Record-Breaking Revenue and Growth
Q1 2025 was the strongest quarter in the company's history with record adjusted revenue of $13.3 million, up 179% from Q1 2024. Adjusted EBITDA rose 259% to $11.5 million, and operating cash flow increased by 182% to $3.3 million.
Strong Contribution from Korali-Sud
The Korali-Sud royalty generated $6.6 million in revenue, contributing significantly to the quarter's performance with 2,309 gold equivalent ounces.
Robust Financial Position
The company is debt-free with $22.6 million in cash and a $50 million undrawn credit facility, providing excellent flexibility for non-dilutive growth.
Expansion at Karlawinda
Karlawinda gold production exceeded 30,000 ounces, generating $1.8 million in revenue. An expansion targeting 150,000 ounces annually is underway, promising a 30% increase in production.
Positive Outlook on Commodity Prices
Higher gold and copper prices are expected to have a very positive impact on revenue, with the potential to exceed initial guidance.
Significant EBITDA Margin
The company achieved a record EBITDA margin of 87%, demonstrating strong cost discipline and operational leverage.