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 | EUR/oz | -1,588 | -1,325 | -1,563 | -1,432 | -1,306 | -1,252 | -1,281 |
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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