Financial information
Key figures
| Unit | H1 2026 | H1 2025 | H2 2025 | FY-2025 | H1 2024 | H2 2024 | FY-2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | MEUR | 34.7 | 21.5 | 24.0 | 45.5 | 13.1 | 15.6 | 28.7 |
| Pampalo production revenue | MEUR | 34.7 | 21.5 | 24.0 | 45.5 | 13.1 | 15.6 | 28.7 |
| % of revenue | % | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Operating expenses | MEUR | -20.5 | -13.9 | -15.4 | 29.3 | -11.2 | -11.7 | -22.9 |
| EBITDA | MEUR | 14.3 | 7.7 | 8.7 | 16.3 | 1.9 | 3.9 | 5.8 |
| Pampalo production EBITDA | MEUR | 19.5 | 10.0 | 11.8 | 21.8 | 4.0 | 6.3 | 10.3 |
| % of revenue | % | 56.2 | 47% | 49% | 48% | 31% | 40% | 36% |
| Depreciation and impairment losses | MEUR | -3.2 | -2.2 | -6.5 | -8.7 | -1.8 | -1.4 | -3.2 |
| Operating result | MEUR | 11.1 | 5.4 | 2.2 | 7.6 | 0.1 | 2.5 | 2.6 |
| Net result | MEUR | 10.4 | 2.3 | 5.1 | 7.3 | -1.0 | 1.3 | 0.3 |
| Net gearing ratio | % | 10% | 29% | 17% | 17% | 56% | 32% | 32% |
| Equity ratio | % | 69% | 54% | 61% | 61% | 50% | 54% | 54% |
| Earnings per share | EUR | 0.3 | 0.2 | 0.4 | 0.7 | -0.1 | 0.1 | 0,0 |
| Cash Cost in Pampalo, excl. investments and change in inventory* | EUR/oz | -1,588 | -1,325 | -1,563 | -1,432 | -1,306 | -1,252 | -1,281 |
* For 2026, the calculation method for the cash cost has been specified, and the change in ore inventory has been excluded from the calculation.
Financial figures for the last five years
| Key Figures | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Production | |||||
| Milled ore (tonnes) | 266,603 | 225,703 | 212,892 | 132,806 | 4,950 |
| Head grade (Au grams per tonne) | 2.3 | 2.3 | 2.2 | 2.4 | 2.9 |
| Gold recovery (%) | 86 | 85 | 83 | 83 | 84 |
| Hourly utilisation (%) | 79 | 70 | 68 | 43 | 55.5 |
| Gold production (kg) | 517.2 | 444.9 | 397.8 | 267.5 | 14.3 |
| Gold production (oz) | 16,630 | 14,304 | 12,790 | 8,601 | 460.3 |
| Financial figures | |||||
| Revenue growth rate | 59 % | 46 % | 46 % | 100 % | -100 % |
| EBITDA margin | 36 % | 20 % | -3 % | -47 % | 0 % |
| Operating marking | 17 % | 9 % | -15 % | -109 % | 0 % |
| Net margin | 16 % | 1 % | -27 % | -130 % | 0 % |
| Equity ratio | 61 % | 54 % | 54 % | 66 % | 55 % |
| Gearing | 17 % | 32 % | 46 % | 19 % | 55 % |
| Return on equity | 15 % | 1 % | -15 % | -53 % | -82 % |
| Average number of employees | 69 | 55 | 45 | 42 | 53 |
Quarterly Key Figures
| Unit | Q2-2026 | Q1-2026 | Q4-2025 | Q3-2025 | Q2-2025 | Q1-2025 | |
|---|---|---|---|---|---|---|---|
| Revenue | MEUR | 16.2 | 18.5 | 12.5 | 11.5 | 11.1 | 10.4 |
| Pampalo production revenue | MEUR | 16.2 | 18.5 | 12.5 | 11.5 | 11.1 | 10.4 |
| % of revenue | % | 100% | 100% | 100% | 100% | 100% | 100% |
| Operating expenses | MEUR | -10.7 | -9.7 | -8.9 | -6.5 | -7.1 | -6.8 |
| EBITDA | MEUR | 5.5 | 8.8 | 3.6 | 5 | 4 | 3.7 |
| Pampalo production EBITDA | MEUR | 7.8 | 11.6 | 5.4 | 6.4 | 5.3 | 4.8 |
| % of revenue | % | 48.5% | 62.9% | 42.8% | 55.3% | 47.6% | 45.6% |
| Depreciation and impairment losses | MEUR | -1.7 | -1.5 | -5.3 | -1.3 | -1 | -1.2 |
| Operating result | MEUR | 3.8 | 7.3 | -1.6 | 3.8 | 2.9 | 2.5 |
| Net result | MEUR | 3.3 | 7.1 | 1.9 | 3.1 | 0.8 | 1.4 |
| Net gearing ratio | % | 10.1% | 6.8% | N/A | N/A | N/A | 35.5% |
| Equity ratio | % | 69.2% | 64.9% | N/A | N/A | N/A | 55.2% |
| Earnings per share | EUR | 0.1 | 0.6 | N/A | N/A | N/A | 0.1 |
| Cash Cost in Pampalo, excl. investments | EUR/oz | -1,642 | -1,481 | N/A | N/A | N/A | -1,236 |
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
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