Shares declined 1.3% following the quarter as operational challenges and ongoing development costs limited enthusiasm despite progress; the market signals cautious investor sentiment amid a staged ramp-up rather than clear near-term breakout.

• Gold production at Granite Creek Underground more than tripled to nearly 8,900 ounces, benefiting from transition to sulfide processing and improved development rates.
• Water-related issues at Granite Creek are reportedly resolved with long-term water treatment solutions underway, mitigating a prior operational risk.
• Development at the Archimedes underground project is ahead of schedule, with first gold still projected in Q4 2026 and continued capital spend ongoing.
• The company completed a $1 billion recapitalization, eliminating legacy debt and securing funding to advance its multi-phase development pipeline through at least Phase 2.
• Despite operational advancement, a transformer failure caused power outages disrupting development for several weeks, highlighting ongoing execution risks.