Goldsky Resources Releases Q2 2026 Financial Results and Corporate Update
Goldsky completes the Barsele acquisition, increasing its asset base to C$430 million while reducing its cash position to C$56 million.
Goldsky Resources Corp. (GSKR) released its unaudited financial results for the six months ended June 30, 2026. The company reported a net loss of C$5.5 million for the period, a significant improvement from the C$28.4 million loss recorded in Q1. This shift implies a Q2 net profit of approximately C$22.9 million, attributed to a bargain purchase gain resulting from the Barsele acquisition.
Cash reserves stood at C$56.4 million as of June 30, 2026, down from C$86.1 million at March 31, 2026. The decrease was primarily driven by a C$28.5 million cash payment for Barsele. Total assets rose to C$430.4 million from C$180.0 million, reflecting the impact of the acquisition. Exploration and evaluation assets were valued at C$371.6 million, while Q2 exploration expenditure totaled C$2.3 million.
Operationally, Goldsky completed winter drilling at Rajapalot, totaling 10,429 meters. The company delivered its resource model to SLR for a Preliminary Economic Assessment (PEA) update and filed for permit extensions. Metallurgical testwork at Barsele commenced on August 5, alongside ongoing integration activities.
Subsequent events included the previously announced Memorandum of Understanding with Ocean Partners, results from the Annual General Meeting, and the exercise of warrants and options that raised approximately C$5.1 million.
Goldsky Resources Corp. (GSKR) released earnings that largely confirm previously disclosed events, including the closure of the Barsele project on June 25, the start of met test operations on August 5, the memorandum of understanding dated July 8, and the results of the annual general meeting. The only new financial data provided was the balance sheet and net loss.
The company reported a small six-month net loss of C$5.5 million, which is significantly lower than the loss recorded in the first quarter. This reduction is attributed to a large non-cash bargain purchase gain resulting from the Barsele acquisition, a detail the release does not explicitly disclose. Management instead attributed the loss to exploration and management fees.
Cash reserves remain strong at C$56.4 million, with no debt on the balance sheet. No unexpected negative items appeared in the report. The market had already priced in the Barsele acquisition and other milestones, meaning the release confirms a strong balance sheet and progress without offering new catalysts.
Goldsky Resources Corp. (formerly First Nordic Metals Corp.) is a gold exploration company focused on Sweden and Finland. The company’s flagship asset is the 100%-owned Barsele gold project in Sweden, which it acquired from Agnico Eagle in June 2026. Barsele hosts an Indicated Resource of 7.88 Mt at 1.27 g/t Au (320,781 oz) and an Inferred Resource of 28.75 Mt at 1.98 g/t Au (1.83 moz).
Goldsky also holds an approximately 80,000-ha district-scale land package on Sweden’s Gold Line belt, including the Paubäcken and Storjuktan properties. In Finland, the company owns the Rajapalot gold-cobalt project, which contains an Inferred Resource of 9.78 Mt at 2.8 g/t Au and 441 ppm Co, containing 867 koz Au and 4.3 kt Co. The company also holds the Oijärvi greenstone belt with the Kylmäkangas deposit. The company has no operating mines and no revenue.