3 unchanged sentences
Fixed-rate debt.
−Removed: Our fixed rate debt at December 31, 2024 consists of a convertible bond that has a fixed interest rate of 8.0% per annum and Cordoba’s loan from related party that has a fixed interest rates of 10.0% per annum.
−Removed: The convertible bond and the loan from related party are accounted for at amortized cost.
−Removed: Any changes in the market interest rates associated with these financial instruments would not impact our net loss, comprehensive loss or future cash flows.
+Added: Our fixed rate debt at December 31, 2025 consisted of a $33.7 million convertible bond that has a fixed interest rate of 8.0% per annum.
+Added: The convertible bond is accounted for at amortized cost.
+Added: Any changes in the market interest rates associated with this financial instrument would not impact our net loss, comprehensive loss or future cash flows.
Variable-rate debt.
−Removed: Our variable-rate debt at December 31, 2024 consists of a secured promissory note issued in connection with the acquisition of land at our Santa Cruz project.
−Removed: The promissory note has an annual interest rate of U.S.
−Removed: prime plus 1%.
−Removed: At December 31, 2024, three installments of $12.1 million plus accrued interest remain and are due in November 2025, 2026 and 2027.
−Removed: We performed a sensitivity analysis to estimate the impact to interest expense, arising from a 100 basis points adverse movement to the prime rate for the year ended December 31, 2024.
−Removed: The sensitivity analysis, indicated that a hypothetical 100 basis points adverse movement would result in an approximate $0.5 million increase to interest expense and a $0.5 million increase to the Company’s net loss for the year ended December 31, 2024.
+Added: Our variable rate debt at December 31, 2025 was $nil, However, we have an undrawn $200.0 million Bridge Facility at December 31, 2025, related to the Santa Cruz Copper Project, which when drawn will have an interest rate equal to the secured overnight financing rate plus 5.0%.
Foreign Currency Risk
1 unchanged sentence
The majority of our expenditure is incurred in U.S.
−Removed: dollars at our exploration projects located in the United States and are not subject to foreign currency risk.
+Added: dollars at our projects located in the United States and are not subject to foreign currency risk.
Outside of the United States, we are subject to foreign currency risk when we undertake transactions in foreign currencies, particularly certain operating expenditures incurred in Colombia and Canada.
2 unchanged sentences
The carrying amounts of the Company’s Colombian Pesos and Canadian dollar denominated monetary assets and liabilities at the respective statement of financial position dates are as follows:
−Removed: Colombian Peso Balance (in 000’s USD Equivalent)
−Removed: Canadian Dollar Balance (in 000’s USD Equivalent)
+Added: Colombian Peso Balance (in 000’s USD Equivalent) Canadian Dollar Balance (in 000’s USD Equivalent)
December 31, 2025 December 31, 2024 December 31, 2023 December 31, 2025 December 31, 2024 December 31, 2023
−Removed: $ 4,851 $ 3,233 $ 7,524 $ 2,663 $ 667 $ 2,575
+Added: Cash $ 435 $ 4,851 $ 3,233 $ 2,549 $ 2,663 $ 667
Other receivables 5 2 69 129 189 551
−Removed: 2 $ 69 5 189 $ 551 $ 579
Accounts payable and accrued liabilities (2,472) (1,204) (1,983) (1,290) (81) (443)
−Removed: (1,204) $ (1983) (2,054) (81) $ (443) $ (197)
Other liabilities (1,173) (1,400) (955) — — —
4 unchanged sentences
dollar to Colombian Pesos) 4,403 3,872 4,841
−Removed: 3,872 4,841 4,028
Closing exchange rate (1 U.S.
dollar to Colombian Pesos) 3,733 4,403 3,872
−Removed: 4,403 3,872 4,841
Appreciation/(devaluation) of Colombian Peso 15.2 % (13.7) % 20.0 %
−Removed: (13.7) % 20.0 % (20.2) %
Opening exchange rate (1 U.S.
5 unchanged sentences
dollar would have resulted in an approximate $0.2 million decrease or increase in the Company’s net loss for the year ended December 31, 2025 (December 31, 2024 - $0.5 million, December 31, 2023 - $0.1 million).
+Added: Table o f Contents
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.