Record Quarterly and Annual Production
Q4 production of 82,000 gold-equivalent ounces (up 11% vs Q3 2025 and up 23% vs Q4 2024); full-year production of 280,000 ounces (≈+9% at constant price).
Record Adjusted EBITDA and Strong Earnings Momentum
Q4 adjusted EBITDA of $208 million (record high; sixth consecutive quarter of record EBITDA) and full-year adjusted EBITDA of ~$547–548 million. EBITDA has roughly doubled twice since 2023 (from ~$135M in 2023 to ~$270M in 2024 to ~$548M in 2025).
Robust Revenue and Cash Generation
Q4 net revenues of $322 million and full-year revenues above $920 million. Recurring free cash flow of about $94 million in Q4 and >$250 million from mines for the year, funding growth capex and dividends.
Meaningful Reserve Upside at Borborema
Licensing to relocate a road has freed ~670,000 ounces of reserves; management stated Borborema reserves increased by ~82%, and the company estimates multi‑year pretax value of ~$2–2.5 billion (illustrative, using current gold price and stated AISC assumptions).
Strategic M&A — MSG Acquisition with Early Returns
Closed acquisition of MSG for ~$76 million. MSG contributed ~$10 million of EBITDA in one month post-close, demonstrating attractive near-term returns despite being a turnaround asset.
Balance Sheet Strength and Capital Return
Comfortable liquidity (cash ending ~ $290 million), low leverage (net debt/EBITDA <0.3x), and continued shareholder returns: quarterly dividend of $0.66/share (LTM yield ~6.2%), ~$40M dividends paid in Q4 and ~$116M for the year.
Operational Milestones and Project Progress
Almas plant expansion approved to 3.0 Mtpa (upgrading from ~2 Mtpa) with potential to 4.0 Mtpa; Borborema advanced (filter expansion planned to remove bottleneck); Era Dorada early works license obtained and early works started.
Market Access and Liquidity Improvement
NASDAQ listing and follow-on issuance materially increased trading volume from ~$1–2M/day to ~ $100M/day (Feb average across NASDAQ + B3), improving investor access and addressing prior liquidity discount.
Safety and Operational Discipline
Full year with no lost-time incidents and over 18 months without lost-time incidents, positioning the company as a sector safety benchmark.