5 unchanged sentences
This discussion of the Company’s market risk assessments contains “forward looking statements”.
−Removed: For additional information regarding forward-looking statements and risks and uncertainties that could impact the Company, please refer to Item 2 of this Report - Cautionary Statement Concerning Forward-Looking Statements.
+Added: For additional information regarding forward-looking statements and risks and uncertainties that could impact the Company, please refer to “Item 2 - Cautionary Statement Concerning Forward-Looking Statements” in this Report.
Actual results and actions could differ materially from those discussed below.
1 unchanged sentence
Gold and silver prices may fluctuate widely due to numerous factors, such as U.S.
−Removed: dollar strength or weakness, demand, investor sentiment, inflation or deflation, and global mine production.
+Added: dollar strength or weakness, global political and economic conditions, demand, investor sentiment, inflation or deflation, and global mine production.
The Company’s profitability and cash flow may be significantly impacted by changes in the market price of gold and silver.
11 unchanged sentences
For additional information, please see the section titled “Item 1A - Risk Factors” in this Report.
−Removed: For the year ended December 31, 2024, the Company recognized a loss of $12.9 million and $4.3 million related to expired gold and silver contracts, respectively.
−Removed: The Company had no outstanding gold or silver hedging contracts at December 31, 2024 but the Company did acquire existing zero cost collar hedges for 1,600 ounces of gold and 200,000 ounces of silver on February 14, 2025 as part of its acquisition of SilverCrest.
−Removed: These zero cost collar hedges settle monthly through March, 2025.
+Added: The Company acquired existing zero cost collar hedges for 1,600 ounces of gold and 200,000 ounces of silver on February 14, 2025 as part of the SilverCrest Transaction that settled monthly through March 2025.
+Added: The Company had no outstanding gold or silver hedging contracts at December 31, 2025.
Provisional Metal Sales
4 unchanged sentences
The mark-to-market gains and losses are recorded in earnings.
−Removed: At December 31, 2024, the Company had outstanding provisionally priced sales of 14,173 ounces of gold at an average price of $2,642.
−Removed: Changes in gold prices resulted in provisional pricing mark-to-market loss of $0.2 million during
−Removed: the twelve months ended December 31, 2024.
+Added: At December 31, 2025, the Company had outstanding provisionally priced sales of 13,552 ounces of gold
+Added: at an average price of $4,258.
+Added: Changes in gold prices resulted in provisional pricing mark-to-market loss of $1.5 million during the three months ended December 31, 2025.
A 10% change in realized gold prices would cause revenue to vary by $5.8 million.
20 unchanged sentences
Equity Price Risk
−Removed: The Company had no equity securities at December 31, 2024.
+Added: The Company’s equity securities were not significant at December 31, 2025.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.