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For the nine months ended September 30, 2025, the Company had EBITDA and Adjusted EBITDA by segment as follows:
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| (unaudited in thousands of US Dollars) | Conda | Arraias | Development and exploration | Corporate | Total | ||||||||||||||
| Net income (loss) | $ | 67,279 | $ | 10,278 | $ | (1,224 | ) | $ | 20,575 | $ | 96,908 | ||||||||
| Finance (income) expense, net | 3,666 | (458 | ) | — | 3,142 | 6,350 | |||||||||||||
| Current and deferred income tax expense | 19,771 | — | — | 3,151 | 22,922 | ||||||||||||||
| Depreciation and depletion | 28,604 | 2,152 | — | 232 | 30,988 | ||||||||||||||
| EBITDA | $ | 119,320 | $ | 11,972 | $ | (1,224 | ) | $ | 27,100 | $ | 157,168 | ||||||||
| Unrealized foreign exchange (gain) loss | — | (188 | ) | 318 | — | 130 | |||||||||||||
| Share-based payment expense | — | — | — | 4,535 | 4,535 | ||||||||||||||
| Transaction costs | — | — | — | 130 | 130 | ||||||||||||||
| Other (income) expense, net | 762 | 686 | — | (43,409 | ) | (41,961 | ) | ||||||||||||
| Adjusted EBITDA | $ | 120,082 | $ | 12,470 | $ | (906 | ) | $ | (11,644 | ) | $ | 120,002 | |||||||
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| (unaudited in thousands of US Dollars) | Conda | Arraias | Development and exploration | Corporate | Total | ||||||||||||||
| Operating income (loss) | $ | 91,484 | $ | 10,318 | $ | (906 | ) | $ | (16,239 | ) | $ | 84,657 | |||||||
| Depreciation and depletion | 28,604 | 2,152 | — | 232 | 30,988 | ||||||||||||||
| Realized foreign exchange loss | (6 | ) | — | — | (302 | ) | (308 | ) | |||||||||||
| Share-based payment expense | — | — | — | 4,535 | 4,535 | ||||||||||||||
| Transaction costs | — | — | — | 130 | 130 | ||||||||||||||
| Adjusted EBITDA | $ | 120,082 | $ | 12,470 | $ | (906 | ) | $ | (11,644 | ) | $ | 120,002 | |||||||
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For the nine months ended September 30, 2024, the Company had EBITDA and Adjusted EBITDA by segment as follows:
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| (unaudited in thousands of US Dollars) | Conda | Arraias | Development and exploration | Corporate | Total | ||||||||||||||
| Net income (loss) | $ | 69,911 | $ | 1,780 | $ | (239 | ) | $ | (13,243 | ) | $ | 58,209 | |||||||
| Finance (income) expense, net | 3,470 | (597 | ) | 2 | 5,217 | 8,092 | |||||||||||||
| Current and deferred income tax expense (recovery) | 22,343 | — | — | (6,567 | ) | 15,776 | |||||||||||||
| Depreciation and depletion | 24,419 | 1,653 | 13 | 250 | 26,335 | ||||||||||||||
| EBITDA | $ | 120,143 | $ | 2,836 | $ | (224 | ) | $ | (14,343 | ) | 108,412 | ||||||||
| Unrealized foreign exchange (gain) loss | — | 1,704 | (260 | ) | — | 1,444 | |||||||||||||
| Share-based payment expense | — | — | — | 1,591 | 1,591 | ||||||||||||||
| Transaction costs | — | — | — | 708 | 708 | ||||||||||||||
| Non-recurring compensation expenses | — | — | — | 1,560 | 1,560 | ||||||||||||||
| Other (income) expense, net | 1,303 | (996 | ) | 6 | (40 | ) | 273 | ||||||||||||
| Adjusted EBITDA | $ | 121,446 | $ | 3,544 | $ | (478 | ) | $ | (10,524 | ) | $ | 113,988 | |||||||
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| (unaudited in thousands of US Dollars) | Conda | Arraias | Development and exploration | Corporate | Total | ||||||||||||||
| Operating income (loss) | $ | 97,030 | $ | 1,891 | $ | (491 | ) | $ | (14,623 | ) | $ | 83,807 | |||||||
| Depreciation and depletion | 24,419 | 1,653 | 13 | 250 | 26,335 | ||||||||||||||
| Realized foreign exchange gain | (3 | ) | — | — | (10 | ) | (13 | ) | |||||||||||
| Share-based payment expense | — | — | — | 1,591 | 1,591 | ||||||||||||||
| Transaction costs | — | — | — | 708 | 708 | ||||||||||||||
| Non-recurring compensation expenses | — | — | — | 1,560 | 1,560 | ||||||||||||||
| Adjusted EBITDA | $ | 121,446 | $ | 3,544 | $ | (478 | ) | $ | (10,524 | ) | $ | 113,988 | |||||||
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As of September 30, 2025 and December 31, 2024
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As of September 30, 2025, and December 31, 2024 the Company had trailing 12 months Adjusted EBITDA5 as follows:
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| (unaudited in thousands of US Dollars) | September 30, 2025 | December 31, 2024 | |||||
| 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 | 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 | $ | 165,475 | $ | 159,461 | |||
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BASIC EARNINGS (C$/SHARE)
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For the three and nine months ended September 30, 2025 and 2024, the Company had basic earnings (C$/share) as follows:
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| (unaudited in thousands of US Dollars | For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||
| 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$/$) | 1.3773 | 1.3641 | 1.3988 | 1.3604 | |||||||||||
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TOTAL CAPEX
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For the three months ended September 30, 2025 and 2024
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For the three months ended September 30, 2025, the Company had capex by segment as follows:
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| (unaudited in thousands of US Dollars) | Conda | Arraias | Development and exploration | Corporate | Total | ||||||||||||||
| Additions to property, plant and equipment | $ | 24,002 | $ | 712 | $ | 28 | $ | 17 | $ | 24,759 | |||||||||
| Additions to mineral properties | (1,346 | ) | 943 | 67 | — | (336 | ) | ||||||||||||
| Additions to property, plant and equipment related asset retirement obligations | (533 | ) | (128 | ) | — | — | (661 | ) | |||||||||||
| Additions to right-of-use assets | — | (109 | ) | — | — | (109 | ) | ||||||||||||
| Capitalized interest in property, plant, and equipment and mineral properties | (2,066 | ) | — | — | — | (2,066 | ) | ||||||||||||
| Total capex | $ | 20,057 | $ | 1,418 | $ | 95 | $ | 17 | $ | 21,587 | |||||||||
| Accrued capex | 3,800 | — | — | — | 3,800 | ||||||||||||||
| Total cash capex | $ | 23,857 | $ | 1,418 | $ | 95 | $ | 17 | $ | 25,387 | |||||||||
| Maintenance capex | $ | 2,002 | $ | 106 | $ | — | $ | 17 | $ | 2,125 | |||||||||
| Accrued maintenance capex | 467 | — | — | — | 467 | ||||||||||||||
| Cash maintenance capex | $ | 2,469 | $ | 106 | $ | — | $ | 17 | $ | 2,592 | |||||||||
| Growth capex | $ | 18,055 | $ | 1,312 | $ | 95 | $ | — | $ | 19,462 | |||||||||
| Accrued growth capex | 3,333 | — | — | — | 3,333 | ||||||||||||||
| Cash growth capex | $ | 21,388 | $ | 1,312 | $ | 95 | $ | — | $ | 22,795 | |||||||||
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For the three months ended September 30, 2024, the Company had capex by segment as follows:
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| (unaudited in thousands of US Dollars) | Conda | Arraias | Development and exploration | Corporate | Total | ||||||||||||||
| Additions to property, plant and equipment | $ | 11,633 | $ | 710 | $ | — | $ | 5 | $ | 12,348 | |||||||||
| Additions to mineral properties | 18,738 | — | 108 | — | 18,846 | ||||||||||||||
| Additions to property, plant and equipment related asset retirement obligations | (7,261 | ) | (120 | ) | — | — | (7,381 | ) | |||||||||||
| Additions to right-of-use assets | — | (5 | ) | — | — | (5 | ) | ||||||||||||
| Capitalized interest in property, plant, and equipment and mineral properties | (2,714 | ) | — | — | — | (2,714 | ) | ||||||||||||
| Total capex | $ | 20,396 | $ | 585 | $ | 108 | $ | 5 | $ | 21,094 | |||||||||
| Accrued capex | 8,152 | — | — | — | 8,152 | ||||||||||||||
| Total cash capex | $ | 28,548 | $ | 585 | $ | 108 | $ | 5 | $ | 29,246 | |||||||||
| Maintenance capex | $ | 2,250 | $ | 324 | $ | — | $ | 5 | $ | 2,579 | |||||||||
| Accrued maintenance capex | 9,623 | — | — | — | 9,623 | ||||||||||||||
| Cash maintenance capex | $ | 11,873 | $ | 324 | $ | — | $ | 5 | $ | 12,202 | |||||||||
| Growth capex | $ | 18,146 | $ | 261 | $ | 108 | $ | — | $ | 18,515 | |||||||||
| Accrued growth capex | (1,471 | ) | — | — | — | (1,471 | ) | ||||||||||||
| Cash growth capex | $ | 16,675 | $ | 261 | $ | 108 | $ | — | $ | 17,044 | |||||||||
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For the nine months ended September 30, 2025 and 2024
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For the nine months ended September 30, 2025, the Company had capex by segment as follows:
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| (unaudited in thousands of US Dollars) | Conda | Arraias | Development and exploration | Corporate | Total | ||||||||||||||
| Additions to property, plant and equipment | $ | 64,685 | $ | 6,116 | $ | 49 | $ | 17 | $ | 70,867 | |||||||||
| Additions to mineral properties | 7,151 | 1,168 | 481 | — | 8,800 | ||||||||||||||
| Additions to asset retirement obligations | (1,541 | ) | (760 | ) | — | — | (2,301 | ) | |||||||||||
| Additions to right-of-use assets | (11,710 | ) | (420 | ) | (15 | ) | — | (12,145 | ) | ||||||||||
| Capitalized interest in property, plant, and equipment and mineral properties | (4,905 | ) | — | — | — | (4,905 | ) | ||||||||||||
| Total capex | $ | 53,680 | $ | 6,104 | $ | 515 | $ | 17 | $ | 60,316 | |||||||||
| Accrued capex | (2,112 | ) | — | — | — | (2,112 | ) | ||||||||||||
| Total cash capex | $ | 51,568 | $ | 6,104 | $ | 515 | $ | 17 | $ | 58,204 | |||||||||
| Maintenance capex | $ | 14,326 | $ | 217 | $ | — | $ | 17 | $ | 14,560 | |||||||||
| Accrued maintenance capex | (108 | ) | — | — | — | (108 | ) | ||||||||||||
| Cash maintenance capex | $ | 14,218 | $ | 217 | $ | — | $ | 17 | $ | 14,452 | |||||||||
| Growth capex | $ | 39,354 | $ | 5,887 | $ | 515 | $ | — | $ | 45,756 | |||||||||
| Accrued growth capex | (2,004 | ) | — | — | — | (2,004 | ) | ||||||||||||
| Cash growth capex | $ | 37,350 | $ | 5,887 | $ | 515 | $ | — | $ | 43,752 | |||||||||
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For the nine months ended September 30, 2024, the Company had capex by segment as follows:
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| (unaudited in thousands of US Dollars) | Conda | Arraias | Development and exploration | Corporate | Total | ||||||||||||||
| Additions to property, plant and equipment | $ | 32,475 | $ | 3,725 | $ | (2 | ) | $ | 8 | $ | 36,206 | ||||||||
| Additions to mineral properties | 29,585 | — | 495 | — | 30,080 | ||||||||||||||
| Additions to asset retirement obligations | (6,171 | ) | 646 | — | — | (5,525 | ) | ||||||||||||
| Additions to right-of-use assets | — | (346 | ) | 2 | — | (344 | ) | ||||||||||||
| Capitalized interest in property, plant, and equipment and mineral properties | (2,714 | ) | — | — | — | (2,714 | ) | ||||||||||||
| Total capex | $ | 53,175 | $ | 4,025 | $ | 495 | $ | 8 | $ | 57,703 | |||||||||
| Accrued capex | (4,911 | ) | — | — | — | (4,911 | ) | ||||||||||||
| Total cash capex | $ | 48,264 | $ | 4,025 | $ | 495 | $ | 8 | $ | 52,792 | |||||||||
| Maintenance capex | $ | 22,966 | $ | 2,697 | $ | — | $ | 8 | $ | 25,671 | |||||||||
| Accrued maintenance capex | (23 | ) | — | — | — | (23 | ) | ||||||||||||
| Cash maintenance capex | $ | 22,943 | $ | 2,697 | $ | — | $ | 8 | $ | 25,648 | |||||||||
| Growth capex | $ | 30,209 | $ | 1,328 | $ | 495 | $ | — | $ | 32,032 | |||||||||
| Accrued growth capex | (4,888 | ) | — | — | — | (4,888 | ) | ||||||||||||
| Cash growth capex | $ | 25,321 | $ | 1,328 | $ | 495 | $ | — | $ | 27,144 | |||||||||
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NET DEBT AND NET LEVERAGE RATIO
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As of September 30, 2025, and December 31, 2024 the Company had net debt and net leverage ratio as follows:
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| (unaudited in thousands of US Dollars | September 30, | December 31, | |||||
| except as otherwise noted) | 2025 | 2024 | |||||
| Current debt | $ | 11,048 | $ | 11,163 | |||
| Long-term debt | 79,715 | 86,804 | |||||
| Cash and cash equivalents | (86,681 | ) | (74,372 | ) | |||
| Deferred financing costs related to the Credit Facilities | 1,997 | 3,207 | |||||
| Net debt | $ | 6,079 | $ | 26,802 | |||
| Trailing 12 months Adjusted EBITDA | $ | 165,475 | $ | 159,461 | |||
| Net leverage ratio | 0.0x | 0.2x | |||||
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LIQUIDITY
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As of September 30, 2025, and December 31, 2024 the Company had liquidity as follows:
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| September 30, | December 31, | ||||||
| (unaudited in thousands of US Dollars) | 2025 | 2024 | |||||
| Cash and cash equivalents | $ | 86,681 | $ | 74,372 | |||
| ABL Facility undrawn borrowing capacity | 80,000 | 80,000 | |||||
| Liquidity | $ | 166,681 | $ | 154,372 | |||
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FREE CASH FLOW
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For the three and nine months ended September 30, 2025 and 2024, the Company had free cash flow as follows:
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| For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||
| (unaudited in thousands of US Dollars) | 2025 | 2024 | 2025 | 2024 | |||||||||||
| Cash flows from operating activities | $ | 19,753 | $ | 6,342 | $ | 85,884 | $ | 88,853 | |||||||
| Cash flows used by investing activities | (24,572 | ) | (28,771 | ) | (48,595 | ) | (51,099 | ) | |||||||
| Free cash flow | $ | (4,819 | ) | $ | (22,429 | ) | $ | 37,289 | $ | 37,754 | |||||
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CORPORATE SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES
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For the three and nine months ended September 30, 2025 and 2024, the Company had corporate selling, general and administrative expenses as follows:
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| For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||
| (unaudited in thousands of US Dollars) | 2025 | 2024 | 2025 | 2024 | |||||||||||
| Selling, general and administrative expenses | $ | 4,883 | $ | 4,681 | $ | 16,239 | $ | 14,623 | |||||||
| Share-based payments expense | (658 | ) | (734 | ) | (4,535 | ) | (1,591 | ) | |||||||
| Corporate selling, general and administrative expenses | $ | 4,225 | $ | 3,947 | $ | 11,704 | $ | 13,032 | |||||||
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1 Adjusted EBITDA, basic earnings, and free cash flow are each a non-IFRS financial measure. For additional information on non-IFRS and other financial measures, see “Non-IFRS financial measures” below. International Financial Reporting Standards (“IFRS”).
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2 Total capex, trailing 12 months Adjusted EBITDA, net debt, and net leverage ratio are each a non-IFRS financial measure. For additional information on non-IFRS and other financial measures, see “Non-IFRS financial measures” below.
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3 Sales volumes reflect quantity in P2O5 of Conda sales projections.
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4 Corporate selling, general and administrative expenses, maintenance capex, growth capex and liquidity are each a non-IFRS financial measure. For additional information on non-IFRS and other financial measures, see “Non-IFRS financial measures” below.
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5 Please refer to the press releases issued by the Company relating to the filings for the June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024 periods for the quantitative reconciliation.
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