Austral Gold (AGD) Q2 2025 TU earnings summary

Executive summary

• Q2 2025 gold equivalent production was 2,891 GEOs, down 6.9% from Q1 2025 and 23.5% year-over-year, due to equipment failures and lower ore grades.

• Guanaco mine remains the flagship asset, with all ore sourced from heap reprocessing and historic areas.

• Casposo plant refurbishment in Argentina is on track for commissioning in August 2025, with commercial operations expected in September.

• Cash at quarter-end was US$1.1 million (US$2.4 million including unrefined GEOs); net financial debt rose to US$27.5 million.

Financial highlights

• Sales revenue for Q2 2025 was US$9.8 million, with 97.3% from gold sales at an average price of US$3,280/GEO, up 15.6% quarter-over-quarter.

• Operating cash costs (C1) rose 28.9% quarter-over-quarter to US$2,548/oz; AISC increased 26.9% to US$2,749/oz.

• Operating cash flow after working capital was a deficit of US$0.5 million, down from a US$0.2 million deficit in Q1 2025.

• Net cash used in investing activities was US$1.8 million, mainly for Casposo plant refurbishment.

Outlook and guidance

• 2025 production guidance revised down to 14,000–16,000 GEOs from 18,000–20,000 GEOs.

• Estimated annual average C1 and AISC increased to US$1,900–2,100/oz and US$2,100–2,300/oz, respectively.

• Higher production expected in H2 2025, supported by new management, increased staffing, and targeted capex.

• Casposo plant expected to begin commercial operations in September 2025, processing third-party ore under a toll agreement.