Record-Breaking June Quarter Boosts Gold Output and Cash Flow

The June 2025 quarter delivered outstanding operational and financial performance for the company, with gold production and processing reaching record levels. A series of targeted upgrades and process enhancements resulted in substantial quarter-on-quarter growth across all key metrics, positioning the operation for a strong finish to FY25 and a confident start to FY26.

Production Highlights

• Gold production for the quarter stood at 38,941 ounces, a significant increase over the previous period.

• Gold sold totaled 38,754 ounces at an impressive average realised price of A$5,147/oz.

• The All-In Sustaining Cost (AISC) came in at A$2,253/oz, underscoring improved cost efficiency.

Record Processing and Recovery Rates

The quarter saw record processed ore volumes, totaling 287,000 tonnes at an average grade of 4.5 grams per tonne (g/t) and a strong recovery rate of 94.4%. Notably, June 2025 alone recorded an even higher recovery rate of approximately 95%, attributed to successful modifications made as part of a plant upgrade during the quarter.

Mining and Development Achievements

• Ore mined during the quarter reached 290,000 tonnes at 4.7 g/t, yielding 43,500 ounces of gold.

• In June 2025, the operation set monthly records:

  • 130,000 tonnes mined at 4.6 g/t for 19,400 ounces.

  • 111,000 tonnes processed at 5.4 g/t with 95% recovery, producing 18,200 ounces.

• Development rates averaged 311 metres per jumbo per month, the highest monthly rate achieved in FY25.

Financial Performance Surges

The company reported a record free cash flow of A$67 million for the June quarter, a sharp turnaround from the A$30 million outflow in the March quarter. This improvement reflects both operational efficiency and favorable gold prices, with the entire production successfully sold at spot prices.

Management Commentary

Managing Director Darren Stralow praised the team’s efforts, stating:

“These results reflect the benefits of the changes we implemented during the quarter. There were strong gains across all key metrics, including mined tonnages and processing, and the ability to sell all our production into the spot price ensured we received the full benefits of this progress. After ramping up development and production through FY25, the operation ended the year at levels that give us strong confidence in the company’s operational performance and financial returns going forward.”

Looking Ahead

The company is expected to announce its FY26 annual production and cost guidance in early August 2025, following the strong momentum and high performance achieved in the closing months of FY25.