Revenue for Q2 2025 decreased to $10.7 million (Q2 2024 - $18.8 million), representing a $8.1 million or 43.1% decrease. Revenue for YTD 2025 decreased to $25.5 million (YTD 2024 - $34.5 million), representing a $9.0 million or 26.1% decrease.
Mine operating income decreased by $4.0 million (or -90.9%) to $0.4 million in Q2 2025 (Q2 2024 - $4.4 million) as gross margin declined to 3.4% in Q2 2025 from 23.6% in Q2 2024. Mine operating income in YTD 2025 decreased by $14.0 million (or -144.3%) to mine operating loss of $4.3 million (YTD 2024 - $9.7 million), resulting from a reduced gross margin of -16.9% in YTD 2025 from 28.2% in YTD 2024.
Operating loss was $3.0 million in Q2 2025 compared to an operating income of $1.6 million in Q2 2024. Operating loss was $11.1 million in YTD 2025 compared to an operating income of $1.6 million in YTD 2024.
Net loss attributable to equity shareholders was $1.8 million ($0.01 loss per share) in Q2 2025 versus net income attributable to equity shareholders of $3.5 million ($0.02 earnings per share) in Q2 2024. The decrease in Q2 2025 net income was largely attributable to the significantly decreased revenue derived in the period.
Net loss attributable to equity shareholders was $8.7 million ($0.04 loss per share) in YTD 2025 compared to net income attributable to equity shareholders of $2.6 million ($0.01 earnings per share) in YTD 2024. The decrease of YTD 2025 net income was mainly attributable to the same reasons as described above for the quarter.
The Company had a working capital deficit (current assets less current liabilities) of $51.1 million as at June 30, 2025 (December 31, 2024, working capital deficit of $38.7 million) and short-term cash resources of $2.4 million (consisting of cash, cash equivalents and short-term investments) (December 31, 2024, $3.1 million).
Investec Commodity Finance Facility Amendment
The Company is pleased to announce an amendment to the previously announced finance facility agreement with Investec ...
