Gold Road International (GOLDR) Q2 2026 earnings summary

Executive summary

• Q2 2026 marked continued operational ramp-up and major corporate changes, including redomiciliation to Malta and a subsequent Euronext Growth Oslo listing.

• Gold sales reached $5.98M from 1,350 ounces at an average price of $4,500/oz; EBITDA was $(697K) and net loss $(873K), reflecting ongoing ramp-up investments.

• First gold pour occurred in October 2025, with ongoing increases in mining and milling capacity; zero lost-time incidents were recorded.

• Listing proceeds were used to repay shareholder loans, settle equipment leases, and repurchase a royalty interest, strengthening the balance sheet.

Financial highlights

• Q2 2026 revenue: $6.09M (gold: $5.98M, silver: $113K); six-month revenue: $7.54M.

• Q2 2026 EBITDA: $(697,215); net loss: $(873,490); six-month net loss: $(2,385,916).

• Gross loss for Q2: $(395,250); basic and diluted loss per share: $(0.0193).

• Inventory increased to $4.70M as of June 30, 2026, reflecting ramp-up.

• Cash and cash equivalents at June 30, 2026: $1.00M.

Outlook and guidance

• Focus remains on increasing mill throughput and underground ore volume and grade.

• Management expects revenue growth as production approaches full capacity.

• Cash flow forecasts to December 2027 incorporate listing proceeds and anticipated production improvements, but are subject to gold price and operational risks.