Unaudited interim results for the three-and six-month periods ended 30 June 2025

Executive Summary

• Gold production rose 14% YoY to 20,545 oz in H1 2025, driving EBITDA to $26.3 M (up 103%) and post‑tax profit to $18.9 M (up 105%).
• Cash balance increased to $30.4 M, with net cash inflow from operations of $19.2 M after $2.7 M mine‑development spend.
• The company repaid a $5 M Itau loan and secured a new $5 M Santander loan (6.16% coupon) due Jan 2026; liquidity remains strong.

Key Details

• Production & Costs
• Gold produced: 20,545 oz (vs 18,010 oz in H1 2024).
• Cash cost: $1,379/oz (down from $1,401/oz).
• All‑In Sustaining Cost (AISC): $1,792/oz (up slightly from $1,782/oz).
• Financial Performance
• Revenue (6 mo): $62.53 M vs $42.66 M (2024).
• EBITDA: $26.34 M vs $12.98 M (2024).
• Post‑tax profit: $18.93 M vs $9.22 M (2024).
• EPS (basic): 24.99 c vs 12.18 c (2024).
• Net cash from operations: $21.86 M (6 mo) vs $9.55 M (2024).
• Balance Sheet Highlights
• Cash & cash equivalents: $30.43 M (up from $22.18 M at 31 Dec 2024).
• Net assets: $135.14 M (up from $104.18 M).
• Financing Activity
• Repaid Itau loan ($5 M) on 6 Jan 2025.
• New unsecured loan from Santander: $5 M, 6.16% fixed, repayable 16 Jan 2026.
• Operating Updates
• Ore sorter at Coringa operational for six months, enabling processing of low‑grade stockpiled ore and supporting higher production than originally planned.
• 30,000 m drill programme underway across Palito Complex and Coringa to drive future resource growth.
• Other Income/Expenses
• Exploration receipts: $351,186 (6 mo) vs none prior period.
• Exploration expenses: $(317,746).
• Finance expense net: $180.8 M income (vs $73.8 M expense previous year).
• Going Concern – Directors affirm sufficient resources to continue operations; discretionary spending will be managed as needed.

Notable Quotes

“This has been an exceptional period of financial performance… EBITDA more than doubled and cash balance grew significantly, underscoring the strength of our operations and disciplined capital deployment.” – Colm Howlin, CFO

Materiality: Material – Positive (substantial improvements in production, profitability, and liquidity).