[1]	As at December 31, 2025, the impact of outstanding potentially dilutive instruments of 436,230 units (2024 - 332,113 units) is excluded from the diluted share calculation for loss per share amounts as they are antidilutive.

Consolidated Statements of Cash Flows - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating Activities
Net loss	$ (53,172)	$ (31,247)
Adjustment for non-cash items:
Remeasurement (gain) loss on secured notes	86,610	(36,916)
Unrealized foreign exchange (gain) loss	(26,533)	46,427
Other income - flow-through shares	(14,400)	(6,903)
Stock-based compensation	4,718	3,680
Income tax expense (recovery)	(11,910)	11,375
Other non-cash items	1,827	(398)
Adjustment for cash items:
Environmental rehabilitation disbursements	(1,997)	(843)
Changes in working capital items:
Amounts receivable and prepaid expenses	(170)	(32)
Accounts payable and accrued liabilities	(432)	637
Net cash used in operating activities	(15,459)	(14,220)
Investing Activities
Mineral interests, property and equipment	(136,972)	(106,279)
Prepayment to BC Hydro	(54,373)	(14,000)
Refund of tax deposit	3,866
Investment in associate	(684)
Redemption (investment) in reclamation deposits	218	(957)
Net cash used in investing activities	(187,945)	(121,236)
Financing Activities
Share issuance, net of costs	272,666	101,018
Exercise of options		886
Payment of lease liabilities	(477)	(639)
Net cash from financing activities	272,189	101,265
Effects of exchange rate fluctuation on cash and cash equivalents	(1,072)	1,568
Net increase (decrease) in cash and cash equivalents during the year	67,713	(32,623)
Cash and cash equivalents, beginning of the year	49,815	82,438
Cash and cash equivalents, end of the year	$ 117,528	$ 49,815

Consolidated Statements of Financial Position - CAD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 117,528	$ 49,815
Amounts receivable and prepaid expenses	4,482	2,928
Investments in marketable securities	8,750	5,403
Assets held for distribution	83,388
Total current assets	214,148	58,146
Non-current assets
Investment in associate	1,074	913
Other long-term assets and receivables	170,454	119,947
Mineral interests, property and equipment	1,347,672	1,251,424
Deferred income tax assets	12,412
Reclamation deposits	22,089	22,307
Total non-current assets	1,553,701	1,394,591
Total assets	1,767,849	1,452,737
Current liabilities
Accounts payable and accrued liabilities	17,565	11,281
Flow-through share premium		6,940
Lease obligations	366	348
Provision for reclamation liabilities	3,044	1,750
Liabilities held for distribution	19,908
Total current liabilities	40,883	20,319
Non-current liabilities
Secured note liabilities	598,517	562,552
Deferred income tax liabilities		20,304
Lease obligations	1,073	1,002
Provision for reclamation liabilities	2,405	5,542
Total non-current liabilities	601,995	589,400
Total liabilities	642,878	609,719
Shareholders’ equity	1,124,971	843,018
Total liabilities and shareholders’ equity	$ 1,767,849	$ 1,452,737