| Reconciliation between net income and shareholders' equity determined under IFRS and U.S. GAAP |
25. Reconciliation between net income and shareholders’ equity determined under IFRS accounting standards and U.S. GAAP The following is a summary of the main adjustments to net income for the years ended December 31, 2025, 2024 and 2023 and to shareholders’ equity as of December 31, 2025, 2024 and 2023 that would be required if U.S. GAAP had been applied instead of IFRS accounting standards in the financial statements: | | | | | | | | | 2025 | | 2024 | | 2023 | | | US$(000) | | US$(000) | | US$(000) | | | | | | | | Net profit under IFRS accounting standards | | 1,367,129 | | 953,177 | | 778,964 | Items increasing (decreasing) reported net profit: | | | | | | | Stripping activity asset, net of amortization, note 24(a) | | (126,368) | | (121,538) | | (210,244) | Inventories valuation, note 24(b) | | 31,188 | | 41,381 | | (12,728) | Remediation and mine closure, note, 24(e) | | (1,059) | | 781 | | 996 | Deferred workers’ profit participation, note 24(c) | | (43,923) | | 17,303 | | 25,746 | Lease activity | | (40) | | 5 | | 412 | Deferred income tax, note 24(d) | | 31,945 | | 16,887 | | 71,534 | Cloud expenses, note 24(h) | | 25,614 | | — | | — | Mine equipment main components, note 24(f) | | 5,171 | | (9,750) | | (8,824) | Water truck conversion 24(g) | | (1,700) | | (6,554) | | 348 | Other | | (2,986) | | (3,061) | | (3,441) | | | | | | | | Net income under U.S. GAAP | | 1,284,971 | | 888,631 | | 642,763 |
| | | | | | | | | 2025 | | 2024 | | 2023 | | | US$(000) | | US$(000) | | US$(000) | | | | | | | | Shareholders’ equity under IFRS accounting standards | | 7,601,005 | | 6,783,485 | | 6,680,374 | Items increasing (decreasing) reported shareholder’s equity: | | | | | | | Stripping activity asset, net of amortization, note 24(a) | | (996,420) | | (870,052) | | (748,514) | Inventories valuation, note 24(b) | | (182,773) | | (213,962) | | (255,343) | Remediation and mine closure, note 24(e) | | (5,395) | | (4,336) | | (5,117) | Deferred workers’ profit participation, note 24(c) | | (61,784) | | (17,861) | | (35,164) | Lease activity | | 6,001 | | 6,041 | | 6,036 | Deferred income tax, note 24(d) | | 414,647 | | 382,701 | | 365,814 | Cloud expenses, note 24(h) | | 25,614 | | — | | — | Mine equipment main components, note 24(f) | | (51,605) | | (56,775) | | (47,025) | Water truck conversion 24(g) | | (15,675) | | (13,975) | | (7,421) | Stock-based compensation | | (11,115) | | (10,724) | | (10,790) | Other | | (11,341) | | (8,354) | | (5,293) | | | | | | | | Shareholders’ equity under U.S. GAAP | | 6,711,159 | | 5,976,188 | | 5,937,557 |
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