Shares declined 2.6% as investors reacted to operational setbacks at Gold Bar, including lower production and recovery issues caused by unexpected carbonaceous ore, along with persistently high costs and the absence of near-term fixes.
- Production at Gold Bar was below plan due to carbonaceous ore impacting gold recovery rates.
- Costs remained elevated, contributing to margin pressure for the quarter.
- Management acknowledged execution shortcomings and outlined ongoing technical and geological adjustments to address recovery challenges.
- Exploration programs continue to show potential for resource expansion at the Fox Complex.
- Advancement of the Los Azules copper project remains a strategic priority but does not offset current operational disappointments.
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