Financial information

	Unit	H1 2025	H2 2025	FY-2025	H1 2024	H2 2024	FY-2024
Revenue	MEUR	21.5	24.0	45.5	13.1	15.6	28.7
Pampalo production revenue	MEUR	21.5	24.0	45.5	13.1	15.6	28.7
% of revenue	%	100%	100%	100%	100%	100%	100%
Operating expenses	MEUR	-13.9	-15.4	29.3	-11.2	-11.7	-22.9
EBITDA	MEUR	7.7	8.7	16.3	1.9	3.9	5.8
Pampalo production EBITDA	MEUR	10.0	11.8	21.8	4.0	6.3	10.3
% of revenue	%	47%	49%	48%	31%	40%	36%
Depreciation and impairment losses	MEUR	-2.2	-6.5	-8.7	-1.8	-1.4	-3.2
Operating result	MEUR	5.4	2.2	7.6	0.1	2.5	2.6
Net result	MEUR	2.3	5.1	7.3	-1.0	1.3	0.3
Net gearing ratio	%	29%	17%	17%	56%	32%	32%
Equity ratio	%	54%	61%	61%	50%	54%	54%
Earnings per share	EUR	0.2	0.4	0.7	-0.1	0.1	0,0
Cash Cost in Pampalo, excl. investments	EUR/oz	1,325	1,563	1,432	1,306	1,252	1,281

Financial figures for the last five years

Key Figures	2024	2023	2022	2021	2020
Production
Milled ore (tonnes)	225,703	212,892	132,806	4,950	6,658
Head grade (Au grams per tonne)	2.3	2.2	2.4	2.9	3.5
Gold recovery (%)	85	83	83	84	71.5
Hourly utilisation (%)	70	68	43	55.5	35.7
Gold production (kg)	444.9	397.8	267.5	14.3	16.7
Gold production (oz)	14,304	12,790	8,601	460.3	538.1
Financial figures
Revenue growth rate	46 %	46 %	100 %	-100 %	126 %
EBITDA margin	20 %	-3 %	-47 %	0 %	-596 %
Operating marking	9 %	-15 %	-109 %	0 %	-1410 %
Net margin	1 %	-27 %	-130 %	0 %	-1504 %
Equity ratio	54 %	54 %	66 %	55 %	57 %
Gearing	32 %	46 %	19 %	55 %	59 %
Return on equity	1 %	-15 %	-53 %	-82 %	-59 %
Average number of employees	54 %	45	42	53	46

Calculation formulas for alternative key figures

Interest-bearing net liabilities = interest-bearing liabilities – liquid cash assets
EBITDA = operating result + depreciation and impairment losses
EBITDA % = 100 * EBITDA / revenue
Operating result = revenue + other operating income + change in the inventory of finished goods and work in progress – materials, supplies, and external services – expenses arising from employee benefits – other operating expenses – depreciation and impairment losses
Operating result % = 100 * operating result / revenue
Net gearing ratio-% = 100 * (interest-bearing liabilities – liquid cash assets) / equity
Equity ratio-% = 100 * equity / (adjusted balance sheet total – advance payments based on work performed)
Cash Cost in Pampalo, excl. investments = (Pampalo production segment materials, supplies, and external services + Pampalo production segment expenses arising from employee benefits + Pampalo production segment other operating expenses) / gold production in ounces during reporting period

Financial infor­ma­tion