[1]	Mine royalty expense relates to the mining royalty due to the Bolivian government as a result of mining operations at the Sinchi Wayra and Illapa businesses.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating activities:
Net income for the year	$ 42,222	$ 164,484
Items not affecting cash:
Depreciation, depletion and amortization	21,577	19,706
Reversal of impairment on mineral properties, plant and equipment	(4,088)
Gain on adjustment to consideration payable		(133,255)
Finance costs	22,209	18,113
Share-based compensation expense	2,042	105
Foreign exchange (gain) loss	13,480	(955)
Income tax expense	32,478	27,552
Operating cash flows before non-cash working capital	129,920	95,750
Changes in non-cash working capital:
Trade and other receivables	3,891	(20,736)
Inventories	(25,080)	851
Prepaid expenses and deposits	(8,399)	(120)
Trade payables and accrued liabilities	10,159	(7,923)
Current income taxes payable	(21,875)	(3,971)
Other liabilities	(9,377)	(8,981)
Decommissioning and restoration provision	(129)	(438)
Net cash generated by operating activities	79,110	54,432
Investing activities:
Expenditures on mineral properties, plant and equipment	(30,619)	(22,619)
Proceeds on disposition of mineral properties, plant and equipment	311	1,697
Purchases of marketable securities	(34,262)
Disposition of marketable securities	12,131
Payment of base purchase price obligation	(40,000)
Net cash used in investing activities	(92,439)	(20,922)
Financing activities:
Proceeds from exercise of options	3,721	641
Proceeds from loans payable	72,956	59,218
Repayments of loans payable	(51,574)	(59,459)
Lease payments on plant and equipment	(3,366)	(2,946)
Net cash generated by (used in) financing activities	21,737	(2,546)
Effect of exchange rate on changes in cash	138	(190)
Net change in cash and cash equivalents	8,546	30,774
Cash and cash equivalents – beginning of year	35,721	4,947
Cash and cash equivalents – end of year	44,267	35,721
Cash paid during the year for:
Interest expense	1,033	1,383
Income taxes	$ 33,095	$ 23,356

Consolidated Statements of Financial Position - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current
Cash and cash equivalents	$ 44,267	$ 35,721
Marketable securities	16,662
Trade and other receivables	88,399	99,854
Inventories	57,517	32,437
Prepaid expenses and deposits	14,055	5,656
Total current assets	220,900	173,668
Marketable securities	5,800
Trade and other receivables	36,249	30,556
Mineral properties, plant and equipment	160,558	144,733
Goodwill	15,466	15,466
Deferred income tax asset	6,798	9,602
Total assets	445,771	374,025
Current
Trade payables and accrued liabilities	47,402	38,781
Consideration payable		10,000
Loans payable	50,642	16,432
Current income taxes payable	49,470	45,450
Other liabilities	8,876	16,070
Decommissioning and restoration provision	822	639
Total current liabilities	157,212	127,372
Trade payables and accrued liabilities	7,167	8,608
Consideration payable	20,243	34,783
Loans payable	1,344	3,137
Other liabilities	20,541	22,508
Decommissioning and restoration provision	35,194	25,037
Deferred income tax liability	25,012	21,233
Total liabilities	266,713	242,678
SHAREHOLDERS’ EQUITY
Share capital	146,166	139,080
Equity reserves	6,677	8,274
Retained earnings (deficit)	26,215	(16,007)
Total shareholders’ equity	179,058	131,347
Total liabilities and shareholders’ equity	$ 445,771	$ 374,025