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DEFINITIONS
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The Company defines its non-IFRS measures as follows:
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| Non-IFRS measure | Definition | Most directly comparable IFRS measure | Why the Company uses the measure |
| EBITDA | earnings (loss) before interest, taxes, depreciation, depletion and amortization | Net income (loss) and operating income (loss) | EBITDA is a valuable indicator of the Company’s ability to generate operating income |
| Adjusted EBITDA | EBITDA adjusted for non-cash, extraordinary, non-recurring and other items unrelated to the Company’s core operating activities | Net income (loss) and operating income (loss) | Adjusted EBITDA is a valuable indicator of the Company’s ability to generate operating income from its core operating activities normalized to remove the impact of non-cash, extraordinary and non-recurring items. The Company provides guidance on Adjusted EBITDA as useful supplemental information to investors, analysts, lenders, and others |
| Basic earnings (loss) (C$/share) | Basic earnings (loss) per share denominated in US dollars ($/share) divided by the average exchange rate C$/$ during the period. | Basic earnings (loss) ($/share) | The Company considers that basic earnings (loss) (C$/share) is a useful indicator to investors given that the Company’s shares primarily trade in C$ |
| Trailing 12 months Adjusted EBITDA | Adjusted EBITDA for the current and preceding three quarters | Net income (loss) and operating income (loss) for the current and preceding three quarters | The Company uses the trailing 12 months Adjusted EBITDA in the calculation of the net leverage ratio (non-IFRS measure) |
| Total capex | Additions to property, plant, and equipment and mineral properties adjusted for additions to asset retirement obligations, additions to right-of-use assets and capitalized interest | Additions to property, plant and equipment and mineral properties | The Company uses total capex in the calculation of total cash capex (non-IFRS measure) |
| Maintenance capex | Portion of total capex relating to the maintenance of ongoing operations | Additions to property, plant and equipment and mineral properties | Maintenance capex is a valuable indicator of the Company’s required capital expenditures to sustain operations at existing levels |
| Growth capex | Portion of total capex relating to the development of growth opportunities | Additions to property, plant and equipment and mineral properties | Growth capex is a valuable indicator of the Company’s capital expenditures related to growth opportunities. |
| Total cash capex | Total capex less accrued capex | Additions to property, plant and equipment and mineral properties | The Company uses total cash capex in the calculation of cash growth capex (non-IFRS measure) |
| Cash maintenance capex | Maintenance capex less accrued maintenance capex | Additions to property, plant and equipment and mineral properties | The Company uses cash maintenance capex in the calculation of cash growth capex (non-IFRS measure) |
| Cash growth capex | Growth capex less accrued growth capex | Additions to property, plant and equipment and mineral properties | The Company uses cash growth capex in the calculation of free cash flow (non-IFRS measure). |
| Net debt | Debt less cash and cash equivalents plus deferred financing costs (does not consider lease liabilities) | Current debt, long-term debt and cash and cash equivalents | Net debt is a valuable indicator of the Company’s net debt position as it removes the impact of deferring financing costs. |
| Net leverage ratio | Net debt divided by trailing 12 months Adjusted EBITDA | Current debt, long-term debt and cash and cash equivalents; net income (loss) and operating income (loss) for the current and preceding three quarters | The Company’s net leverage ratio is a valuable indicator of its ability to service its debt from its core operating activities. |
| Liquidity | Cash and cash equivalents plus undrawn committed borrowing capacity | Cash and cash equivalents | Liquidity is a valuable indicator of the Company’s liquidity |
| Free cash flow | Cash flows from operating activities, which excludes payment of interest expense, plus cash flows from investing activities | Cash flows from operating activities and cash flows from investing activities | Free cash flow is a valuable indicator of the Company’s ability to generate cash flows from operations after giving effect to required capital expenditures to sustain operations at existing levels. Free cash flow is a valuable indicator of the Company’s cash flow available for debt service or to fund growth opportunities. The Company provides guidance on free cash flow as useful supplemental information to investors, analysts, lenders, and others. |
| Cash margin | Revenues less cash costs | Gross margin | The Company uses cash margin in the calculation of cash margin per tonne P2O5(non-IFRS measure). |
| Cash margin per tonne P2O5 | Revenues per tonne P2O5less cash costs per tonne P2O5 | Gross margin | Cash margin per tonne P2O5is a valuable indicator of the Company’s ability to generate margin on sales across its various phosphate and specialty fertilizer products normalized on a per tonne P2O5basis. |
| Corporate selling, general and administrative expenses | Corporate selling, general and administrative less share-based payments expense. | Selling, general and administrative expenses | The Company uses corporate selling, general and administrative expenses to assess corporate performance. |
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EBITDA, ADJUSTED EBITDA AND TRAILING 12 MONTHS ADJUSTED EBITDA
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For the three months ended June 30, 2026 and 2025
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For the three months ended June 30, 2026, 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) | $ | (4,483 | ) | $ | 3,667 | $ | (451 | ) | $ | (4,354 | ) | $ | (5,621 | ) | ||||||
| Finance (income) expense, net | 2,226 | (226 | ) | — | 1,646 | 3,646 | ||||||||||||||
| Current and deferred income tax expense (recovery) | (1,169 | ) | 244 | — | (1,303 | ) | (2,228 | ) | ||||||||||||
| Depreciation and depletion | 20,539 | 737 | 15 | 77 | 21,368 | |||||||||||||||
| EBITDA | $ | 17,113 | $ | 4,422 | $ | (436 | ) | $ | (3,934 | ) | $ | 17,165 | ||||||||
| Unrealized foreign exchange loss | — | 320 | 35 | — | 355 | |||||||||||||||
| Share-based payment recovery | — | — | — | (475 | ) | (475 | ) | |||||||||||||
| Transaction costs | — | — | — | 315 | 315 | |||||||||||||||
| Other expense, net | 455 | 6 | 22 | — | 483 | |||||||||||||||
| Adjusted EBITDA | $ | 17,568 | $ | 4,748 | $ | (379 | ) | $ | (4,094 | ) | $ | 17,843 | ||||||||
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| (unaudited in thousands of US Dollars) | Conda | Arraias | Development and exploration | Corporate | Total | |||||||||||||||
| Operating income (loss) | $ | (2,972 | ) | $ | 4,011 | $ | (394 | ) | $ | (4,012 | ) | $ | (3,367 | ) | ||||||
| Depreciation and depletion | 20,539 | 737 | 15 | 77 | 21,368 | |||||||||||||||
| Realized foreign exchange gain | 1 | — | — | 1 | 2 | |||||||||||||||
| Share-based payment recovery | — | — | — | (475 | ) | (475 | ) | |||||||||||||
| Transaction costs | — | — | — | 315 | 315 | |||||||||||||||
| Adjusted EBITDA | $ | 17,568 | $ | 4,748 | $ | (379 | ) | $ | (4,094 | ) | $ | 17,843 | ||||||||
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For the three months ended June 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) | $ | 20,698 | $ | 2,614 | $ | (418 | ) | $ | 1,925 | $ | 24,819 | |||||||||
| Finance (income) expense, net | 1,393 | (138 | ) | — | 1,162 | 2,417 | ||||||||||||||
| Current and deferred income tax expense (recovery) | 5,377 | — | — | (4,451 | ) | 926 | ||||||||||||||
| Depreciation and depletion | 5,136 | 679 | — | 77 | 5,892 | |||||||||||||||
| EBITDA | $ | 32,604 | $ | 3,155 | $ | (418 | ) | $ | (1,287 | ) | 34,054 | |||||||||
| Unrealized foreign exchange loss | — | 113 | 104 | — | 217 | |||||||||||||||
| Share-based payment expense | — | — | — | 1,380 | 1,380 | |||||||||||||||
| Transaction costs | — | — | — | 12 | 12 | |||||||||||||||
| Other (income) expense, net | 278 | 170 | — | (4,284 | ) | (3,836 | ) | |||||||||||||
| Adjusted EBITDA | $ | 32,882 | $ | 3,438 | $ | (314 | ) | $ | (4,179 | ) | $ | 31,827 | ||||||||
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| (unaudited in thousands of US Dollars) | Conda | Arraias | Development and exploration | Corporate | Total | |||||||||||||||
| Operating income (loss) | $ | 27,746 | $ | 2,759 | $ | (314 | ) | $ | (5,384 | ) | $ | 24,807 | ||||||||
| Depreciation and depletion | 5,136 | 679 | — | 77 | 5,892 | |||||||||||||||
| Realized foreign exchange gain | — | — | — | (264 | ) | (264 | ) | |||||||||||||
| Share-based payment expense | — | — | — | 1,380 | 1,380 | |||||||||||||||
| Transaction costs | — | — | — | 12 | 12 | |||||||||||||||
| Adjusted EBITDA | $ | 32,882 | $ | 3,438 | $ | (314 | ) | $ | (4,179 | ) | $ | 31,827 | ||||||||
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For the six months ended June 30, 2026 and 2025
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For the six months ended June 30, 2026, 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) | $ | 4,670 | $ | 5,208 | $ | (948 | ) | $ | (12,823 | ) | $ | (3,893 | ) | |||||||
| Finance (income) expense, net | 4,286 | (212 | ) | — | 1,998 | 6,072 | ||||||||||||||
| Current and deferred income tax expense (recovery) | (1,803 | ) | 244 | — | (1,062 | ) | (2,621 | ) | ||||||||||||
| Depreciation and depletion | 31,612 | 1,448 | 30 | 154 | 33,244 | |||||||||||||||
| EBITDA | $ | 38,765 | $ | 6,688 | $ | (918 | ) | $ | (11,733 | ) | $ | 32,802 | ||||||||
| Unrealized foreign exchange (gain) loss | — | (829 | ) | 168 | — | (661 | ) | |||||||||||||
| Share-based payment expense | — | — | — | 2,244 | 2,244 | |||||||||||||||
| Non-recurring expenses | — | 260 | — | — | 260 | |||||||||||||||
| Transaction costs | — | — | — | 315 | 315 | |||||||||||||||
| Non-recurring compensation expenses | — | 55 | — | 325 | 380 | |||||||||||||||
| Other (income) expense, net | 876 | (17 | ) | 22 | — | 881 | ||||||||||||||
| Adjusted EBITDA | $ | 39,641 | $ | 6,157 | $ | (728 | ) | $ | (8,849 | ) | $ | 36,221 | ||||||||
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| (unaudited in thousands of US Dollars) | Conda | Arraias | Development and exploration | Corporate | Total | |||||||||||||||
| Operating income (loss) | $ | 8,030 | $ | 4,394 | $ | (758 | ) | $ | (11,877 | ) | $ | (211 | ) | |||||||
| Depreciation and depletion | 31,612 | 1,448 | 30 | 154 | 33,244 | |||||||||||||||
| Realized foreign exchange loss | (1 | ) | — | — | (10 | ) | (11 | ) | ||||||||||||
| Share-based payment expense | — | — | — | 2,244 | 2,244 | |||||||||||||||
| Non-recurring expenses | — | 260 | — | — | 260 | |||||||||||||||
| Transaction costs | — | — | — | 315 | 315 | |||||||||||||||
| Non-recurring compensation expenses | — | 55 | — | 325 | 380 | |||||||||||||||
| Adjusted EBITDA | $ | 39,641 | $ | 6,157 | $ | (728 | ) | $ | (8,849 | ) | $ | 36,221 | ||||||||
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For the six months ended June 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) | $ | 43,416 | $ | 4,480 | $ | (862 | ) | $ | 13,656 | $ | 60,690 | |||||||||
| Finance (income) expense, net | 2,470 | (305 | ) | — | 2,500 | 4,665 | ||||||||||||||
| Current and deferred income tax expense | 12,016 | — | — | 1,953 | 13,969 | |||||||||||||||
| Depreciation and depletion | 15,374 | 1,293 | — | 154 | 16,821 | |||||||||||||||
| EBITDA | $ | 73,276 | $ | 5,468 | $ | (862 | ) | $ | 18,263 | 96,145 | ||||||||||
| Unrealized foreign exchange (gain) loss | — | (258 | ) | 264 | — | 6 | ||||||||||||||
| Share-based payment expense | — | — | — | 3,877 | 3,877 | |||||||||||||||
| Transaction costs | — | — | — | 104 | 104 | |||||||||||||||
| Other (income) expense, net | 511 | 212 | — | (29,749 | ) | (29,026 | ) | |||||||||||||
| Adjusted EBITDA | $ | 73,787 | $ | 5,422 | $ | (598 | ) | $ | (7,505 | ) | $ | 71,106 | ||||||||
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| (unaudited in thousands of US Dollars) | Conda | Arraias | Development and exploration | Corporate | Total | |||||||||||||||
| Operating income (loss) | $ | 58,417 | $ | 4,129 | $ | (598 | ) | $ | (11,356 | ) | $ | 50,592 | ||||||||
| Depreciation and depletion | 15,374 | 1,293 | — | 154 | 16,821 | |||||||||||||||
| Realized foreign exchange gain | (4 | ) | — | — | (284 | ) | (288 | ) | ||||||||||||
| Share-based payment expense | — | — | — | 3,877 | 3,877 | |||||||||||||||
| Transaction costs | — | — | — | 104 | 104 | |||||||||||||||
| Adjusted EBITDA | $ | 73,787 | $ | 5,422 | $ | (598 | ) | $ | (7,505 | ) | $ | 71,106 | ||||||||
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As of June 30, 2026 and December 31, 2025
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As of June 30, 2026, and December 31, 2025 the Company had trailing 12 months Adjusted EBITDA7 as follows:
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| (unaudited in thousands of US Dollars) | June 30, 2026 | December 31, 2025 | ||||||||||
| For the three months ended June 30, 2026 | $ | 17,843 | $ | — | ||||||||
| For the three months ended March 31, 2026 | 18,378 | — | ||||||||||
| For the three months ended December 31, 2025 | 38,698 | 38,698 | ||||||||||
| For the three months ended September 30, 2025 | 48,896 | 48,896 | ||||||||||
| For the three months ended June 30, 2025 | — | 31,827 | ||||||||||
| For the three months ended March 31, 2025 | — | 39,279 | ||||||||||
| Trailing 12 months Adjusted EBITDA | $ | 123,815 | $ | 158,700 | ||||||||
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BASIC EARNINGS (LOSS) (C$/SHARE)
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For the three and six months ended June 30, 2026 and 2025, the Company had basic earnings (loss) (C$/share) as follows:
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| (unaudited in thousands of US Dollars | For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||
| except as otherwise noted) | 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Basic earnings (loss) ($/share) | $ | (0.03 | ) | $ | 0.13 | $ | (0.02 | ) | $ | 0.31 | |||||||
| Basic earnings (loss) (C$/share) | $ | (0.04 | ) | $ | 0.18 | $ | (0.03 | ) | $ | 0.44 | |||||||
| Average exchange rate (C$/$) | 1.3843 | 1.3841 | 1.3781 | 1.4094 | |||||||||||||
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TOTAL CAPEX AND CASH CAPEX
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For the three months ended June 30, 2026 and 2025
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For the three months ended June 30, 2026 the Company had capex and cash 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 | $ | 24,544 | $ | 4,368 | $ | 10 | $ | 20 | $ | 28,942 | ||||||||||
| Additions to mineral properties | 1,696 | — | 852 | — | 2,548 | |||||||||||||||
| Additions to property, plant and equipment related asset retirement obligations | — | 50 | — | — | 50 | |||||||||||||||
| Additions to right-of-use assets | — | (122 | ) | (3 | ) | — | (125 | ) | ||||||||||||
| Capitalized interest in property, plant, and equipment and mineral properties | (834 | ) | — | — | — | (834 | ) | |||||||||||||
| Total capex | $ | 25,406 | $ | 4,296 | $ | 859 | $ | 20 | $ | 30,581 | ||||||||||
| Accrued capex | (9,329 | ) | — | — | — | (9,329 | ) | |||||||||||||
| Total cash capex | $ | 16,077 | $ | 4,296 | $ | 859 | $ | 20 | $ | 21,252 | ||||||||||
| Maintenance capex | $ | 10,601 | $ | 3,648 | $ | — | $ | 20 | $ | 14,269 | ||||||||||
| Accrued maintenance capex | (6,375 | ) | — | — | — | (6,375 | ) | |||||||||||||
| Cash maintenance capex | $ | 4,226 | $ | 3,648 | $ | — | $ | 20 | $ | 7,894 | ||||||||||
| Growth capex | $ | 14,805 | $ | 648 | $ | 859 | $ | — | $ | 16,312 | ||||||||||
| Accrued growth capex | (2,954 | ) | — | — | — | (2,954 | ) | |||||||||||||
| Cash growth capex | $ | 11,851 | $ | 648 | $ | 859 | $ | — | $ | 13,358 | ||||||||||
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For the three months ended June 30, 2025, the Company had capex and cash 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 | $ | 36,024 | $ | 3,211 | $ | 6 | $ | — | $ | 39,241 | ||||||||||
| Additions to mineral properties | 510 | — | 400 | — | 910 | |||||||||||||||
| Additions to property, plant and equipment related asset retirement obligations | 2,098 | (262 | ) | — | — | 1,836 | ||||||||||||||
| Additions to right-of-use assets | (11,710 | ) | (51 | ) | — | — | (11,761 | ) | ||||||||||||
| Capitalized interest in property, plant, and equipment and mineral properties | (1,418 | ) | — | — | — | (1,418 | ) | |||||||||||||
| Total capex | $ | 25,504 | $ | 2,898 | $ | 406 | $ | — | $ | 28,808 | ||||||||||
| Accrued capex | (4,034 | ) | — | — | — | (4,034 | ) | |||||||||||||
| Total cash capex | $ | 21,470 | $ | 2,898 | $ | 406 | $ | — | $ | 24,774 | ||||||||||
| Maintenance capex | $ | 11,877 | $ | 63 | $ | — | $ | — | $ | 11,940 | ||||||||||
| Accrued maintenance capex | (542 | ) | — | — | — | (542 | ) | |||||||||||||
| Cash maintenance capex | $ | 11,335 | $ | 63 | $ | — | $ | — | $ | 11,398 | ||||||||||
| Growth capex | $ | 13,627 | $ | 2,835 | $ | 406 | $ | — | $ | 16,868 | ||||||||||
| Accrued growth capex | (3,492 | ) | — | — | — | (3,492 | ) | |||||||||||||
| Cash growth capex | $ | 10,135 | $ | 2,835 | $ | 406 | $ | — | $ | 13,376 | ||||||||||
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For the six months ended June 30, 2026 and 2025
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For the six months ended June 30, 2026 the Company had capex and cash 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 | $ | 36,784 | $ | 5,664 | $ | 32 | $ | 23 | $ | 42,503 | ||||||||||
| Additions to mineral properties | 3,194 | — | 1,164 | — | 4,358 | |||||||||||||||
| Additions to asset retirement obligations | — | (331 | ) | — | — | (331 | ) | |||||||||||||
| Additions to right-of-use assets | — | (261 | ) | (3 | ) | — | (264 | ) | ||||||||||||
| Capitalized interest in property, plant, and equipment and mineral properties | (3,045 | ) | — | — | — | (3,045 | ) | |||||||||||||
| Total capex | $ | 36,933 | $ | 5,072 | $ | 1,193 | $ | 23 | $ | 43,221 | ||||||||||
| Accrued capex | (3,603 | ) | — | — | — | (3,603 | ) | |||||||||||||
| Total cash capex | $ | 33,330 | $ | 5,072 | $ | 1,193 | $ | 23 | $ | 39,618 | ||||||||||
| Maintenance capex | $ | 12,255 | $ | 3,998 | $ | — | $ | 23 | $ | 16,276 | ||||||||||
| Accrued maintenance capex | (6,831 | ) | — | — | — | (6,831 | ) | |||||||||||||
| Cash maintenance capex | $ | 5,424 | $ | 3,998 | $ | — | $ | 23 | $ | 9,445 | ||||||||||
| Growth capex | $ | 24,678 | $ | 1,074 | $ | 1,193 | $ | — | $ | 26,945 | ||||||||||
| Accrued growth capex | 3,228 | — | — | — | 3,228 | |||||||||||||||
| Cash growth capex | $ | 27,906 | $ | 1,074 | $ | 1,193 | $ | — | $ | 30,173 | ||||||||||
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For the six months ended June 30, 2025, the Company had capex and cash 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 | $ | 40,683 | $ | 5,404 | $ | 21 | $ | — | $ | 46,108 | ||||||||||
| Additions to mineral properties | 8,497 | 225 | 414 | — | 9,136 | |||||||||||||||
| Additions to asset retirement obligations | (1,008 | ) | (632 | ) | — | — | (1,640 | ) | ||||||||||||
| Additions to right-of-use assets | (11,710 | ) | (311 | ) | (15 | ) | — | (12,036 | ) | |||||||||||
| Capitalized interest in property, plant, and equipment and mineral properties | (2,839 | ) | — | — | — | (2,839 | ) | |||||||||||||
| Total capex | $ | 33,623 | $ | 4,686 | $ | 420 | $ | — | $ | 38,729 | ||||||||||
| Accrued capex | (5,912 | ) | — | — | — | (5,912 | ) | |||||||||||||
| Total cash capex | $ | 27,711 | $ | 4,686 | $ | 420 | $ | — | $ | 32,817 | ||||||||||
| Maintenance capex | $ | 12,324 | $ | 111 | $ | — | $ | — | $ | 12,435 | ||||||||||
| Accrued maintenance capex | (575 | ) | — | — | — | (575 | ) | |||||||||||||
| Cash maintenance capex | $ | 11,749 | $ | 111 | $ | — | $ | — | $ | 11,860 | ||||||||||
| Growth capex | $ | 21,299 | $ | 4,575 | $ | 420 | $ | — | $ | 26,294 | ||||||||||
| Accrued growth capex | (5,337 | ) | — | — | — | (5,337 | ) | |||||||||||||
| Cash growth capex | $ | 15,962 | $ | 4,575 | $ | 420 | $ | — | $ | 20,957 | ||||||||||
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NET DEBT AND NET LEVERAGE RATIO
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As of June 30, 2026, and December 31, 2025 the Company had net debt and net leverage ratio as follows:
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| (unaudited in thousands of US Dollars | June 30, | December 31, | ||||||
| except as otherwise noted) | 2026 | 2025 | ||||||
| Current debt | $ | 10,952 | $ | 11,033 | ||||
| Long-term debt | 73,056 | 77,428 | ||||||
| Cash and cash equivalents | (53,287 | ) | (70,489 | ) | ||||
| Deferred financing costs related to the Credit Facilities | 505 | 1,533 | ||||||
| Net debt | $ | 31,226 | $ | 19,505 | ||||
| Trailing 12 months Adjusted EBITDA | $ | 123,815 | $ | 158,700 | ||||
| Net leverage ratio | 0.3x | 0.1x | ||||||
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LIQUIDITY
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As of June 30, 2026, and December 31, 2025 the Company had liquidity as follows:
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| June 30, | December 31, | |||||||
| (unaudited in thousands of US Dollars) | 2026 | 2025 | ||||||
| Cash and cash equivalents | $ | 53,287 | $ | 70,489 | ||||
| ABL Facility undrawn borrowing capacity | 80,000 | 80,000 | ||||||
| Liquidity | $ | 133,287 | $ | 150,489 | ||||
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FREE CASH FLOW
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For the three and six months ended June 30, 2026 and 2025, the Company had free cash flow as follows:
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| For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||
| (unaudited in thousands of US Dollars) | 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Cash flows from operating activities | $ | 31,524 | $ | 34,605 | $ | 32,631 | $ | 66,132 | ||||||||
| Cash flows used by investing activities | (20,854 | ) | (23,829 | ) | (38,682 | ) | (24,023 | ) | ||||||||
| Free cash flow | $ | 10,670 | $ | 10,776 | $ | (6,051 | ) | $ | 42,109 | |||||||
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CORPORATE SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES
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For the three and six months ended June 30, 2026 and 2025, the Company had corporate selling, general and administrative expenses as follows:
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| For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||
| (unaudited in thousands of US Dollars) | 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Selling, general and administrative expenses | $ | 4,012 | $ | 5,384 | $ | 11,877 | $ | 11,356 | ||||||||
| Share-based payments expense | 475 | (1,380 | ) | (2,244 | ) | (3,877 | ) | |||||||||
| Corporate selling, general and administrative expenses | $ | 4,487 | $ | 4,004 | $ | 9,633 | $ | 7,479 | ||||||||
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1Adjusted EBITDA, trailing 12 months Adjusted EBITDA, basic earnings (loss) (C$/share), and free cash flow are each a non-IFRS financial measure. For additional information on non-IFRS and other financial measures, see “Non-IFRS financial measures” below. International Financial Reporting Standards (“IFRS”).
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2Total capex, adjusted EBITDA, basic earnings (loss) (C$/share), free cash flow, 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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3Sales volumes reflect quantity in P2O5 of Conda sales projections.
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4Corporate selling, general and administrative expenses, maintenance capex, growth capex, trailing 12 months Adjusted EBITDA, Adjusted EBITDA, net debt, net leverage ratio, 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 Adjusted EBITDA and cash margin per tonne P2O5 are 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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6 Adjusted EBITDA is 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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7Please refer to the press releases issued by the Company relating to the filings for the March 31, 2026, December 31, 2025, September, 30 2025, and June 30, 2025, periods for the quantitative reconciliation.
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