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3Q26 Top-line
3Q26 revenue rose to USD 71.8mn (+172.8% QoQ, +14.4% YoY) as gold sold recovered to 16,748 oz (2Q26: 6,301 oz) after the Poboya pushback was completed in July. 9M26 revenue fell 8.7% YoY to USD 167.6mn, as gold volume fell 33% YoY, partly offset by a 36% higher gold price.
3Q26 Bottom-line
3Q26 net profit recovered to USD 11.0mn (2Q26: USD 4.6mn loss, -26.2% YoY) as EBIT rose to USD 20.1mn (+496.7% QoQ, +2.6% YoY). 9M26 net profit fell 36.9% YoY to USD 23.9mn, as financing charges doubled to USD 20.4mn (9M25: USD 9.4mn) and opex rose 39.3% YoY.
Operational Update
3Q26 gold sold rose 166% QoQ to 16,748 oz at USD 4,128/oz (flat QoQ), on ore grade of 1.94 g/t (2Q26: 0.90 g/t). 9M26 gold sold fell 33% YoY to 37,839 oz, while gold price rose 36% YoY to USD 4,280/oz. Silver sold fell 43% YoY to 91,846 oz, while silver price rose 94% YoY to USD 61.39/oz.
Important Ratios
9M26 GPM improved to 55.2% (9M25: 53.8%), while OPM fell to 31.0% (9M25: 38.0%) on higher opex. 3Q26 GPM rose to 51.8% (2Q26: 45.1%). 9M26 EBITDA fell 21.1% YoY to USD 60.4mn, while interest coverage dropped to 2.6x (9M25: 7.4x).
Positive Catalysts
High-grade open pit mining resumed in late July, and management expects to sell almost all gold output in 2H26. The plant upgrade from 500 to 2,000 tpd (tonnes per day) in early 2027 and the Gorontalo copper resource announcement in 2H27 add further upside.
Key Risks
Gold oversupply could disrupt sales volume despite higher output after the pushback, the plant upgrade and higher underground ore grade. Total debt rose to USD 307mn (Dec-25: USD 191mn).
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