Operational and Financial Summary - For the year ended December 31, 2025, the company produced 18,576 tonnes of contained tin, a 7% increase from the previous year, and in line with revised guidance of 18,000 to 18,500 tonnes [4][5] - The overall plant recovery rate for the year was 75%, consistent with targets, while the quarterly recovery for Q4 2025 was 73%, slightly below the target due to feed grade fluctuations [3][4] - EBITDA for FY2025 reached US$341 million, a 25% increase from US$274 million in FY2024, driven by higher production and a 13% increase in average tin price to US$34,373 per tonne [5][8] Production and Sales - The company processed 752,000 tonnes of ore in FY2025, with a tin grade of 3.3% Sn, which is a 5% increase from 3.1% in FY2024 [1][4] - Q4 2025 contained tin production was 5,008 tonnes, slightly below the previous quarter's production of 5,190 tonnes [3][5] - Tin sales volumes for Q4 2025 and FY2025 were 5,045 tonnes and 18,638 tonnes, respectively, aligning with production levels [6] Cost and Pricing - The All-In Sustaining Cost (AISC) for Q4 2025 was US$16,815 per tonne, a 5% increase from US$15,978 in the prior quarter, primarily due to rising diesel prices and increased marketing fees [7] - The average tin price achieved in Q4 2025 was US$37,995 per tonne, a 12% increase from the previous quarter, with current prices trading around US$50,000 per tonne [7][8] Cash Position and Dividends - The company reported US$56 million in cash as of December 31, 2025, up from US$30 million the previous year, after accounting for debt reduction and significant tax payments [9] - Total dividends paid in FY2025 amounted to CAD$0.11 per share, an increase from CAD$0.09 in FY2024, with the next dividend decision expected by the end of April 2026 [9] Future Guidance and Exploration - The company has set a production guidance of approximately 20,000 tonnes of contained tin for FY2026, reflecting an increase from FY2025 [10] - An exploration campaign is underway, with plans for a VTEM survey to identify additional drilling targets and a substantial drilling campaign planned throughout 2026 [11][13][14]