Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

A reconciliation of the income tax expense to the amount calculated using the Company’s combined Canadian federal and provincial statutory income tax rate of 27% (2024 – 27%) is as follows:


	Year ended December 31,
	2025			2024
Net income (loss) in the year before tax	$	330,956		$	(75,441)
Tax rate	27		%	27		%
Income tax expense (recovery) at statutory rate	$	89,358		$	(20,369)
Tax effect of:
Difference in tax rate of foreign jurisdictions	(39,173)			6,964
Non deductible (taxable) items	2,143			(1,601)
Change in temporary differences not recognized	4,689			(4,667)
Change in tax law	—			2,999
Withholding taxes and other	7,033			9,023
Income tax expense (recovery)	$	64,050		$	(7,651)

Components of Income Tax Expense


	Year ended December 31,
	2025		2024
Current income tax:
Relating to current income tax charge	$	39,700	$	17,662
Deferred income tax:

Relating to origination and reversal of temporary differences	24,350		(25,313)
Income tax expense (recovery) recognized in net income	$	64,050	$	(7,651)
Income tax expense (recovery) recognized in other comprehensive income	1,095		(833)
Total income tax expense (recovery)	$	65,145	$	(8,484)

Schedule of Deferred Tax Assets and Liabilities

The general movement in the deferred income tax (liabilities) assets is as follows:


	Year ended December 31,
	2025		2024
At the beginning of the year	$	16,659	$	(9,548)
Deferred income tax (expense) recovery	(24,350)		25,313
Income tax expense (recovery) recognized in OCI	(1,095)		833
Foreign exchange	1,104		61
At the end of the year	$	(7,682)	$	16,659

Recognized deferred tax and assets and liabilities consist of the following:


	December 31, 2025		December 31, 2024
Deferred tax assets:
Non-capital losses	$	23,823	$	18,078
Foreign exchange	6,043		20,590
Financing fees and other	8,905		5,216
Mine closure and rehabilitation provision	3,926		3,338
Lease liabilities	3,691		2,528
	46,388		49,750
Deferred tax liabilities:
Mineral properties, plant and equipment	(43,600)		(22,735)
Loans and borrowings	(10,470)		(10,356)



	(54,070)		(33,091)

Net deferred income tax (liabilities) assets	$	(7,682)	$	16,659

Presentation on Consolidated Statements of Financial Position
Deferred tax assets	$	3,047	$	16,659
Deferred tax liabilities	(10,729)		—

Schedule of Unrecognized Deductible Temporary Differences

Deferred tax assets of $34.2 million (December 31, 2024 - $31.4 million) have not been recognized for the following deductible temporary differences as it is not probable that the benefits of these temporary differences will be realized:


	Year ended December 31, 2025				Year ended December 31, 2024
	Brazil		Canada		Brazil		Canada

Mineral properties, plant and equipment	$	35,143	$	—	$	31,236	$	873
Non-capital losses	—		13,528		—		40,831
Other(1)	—		99,524		—		67,770
	$	35,143	$	113,052	$	31,236	$	109,474