Austral Gold (AGD) Q1 2025 TU earnings summary

Executive summary

• Q1 2025 gold equivalent production was 3,105 GEOs, down 15.4% quarter-on-quarter and 34.5% year-over-year, due to depletion of the Amancaya underground mine and reliance on heap reprocessing at Guanaco.

• Refurbishment of the Casposo Plant in Argentina progressed on schedule, targeting commercial operations and third-party toll processing in H2 2025.

• Cash at quarter-end was US$3.7 million (US$5.1 million including unrefined GEOs); net financial debt increased to US$24.5 million.

• 2025 production guidance remains at 18,000–20,000 GEOs, with higher output expected in H2.

Financial highlights

• Sales revenue for Q1 2025 was US$8.8 million, with 96.6% from gold and an average selling price of US$2,837/GEO, up 6.7% quarter-on-quarter.

• Operating cash costs (C1) rose 5.3% quarter-on-quarter to US$1,977/oz; AISC increased 4.9% to US$2,166/oz.

• Operating cash flow after working capital was a deficit of US$0.2 million, an improvement of US$1.5 million from Q4 2024.

• Net cash used in investing was US$0.7 million, mainly for Casposo refurbishment; net cash from financing was US$1.0 million, including a US$2.5 million loan drawdown.

Outlook and guidance

• 2025 guidance unchanged: 18,000–20,000 GEOs, C1 cost US$1,500–1,700/oz, AISC US$1,700–2,000/oz.

• Higher production is forecast for the second half of 2025 as heap reprocessing stabilizes and Casposo restarts.