During Q1 2026, Florida Canyon Mine achieved a record mining rate of 76,800 tonnes per day, with ore mining at 33,421 tpd and a strip ratio of 1.30. The operation produced 12,635 ounces of gold and sold 12,518 ounces at an average realized price of $4,854 per ounce. Six new Caterpillar 785 haul trucks were commissioned to support sustained high mining rates.

Revenue reached $61.7 million, up from $57.0 million in Q1 2025, while mine operating earnings improved to $24.9 million, lifting the operating margin to 40% from 27%. Adjusted earnings were $12.9 million ($0.07 per share) and net earnings rose to $12.5 million ($0.06 per share), compared to $1.0 million a year earlier. Cash costs averaged $2,422 per ounce and mine-site AISC stood at $3,310 per ounce.

The quarter ended with $105.8 million in cash and equivalents, boosted by a $57.5 million net bought deal financing. Free cash flow was $3.0 million and operating cash flow totaled $13.8 million. Proceeds will fund DeLamar Project pre-production expenditures, strategic land acquisitions, ongoing resource drilling at Florida Canyon and the release of a technical report in Q3 2026.