Shares dropped 6.7% as investors reacted negatively to the higher-than-expected capital expenditures and slower ramp-up risks at Skouries, signaling concerns over margin pressure and execution risk despite progress toward production.

• Total project capital for Skouries increased by $155 million to $1.315 billion, driven primarily by expanded construction workforce needs to maintain momentum.
• An additional $82 million in operational capital is planned to support pre-commercial mining and site works, accelerating development but raising near-term costs.
• Skouries project is approximately 94% complete, with first concentrate production still expected in Q3, though concerns linger around timing and cost overruns.
• MacBay integration is underway, with first concentrate production nearing and funded exploration of $17 million for 2026 reflecting confidence in long-term upside.
• The process plant faces some operational challenges, including temporary fixes for damaged equipment and pending electrical approvals required before ore commissioning.