Link: https://links.sgx.com/1.0.0/corporate-announcements/LALA53EQKFDLY9E1/ed239378eeea75e5722256844f24306393d4738c51bf19bed7032654979d8ae6

Summary:

• Gold production rose 10% QoQ to 46koz; doré inventory at refinery increased to 21.8koz (up 17.1koz from Q1).

• Gold sold dropped to 23.1koz (from 38.4koz in Q1); revenue decreased to US$72.7 million (from US$107.3 million in Q1).

• Gross profit margin reduced to 44.0% (down from 54.1%) due to higher production costs and lower ore grade.

• Net loss of US$9.2 million (Q1 net profit: US$26.2 million), mainly impacted by a sharp rise in income tax.

• Maintained low debt leverage (0.9x last four quarters’ adjusted EBITDA); cash stood at US$156.6 million as of June 30, 2025.

• Issued US$300 million in 9.5% Senior Notes due 2032 to support expansion and acquisitions.

• Announced US$307 million capex plan through 2027, focused on CMOP Expansion project.

• Acquired Alturas Project in Chile from Barrick for US$50 million, advancing feasibility study.

• Bastion Mining (subsidiary) completed compulsory acquisition of Xanadu Mines; further strengthening Boroo’s project pipeline in copper and gold.

• CEO highlights disciplined inventory management in response to gold price volatility, targeting reduced doré inventory and considering hedging options.