Financial Analysis

COMMITMENTS AND CONTINGENCIES General Estimated losses from loss contingencies are accrued by a charge to income when information is available prior to the issuance of the financial statements that indicates it is probable that a liability could be incurred, and the amount of the loss can be reasonably estimated. Legal expenses associated with the loss contingency are expensed as incurred. If a loss contingency is not probable or reasonably estimable, disclosure of the loss contingency is made in the financial statements when it is at least reasonably possible that a material loss has been incurred. Environmental matters CC&V - Carlton Tunnel The Carlton Tunnel was a historic tunnel completed in 1941 with the purpose of draining the southern portion of the mining district, subsequently consolidated by CC&V. CC&V has held discharge permits for the Carlton Tunnel since 1983, primarily to focus on monitoring. The monitoring data accumulated since the mid-1970s have indicated consistency in the water quality discharged from the Carlton Tunnel over time. In 2006, legal proceedings and work with the regulator confirmed that the water flowing out of the Carlton Tunnel portal is akin to natural spring water and did not constitute mine drainage. However, when the Water Quality Control Division of the Colorado Department of Public Health and Environment (the Division) issued new discharge permits in January 2021, the Division imposed new water quality limits. In June 2025, …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

DEBT The following tables summarize the Companys debt balances (in thousands): December 31, 2025 2024 2019 Notes (1) $ 229,640 $ 228,572 Current portion $ 229,640 $ Non-current portion $ $ 228,572 (1) Amount is net of discount and debt issuance costs of $1.4 million and $1.4 million, respectively. Convertible debt 2019 Notes On March 19, 2019, the Company issued $230.0 million of 2.50% convertible senior notes due in 2039 (the 2019 Notes) for net proceeds of $ 222.9 million after payment of commissions and expenses related to the offering of $7.1 million. The 2019 Notes mature on April 1, 2039 and bear an interest rate of 2.50% per annum, payable semi-annually in arrears on April 1 and October 1 of each year. The 2019 Notes are conv ertible into the Company's common shares at a fixed conversion rate, subject to certain anti-dilution adjustments. In addition, if certain fundamental changes occur, holders of the 2019 Notes may be entitled to an increased conversion rate. In accordance with the 2019 Notes agreement, the conversion rate was adjusted to 56.7931 common shares per $1,000 principal amount of 2019 Notes converted. Prior to April 1, 2026, the Company may redeem all or part of the 2019 Notes for cash, but only if the last reported sales price of its common shares for 20 or more trading days in a period of 30 co nsecutive trading days exceeds 130% of the c onversion price in effect on each such trading day. On or after April 1, 2026, the Company may redeem the 2019 Notes …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table represents revenues by product (in thousands): Year Ended December 31, 2025 2024 2023 Gold dore sales Copler $ $ 63,873 $ 438,894 Marigold 536,186 401,384 538,090 CC&V 444,910 Seabee 179,068 191,704 164,292 Concentrate sales Puna 433,098 321,943 270,438 Other (1) Copler 425 3,523 Marigold 4,372 7,641 154 CC&V 5,532 Seabee 72 64 54 Puna 26,399 8,584 11,482 Total (2) $ 1,629,637 $ 995,618 $ 1,426,927 (1) Other revenue includes: changes in the fair value of concentrate trade receivables due to changes in silver and base metal prices; silver and copper by-product revenue arising from the production and sale of gold dore; and revenue from fine carbon sales. (2) For the years ended December 31, 2025, 2024, and 2023, the Company recognized revenue under ASC 606 Revenue from Contracts with Customers of $1,603.2 million, $987.0 million, and $1,415.4 million, respectively, excluding Other Puna revenues related to embedded derivatives relating to provisional concentrate metal sales. Revenue by metal type for the years ended December 31, are as follows (in thousands): Year Ended December 31, 2025 2024 2023 Gold $ 1,160,164 $ 656,961 $ 1,141,276 Silver 384,434 272,334 215,387 Lead 44,125 45,930 46,422 Zinc 4,539 3,679 8,629 Other (1) 36,375 16,714 15,213 Total $ 1,629,637 $ 995,618 $ 1,426,927 (1) Other revenue includes: changes in the fair value of concentrate trade receivables due to changes in silver and base metal prices; silver and copper by-product revenu …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS Fair value accounting establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 - Quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets, quoted prices or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability and model-based valuation techniques (e.g. the Black-Scholes model) for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). As required by accounting guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following tables se …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

INCOME AND MINING TAXES The following tables represent the major components of Income (loss) before income and mining taxes and Income and mining tax benefit (expense) recognized in the Consolidated Statements of Operations (in thousands): Year Ended December 31, 2025 2024 2023 Income (loss) before income and mining taxes components: Canada $ (6,258) $ 56,062 $ (76,407) United States 481,521 105,989 181,926 Turkiye (233,022) (548,077) (319,775) Argentina 201,135 67,386 13,733 Other foreign (228) (94) (1,885) Total income (loss) before income and mining taxes $ 443,148 $ (318,734) $ (202,408) Year Ended December 31, 2025 2024 2023 Current income tax provision: Canada $ 23,379 $ 17,073 $ 9,738 United States 67,862 13,847 27,322 Turkiye 547 2,629 4,390 Argentina 44,995 21,526 8,925 Other foreign 206 97 3,257 Total current income tax provision 136,989 55,172 53,632 Deferred income tax provision (benefit): Canada (92) (7,954) (4,681) United States (23,268) 3,307 1,373 Turkiye (35,240) (25,064) (120,950) Argentina 1,847 7,864 (11,958) Other foreign 9 (23) 50 Total deferred income tax provision (benefit) (56,744) (21,870) (136,166) Total income tax provision (benefit) $ 80,245 $ 33,302 $ (82,534) Beginning in 2025, the Company adopted Accounting Standards Update ASU 2023-09 on a prospective basis. As a result, the effective tax rate reconciliation below reflects the enhanced disaggregation and standardized categories required by the new guidance. Year ended December 31, 2025 Total % …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

LEASES The Companys operating leases consist primarily of leases for office space, vehicles, and plant and mining equipment. These leases have a range of terms between three years to thirteen years with renewal terms included in the contracts. Some are automatic renewals, and some are at the option of the Company. There are no restrictions placed upon the lessee by entering into these leases. The Company's principal finance lease relates to its right to use the oxygen plant supplied by Air Liquide Gaz Sanayi ve Ticaret A.S. (the Air Liquide Plant) at Copler. The Air Liquide Plant is used for the production, transportation and delivery of oxygen and liquid oxygen to support mining operations at Copler. Under the terms of the Air Liquide Plant lease, the Company pays variable monthly lease payments that depend on an index. In addition, the Company is subject to variable payments based on consumption and use which have been accounted for as non-lease components and included in Cost of sales . The Air Liquide Plant lease contains a non-cancellable period of 15 years ending in 2033 with options to extend for consecutive 2-year periods. The lease term used in the measurement of the Company's lease liability and right-of-use asset includes four consecutive 2-year extension periods ending in 2038 for which the Company is reasonably certain to exercise its option in line with the Copler LOM. The components of the Companys leases presented in the Consolidated Balance Sheets were as fol …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

"Recently Issued Accounting Pronouncements Recent accounting pronouncements adopted In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 enhances the transparency and decision usefulness of income tax disclosures through changes to the rate reconciliation and income taxes paid information. The Company adopted ASU 2023-09 during the fourth quarter of 2025. The adoption did not have a material impact on the consolidated financial statements or disclosures, see Note 10 for further details. Recent accounting pronouncements not yet adopted In December 2025, the FASB issued ASU 2025-12 Codification Improvements. ASU 2025-12 addresses suggestions received from stakeholders on the Accounting Standards Codification (""ASC"" or Codification) and makes other incremental improvements to U.S. GAAP. The standard is effective for the Companys Annual Report on Form 10-K for the fiscal year ended December 31, 2027, and for interim periods within such year, with early adoption permitted. The Company is currently evaluating the impact of the update on the consolidated financial statements. In December 2025, the FASB issued ASU 2025-11 Interim Reporting (Topic 270): Narrow-Scope Improvements. ASU 2025-11 improves the guidance in Topic 270 by improving the navigability of the required interim disclosures and clarifying when the guidance is applicable. The ame …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

RELATED PARTY TRANSACTIONS Related party prepaids During the year ended December 31, 2025, Artmin Madencilik Sanayi Ve Ticaret A.S (Artmin) advanced payments to Gap Insaat Yatirim ve Dis Ticaret A.S (Gap Insaat) associated with development activities at Hod Maden. Gap Insaat is a wholly owned subsidiary of Calik Holding. Calik Holding owns 100% of Lidya Madencilik Sanayi ve Ticaret A.S (Lidya Mines), the Companys joint venture partner. The Company advanced $24.5 million to Gap Insaat. During the year ended December 31, 2025, approximately $1.0 million of the advance was reclassified to M ineral properties, plant and equipment, net . As of December 31, 2025, the carrying amount of the advance was approximately $23.5 million. Related party loan Artmin Madencilik Sanayi Ve Ticaret A.S (Artmin) entered into loan agreements with Mariana, as lender, to fund Horizons portion of working capital spend of the Hod Maden project. The loans are unsecured and bear interest at the credit default swap premium of Turkiye plus a fixed spread of 4.0% at the end of each calendar quarter. The loans mature five years from the close date ranging from June 2028 to December 2030. Artmins loans with Horizon had a total borrowing capacity of $51.4 million, of which $51.4 million was outstanding as of December 31, 2025. The liability is included in Debt, related party in the Consolidated Balance Sheets. As of December 31, 2025, no repayments have been made. Interest expense for these loans totaled $2.1 …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

REVENUE The following table represents revenues by product (in thousands): Year Ended December 31, 2025 2024 2023 Gold dore sales Copler $ $ 63,873 $ 438,894 Marigold 536,186 401,384 538,090 CC&V 444,910 Seabee 179,068 191,704 164,292 Concentrate sales Puna 433,098 321,943 270,438 Other (1) Copler 425 3,523 Marigold 4,372 7,641 154 CC&V 5,532 Seabee 72 64 54 Puna 26,399 8,584 11,482 Total (2) $ 1,629,637 $ 995,618 $ 1,426,927 (1) Other revenue includes: changes in the fair value of concentrate trade receivables due to changes in silver and base metal prices; silver and copper by-product revenue arising from the production and sale of gold dore; and revenue from fine carbon sales. (2) For the years ended December 31, 2025, 2024, and 2023, the Company recognized revenue under ASC 606 Revenue from Contracts with Customers of $1,603.2 million, $987.0 million, and $1,415.4 million, respectively, excluding Other Puna revenues related to embedded derivatives relating to provisional concentrate metal sales. Revenue by metal Revenue by metal type for the years ended December 31, are as follows (in thousands): Year Ended December 31, 2025 2024 2023 Gold $ 1,160,164 $ 656,961 $ 1,141,276 Silver 384,434 272,334 215,387 Lead 44,125 45,930 46,422 Zinc 4,539 3,679 8,629 Other (1) 36,375 16,714 15,213 Total $ 1,629,637 $ 995,618 $ 1,426,927 (1) Other revenue includes: changes in the fair value of concentrate trade receivables due to changes in silver and base metal prices; silver and …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"OPERATING SEGMENTS The Company identifies its segments according to how the chief operating decision maker (""CODM"") evaluates financial performance and allocates resources. The Company's CODM is the chief executive officer. The CODM assesses the segments' performance by using each segments' operating income and primarily relies on operating income for each segment during the annual budgeting and forecasting process. On a quarterly basis, the CODM reviews budget-to-actual variances for profit metrics to inform decisions on the allocation of operating and capital resources across segments. Following the close of the CC&V acquisition, the Company revised its operating segments to reflect certain changes in how the CODM evaluates financial performance and allocates resources. The Company determined that it has five reportable and operating segments represented by each of its producing mine sites, which includes the suspended operations at Copler and now includes CC&V. For the periods prior to the first quarter of 2025, the Company had four reportable segments. The following tables provide a summary of financial information related to the Company's segments (in thousands): Year ended December 31, 2025 Copler (1) Marigold CC&V (2) Seabee (3) Puna Segments Total Corporate and other (4) Consolidated Revenue $ $ 540,558 $ 450,442 $ 179,140 $ 459,497 $ 1,629,637 $ $ 1,629,637 Cost of sales (5) $ $ 251,833 $ 157,397 $ 82,328 $ 161,745 $ 653,303 $ $ 653,303 Depreciation, d …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The significant accounting policies used in the preparation of these consolidated financial statements are as follows: Risks and uncertainties As a mining company, the revenue, profitability and future rate of growth of the Company are substantially dependent on the prevailing prices for gold, silver, lead and zinc. The prices of these metals are volatile and affected by many factors beyond the Companys control, and there can be no assurance that commodity prices will not be subject to wide fluctuations in the future. A substantial or extended decline in commodity prices could have a material adverse effect on the Companys financial position, results of operations, cash flows, access to capital and the quantities of reserves that the Company can economically produce. The carrying value of the Companys Mineral properties, plant and equipment ; Inventories ; and Deferred income tax assets are sensitive to the outlook for commodity prices. A decline in the Companys price outlook could result in material impairment charges related to these assets. In addition, the Company maintains cash balances at banking institutions in various jurisdictions which may or may not have deposit insurance. The Company mitigates potential cash risk by maintaining bank accounts with credit-worthy financial institutions. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company's financial condition, results o …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

EQUITY The Company has awards outstanding under its 2017, 2020 and 2021 Share Compensation Plans which include stock options, DSUs, RSUs, PSUs, and ISUs up to an aggregate total of 3.8% of the Companys issued and outstanding common stock. There are 2,837,763 shares available for issuance under the Share Compensation Plans. Stock-based compensation expense Stock-based compensation expense has been recognized as follows (in thousands): Year Ended December 31, 2025 2024 2023 Cost of sales (1) $ 2,306 $ 797 $ 536 General and administrative expense 42,232 3,915 4,634 Exploration and evaluation 23 12 $ 44,561 $ 4,724 $ 5,170 (1) Excludes depreciation, depletion, and amortization. Deferred share units Non-executive directors may elect to receive all or a portion of their annual compensation in the form of DSUs which are linked to the value of the Company's common stock. DSUs are issued on a quarterly basis at the market value of the Company's common stock at the date of grant. DSUs vest immediately and are redeemable in cash. 50% of a director's DSUs will be automatically redeemed on each of the following dates: (i) three months following the date the eligible director ceases to be a director of the Company and (ii) the earlier of fifteen months following, or December 31 of the calendar year following the date the eligible director ceases to be a director of the Company. In connection with the acquisition of Alacer, the Company issued DSU Replacement Units to replace the outstanding …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

"COMMITMENTS AND CONTINGENCIES General Estimated losses from loss contingencies are accrued by a charge to income when information is available prior to the issuance of the financial statements that indicates it is probable that a liability could be incurred, and the amount of the loss can by reasonably estimated. Legal expenses associated with the loss contingency are expensed as incurred. If a loss contingency is not probable or reasonably estimable, disclosure of the loss contingency is made in the financial statements when it is at least reasonably possible that a material loss has been incurred. Environmental matters CC&V - Carlton Tunnel In December 2021, CC&V entered into a Settlement Agreement (Settlement Agreement) with the Water Quality Control Division of the Colorado Department of Public Health and Environment (the Division) with a mutual objective of resolving issues associated with the new discharge permits issued by the Division in January 2021 for the Carlton Tunnel. The Carlton Tunnel was a historic tunnel completed in 1941 with the purpose of draining the southern portion of the mining district, subsequently consolidated by CC&V. CC&V has held discharge permits for the Carlton Tunnel since 1983, primarily to focus on monitoring, with the monitoring data accumulated since the mid-1970s indicating consistency in the water quality discharged from the Carlton Tunnel over time. In 2006, legal proceedings and work with the regulator confirmed that …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

DEBT The following tables summarize the Companys debt balances (in thousands): September 30, 2025 December 31, 2024 2019 Notes (1) $ 229,365 $ 228,572 Current Portion $ 229,365 $ Non-Current Portion $ $ 228,572 (1) Amount is net of discount and debt issuance costs of $0.6 million and $1.4 million, respectively. Convertible debt 2019 Notes The 2019 Notes were reclassified from Debt , non-current to Current portion of debt during the second quarter of 2025 due to the holder right of redemption at par, plus accrued and unpaid interest, which is payable on April 1, 2026 following a twenty business day notice period. As of September 30, 2025, the Company was in compliance with its covenants. For further details on the Companys indebtedness, see Note 20 to the audited consolidated financial statements in the Companys 2024 Annual Report on Form 10-K. …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table represents revenues by product (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Gold dore sales Copler $ $ 11,804 $ $ 60,031 Marigold 130,650 119,888 366,544 257,381 CC&V 97,896 282,020 Seabee 31,528 27,886 142,331 122,360 Concentrate sales Puna 121,882 94,563 308,726 225,781 Other (1) Copler 345 Marigold 44 20 116 84 CC&V 352 1,066 Seabee 15 11 55 51 Puna 3,472 3,184 7,054 6,398 Total $ 385,839 $ 257,356 $ 1,107,912 $ 672,431 (1) Other revenue includes changes in the fair value of concentrate trade receivables due to changes in silver and base metal prices; and silver and copper by-product revenue arising from the production and sale of gold dore. Revenue by metal type are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Gold $ 260,074 $ 159,578 $ 790,895 $ 439,772 Silver 107,962 80,845 270,447 189,455 Lead 12,638 12,964 35,119 33,333 Zinc 1,282 754 3,160 2,993 Other (1) 3,883 3,215 8,291 6,878 Total $ 385,839 $ 257,356 $ 1,107,912 $ 672,431 (1) Other revenue includes changes in the fair value of concentrate trade receivables due to fluctuations in silver and base metal prices; and silver and copper by-product revenue arising from the production and sale of gold dore. …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS As required by accounting guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Refer to Note 13 to the audited consolidated financial statements in the Companys 2024 Annual Report on Form 10-K for further information on the Company's assets and liabilities measured at fair value. The following tables set forth the Companys assets and liabilities measured at fair value on a recurring (at least annually) and nonrecurring basis by level within the fair value hierarchy (in thousands): Fair value at September 30, 2025 Level 1 Level 2 Level 3 Total Assets: Cash $ 409,332 $ $ $ 409,332 Marketable securities (1) 50,636 50,636 Trade receivables from provisional sales, net (2) 76,499 76,499 Deferred consideration 25,491 25,491 $ 459,968 $ 76,499 $ 25,491 $ 561,958 Liabilities: Contingent consideration liabilities $ $ $ 178,306 $ 178,306 Other 180 180 $ $ 180 $ 178,306 $ 178,486 (1) Marketable securities of publicly quoted companies, consisting of investments, are valued using a market approach based upon unadjusted quoted prices in an active market obtained from securities exchanges. (2) The Companys provisional metal sales contracts, included in Trade and other receivables in the Condensed Consolidated Balance Sheets, are valued using inputs derived from observable market data, including quoted commodity forward prices. The inputs do not …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

INCOME AND MINING TAXES The Companys consolidated effective income tax rate was 18.7% for the first nine months of 2025 compared to 2.1% for the first nine months of 2024. The Company, a Canadian domiciled entity, is subject to a statutory tax rate of 27.0%. The effective rate for the nine months ended September 30, 2025 differs from the statutory rate primarily due to foreign currency fluctuations in select jurisdictions, partially offset by additions to the valuation allowance for net operating losses generated by certain entities. The effective rate for the nine months ended September 30, 2024 differs from the statutory rate primarily due to additions to the valuation allowance for net operating losses generated by certain entities offset by foreign currency fluctuations in select jurisdictions. On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted, which includes permanent extensions of most expiring Tax Cuts and Jobs Act provisions as well as international tax changes. The application of the OBBBA to the Company did not have a material impact on the Condensed Consolidated Financial Statements for three months ended September 30, 2025. …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Recently Issued Accounting Pronouncements In September 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2025-06 IntangiblesGoodwill and OtherInternal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. ASU 2025-06 was issued to modernize the accounting for software costs that are accounted for under Subtopic 350-40, IntangiblesGoodwill and OtherInternal-Use Software (referred to as internal-use software). The guidance is effective for the Companys Annual Report on Form 10-K for the fiscal year ended December 31, 2028, and for interim periods within such year, with early adoption permitted. The Company is currently evaluating the impact of the standard on the consolidated financial statements. In November 2024, the FASB issued ASU 2024-03 Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40). ASU 2024-03 provides guidance requiring that public business entities to disclose additional information about specific expense categories in the notes to financial statements. The new standard is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027 with early adoption permitted. The ASU 2024-03 should be applied either (1) prospectively to financial statements issued for reporting periods after the effective date, or (2) retrospectively to any or all prior periods prese …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

RELATED PARTY TRANSACTIONS Related party prepaids During the third quarter of 2025, Artmin Madencilik Sanayi Ve Ticaret A.S (Artmin) advanced payments to Gap Insaat Yatirim ve Dis Ticaret A.S (Gap Insaat) associated with development activities at Hod Maden. Gap Insaat is a wholly owned subsidiary of Calik Holding. Calik Holding owns 100% of Lidya Madencilik Sanayi ve Ticaret A.S (Lidya Mines), the Companys joint venture partner. As of September 30, 2025, the Company had advanced $24.5 million to Gap Insaat. Related party loan Artmin entered into loan agreements with Mariana, as lender, to fund Horizon Copper Corp.s (Horizon) portion of working capital spend of the Hod Maden project. The loans are unsecured and bear interest at the credit default swap premium of Turkiye plus a fixed spread of 4.0% at the end of each calendar quarter. The loans have a five year maturity with maturity dates ranging from June 2028 to December 2029. Artmins loans with Horizon had a total borrowing capacity of $48.4 million, of which $42.1 million was outstanding as of September 30, 2025. The liability is included in Debt, related party in the Condensed Consolidated Balance Sheets. As of September 30, 2025, no repayments have been made. Interest expense for these loans totaled $0.6 million and $0.2 million for the three months ended September 30, 2025 and 2024, respectively. Interest expense for these loans totaled $1.4 million and $0.5 million for the nine months ended September 30, 2025 and 2024, …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

REVENUE The following table represents revenues by product (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Gold dore sales Copler $ $ 11,804 $ $ 60,031 Marigold 130,650 119,888 366,544 257,381 CC&V 97,896 282,020 Seabee 31,528 27,886 142,331 122,360 Concentrate sales Puna 121,882 94,563 308,726 225,781 Other (1) Copler 345 Marigold 44 20 116 84 CC&V 352 1,066 Seabee 15 11 55 51 Puna 3,472 3,184 7,054 6,398 Total $ 385,839 $ 257,356 $ 1,107,912 $ 672,431 (1) Other revenue includes changes in the fair value of concentrate trade receivables due to changes in silver and base metal prices; and silver and copper by-product revenue arising from the production and sale of gold dore. Revenue by metal Revenue by metal type are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Gold $ 260,074 $ 159,578 $ 790,895 $ 439,772 Silver 107,962 80,845 270,447 189,455 Lead 12,638 12,964 35,119 33,333 Zinc 1,282 754 3,160 2,993 Other (1) 3,883 3,215 8,291 6,878 Total $ 385,839 $ 257,356 $ 1,107,912 $ 672,431 (1) Other revenue includes changes in the fair value of concentrate trade receivables due to fluctuations in silver and base metal prices; and silver and copper by-product revenue arising from the production and sale of gold dore. Provisional metal sales At September 30, 2025, the Company had silver sales of 5.3 million ounces at an average price of $38.28 per ounce, lead …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

OPERATING SEGMENTS The Company identifies its segments according to how the chief operating decision maker (CODM) evaluates financial performance and allocates resources. The Companys CODM is the chief executive officer. The CODM assesses the segments performance by using each segments operating income and primarily relies on operating income for each segment during the annual budgeting and forecasting process. On a quarterly basis, the CODM reviews budget-to-actual variances for profit metrics to inform decisions on the allocation of operating and capital resources across segments. Following the close of the CC&V acquisition, the Company revised its operating segments to reflect certain changes in how the CODM evaluates financial performance and allocates resources. The Company determined that it has five reportable and operating segments represented by each of its producing mine sites, which includes the suspended operations at Copler and now includes CC&V. For the periods prior to the first quarter of 2025, the Company had four reportable segments. The following tables provide a summary of financial information related to the Companys segments (in thousands): Three Months Ended September 30, 2025 Copler (1) Marigold CC&V Seabee Puna Segment Total Corporate and other (2) Consolidated Revenue $ $ 130,694 $ 98,248 $ 31,543 $ 125,354 $ 385,839 $ $ 385,839 Cost of sales (3) $ $ 62,436 $ 38,961 $ 19,661 $ 44,624 $ 165,682 $ $ 165,682 Depreciation, depletion, and amor …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Risks and Uncertainties As a mining company, the revenue, profitability and future rate of growth of the Company are substantially dependent on the prevailing prices for gold, silver, lead and zinc. The prices of these metals are volatile and affected by many factors beyond the Companys control, and there can be no assurance that commodity prices will not be subject to wide fluctuations in the future. A substantial or extended decline in commodity prices could have a material adverse effect on the Companys financial position, results of operations, cash flows, access to capital and the quantities of reserves that the Company can economically produce. The carrying value of the Companys Mineral properties, plant and equipment ; Inventories ; and Deferred income tax assets are sensitive to the outlook for commodity prices. A decline in the Companys price outlook could result in material impairment charges related to these assets. In addition, the Company maintains cash balances at banking institutions in various jurisdictions which may or may not have deposit insurance. The Company mitigates potential cash risk by maintaining bank accounts with credit-worthy financial institutions. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company's financial condition, results of operations, and cash flows. The Company's business may be impacted by adverse macroeconomic and geopolitical condition …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

EQUITY Repurchase of common shares On June 16, 2023, the Company received approval of its Normal Course Issuer Bid (2023 NCIB) to purchase for cancellation up to 10.2 million of its common shares through the facilities of the TSX, Nasdaq or other Canadian and U.S. marketplaces over a twelve-month period beginning June 20, 2023 and ending June 19, 2024. Following the Copler Incident, the Company terminated the automatic share purchase plan effective March 1, 2024. The 2023 NCIB expired on June 19, 2024 and the Company has not sought approval for a new NCIB. During the nine months ended September 30, 2024, and prior to the Copler Incident, the Company purchased 1,117,100 of its outstanding common shares at an average share price of $8.79 per share for total consideration of $9.8 million. All shares were cancelled upon purchase. The total amount deducted from common shares of $16.4 million, based on the average paid in capital per common share outstanding prior to the repurchase date, less the total consideration resulted in a difference of $6.6 million that was recorded as an increase to retained earnings. …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing