Transformational Recapitalization and Financing Package
Secured a financing package of up to $500 million (Franco-Nevada $250M royalty; $250M gold prepayment facility with National Bank of Canada and Macquarie) and, combined with prior equity financings, over $800 million in funding to support growth objectives; targeting $900M-$1B by end of Q1. Upon closing $225M available immediately with specified allocations (e.g., $25M for Mineral Point).
Material Increase in Revenue and Gold Sales
Total revenue from gold sales increased to approximately $95 million in 2025 from $50 million in 2024 (≈+90%); gold sales increased to ~28,200 ounces from ~21,500 ounces year-over-year (≈+31%).
Gross Profit Turnaround
Gross profit improved to $11.5 million in 2025 compared to a gross loss of $15.7 million in 2024, reflecting a positive swing of ~$27.2 million driven by Granite Creek performance in H2 2025.
Operational Progress and Production Guidance Achieved
Company achieved its 2025 production guidance with consolidated gold output reported as just under 32,000 ounces; Granite Creek ramped up mining with increased tonnes mined (approx. 142,000 tonnes of high-grade mineralized material for the year) and production continuing to ramp as operations stabilize.
Construction Starts and Project Advancements
Construction of Archimedes (second underground mine) commenced with ~680 meters of underground development by year end; began Lone Tree refurbishment engineering (Board approved $400M notice to proceed to Hatch) and started construction of a second larger water treatment plant for Granite Creek.
Encouraging Drill Results and Expanded Programs
Granite Creek infill and step-out drilling in 2025 (~16,000 m over 46 holes) returned robust high-grade results and supported expansion of 2026 programs; 2026 drilling budgets: Granite Creek $10M, Archimedes $25M–$30M (60k+ m), Mineral Point $40M–$45M (131k+ m).
Processing Capacity and Hub-and-Spoke Strategy Defined
Lone Tree autoclave refurbishment designed for 2,268 tpd (~820,000 tpa at 85% availability) with integrated POX and CIL circuit to process refractory and non-refractory feed from three underground projects — expected to materially improve margins and free cash flow upon restart (target first gold pour Dec 2027).
Safety and Workforce Strengthening
Improved safety metrics with TRIFR of 0.62 and an incident-free fourth quarter; increased bench strength by hiring in geology, mining and metallurgical engineering, supply chain, community relations and Lone Tree project team.