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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Operating activities    
Income for the year $ 33,740 $ 19,152
Non-cash items:    
Accretion and interest expense 1,343 971
Depreciation, depletion and amortization 8,224 7,699
Deferred income tax 3,738 3,224
Other miscellaneous (gain) loss (15) 94
Loss on derecognition or modification of financial liability 1,251 0
Gain on elimination of Contingent Consideration (1,000) 0
Loss on derivative instruments 294 1,959
Share-based payments 1,973 1,022
Unrealized foreign exchange (gain) loss (608) 2,029
Non-cash items 48,940 36,150
Changes in non-cash working capital 2,534 (1,699)
Restricted cash - refunded 1,503 0
Net cash provided by operating activities 52,977 34,451
Investing activities    
Acquisition of EGA, proceeds paid (6,489) 0
Acquisition of EGA, cash acquired 346 0
Acquisition of EGA, transaction costs (356) 0
Mt. Hamilton, transaction costs (717) 0
Acquisition of Goldsource cash acquired 0 517
Transaction costs related to acquisition of Goldsource 0 (824)
Sailfish Silver Option Payment 1,000 0
Secured Debt Investment (1,800) 0
Expenditures on mining interest, plant and equipment (12,320) (12,878)
Net cash used in investing activities (20,336) (13,185)
Financing activities    
Proceeds from private placements 39,495 0
Share issuance costs (2,058) 0
Purchase of common shares - NCIB (1,357) (4,698)
Proceeds from exercise of warrants 1,406 0
Proceeds from exercise of options 1,097 2,524
Repayment of Sailfish Silver Loan (1,286) (3,630)
Repayment of the Revised Wexford Loan (including interest) (7,123) (314)
Repayment of principal on the Wexford Bridge Loan 0 (1,457)
Repayment of interest on the Wexford Bridge Loan 0 (57)
Payment to GR Silver on settlement of ARO 0 (500)
Payments on lease liability (103) (101)
Net cash provided (used) in financing activities 30,071 (8,233)
Effect of foreign exchange on cash and cash equivalents 44 (10)
Change in cash and cash equivalents 62,756 13,023
Cash and cash equivalents, beginning of the year 14,521 1,498
Cash and cash equivalents, end of year 77,277 14,521
Other information    
Taxes paid - cash $ (7,640) $ (2,643)