Record and Growing Production
Consecutive quarter of record gold production at ~74,000 ounces in the December quarter; first half production of just over 147,000 ounces, positioning the company to meet FY '26 guidance of 260,000-290,000 ounces.
Strong Cash Generation and Balance Sheet
Mine operating cash flow of AUD 231 million and net mine cash flow of AUD 167 million after AUD 64 million invested into growth; cash and investments increased by AUD 41 million to AUD 404 million; ended the quarter with >AUD 400 million cash and nil bank debt after fully repaying a AUD 100 million corporate debt drawdown within 7 months.
Robust Sales and Realised Price
Sold ~71,000 ounces at an average realised gold price of AUD 6,057/oz, up 20% quarter-on-quarter, generating AUD 430 million in revenue for the quarter.
Strong Financial Profitability
Unaudited NPAT for the half-year estimated at AUD 235-245 million, up ~300% versus the prior corresponding period and above FY '25 full-year NPAT of AUD 221 million.
Operational Efficiency and Cost Control
Quarter all-in sustaining cost (AISC) of AUD 2,635/oz and H1 AISC of AUD 2,578/oz, tracking to the lower half of FY '26 guidance (AISC range AUD 2,500-2,700/oz) aided by company-wide Project TALO cost initiatives.
Safety and Development Milestones
Zero lost time injuries (0 LTIs) in the quarter and improved serious injury frequency rate (SIFR) to 4.2; multiple Tower Hill milestones achieved (Stage 1 mine development & closure plan approval, native vegetation clearing permit, rail agreements, and two mining agreements with Traditional Owner groups) supporting accelerated readiness.
Material Production and Mill Performance
Leonora and Laverton mills processed strong tonnages: Leonora processed 365,000 t @ 4.0 g/t with 92.8% recovery (~43,000 oz recovered); Laverton processed 759,000 t @ 1.5 g/t with 83.8% recovery (~31,000 oz recovered). Group stockpiles closed at 1.4 million tonnes @ 1.2 g/t for ~53,000 oz.
Significant Quarterly Improvements at Key Mines
Leonora underground delivered 289,000 t @ 4.6 g/t for 42,783 oz (tonnes +24% QoQ, ounces +34% QoQ); Gwalia produced ~32,000 oz @ 5.6 g/t; Ulysses recorded a record 1.6 km lateral advance and produced 10,500 oz from 111,000 t (46% improvement QoQ).
Exploration Momentum
AUD 11.9 million invested in exploration in the quarter with programs including upper Gwalia workings and the maiden Genesis drilling at Beasley Creek, generating encouraging opportunities for resource growth and infill conversion.