[1]	Share amounts and earnings per share have been adjusted to reflect the effect of the 1.5:1 share consolidation that took place on November 3, 2025, unless otherwise noted

Consolidated Statement of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating activities
Net income (loss) for the year before tax	$ (28)	$ 6,717
Accretion expense	326	304
Gain on change in reclamation and remediation provision		(1,523)
Amortization of borrowing costs	72	880
Depreciation and depletion of mineral property, plant and equipment	5,120	8,728
Depreciation of right-of-use assets	93	67
Loss (gain) on loan modification	(322)	98
Loss on fair value of derivative financial instrument Special warrant	5,717
Interest and accretion on debt	2,158	2,727
Interest expense on lease liabilities	18	7
Loss on sale of equipment		19
Stock-based compensation	693	459
Unrealized foreign exchange loss (gain)	17	(2,018)
Adjustments of operating activities	13,864	16,465
Changes in non-cash working capital
Accounts payable and accrued liabilities	2,141	1,450
Trade and other receivables	(434)	(2,526)
Inventories	(1,464)	(967)
Other current assets	(1,532)	(780)
Unrealized gain on derivative		648
Net cash generated in operating activities	12,575	14,290
Financing activities
Proceeds from credit agreement with EXIM	4,305
Repayment of credit facility	(10,170)	(22,000)
Proceeds from related party loan		16,500
Repayment of related party promissory note	(5,000)
Debt interest payments	(1,793)	(1,707)
Payment of lease liabilities	(95)	(67)
Payment of transaction costs		(18)
Advance on equipment facility	4,732
Repayment of equipment facility	(1,649)
Proceeds from development agencies	2,000
Repayment of loans from development agencies	(51)
Gross proceeds from warrants	15,000
Proceeds from options exercised	252
Net cash generated (used) by financing activities	7,531	(7,292)
Investing activities
Additions to mineral properties, plant and equipment	(12,674)	(1,820)
Proceeds from disposal of equipment		45
Net cash used by investing activities	(12,674)	(1,775)
Effect of foreign exchange on cash and cash equivalents	(111)	(91)
Increase in cash and cash equivalents	7,321	5,132
Cash and cash equivalents, beginning of year	10,163	5,031
Cash and cash equivalents, end of year	$ 17,484	$ 10,163

Consolidated Statements of Financial Position - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 17,484	$ 10,163
Trade and other receivables	4,467	4,032
Inventories	10,008	8,243
Prepaids and deposits	2,938	1,074
Other current assets		518
Total current assets	34,897	24,030
Non-current assets
Mineral properties, plant and equipment	38,990	30,303
Right-of-use assets	215	125
Non-Current	866	690
Total assets	74,968	55,148
Current liabilities
Accounts payable and accrued liabilities	7,233	4,490
Lease liabilities	114	40
Debt	6,332	10,058
Related party loans	17,055	22,023
Current liabilities before derivative financial instrument	30,734	36,611
Derivative financial instrument - special warrants	20,717
Total current liabilities	51,451	36,611
Non-current liabilities
Lease liabilities	113	87
Debt	2,777
Reclamation and remediation provision	16,843	15,447
Total liabilities	71,184	52,145
Equity attributable to shareholders of the Company
Share capital	60,548	59,813
Reserves	5,093	4,971
Deficit	(61,857)	(61,781)
Total equity	3,784	3,003
Total liabilities and shareholders’ equity	$ 74,968	$ 55,148