RECLAMATION AND CLOSURE COST PROVISIONS

12 Months Ended

Dec. 31, 2025


	Note	Canada		USA		Nicaragua		Mexico		Brazil		Total
Balance – December 31, 2023		$	28,833	$	32,458	$	—	$	28,576	$	45,113	$	134,980
Remeasurement to fair value on Greenstone Acquisition	5(c)	(1,825)		—		—		—		—		(1,825)
Assumed on Greenstone Acquisition	5(c)	13,094		—		—		—		—		13,094
Change in estimates		14,492		1,941		—		(3,192)		2,271		15,512
Reclamation expenditures		(8,138)		—		—		(377)		(919)		(9,434)
Accretion		1,197		1,267		—		2,466		2,273		7,203
Foreign exchange		(3,171)		—		—		(4,673)		(9,540)		(17,384)
Balance – December 31, 2024		44,482		35,666		—		22,800		39,198		142,146
Assumed on Calibre Acquisition	5(a)	9,911		13,918		51,703		—		—		75,532
Change in estimates		31,737		(1,558)		7,329		20,147		9,549		67,204
Disposals	5(b)	—		(14,129)		—		—		—		(14,129)
Reclamation expenditures		(1,942)		—		(755)		—		(1,901)		(4,598)
Accretion		2,089		1,685		1,282		3,329		3,186		11,571
Foreign exchange		2,082		—		—		4,527		4,612		11,221
Reclassified to liabilities relating to assets held for sale	9	—		—		—		—		(54,644)		(54,644)
Balance – December 31, 2025		$	88,359	$	35,582	$	59,559	$	50,803	$	—	$	234,303

At December 31										2025		2024
Classified and presented as:
Current(1)										$	4,516	$	11,972
Non-current										229,787		130,174
										$	234,303	$	142,146

(1) Included in other current liabilities.

The Company’s reclamation and closure cost provisions at December 31, 2025 were calculated as the present value of the expected future cash flows estimated using inflation rates of 2.0% to 3.1% (2024 – 2.0% to 4.1%) and discount rates of 2.2% to 9.4% (2024 – 3.0% to 10.6%) depending on the region in which the costs will be incurred. At December 31, 2025, the total undiscounted expected future cash flows of the Company’s reclamation and closure cost provisions were $390.1 million (2024 – $225.4 million).

The Company is required to post security for reclamation and closure costs for certain of its mineral properties. At December 31, 2025, the Company had met its security requirements in the form of bonds posted through surety underwriters totaling $128.9 million (2024 – $90.3 million).