
	March 31, 2025		December 31, 2024
Warrant liability (i)	$	6,592	$	4,623
Share-based payment liability (ii)	1,433		790
Orion - Conversion and change of controls rights (iii)	1,760		336
Sprott - Conversion and change of controls rights (iii)	46		33

Gold Prepay Agreement embedded derivative (iv)	17,928		9,665
Silver Purchase Agreement embedded derivative (v)	15,474		7,999

Lease liability	641		685
Total other liabilities	43,874		24,131
Less current portion	18,683		8,882
Long-term portion	$	25,191	$	15,249

The warrants are considered derivatives because their exercise price is in C$ whereas the Company’s functional currency is in USD. Accordingly, the Company recognizes the warrants as liabilities at fair value with changes in fair value recognized in the statement of loss. For the three months ended March 31, 2025, the Company recorded a fair value loss of $0.4 million (March 31, 2024 - gain of $2.6 million) (Note 11).

The fair value of the warrants, excluding warrants issued in connection with the bought deal public offering, were calculated using the Black-Scholes option pricing model with the following assumptions:


	March 31, 2025	December 31, 2024
Risk-free rate	2.49% to 3.06%	2.85% to 3.14%
Warrant expected life	1 to 46 months	2 to 37 months
Expected volatility	78% to 149%	86% to 232%

On January 15, 2025 the Company issued common share purchase warrants in connection with the amendments to the Orion Convertible Loan (Note 5). The warrants are subject to a four month hold period.

The Company recognized a share-based payment liability of $1.4 million at March 31, 2025 (December 31, 2024 - $0.8 million) under the Company's restricted and deferred share unit plans. The current portion of the liability is $0.4 million at March 31, 2025 (December 31, 2024 - $0.2 million).

The Orion Convertible Loan and Sprott Convertible Loan (the "Convertible Loans") contain a change of control feature, a conversion feature, and a forced conversion feature that are considered embedded derivatives by the Company. The change of control feature and conversion feature are classified as derivative financial liabilities measured at fair value (Note 17). The forced conversion feature is not separated from the host contract as it is considered to be indexed to the Company's shares. During the period ended March 31, 2025, none of the features were exercised.

The Orion Convertible Loan derivative financial liability was recorded at $1.8 million at March 31, 2025 (December 31, 2024 - $0.3 million). For the three months ended March 31, 2025, the Company recorded a fair value loss of $1.4 million (2024 - gain of $5.3 million) related to the valuation of the embedded derivatives through the statement of loss.

The Sprott Convertible Loan derivative financial liability was recorded at $0.05 million at March 31, 2025 (December 31, 2024 - $0.03 million). For the three months ended March 31, 2025, the Company recorded a fair value gain of $0.01 million (2024 - gain of $0.9 million) related to the valuation of the embedded derivatives through the statement of loss.

The financial liability represents the embedded derivative in relation to the fixed gold price included in the Gold Prepay Agreement (Note 5 and Note 17). The Company recognizes the embedded derivative at fair value with changes in fair value recognized in profit or loss. For the three months ended March 31, 2025, the Company recorded a fair value loss of $8.3 million, (2024 - $3.5 million) related to the valuation of the embedded derivative through the statement of loss (Note 11). As of March 31, 2025, the current portion of the Gold Prepay embedded derivative liability was $14.9 million.

The financial liability represents the embedded derivative in relation to the silver price included in the Silver Purchase Agreement (Note 5 and Note 17). The Company recognizes the embedded derivative at fair value with changes in fair value recognized in profit or loss. For the three months ended March 31, 2025, the Company recorded a fair value loss of $7.5 million (2024 - $0.9 million) related to the valuation of the embedded derivative through the statement of loss (Note 11). As of March 31, 2025, the current portion of the Silver Purchase Agreement embedded derivative liability was $2.9 million.