Valiant Gold (VAL) Q1 2027 TU earnings summary

Executive summary

• First full quarter after Comet underground re-entry; restart infrastructure and technical work advanced, with first production targeted for H2 FY27.

• Reedy drilling continued to test resource growth, while quarter-end cash and term deposits totalled $62.5M.

Financial highlights

• Comet restart expenditure was $1.315M, including long-lead items and dewatering; exploration expenditure was $3.276M, including drilling and associated costs.

• Cash and term deposits fell from $67.8M to $62.5M during Q1 FY27; cash movements included $3.2M exploration, $1.8M mine property and development, $1.0M working capital and $0.7M interest received.

Outlook and guidance

• First production remains targeted for H2 FY27; the Comet Restart Study and preliminary restart mining schedule are targeted for completion in Q2 FY27.

• Q2 FY27 priorities include commissioning site power, appointing underground mining and drilling contractors, mobilising the 30-person camp, and starting grade-control and resource-definition drilling.

• Boomerang assay results are to be reported as received and validated; drilling continues.