Record Quarterly Revenue and LTM Revenue
Revenue reached a record quarterly level of $383 million (management figure); last-12-month revenue exceeded $1.1 billion.
Record Adjusted EBITDA
Adjusted EBITDA for the quarter was $244 million, a ~3x increase vs. the first quarter of last year and more than $700 million on a last-12-month basis.
Strong Net Income and Adjusted Profitability
Reported net income was $95 million for the quarter. Management also presented adjusted net income metrics (adjustments for unrealized hedge losses and deferred tax items were discussed).
Large Improvement in Free Cash Flow and Cash Allocation
Recurring free cash flow was $95 million, a 109% increase vs. the prior quarter. Cash uses included growth CapEx (~$26 million), ~$20 million gross debt repayment and dividends paid during the period.
Production Growth and 2026 Guidance Upgrade
Q1 production (including MSG consolidation) reached a record ~82,100 gold-equivalent ounces. Full-year 2026 guidance was raised to 340,000–390,000 ounces versus ~284,000 ounces in 2025 (guidance implies roughly +20% to +37% year-over-year).
Major Increase in Proven & Probable Reserves
Proven & Probable reserves increased materially: reserves rose from ~3.4 million ounces (prior F-1) to ~7.2 million ounces (more than double, ~+112%). Management noted conversion of ~2.5 million ounces from Measured & Indicated into Proven & Probable, and total inventory approaching ~10 million ounces when including M&I.
Era Dorada: Construction Approval and Strong Project Metrics
Era Dorada received construction license and full board approval. Management expects construction CapEx split between this year and next, commercial production in 2028, feasibility-level annual production ~111,000 ounces, and reserves increased from ~1.0M to ~1.7M ounces for the asset.
Liquidity, Market Access and Shareholder Returns
Average daily trading volume surged to roughly $94–95 million/day in the quarter (April peaked near $120 million/day) versus ~$2 million/day a year ago (~47.5x increase). The company declared record dividends (management cited $65 million declared / $0.76 per share) and reported a trailing 12‑month dividend yield of ~4.6%. Net debt remained low (~$115 million) and net leverage improved from 0.28 to 0.16.