Magellan Copper and Gold Q2 net loss widens to $238,586; operating loss widens to $84,468
MAGE•Management focus
Management said it remains focused on advancing the Ophir Creek Placer Gold Mine toward resource definition and eventual development, amid tight capital access.
Quarterly loss widens
Magellan Copper and Gold posted a net loss of $238,586 for the quarter ended June 30, 2026, swinging from net income of $2,391.
Operating loss widened to $84,468 from $47,314, as operating expenses climbed to $84,468, including a $25,000 impairment charge.
Other expense and six-month results
Other expense totaled $154,118 versus other income of $49,705, driven mainly by a change in derivative liability.
For the six months ended June 30, net loss widened to $407,539 from $181,749, while cash ended at $1,205 with a $2,496,301 working capital deficit.
