v3.26.1
Consolidated Statements of Cash Flows - CAD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Operating activities    
Net loss for the year $ (161,913) $ (16,298)
Add (deduct) non-cash items:    
Share-based compensation 11,085 2,734
Depreciation and amortization 1,043 1,120
Interest expense 4,033 4,568
Income tax expense 36 133
Deferred income taxes 434 239
Loss on valuation of warrant liabilities 29,337 2,032
Loss on valuation of embedded derivative liabilities 97,408 630
Unrealized foreign exchange loss 2,973 1,779
Adjustments for profit loss (15,564) (3,063)
Changes in non-cash working capital    
Trade receivables (158) (248)
Taxes recoverable (1,381) 88
Inventories (2,680) 1,094
Prepaid expenses and other current assets (1,546) 541
Accounts payable and accrued liabilities (689) (5,404)
Deferred revenues 2,997 (988)
Net change in non-cash working capital (3,457) (4,917)
Other assets (115) 482
Cash flow used in operating activities (19,136) (7,498)
Investing activities    
Additions to mining assets (60,849) (36,231)
Acquisition of US Tungsten Inc. (1,390)
Acquisition related costs (32)
Cash flow used in investing activities (62,271) (36,231)
Financing activities    
Issuance of common shares 313,320 11,810
Share subscriptions received in advance 103
Share issuance costs paid (24,912) (289)
Exercise of stock options 177
Exercise of CDI options 20,236
Exercise of warrants 8,616
Issuance of long-term debt 28,413 43,643
Repayment of long-term debt (1,194) (23,608)
Interest paid (2,652) (2,288)
Cash flow provided by financing activities 342,004 29,371
Effect of foreign currency translation on cash (18) 169
Net increase (decrease) in cash for the year 260,579 (14,189)
Cash at beginning of year 7,830 22,019
Cash at end of year $ 268,409 $ 7,830