On Track to Meet 2025 Gold Production Guidance
Gold production for Q3 was 23,371 ounces, on track to meet the 2025 guidance of 115,000 to 130,000 ounces.
Strong Financial Position
The company reported a very strong financial position with cash and bullion at the end of the quarter at $104.2 million and undrawn senior debt of $11.1 million.
Hard Rock Expansion on Schedule and Under Budget
The hard rock expansion is on schedule and slightly under budget, with first gold expected in early December.
Improved Grid Utilization
Grid utilization improved to 88% in Q3, a significant improvement from 50% in Q2, helping to reduce processing costs.
Positive Outlook for 2026
Q1 2026 is expected to be a major free cash flow inflection point with production expected to increase approximately 45% with the start-up of Phase 1 hard rock.
Stage 1 Hard Rock Expansion Complete
Stage 1 major CapEx is now essentially complete, with production anticipated to reach 170,000 to 185,000 ounces by 2026.