Fiscal 2025 GOLD PRODUCTION
Key highlights for Q4 and Year to Date 2025 include:
- During Q4 2025, Buckreef Gold poured a record 6,404 ounces of gold and sold 6,977 ounces of gold at a record average realized price (net)1 of $3,363 per ounce, recognizing revenue of $23.5 million, gross profit of $12.6 million, net income of $5.3 million, operating cash flow of $8.5 million and Adjusted EBITDA1 of $12.7 million, all of which reflect increases compared to the prior year comparative period, demonstrating the Company’s leverage to record gold prices during Q4 2025.
- During fiscal 2025, the Company poured 18,935 ounces of gold and sold 19,213 ounces of gold at a full year record average realized price (net)1 of $3,033 per ounce, recognizing record revenue of $57.6 million, gross profit of $23.9 million, net income of $6.6 million, operating cash flow of $16.3 million and Adjusted EBITDA1 of $22.0 million, all of which reflect increases compared to the prior year comparative period, demonstrating the Company’s leverage to record gold prices during fiscal 2025.
- Following finalization of the scheduled stripping campaign during the first half of 2025, the Company began to access higher grade ore blocks, benefiting production in Q4 2025 and into fiscal 2026. Illustratively, the Company achieved two record gold pours, including 806 ounces at the end of August 2025 followed by another record gold pour of 1,018 ounces of gold in September 2025.
- During Q4 2025, the Company continued to invest in mine development, mill optimizations, and run of mine (ROM) stockpile inventory. The ROM stockpile has grown from approximately 9,275 ounces of contained gold at May 31, 2025, to an estimated 15,162 ounces of contained gold as at August 31, 2025. Subsequent to Q4 2025, the ROM pad stockpile has increased further to an estimated 21,565 ounces of contained gold, an increase of 6,403 ounces compared to August 31, 2025, as the Company began to access higher grade ore blocks in the pit and processed a higher proportion of high grade mined material.
- Subsequent to Q4 2025, the Company announced it has begun executing on a larger processing facility than was initially contemplated in the PEA, consisting of a 3,000+ tpd processing circuit for sulphide material as well as a 1,000 tpd processing circuit for oxide and transition material, and tailings retreatment, while also being capable of processing sulphide material. The newly designed processing plant expansion is now expected to produce average annual gold production in excess of the 62,000 ounces of gold published in the PEA and is expected to be financed from internally generated cashflow over the next 18-24 months.
Fiscal 2026 Outlook
- Gold production at Buckreef Gold is expected to be in the range of 25,000 – 30,000 ounces for fiscal 2026, an increase compared to actual 2025 production of 18,935 ounces, as the Company expects to continue accessing higher grade ore blocks in 2026 following completion of the Stage 1 stripping campaign during the first half of 2025. Across the four quarters of 2026, the Company’s gold production is expected to be the lowest in Q1 2026, and highest in Q4 2026 due to the timing of scheduled plant maintenance, mine sequencing and completion of plant upgrades and enhancements which are expected to improve recoveries. This is expected to result in an approximate 45% / 55% split of the Company’s total gold production between the first half and second half of the year, respectively. Total average cash cost1 are expected to be in the range of $1,400 – $1,600 per ounce for fiscal 2026, compared with actual 2025 total average cash cost1 of $1,530 per ounce. The Company expects cash cost to be slightly higher in the first half of the year and lower in the second half of the year in line with the production weighting.
- Operating cash flow will be predominantly reinvested in the Company with a focus on value enhancing activities, including: (i) exploration and drilling with a focus on potential mineral resource expansion at the Buckreef Main Zone (underground resource drilling), Stamford Bridge (exploration drilling), and Eastern Porphyry (grade control / resource drilling); (ii) capital programs focused on further plant upgrades and expansions to improve throughput and recoveries; and (iii) additional mining and drilling equipment to improve operating efficiency and lower mining cost per tonne and drilling cost per meter.
