr> <tr> <td style="vertical-align:bottom;width:65%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Non-current assets by geographical region:</span></span></span></td> <td style="vertical-align:bottom;width:1.221%;background-color:#ffcc5b;padding-left:3pt"> </td> <td style="vertical-align:bottom;width:11.9658%;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong> </strong></span></span></span></td> <td style="vertical-align:bottom;width:2%;background-color:rgb(255, 204, 91)"> </td> <td style="vertical-align:bottom;width:2%"> </td> <td style="vertical-align:bottom;width:1.221%"> </td> <td style="vertical-align:bottom;width:11.9658%"> </td> <td style="vertical-align:bottom;width:1.9536%"> </td> </tr> <tr> <td style="vertical-align:bottom;width:65%;padding-left:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Argentina</span></span></span></td> <td style="vertical-align:bottom;width:1.221%;text-align:left;background-color:#ffcc5b;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>$</strong></span></span></span></td> <td style="vertical-align:bottom;width:11.9658%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>41,711</strong></span></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:rgb(255, 204, 91)"> </td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>$</span></span></span></td> <td style="vertical-align:bottom;width:11.9658%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>41,711</span></span></span></td> <td style="vertical-align:bottom;width:1.9536%;text-align:left"> </td> </tr> <tr> <td style="vertical-align:bottom;width:65%;padding-left:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Australia</span></span></span></td> <td style="vertical-align:bottom;width:1.221%;text-align:left;background-color:#ffcc5b;padding-left:3pt"> </td> <td style="vertical-align:bottom;width:11.9658%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>6,974</strong></span></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:rgb(255, 204, 91)"> </td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left"> </td> <td style="vertical-align:bottom;width:11.9658%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>7,010</span></span></span></td> <td style="vertical-align:bottom;width:1.9536%;text-align:left"> </td> </tr> <tr> <td style="vertical-align:bottom;width:65%;padding-left:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Brazil</span></span></span></td> <td style="vertical-align:bottom;width:1.221%;text-align:left;background-color:#ffcc5b;padding-left:3pt"> </td> <td style="vertical-align:bottom;width:11.9658%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>15,067</strong></span></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:rgb(255, 204, 91)"> </td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left"> </td> <td style="vertical-align:bottom;width:11.9658%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>15,811</span></span></span></td> <td style="vertical-align:bottom;width:1.9536%;text-align:left"> </td> </tr> <tr> <td style="vertical-align:bottom;width:65%;padding-left:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Canada</span></span></span></td> <td style="vertical-align:bottom;width:1.221%;text-align:left;background-color:#ffcc5b;padding-left:3pt"> </td> <td style="vertical-align:bottom;width:11.9658%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>40,303</strong></span></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:rgb(255, 204, 91)"> </td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left"> </td> <td style="vertical-align:bottom;width:11.9658%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>37,866</span></span></span></td> <td style="vertical-align:bottom;width:1.9536%;text-align:left"> </td> </tr> <tr> <td style="vertical-align:bottom;width:65%;padding-left:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Chile</span></span></span></td> <td style="vertical-align:bottom;width:1.221%;text-align:left;background-color:#ffcc5b;padding-left:3pt"> </td> <td style="vertical-align:bottom;width:11.9658%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>62,419</strong></span></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:rgb(255, 204, 91)"> </td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left"> </td> <td style="vertical-align:bottom;width:11.9658%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>62,765</span></span></span></td> <td style="vertical-align:bottom;width:1.9536%;text-align:left"> </td> </tr> <tr> <td style="vertical-align:bottom;width:65%;padding-left:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Mexico</span></span></span></td> <td style="vertical-align:bottom;width:1.221%;text-align:left;background-color:#ffcc5b;padding-left:3pt"> </td> <td style="vertical-align:bottom;width:11.9658%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>48,875</strong></span></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:rgb(255, 204, 91)"> </td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left"> </td> <td style="vertical-align:bottom;width:11.9658%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>49,902</span></span></span></td> <td style="vertical-align:bottom;width:1.9536%;text-align:left"> </td> </tr> <tr> <td style="vertical-align:bottom;width:65%;padding-left:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>USA</span></span></span></td> <td style="vertical-align:bottom;width:1.221%;text-align:left;background-color:#ffcc5b;padding-left:3pt"> </td> <td style="vertical-align:bottom;width:11.9658%;text-align:right;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>39,781</strong></span></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;background-color:rgb(255, 204, 91)"> </td> <td style="vertical-align:bottom;width:2%;text-align:left"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left"> </td> <td style="vertical-align:bottom;width:11.9658%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>40,240</span></span></span></td> <td style="vertical-align:bottom;width:1.9536%;text-align:left"> </td> </tr> <tr> <td style="vertical-align:bottom;width:65%;border-bottom:0.75pt solid rgb(255, 165, 0);padding-left:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Other</span></span></span></td> <td style="vertical-align:bottom;width:1.221%;text-align:left;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b;padding-left:3pt"> </td> <td style="vertical-align:bottom;width:11.9658%;text-align:right;border-bottom:0.75pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>304</strong></span></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91)"> </td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:0.75pt solid rgb(255, 165, 0)"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> <td style="vertical-align:bottom;width:11.9658%;text-align:right;border-bottom:0.75pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>416</span></span></span></td> <td style="vertical-align:bottom;width:1.9536%;text-align:left;border-bottom:0.75pt solid #ffa500"> </td> </tr> <tr> <td style="vertical-align:bottom;width:65%;border-bottom:1.5pt solid rgb(255, 165, 0)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>Total non-current assets</strong></span></span></span></td> <td style="vertical-align:bottom;width:1.221%;text-align:left;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b;padding-left:3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>$</strong></span></span></span></td> <td style="vertical-align:bottom;width:11.9658%;text-align:right;border-bottom:1.5pt solid #ffa500;background-color:#ffcc5b"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><strong>255,434</strong></span></span></span></td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0);background-color:rgb(255, 204, 91)"> </td> <td style="vertical-align:bottom;width:2%;text-align:left;border-bottom:1.5pt solid rgb(255, 165, 0)"> </td> <td style="vertical-align:bottom;width:1.221%;text-align:left;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>$</span></span></span></td> <td style="vertical-align:bottom;width:11.9658%;text-align:right;border-bottom:1.5pt solid #ffa500"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>255,721</span></span></span></td> <td style="vertical-align:bottom;width:1.9536%;text-align:left;border-bottom:1.5pt solid #ffa500"> </td> </tr> </table> 41711000 41711000 6974000 7010000 15067000 15811000 40303000 37866000 62419000 62765000 48875000 49902000 39781000 40240000 304000 416000 255434000 255721000