Shares were largely unchanged, rising a modest 0.8% post-earnings as results met expectations without significant surprises. Production and financial metrics tracked consistently with guidance, while cost pressures from new royalties and inflation were noted but managed.

• Q1 gold production totaled approximately 34,500 ounces, aligning with the midpoint of the first half production forecast.
• Full-year production guidance remains steady at 140,000 to 160,000 ounces.
• Operating costs and all-in sustaining costs (AISC) are in line with previous guidance despite inflationary pressures, notably on diesel, and the implementation of a new 12% sliding scale royalty.
• Cash balance stayed robust at $115 million with additional liquidity from a $75 million undrawn credit facility.
• Exploration and mining contract extension activities continue, positioning the company for stable operational continuity and long-term resource growth.