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EBITDA, ADJUSTED EBITDA AND TRAILING 12 MONTHS ADJUSTED EBITDA
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For the three months ended December 31, 2025 and 2024
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For the three months ended December 31, 2025, the Company had EBITDA and Adjusted EBITDA by segment as follows:
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| (in thousands of US Dollars) | Conda | Arraias | Development and exploration | Corporate | Total | |||||||||||||||
| Net income (loss) | $ | 24,504 | $ | 421 | $ | (393 | ) | $ | (5,309 | ) | $ | 19,223 | ||||||||
| Finance expense, net | 2,151 | 441 | — | 516 | 3,108 | |||||||||||||||
| Current and deferred income tax expense (recovery) | 7,161 | 434 | — | (1,921 | ) | 5,674 | ||||||||||||||
| Depreciation and depletion | 12,599 | 780 | 7 | 77 | 13,463 | |||||||||||||||
| EBITDA | $ | 46,415 | $ | 2,076 | $ | (386 | ) | $ | (6,637 | ) | $ | 41,468 | ||||||||
| Unrealized foreign exchange (gain) loss | — | 919 | (70 | ) | — | 849 | ||||||||||||||
| Share-based payment expense | — | — | — | 1,555 | 1,555 | |||||||||||||||
| Transaction costs | — | — | — | 44 | 44 | |||||||||||||||
| Employee retention tax credit refund | (1,857 | ) | — | — | (14 | ) | (1,871 | ) | ||||||||||||
| Other income, net | (1,033 | ) | (2,210 | ) | — | (104 | ) | (3,347 | ) | |||||||||||
| Adjusted EBITDA | $ | 43,525 | $ | 785 | $ | (456 | ) | $ | (5,156 | ) | $ | 38,698 | ||||||||
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| (in thousands of US Dollars) | Conda | Arraias | Development and exploration | Corporate | Total | |||||||||||||||
| Operating income (loss) | $ | 32,749 | $ | 5 | $ | (463 | ) | $ | (6,315 | ) | $ | 25,976 | ||||||||
| Depreciation and depletion | 12,599 | 780 | 7 | 77 | 13,463 | |||||||||||||||
| Realized foreign exchange gain | 34 | — | — | (503 | ) | (469 | ) | |||||||||||||
| Share-based payment expense | — | — | — | 1,555 | 1,555 | |||||||||||||||
| Transaction costs | — | — | — | 44 | 44 | |||||||||||||||
| Employee retention tax credit refund | (1,857 | ) | — | — | (14 | ) | (1,871 | ) | ||||||||||||
| Adjusted EBITDA | $ | 43,525 | $ | 785 | $ | (456 | ) | $ | (5,156 | ) | $ | 38,698 | ||||||||
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For the three months ended December 31, 2024, the Company had EBITDA and Adjusted EBITDA by segment as follows:
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| (in thousands of US Dollars) | Conda | Arraias | Development and exploration | Corporate | Total | |||||||||||||||
| Net income (loss) | $ | 34,081 | $ | 638 | $ | 19 | $ | (5,156 | ) | $ | 29,582 | |||||||||
| Finance (income) expense, net | 745 | (117 | ) | — | 2,212 | 2,840 | ||||||||||||||
| Current and deferred income tax expense (recovery) | 6,153 | — | — | (1,676 | ) | 4,477 | ||||||||||||||
| Depreciation and depletion | 7,439 | 731 | — | 80 | 8,250 | |||||||||||||||
| EBITDA | $ | 48,418 | $ | 1,252 | $ | 19 | $ | (4,540 | ) | 45,149 | ||||||||||
| Unrealized foreign exchange (gain) loss | — | 1,309 | (268 | ) | — | 1,041 | ||||||||||||||
| Share-based payment expense | — | — | — | 640 | 640 | |||||||||||||||
| Transaction costs | — | — | — | 134 | 134 | |||||||||||||||
| Other (income) expense, net | 265 | (1,756 | ) | 1 | (1 | ) | (1,491 | ) | ||||||||||||
| Adjusted EBITDA | $ | 48,683 | $ | 805 | $ | (248 | ) | $ | (3,767 | ) | $ | 45,473 | ||||||||
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| (in thousands of US Dollars) | Conda | Arraias | Development and exploration | Corporate | Total | |||||||||||||||
| Operating income (loss) | $ | 41,452 | $ | 74 | $ | (248 | ) | $ | (4,623 | ) | $ | 36,655 | ||||||||
| Depreciation and depletion | 7,439 | 731 | — | 80 | 8,250 | |||||||||||||||
| Realized foreign exchange gain | (208 | ) | — | — | 2 | (206 | ) | |||||||||||||
| Share-based payment expense | — | — | — | 640 | 640 | |||||||||||||||
| Transaction costs | — | — | — | 134 | 134 | |||||||||||||||
| Adjusted EBITDA | $ | 48,683 | $ | 805 | $ | (248 | ) | $ | (3,767 | ) | $ | 45,473 | ||||||||
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For the year ended December 31, 2025 and 2024
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For the year ended December 31, 2025, the Company had EBITDA and Adjusted EBITDA by segment as follows:
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| (in thousands of US Dollars) | Conda | Arraias | Development and exploration | Corporate | Total | |||||||||||||||
| Net income (loss) | $ | 91,783 | $ | 10,699 | $ | (1,617 | ) | $ | 15,266 | $ | 116,131 | |||||||||
| Finance (income) expense, net | 5,817 | (17 | ) | — | 3,658 | 9,458 | ||||||||||||||
| Current and deferred income tax expense | 26,932 | 434 | — | 1,230 | 28,596 | |||||||||||||||
| Depreciation and depletion | 41,203 | 2,932 | 7 | 309 | 44,451 | |||||||||||||||
| EBITDA | $ | 165,735 | $ | 14,048 | $ | (1,610 | ) | $ | 20,463 | $ | 198,636 | |||||||||
| Unrealized foreign exchange loss | — | 731 | 248 | — | 979 | |||||||||||||||
| Share-based payment expense | — | — | — | 6,090 | 6,090 | |||||||||||||||
| Transaction costs | — | — | — | 174 | 174 | |||||||||||||||
| Employee retention tax credit refund | (1,857 | ) | — | — | (14 | ) | (1,871 | ) | ||||||||||||
| Other income, net | (271 | ) | (1,524 | ) | — | (43,513 | ) | (45,308 | ) | |||||||||||
| Adjusted EBITDA | $ | 163,607 | $ | 13,255 | $ | (1,362 | ) | $ | (16,800 | ) | $ | 158,700 | ||||||||
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| (in thousands of US Dollars) | Conda | Arraias | Development and exploration | Corporate | Total | |||||||||||||||
| Operating income (loss) | $ | 124,233 | $ | 10,323 | $ | (1,369 | ) | $ | (22,554 | ) | $ | 110,633 | ||||||||
| Depreciation and depletion | 41,203 | 2,932 | 7 | 309 | 44,451 | |||||||||||||||
| Realized foreign exchange loss | 28 | — | — | (805 | ) | (777 | ) | |||||||||||||
| Share-based payment expense | — | — | — | 6,090 | 6,090 | |||||||||||||||
| Transaction costs | — | — | — | 174 | 174 | |||||||||||||||
| Employee retention tax credit refund | (1,857 | ) | — | — | (14 | ) | (1,871 | ) | ||||||||||||
| Adjusted EBITDA | $ | 163,607 | $ | 13,255 | $ | (1,362 | ) | $ | (16,800 | ) | $ | 158,700 | ||||||||
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For the year ended December 31, 2024, the Company had EBITDA and Adjusted EBITDA by segment as follows:
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| (in thousands of US Dollars) | Conda | Arraias | Development and exploration | Corporate | Total | |||||||||||||||
| Net income (loss) | $ | 103,992 | $ | 2,418 | $ | (220 | ) | $ | (18,399 | ) | $ | 87,791 | ||||||||
| Finance (income) expense, net | 4,215 | (714 | ) | 2 | 7,429 | 10,932 | ||||||||||||||
| Current and deferred income tax expense (recovery) | 28,496 | — | — | (8,243 | ) | 20,253 | ||||||||||||||
| Depreciation and depletion | 31,858 | 2,384 | 13 | 330 | 34,585 | |||||||||||||||
| EBITDA | $ | 168,561 | $ | 4,088 | $ | (205 | ) | $ | (18,883 | ) | 153,561 | |||||||||
| Unrealized foreign exchange (gain) loss | — | 3,013 | (528 | ) | — | 2,485 | ||||||||||||||
| Share-based payment expense | — | — | — | 2,231 | 2,231 | |||||||||||||||
| Transaction costs | — | — | — | 842 | 842 | |||||||||||||||
| Non-recurring compensation expenses | — | — | — | 1,560 | 1,560 | |||||||||||||||
| Other (income) expense, net | 1,568 | (2,752 | ) | 7 | (41 | ) | (1,218 | ) | ||||||||||||
| Adjusted EBITDA | $ | 170,129 | $ | 4,349 | $ | (726 | ) | $ | (14,291 | ) | $ | 159,461 | ||||||||
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| (in thousands of US Dollars) | Conda | Arraias | Development and exploration | Corporate | Total | |||||||||||||||
| Operating income (loss) | $ | 138,482 | $ | 1,965 | $ | (739 | ) | $ | (19,246 | ) | $ | 120,462 | ||||||||
| Depreciation and depletion | 31,858 | 2,384 | 13 | 330 | 34,585 | |||||||||||||||
| Realized foreign exchange gain | (211 | ) | — | — | (8 | ) | (219 | ) | ||||||||||||
| Share-based payment expense | — | — | — | 2,231 | 2,231 | |||||||||||||||
| Transaction costs | — | — | — | 842 | 842 | |||||||||||||||
| Non-recurring compensation expenses | — | — | — | 1,560 | 1,560 | |||||||||||||||
| Adjusted EBITDA | $ | 170,129 | $ | 4,349 | $ | (726 | ) | $ | (14,291 | ) | $ | 159,461 | ||||||||
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As of December 31, 2025 and 2024
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As of December 31, 2025, and 2024, the Company had trailing 12 months Adjusted EBITDA5 as follows:
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| (in thousands of US Dollars) | December 31, 2025 | December 31, 2024 | |||||
| For the three months ended December 31, 2025 | $ | 38,698 | $ | — | |||
| For the three months ended September 30, 2025 | 48,896 | — | |||||
| For the three months ended June 30, 2025 | 31,827 | — | |||||
| For the three months ended March 31, 2025 | 39,279 | — | |||||
| For the three months ended December 31, 2024 | — | 45,473 | |||||
| For the three months ended September 30, 2024 | — | 38,011 | |||||
| For the three months ended June 30, 2024 | — | 32,810 | |||||
| For the three months ended March 31, 2024 | — | 43,167 | |||||
| Trailing 12 months Adjusted EBITDA | $ | 158,700 | $ | 159,461 | |||
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5Please refer to the press releases issued by the Company relating to the filings for the September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024 periods for the quantitative reconciliation.
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BASIC EARNINGS (C$/SHARE)
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For the three months and year ended December 31, 2025 and 2024, the Company had basic earnings (C$/share) as follows:
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| (in thousands of US Dollars | For the three months ended December 31, | For the year ended December 31, | ||||||||||||||
| except as otherwise noted) | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Basic earnings ($/share) | $ | 0.19 | $ | 0.10 | $ | 0.50 | $ | 0.30 | ||||||||
| Basic earnings (C$/share) | $ | 0.26 | $ | 0.13 | $ | 0.70 | $ | 0.41 | ||||||||
| Average exchange rate (C$/$) | 1.3947 | 1.3982 | 1.3978 | 1.3698 | ||||||||||||
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TOTAL CAPEX
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For the three months ended December 31, 2025 and 2024
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For the three months ended December 31, 2025, the Company had capex by segment as follows:
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| (in thousands of US Dollars) | Conda | Arraias | Development and exploration | Corporate | Total | |||||||||||||||
| Additions to property, plant and equipment | $ | 16,198 | $ | (978 | ) | $ | 14 | $ | — | $ | 15,234 | |||||||||
| Additions to mineral properties | 27,632 | — | 241 | — | 27,873 | |||||||||||||||
| Additions to property, plant and equipment related asset retirement obligations | (17,887 | ) | 2,079 | — | — | (15,808 | ) | |||||||||||||
| Additions to right-of-use assets | (5,534 | ) | (51 | ) | — | — | (5,585 | ) | ||||||||||||
| Capitalized interest in property, plant, and equipment and mineral properties | (2,137 | ) | — | — | — | (2,137 | ) | |||||||||||||
| Total capex | $ | 18,272 | $ | 1,050 | $ | 255 | $ | — | $ | 19,577 | ||||||||||
| Accrued capex | 357 | — | — | — | 357 | |||||||||||||||
| Total cash capex | $ | 18,629 | $ | 1,050 | $ | 255 | $ | — | $ | 19,934 | ||||||||||
| Maintenance capex | $ | 1,525 | $ | 106 | $ | — | $ | — | $ | 1,631 | ||||||||||
| Accrued maintenance capex | (19 | ) | — | — | — | (19 | ) | |||||||||||||
| Cash maintenance capex | $ | 1,506 | $ | 106 | $ | — | $ | — | $ | 1,612 | ||||||||||
| Growth capex | $ | 16,747 | $ | 944 | $ | 255 | $ | — | $ | 17,946 | ||||||||||
| Accrued growth capex | 376 | — | — | — | 376 | |||||||||||||||
| Cash growth capex | $ | 17,123 | $ | 944 | $ | 255 | $ | — | $ | 18,322 | ||||||||||
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For the three months ended December 31, 2024, the Company had capex by segment as follows:
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| (in thousands of US Dollars) | Conda | Arraias | Development and exploration | Corporate | Total | |||||||||||||||
| Additions to property, plant and equipment | $ | 24,185 | $ | (3,983 | ) | $ | — | $ | 2 | $ | 20,204 | |||||||||
| Additions to mineral properties | 7,905 | — | 5 | — | 7,910 | |||||||||||||||
| Additions to property, plant and equipment related asset retirement obligations | (17,952 | ) | 4,587 | — | — | (13,365 | ) | |||||||||||||
| Additions to right-of-use assets | — | 188 | — | — | 188 | |||||||||||||||
| Capitalized interest in property, plant, and equipment and mineral properties | (1,408 | ) | — | — | — | (1,408 | ) | |||||||||||||
| Total capex | $ | 12,730 | $ | 792 | $ | 5 | $ | 2 | $ | 13,529 | ||||||||||
| Accrued capex | 1,159 | — | — | — | 1,159 | |||||||||||||||
| Total cash capex | $ | 13,889 | $ | 792 | $ | 5 | $ | 2 | $ | 14,688 | ||||||||||
| Maintenance capex | $ | 799 | $ | 522 | $ | — | $ | 2 | $ | 1,323 | ||||||||||
| Accrued maintenance capex | (87 | ) | — | — | — | (87 | ) | |||||||||||||
| Cash maintenance capex | $ | 712 | $ | 522 | $ | — | $ | 2 | $ | 1,236 | ||||||||||
| Growth capex | $ | 11,931 | $ | 270 | $ | 5 | $ | — | $ | 12,206 | ||||||||||
| Accrued growth capex | 1,246 | — | — | — | 1,246 | |||||||||||||||
| Cash growth capex | $ | 13,177 | $ | 270 | $ | 5 | $ | — | $ | 13,452 | ||||||||||
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For the year ended December 31, 2025 and 2024
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For the year ended December 31, 2025, the Company had capex by segment as follows:
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| (in thousands of US Dollars) | Conda | Arraias | Development and exploration | Corporate | Total | |||||||||||||||
| Additions to property, plant and equipment | $ | 80,883 | $ | 5,138 | $ | 63 | $ | 17 | $ | 86,101 | ||||||||||
| Additions to mineral properties | 34,783 | 1,168 | 722 | — | 36,673 | |||||||||||||||
| Additions to asset retirement obligations | (19,428 | ) | 1,319 | — | — | (18,109 | ) | |||||||||||||
| Additions to right-of-use assets | (17,244 | ) | (471 | ) | (15 | ) | — | (17,730 | ) | |||||||||||
| Capitalized interest in property, plant, and equipment and mineral properties | (7,042 | ) | — | — | — | (7,042 | ) | |||||||||||||
| Total capex | $ | 71,952 | $ | 7,154 | $ | 770 | $ | 17 | $ | 79,893 | ||||||||||
| Accrued capex | (1,755 | ) | — | — | — | (1,755 | ) | |||||||||||||
| Total cash capex | $ | 70,197 | $ | 7,154 | $ | 770 | $ | 17 | $ | 78,138 | ||||||||||
| Maintenance capex | $ | 15,851 | $ | 323 | $ | — | $ | 17 | $ | 16,191 | ||||||||||
| Accrued maintenance capex | (127 | ) | — | — | — | (127 | ) | |||||||||||||
| Cash maintenance capex | $ | 15,724 | $ | 323 | $ | — | $ | 17 | $ | 16,064 | ||||||||||
| Growth capex | $ | 56,101 | $ | 6,831 | $ | 770 | $ | — | $ | 63,702 | ||||||||||
| Accrued growth capex | (1,628 | ) | — | — | — | (1,628 | ) | |||||||||||||
| Cash growth capex | $ | 54,473 | $ | 6,831 | $ | 770 | $ | — | $ | 62,074 | ||||||||||
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For the year ended December 31, 2024, the Company had capex by segment as follows:
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| (in thousands of US Dollars) | Conda | Arraias | Development and exploration | Corporate | Total | |||||||||||||||
| Additions to property, plant and equipment | $ | 56,660 | $ | (258 | ) | $ | (2 | ) | $ | 10 | $ | 56,410 | ||||||||
| Additions to mineral properties | 37,490 | — | 500 | — | 37,990 | |||||||||||||||
| Additions to asset retirement obligations | (24,123 | ) | 5,233 | — | — | (18,890 | ) | |||||||||||||
| Additions to right-of-use assets | — | (158 | ) | 2 | — | (156 | ) | |||||||||||||
| Capitalized interest in property, plant, and equipment and mineral properties | (4,122 | ) | — | — | — | (4,122 | ) | |||||||||||||
| Total capex | $ | 65,905 | $ | 4,817 | $ | 500 | $ | 10 | $ | 71,232 | ||||||||||
| Accrued capex | (3,752 | ) | — | — | — | (3,752 | ) | |||||||||||||
| Total cash capex | $ | 62,153 | $ | 4,817 | $ | 500 | $ | 10 | $ | 67,480 | ||||||||||
| Maintenance capex | $ | 23,765 | $ | 3,219 | $ | — | $ | 10 | $ | 26,994 | ||||||||||
| Accrued maintenance capex | (110 | ) | — | — | — | (110 | ) | |||||||||||||
| Cash maintenance capex | $ | 23,655 | $ | 3,219 | $ | — | $ | 10 | $ | 26,884 | ||||||||||
| Growth capex | $ | 42,140 | $ | 1,598 | $ | 500 | $ | — | $ | 44,238 | ||||||||||
| Accrued growth capex | (3,642 | ) | — | — | — | (3,642 | ) | |||||||||||||
| Cash growth capex | $ | 38,498 | $ | 1,598 | $ | 500 | $ | — | $ | 40,596 | ||||||||||
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NET DEBT AND NET LEVERAGE RATIO
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As of December 31, 2025 and 2024, the Company had net debt and net leverage ratio as follows:
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| (in thousands of US Dollars | December 31, | December 31, | ||||||
| except as otherwise noted) | 2025 | 2024 | ||||||
| Current debt | $ | 11,033 | $ | 11,163 | ||||
| Long-term debt | 77,428 | 86,804 | ||||||
| Cash and cash equivalents | (70,489 | ) | (74,372 | ) | ||||
| Deferred financing costs related to the Credit Facilities | 1,533 | 3,207 | ||||||
| Net debt | $ | 19,505 | $ | 26,802 | ||||
| Trailing 12 months Adjusted EBITDA | $ | 158,700 | $ | 159,461 | ||||
| Net leverage ratio | 0.1x | 0.2x | ||||||
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LIQUIDITY
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As of December 31, 2025 and 2024, the Company had liquidity as follows:
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| December 31, | December 31, | |||||||
| (in thousands of US Dollars) | 2025 | 2024 | ||||||
| Cash and cash equivalents | $ | 70,489 | $ | 74,372 | ||||
| ABL Facility undrawn borrowing capacity | 80,000 | 80,000 | ||||||
| Liquidity | $ | 150,489 | $ | 154,372 | ||||
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FREE CASH FLOW
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For the three months and year ended December 31, 2025 and 2024, the Company had free cash flow as follows:
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| For the three months ended December 31, | For the year ended December 31, | |||||||||||||||
| (in thousands of US Dollars) | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Cash flows from operating activities | $ | 2,216 | $ | 31,195 | $ | 88,100 | $ | 120,048 | ||||||||
| Cash flows from (used by) investing activities | 11,700 | (14,106 | ) | (36,895 | ) | (65,205 | ) | |||||||||
| Free cash flow | $ | 13,916 | $ | 17,089 | $ | 51,205 | $ | 54,843 | ||||||||
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CORPORATE SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES
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For the three months and year ended December 31, 2025 and 2024, the Company had corporate selling, general and administrative expenses as follows:
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| For the three months ended December 31, | For the year ended December 31, | |||||||||||||||
| (in thousands of US Dollars) | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Selling, general and administrative expenses | $ | 6,315 | $ | 4,623 | $ | 22,554 | $ | 19,246 | ||||||||
| Share-based payments expense | (1,555 | ) | (640 | ) | (6,090 | ) | (2,231 | ) | ||||||||
| Corporate selling, general and administrative expenses | $ | 4,760 | $ | 3,983 | $ | 16,464 | $ | 17,015 | ||||||||
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