Key Investment Considerations
Capital structure
Share Capital Structure as of November 18, 2025:
| Current | |
|---|---|
| Issued and outstanding shares 1 | 204.4M |
| Fully diluted shares 1 | 206.8M |
| Share price – as of November 18, 2025 | C$16.35/US$11.70 |
| Market capitalization (issued share basis) | C$3.3BM / US$2.4B |
| Cash balance (as of September 30, 2025) | US$418M |
Long-term Debt
Capital Structure Notes:
- Does not include the additional 6,000,000 contingent shares issuable to Mubadala on receipt of the environmental license to develop PSN – refer to news release dated June 28, 2024 for details. Pro forma for 1.7 million shares to be issued to Mubadala upon closing of Soto Norte transaction.
- Principal amounts outstanding as of September 1, 2025. The secured Gold-Linked Notes amortize on a quarterly basis in each of February, May, August and November.
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