INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Information About Components Of Tax Expense Income


	2025		2024
Income before income taxes from continuing operations	$	131,367	$	533,310
Combined Canadian federal and provincial income tax rate (%)	27		27
Expected income tax expense	$	35,469	$	143,994
Foreign exchange impact	(20,487)		20,258
Non-taxable income and non-deductible expenses	24,378		16,159
Impact of tax rate differences between jurisdictions	(2,044)		29,271
Change in estimates of prior year	26,012		6,091
Impact of Mexican inflation	(4,396)		(5,043)
Tax effect of changes in temporary differences for which no tax benefit has been recognized	60,596		50,607
Mining, state and other special tax	45,495		22,681
Reductions based on local tax incentives and other benefits	(14,795)		(11,002)
Total income tax expense	$	150,228	$	273,016

Comprising:
Current tax expense	$	135,527	$	25,024
Deferred tax expense	14,701		247,992
	$	150,228	$	273,016

Schedule of Detailed Information About Net Deferred Tax Assets And Liabilities

The significant components of the Company’s deferred income tax assets and deferred income tax liabilities at December 31, 2025 and 2024 were as follows:


	2025		2024
Non-capital losses	$	211,812	$	174,610
Deductible temporary differences relating to:
Investments and loans and borrowings	77,904		19,187
Inventories	42,042		32,003
Reclamation and closure cost provisions	27,208		17,624
Derivatives	21,934		31,355
Accrued liabilities	9,547		14,528
Mining tax	9,129		6,025
Other	12,718		4,979
Total deferred income tax assets	$	412,294	$	300,311
Taxable temporary differences relating to:
Mineral properties, plant and equipment	$	(1,537,640)	$	(870,539)
Mining tax	(242,392)		(190,547)
Loans and borrowings	(23,670)		(23,539)
Inventories	(10,141)		(12,107)
Other	(10,302)		(1,212)
Total deferred income tax liabilities	(1,824,145)		(1,097,944)
Net deferred income tax liability	$	(1,411,851)	$	(797,633)

Classified and presented as:
Deferred income tax assets	$	—	$	2,339
Deferred income tax liabilities	(1,411,851)		(799,972)
	$	(1,411,851)	$	(797,633)

Schedule of Detailed Information About In Deferred Tax Assets And Liabilities Explanatory

The movements in the Company’s net deferred income tax liability during the years ended December 31, 2025 and 2024 were as follows:


	Note	2025		2024
Balance – beginning of year		$	(797,633)	$	(244,704)
Recognized on Calibre Acquisition	5(a)	(604,594)		—
Recognized in net income from continuing operations		(14,701)		(247,992)
Recognized in net income from discontinued operation	9	17,479		(7,304)
Recognized in OCI		(12,511)		15,031
Recognized directly in equity		—		(1,414)
Disposed on sale of Nevada Assets	5(b)	6,157		—
Reclassified to assets held for sale and liabilities relating to assets held for sale	9	(6,048)		—
Recognized on Greenstone Acquisition	5(c)	—		(311,250)
Balance – end of year		$	(1,411,851)	$	(797,633)

Schedule of Detailed Information About Deductible Temporary Differences Unused Tax Losses And Unused Tax Credits For Which Deferred Tax Assets Not Recognized

The Company’s deductible temporary differences, unused tax losses and unused tax credits relating to continuing operations at December 31, 2025 for which deferred income tax assets have not been recognized were as follows:


	2025		2024(1)
Deductible temporary differences relating to:
Limited interest expense deduction carryforward	$	174,037	$	87,911
Derivatives	149,911		20,024
Reclamation and closure cost provisions	135,302		93,904
Mineral properties, plant and equipment	125,075		155,187
Investments and loans and borrowings	37,669		152,838
Accrued receivables and liabilities	22,091		63,073
Other	8,816		31,406
Non-capital losses	344,335		463,008
Capital losses	16,020		84,555
	$	1,013,256	$	1,151,906

(1) The above figures for deductible temporary differences, unused tax losses and unused tax credits for which deferred income tax assets have not been recognized at December 31, 2024 include $284.3 million relating to the Brazil Operations.

Schedule of Detailed Information About Non Capital Loss Applied To Reduce Future Taxable Income

The loss carryforwards expire as follows:


	2025
Canada (expire between 2035–2045)	$	1,388,893
United States - California (expire between 2030–2040 or after)	67,960
Mexico (expire between 2026–2035)	200,769
Other (expire 2027 or after)	17,357
	$	1,674,979