Quarterly report [Sections 13 or 15(d)]

Interim Condensed Consolidated Statements of Cash Flows

v3.26.3
Interim Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating activities    
Net income (loss) $ (63,201) $ (59,317)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock based compensation 1,403 2,225
Payment of deposit on borrowed inventory (1,250)  
Net realizable value adjustments 624 2,696
Amortization of mineral properties 3,947 1,213
Depreciation of capital assets 3,342 2,741
Accretion of asset retirement obligations 1,466 902
Amortization of debt discount 5,028  
Provision for reclamation (158) 59
Mark to market loss (gain) (9,317) 9,166
Loss (gain) on disposal of assets (700) 95
Unrealized foreign exchange loss (gain) 1,938 21
Changes in non-cash working capital:    
Trade receivables (6,576) 14,428
Inventory 7,245 (1,131)
Lease receivables 450 419
Prepaid expenses and other current assets (608) (678)
Deposit collateral on sales deferrals (8,327)  
Accounts payable and accrued liabilities 1,406 2,819
Net cash provided by (used in) operating activities (63,288) (24,342)
Investing activities    
Investment in marketable securities (44)  
Proceeds from sale of capital assets 147  
Purchase of capital assets (38,492) (14,236)
Net cash provided by (used in) investing activities (38,389) (14,236)
Financing activities    
Issuance of common shares for cash   15,168
Share issue costs   (379)
Payment of convertible note financing costs (271)  
Proceeds from exercise of warrants and stock options 30,235 573
RSU redeemed for cash (45) (60)
Payments on financing lease liability (400) (449)
Net cash provided by (used in) financing activities 29,519 14,853
Effects of foreign exchange rate changes on cash (30) 53
Increase (decrease) in cash and cash equivalents, and restricted cash and cash equivalents (72,188) (23,672)
Beginning cash and cash equivalents, and restricted cash and cash equivalents 135,347 87,078
Ending cash and cash equivalents, and restricted cash and cash equivalents $ 63,159 $ 63,406