Austral Gold (AGD) Q3 2025 TU earnings summary

Executive summary

• Q3 2025 production at Guanaco dropped 22% sequentially and 33.7% year-over-year due to a fatal accident and power outages, leading to a temporary suspension of the agitation leach circuit.

• Casposo mine in Argentina completed refurbishment and commissioning, producing 232 GEOs, with commercial production expected to ramp up in Q4 2025.

• Updated 2025 production guidance: Guanaco revised down to 11,000–12,000 GEOs, Casposo forecasted at 4,000–6,000 GEOs for Q4.

• Cash position at quarter-end was US$1.3 million, with net financial debt at US$27.3 million.

Financial highlights

• Q3 2025 sales revenue was US$8.1 million, with 97.3% from gold sales at an average price of US$3,425/GEO.

• Operating cash flow after working capital changes was US$0.1 million, up US$0.6 million from Q2 2025.

• Net cash used in investing activities was US$1.7 million, mainly for Casposo plant refurbishment.

• Net cash from financing activities was US$2.0 million, primarily from new and renewed loans.

Outlook and guidance

• Guanaco 2025 production guidance lowered to 11,000–12,000 GEOs, with annual C1 and AISC costs revised up to US$2,500–2,600/oz and US$2,700–2,800/oz, respectively.

• Casposo expected to produce 4,000–6,000 GEOs in Q4 2025 at C1 costs of US$1,700–1,900/oz.

• Both leaching circuits at Guanaco expected to be fully operational in November 2025.