Key Investment Considerations
Capital structure
Share Capital Structure as of October 6, 2025:
| Current | |
|---|---|
| Issued and outstanding shares 1 | 202.7M |
| Fully diluted shares 1 | 206.8M |
| Share price – as of September 11, 2025 | C$14.52/US$10.41 |
| Market capitalization (issued share basis) | C$2.9BM / US$2.1B |
| Cash balance (preliminary as of September 30, 2025, subject to final reconciliation) | >US$415M |
Long-term Debt
Capital Structure Notes:
- Does not include the additional 6,000,000 contingent shares issuable to Mubadala on receipt of the environmental license to develop PSN – refer to news release dated June 28, 2024 for details.
- Principal amounts outstanding as of September 1, 2025. The secured Gold-Linked Notes amortize on a quarterly basis in each of February, May, August and November.
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