Key Investment Considerations
Capital structure
Share Capital Structure as of February 13, 2026:
| Current | |
|---|---|
| Issued and outstanding shares 1 | 205.9M |
| Fully diluted shares 1 | 210.3M |
| Share price – as of February 13, 2026 | C$26.59/US$19.49 |
| Market capitalization (issued share basis) | C$5.5BM / US$4.0B |
| Cash balance 3 | >US$390M |
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.
- Preliminary, unaudited cash balance as of December 31, 2025.
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