Key Investment Considerations
Capital structure
Share Capital Structure as of December 11, 2025:
| Current | |
|---|---|
| Issued and outstanding shares 1 | 204.8M |
| Fully diluted shares 1 | 210.4M |
| Share price – as of December 11, 2025 | C$21.01/US$15.28 |
| Market capitalization (issued share basis) | C$4.3BM / US$3.1B |
| Cash balance 3 | US$358M |
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.
- 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.
- Cash balance of $418M as of September 30, 2025, adjusted for $60M paid to Mubadala on December 11, 2025 as part of the consideration for the acquisition of the remaining 49% of Soto Norte
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