Revenue for Q3 2025 increased to $13.7 million (Q3 2024 - $11.0 million), representing a $2.7 million or 24.5% increase. Revenue for YTD 2025 decreased to $39.3 million (YTD 2024 - $45.5 million), representing a $6.2 million or 13.6% decrease.
Mine operating loss decreased by $0.8 million (or -80.0%) to $0.2 million in Q3 2025 (Q3 2024, mine operating loss of $1.0 million) as gross margin improved to -1.8% in Q3 2025 from -9.4% in Q3 2024. Mine operating income in YTD 2025 decreased by $13.3 million (or -152.9%) to mine operating loss of $4.6 million (YTD 2024, mine operating income of $8.7 million), resulting from a reduced gross margin of -11.6% in YTD 2025 from 19.1% in YTD 2024.
Operating loss was $3.4 million in Q3 2025 compared to an operating loss of $5.7 million in Q3 2024. Operating loss was $14.5 million in YTD 2025 compared to an operating loss of $4.1 million in YTD 2024.
Net loss attributable to equity shareholders was $2.2 million ($0.01 loss per share) in Q3 2025 versus net loss attributable to equity shareholders of $3.4 million ($0.02 loss per share) in Q3 2024. The decrease in Q3 2025 net loss was largely attributable to the significantly increased revenue derived from platinum group metal ("PGM") sales during the period.
Net loss attributable to equity shareholders was $10.9 million ($0.05 loss per share) in YTD 2025 compared to net loss attributable to equity shareholders of $0.8 million ($0.00 loss per share) in YTD 2024. The increase of YTD 2025 net loss was mainly attributable to the significant decrease in in revenue derived from chrome concentrate sales as the Company ceased the retreatment project operations during the first quarter of 2025 and focussed on underground operations at the Crocodile River Mine ("CRM").
The Company had a working capital deficit (current assets less current liabilities) of $55.1 million as at September 30, 2025 (December 31, 2024, working capital deficit of $38.7 million) and short-term cash resources of $0.1 million ...
