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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
Net loss for the year $ (4,130) $ (3,411) $ (26,756)
Items not involving cash:      
Depreciation 78 79 70
Depletion 2,658 3,204 943
Finance costs 8,266 8,043 1,839
Partial make-whole payment for redemption of convertible debentures 4,222    
Other income (4,102) (81) (70)
Share-based compensation 2,754 2,338 2,806
Change in fair value of short-term investments (548) (38) 264
Change in fair value of derivative liabilities     (242)
Change in fair value of embedded derivative (483) (612) (30)
Loss (gain) on loan modification 240 (310) 249
Change in fair value of gold-linked loan (1,685) (1,681) (172)
Impairments of royalties     22,379
Share of loss (gain) in associate 80 64 (172)
Dilution (gain) loss in associate 73 (9) (12)
Deferred tax recovery (528) (6,480) (6,183)
Unrealized foreign exchange loss (213) 95 38
Operating cash flows before movements in working capital 6,682 1,201 (5,049)
Net changes in non-cash working capital items:      
Accounts receivables (1,078) (746) (248)
Interest income credited against gold-linked loan 1,598 1,081 33
Prepaids and other receivables (1,783) 793 (1,681)
Accounts payable and accrued liabilities 751 214 69
Cash provided by (used in) operating activities 6,170 2,543 (6,876)
Investing activities      
Interest received 58 81 36
Dividend received     34
Investment in royalties, streaming and other mineral interests (72,960) (46,098) (28,701)
Investment in gold-linked loan     (10,000)
Investment in long-term investment (27)    
Proceeds on disposition of short-term investments 20 174 3,308
Proceeds on disposition of royalties, streaming and other mineral interests 3,250 112  
Proceeds on partial disposition of investment in associate 438    
Land agreements proceeds credited against other mineral interests 561 1,663 1,835
Cash used in investing activities (68,660) (44,068) (33,488)
Financing activities      
Proceeds from issuance of common shares 107,212 31,976 1,391
Net proceeds from bank loan (payment of principal and bank transaction costs) (26,194) 14,624 (161)
Proceeds from convertible debentures, net of issuance costs     38,520
Partial make-whole payment for redemption of convertible debentures (2,955)    
Interest paid (5,228) (4,161) (1,115)
Payment of lease obligations (94) (90) (76)
Dividends paid     (2,599)
Settlement of offsetting put and call options (111)    
Cash provided by financing activities 72,630 42,349 35,960
Net increase (decrease) in cash 10,140 824 (4,404)
Beginning of year/period 2,267 1,443 5,847
End of year/period $ 12,407 $ 2,267 $ 1,443