Quarterly and Annual Production Growth
Q4 production of 37.5 thousand ounces, up ~15% quarter-over-quarter (from ~32k), marking the fourth consecutive quarter of production improvements; Q4 production was ~80% higher than Q1, and full-year 2025 production totaled 121 thousand ounces, in line with revised guidance.
Aggressive 2026 Production Guidance
2026 guidance set at 140,000–160,000 ounces (a ~25% increase from 2025), with H1 2026 expected 60–70k oz and H2 2026 80–90k oz, reflecting clear ramp-up visibility albeit weighted to the back half of the year.
Record Revenue and Strong Operating Cash Flow
Record Q4 revenue of $160 million, up 40% quarter-over-quarter from $114 million; generated cash flows from operations of $56 million for the quarter.
Improved Milling Performance and Recoveries
December throughput achieved the targeted 5.8 Mtpa run-rate (milling rates up ~7% vs Q3); mill feed grade improved ~9% quarter-over-quarter (average ~1 g/t for the quarter) and plant recovery averaged just above 91%.
Cost Control and AISC Reduction in Q4
All-in sustaining costs (AISC) reduced quarter-on-quarter to $2,033/oz in Q4 and ended the year within guidance; management forecasts 2026 AISC of $2,000–$2,300/oz reflecting operating leverage at higher production.
Strong Balance Sheet and Liquidity Options
Maintained cash balance around $100 million even after the $25 million deferred payment to Gold Fields and investment in stripping; closed an undrawn $75 million revolving credit facility to provide additional flexibility.
Major Investment and Development Plan for Enkran
Plan to mine in excess of 30 million tonnes in 2026 (approximately 3x 2025 movement) with expected development capital spend of $100–$120 million to advance Enkran cut three and target steady-state ore production from early 2029.
Maiden Underground Resource and Exploration Success
Declared a maiden underground mineral resource for Enkran and Abore; robust 2025 drilling (over 33,000 m year-to-date, including 10,950 m in Q4) delivered high-quality intercepts (e.g., OLP-448: 87 m of granite with three mineralized zones including 27 m @ 2.5 g/t, 11 m @ 3.0 g/t, 15 m @ 3.4 g/t; hole 444: 30 m @ 4.4 g/t and 18 m @ 2.0 g/t).
Focused 2026 Exploration Program
2026 exploration budget of $17 million with plans for at least 30,000 m of drilling at Abore, up to 35,000 m of conversion drilling at Esaase, and ongoing greenfield testing (Ensaroma), targeting reserve and resource growth and a potential life‑of‑mine extension in a 2027 update.
Safety Performance
No lost-time injuries reported in Q4; year-end lost-time injury frequency rate (LTIFR) of 0.24 and total recordable injury frequency rate (TRIFR) of 0.48 per million hours worked, indicating continued focus on workforce safety.