VANCOUVER, British Columbia, July 31, 2025 (GLOBE NEWSWIRE) -- Ero Copper Corp. (TSX: ERO, NYSE: ERO) (“Ero” or the “Company”) is pleased to announce its operating and financial results for the three and six months ended June 30, 2025. Management will host a conference call tomorrow, Friday, August 1, 2025, at 11:30 a.m. Eastern time to discuss the results. Dial-in details for the call can be found near the end of this press release.
HIGHLIGHTS
- Consolidated second quarter copper production was a record 15,513 tonnes, reflecting the continued ramp-up of the Tucumã Operation as well as higher grades and mining rates at the Caraíba Operations.
- The Caraíba Operations produced 9,162 tonnes of copper in concentrate at an average C1 cash cost(*) of $2.07 per pound, representing approximately 25% quarter-on-quarter production growth.
- The Tucumã Operation produced 6,351 tonnes of copper in concentrate, an increase of 25% from Q1 2025. With sustained plant throughput exceeding 75% of design capacity during June, the Company declared commercial production at Tucumã, effective July 1, 2025.
- Gold production during the quarter was 7,743 ounces at an average C1 cash cost(*) and All-in Sustaining Cost ("AISC")(*) of $1,115 and $2,234 per ounce, respectively, representing approximately 17% higher production at similar cash costs(*) and AISC(*) quarter-on-quarter.
- Quarterly financial performance benefited from record consolidated copper production, increased gold production and higher metal prices compared to Q1 2025.
- Net income attributable to the owners of the Company of $70.5 million ($0.68 per share on a diluted basis).
- Adjusted net income attributable to the owners of the Company(*) of $48.1 million ($0.46 per share on a diluted basis).
- Adjusted EBITDA(*) of $82.7 million.
- At quarter-end, available liquidity(*) was $113.3 million, including $68.3 million in cash and cash equivalents and $45.0 million of undrawn availability under the Company's senior secured revolving credit facility ("Senior Credit Facility").
- The Company is reaffirming full-year guidance at Caraíba, and updating guidance ranges at Tucumã and Xavantina to reflect H1 2025 performance.
- At the Caraíba Operations, programs launched in H1 2025 to enhance operating efficiency and cost control are delivering strong margin performance compared to full-year guidance. These ongoing initiatives include (i) focusing the Pilar Mine's fleet on the upper levels of the mine to reduce haul distances, (ii) implementing new technologies aimed at enhancing both safety and productivity, and (iii) improving fleet and mine infrastructure maintenance initiatives to increase mobile equipment availability and reduce unplanned downtime. While these efforts are expected to result in full-year copper production at the lower end of the 37,500 to 42,500 tonne guidance range, C1 cash costs(*) are projected to fall within the lower half of the guidance range of $2.15 to $2.35 per pound. Sequential increases in mined and processed volumes are expected to contribute to higher copper production over the remainder of the year.
- At the Tucumã Operation, full-year copper production guidance has been updated to 30,000 to 37,500 tonnes at C1 cash costs(*) of $1.10 to $1.30 per pound of copper produced to reflect lower-than-forecast tonnes processed in H1 2025. Updated full-year guidance reflects a significant expected increase in copper production during H2 2025, consistent with original 2025 guidance.
- At the Xavantina Operations, full-year production guidance has been updated to 40,000 to 50,000 ounces with C1 cash costs(*) of $850 to $1,000 per ounce of gold produced and AISC(*) of $1,800 to $2,000 per ounce to reflect lower-than- planned production in H1 2025. Ongoing investments in mine modernization and mechanization are expected to drive a step-change in mining rates in H2 2025, resulting in higher projected production and lower unit costs that align with the long-term outlook for the operation.
- Full-year capital expenditure guidance is unchanged at $230 to $270 million.
- During Q2 2025, the Company completed 18,000 meters of drilling at the Furnas Project and successfully concluded the 28,000-meter Phase 1 drill program in July, approximately one quarter ahead of schedule.
- As announced on July 10, 2025, assay results have been received for approximately 10,000 meters of the program. These results continue to demonstrate strong continuity and extend the known limits of mineralization within the high-grade NW and SE Zones, which remain the focus of future underground mining operations.
- As of mid-July, eight drill rigs were active on site, supporting an average drilling rate of over 1,500 meters per week. Based on these drilling rates, the Company expects to complete the 17,000-meter Phase 2 drill program, which will include a greater focus on step-out drilling to further extend known mineralization, by year-end 2025.
"We made meaningful progress towards the achievement of our 2025 strategy during the second quarter," said Makko DeFilippo, President and Chief Executive Officer. "Highlights included the continued ramp-up and declaration of commercial production at Tucumã, the initiation of debt repayment, and the early completion of Phase 1 drilling at Furnas ahead of schedule. Operational performance across all of our assets improved in Q2 with record consolidated copper production, and we are encouraged by the momentum we are carrying into the second half of the year, driven by optimization and technology initiatives we executed in H1 2025.
"At Caraíba, focusing the mining fleet in the upper levels of the Pilar Mine paired with several ongoing operational excellence initiatives is proving to be a successful strategy. Our focus on technology, utilization and availability has resulted in improved overall fleet management and productivity, operational flexibility and a significant reduction in unplanned infrastructure downtime. At Surubim, scheduled pit sequencing led to higher mined tonnage, a trend we expect to continue in in the second half of the year. At Xavantina, our investments in mine mechanization, ventilation and technology support what we see as a step-change in mining rates, allowing production to return to annualized rates consistent with our longer-term outlook for the operation. And at Furnas, we remain focused on unlocking long-term value as we advance Phase 2 drilling with eight rigs active on site and remain on track to complete the program by year-end."
SECOND QUARTER REVIEW
The Caraíba Operations
- Quarterly copper production totaled 9,162 tonnes of copper in concentrate, with an average C1 cash cost(*) of $2.07 per pound.
- Ongoing operational excellence initiatives to enhance availability, utilization, safety and productivity at Caraíba are driving strong margin performance. These initiatives include focusing the mining fleet to the upper levels of the Pilar Mine to reduce haul distances, technologies to enhance productivity and predictive maintenance, as well as investments in infrastructure resilience, which are expected to support higher sustained mining rates in H2 2025.
The Tucumã Operation
- The Tucumã Operation produced 6,351 tonnes of copper in concentrate during Q2 2025, representing a 25% increase compared to Q1 2025.
- Ramp-up progressed during the quarter, supported by the completion of repairs and commissioning of the third tailings filter in April and May. This allowed the operation to increase sustained throughput levels exceeding 75% of design capacity during the second half of June, resulting in a 42% quarter-on-quarter increase in ore tonnes processed.
- C1 cash costs(*) for the Tucumã Operation will be reported commencing in Q3 2025, following the achievement of commercial production, effective July 1, 2025.
The Xavantina Operations
- Quarterly gold production totaled 7,743 ounces of gold, an increase of approximately 17% quarter-on-quarter. C1 cash cost(*) and AISC(*) totaled $1,115 and $2,234, respectively, per ounce.
- Higher tonnes processed and improved grades contributed to the sequential increase in gold production, even as operations were temporarily impacted by the transition to mechanized mining during the quarter.
(*) These are non-IFRS measures and do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. Please refer to the Company’s discussion of Non-IFRS measures in its Management’s Discussion and Analysis for the three and six months ended June 30, 2025 and the Reconciliation of Non- IFRS Measures section at the end of this press release.
| OPERATING HIGHLIGHTS | 2025 - Q2 | 2025 - Q1 | 2024 - Q2 | 2025 - YTD | 2024 - YTD | |||||
| Copper (Caraíba Operations) | ||||||||||
| Ore Mined (tonnes) | 792,764 | 696,239 | 897,161 | 1,489,003 | 1,685,493 | |||||
| Ore Processed (tonnes) | 791,946 | 692,901 | 957,692 | 1,484,847 | 1,811,063 | |||||
| Grade (% Cu) | 1.27 | 1.18 | 1.03 | 1.23 | 1.05 | |||||
| Recovery (%) | 91.1 | 90.2 | 90.2 | 90.7 | 89.2 | |||||
| Cu Production (tonnes) | 9,162 | 7,357 | 8,867 | 16,519 | 16,958 | |||||
| Cu Production (000 lbs) | 20,199 | 16,219 | 19,548 | 36,418 | 37,386 | |||||
| Cu Sold in Concentrate (tonnes) | 9,387 | 6,949 | 8,706 | 16,336 | 18,167 | |||||
| Cu Sold in Concentrate (000 lbs) | 20,697 | 15,318 | 19,192 | 36,015 | 40,051 | |||||
| Cu C1 cash cost(1)(2) | $ | 2.07 | $ | 2.22 | $ | 2.16 | $ | 2.13 | $ | 2.23 |
| Copper (Tucumã Operation) | ||||||||||
| Ore Mined (tonnes) | 798,811 | 328,291 | — | 1,127,102 | — | |||||
| Ore Processed (tonnes) | 418,699 | 294,314 | — | 713,013 | — | |||||
| Grade (% Cu) | 1.74 | 2.18 | — | 1.92 | — | |||||
| Recovery (%) | 85.4 | 89.4 | — | 87.2 | — | |||||
| Cu Production (tonnes) | 6,351 | 5,067 | — | 11,418 | — | |||||
| Cu Production (000 lbs) | 14,002 | 11,171 | — | 25,173 | — | |||||
| Cu Sold in Concentrate (tonnes) | 5,968 | 5,168 | — | 11,136 | — | |||||
| Cu Sold in Concentrate (000 lbs) | 13,158 | 11,393 | — | 24,551 | — | |||||
| Gold (Xavantina Operations) |  |  | ||||||||
| Ore Mined (tonnes) | 37,829 | 33,228 | 40,446 | 71,057 | 78,280 | |||||
| Ore Processed (tonnes) | 37,829 | 33,228 | 40,446 | 71,057 | 78,280 | |||||
| Grade (g / tonne) | 7.11 | 6.87 | 14.00 | 6.99 | 15.15 | |||||
| Recovery (%) | 88.7 | 90.8 | 91.0 | 89.6 | 91.3 | |||||
| Au Production (oz) | 7,743 | 6,638 | 16,555 | 14,381 | 34,789 | |||||
| Au Sold (oz) | 8,276 | 5,834 | 17,621 | 14,110 | 34,474 | |||||
| Au C1 cash cost(1) | $ | 1,115 | $ | 1,100 | $ | 428 | $ | 1,108 | $ | 411 |
| Au AISC(1) | $ | 2,234 | $ | 2,228 | $ | 842 | $ | 2,231 | $ | 819 |
(1) EBITDA, adjusted EBITDA, adjusted net income (loss) attributable to owners of the Company, adjusted net income (loss) per share attributable to owners of the Company, net (cash) debt, working capital, copper C1 cash cost, copper C1 cash cost including foreign exchange hedges, gold C1 cash cost and gold AISC are non-IFRS measures. These measures do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. Please refer to the Company’s discussion of Non-IFRS measures in its Management’s Discussion and Analysis for the three and six months ended June 30, 2025 and the Reconciliation of Non-IFRS Measures section at the end of this press release.
(2) Copper C1 cash cost including foreign exchange hedges was $2.06 in Q2 2025 (Q2 2024 - $2.16).
| FINANCIAL HIGHLIGHTS ($ in millions, except per share amounts) | ||||||||||||||
| 2025 - Q2 | 2025 - Q1 | 2024 - Q2 | 2025 - YTD | 2024 - YTD | ||||||||||
| Revenues | $ | 163.5 | $ | 125.1 | $ | 117.1 | $ | 288.6 | $ | 222.9 | ||||
| Gross profit | 67.3 | 55.5 | 43.3 | 122.8 | 74.5 | |||||||||
| EBITDA(1) | 114.2 | 117.9 | (36.2 | ) | 232.0 | (18.4 | ) | |||||||
| Adjusted EBITDA(1) | 82.7 | 63.2 | 51.5 | 145.9 | 94.8 | |||||||||
| Cash flow from operations | 90.3 | 65.4 | 14.7 | 155.7 | 31.9 | |||||||||
| Net income (loss) | 71.0 | 80.6 | (53.4 | ) | 151.7 | (60.2 | ) | |||||||
| Net income (loss) attributable to owners | ||||||||||||||
| of the Company | 70.5 | 80.2 | (53.2 | ) | 150.8 | (60.4 | ) | |||||||
| Per share (basic) | 0.68 | 0.77 | (0.52 | ) | 1.46 | (0.59 | ) | |||||||
| Per share (diluted) | 0.68 | 0.77 | (0.52 | ) | 1.45 | (0.59 | ) | |||||||
| Adjusted net income attributable to owners of the Company(1) | 48.1 | 35.8 | 18.6 | 84.0 | 35.4 | |||||||||
| Per share (basic) | 0.46 | 0.35 | 0.18 | 0.81 | 0.34 | |||||||||
| Per share (diluted) | 0.46 | 0.35 | 0.18 | 0.81 | 0.34 | |||||||||
  Cash, cash equivalents, and short-term | ||||||||||||||
| investments | 68.3 | 80.6 | 44.8 | 68.3 | 44.8 | |||||||||
| Working (deficit) capital(1) | (33.5 | ) | 10.2 | (57.6 | ) | (33.5 | ) | (57.6 | ) | |||||
| Net debt(1) | 559.1 | 561.8 | 482.0 | 559.1 | 482.0 | |||||||||
| (1) | EBITDA, adjusted EBITDA, adjusted net income (loss) attributable to owners of the Company, adjusted net income (loss) per share attributable to owners of the Company, net (cash) debt, working capital, copper C1 cash cost, copper C1 cash cost including foreign exchange hedges, gold C1 cash cost and gold AISC are non-IFRS measures. These measures do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. Please refer to the Company’s discussion of Non-IFRS measures in its Management’s Discussion and Analysis for the three and six months ended June 30, 2025 and the Reconciliation of Non-IFRS Measures section at the end of this press release. |
2025 PRODUCTION AND COST GUIDANCE
Consolidated copper production guidance for 2025 has been updated to 67,500 to 80,000 tonnes to reflect the slower-than-expected ramp up at the Tucumã Operation, which achieved commercial production on July 1, 2025. Consolidated copper production is expected to increase sequentially in H2 2025 driven by higher mill throughput at the Tucumã Operation and higher mined and processed volumes at the Caraíba Operations, particularly at Pilar and Surubim.
At the Xavantina Operations, gold production guidance has been updated to 40,000 to 50,000 ounces to reflect lower-than-expected production in H1 2025. The Company expects investments in mine modernization and mechanization to support sequential increases in mined and processed volumes through the remainder of the year.
| Original Guidance | Current Guidance | |||
| Copper Production (tonnes) | ||||
| Caraíba Operations | 37,500 - 42,500 | 37,500 - 42,500 | ||
| Tucumã Operation | 37,500 - 42,500 | 30,000 - 37,500 | ||
| Total Copper | 75,000 - 85,000 | 67,500 - 80,000 | ||
| Copper C1 Cash Cost(1) Guidance | ||||
| Caraíba Operations | $2.15 - $2.35 | $2.15 - $2.35 | ||
| Tucumã Operation | $1.05 - $1.25 | $1.10 - $1.30 | ||
| The Xavantina Operations | ||||
| Au Production (ounces) | 50,000 - 60,000 | 40,000 - 50,000 | ||
| Gold C1 Cash Cost(1) Guidance | $650 - $800 | $850 - $1,000 | ||
| Gold AISC(1) Guidance | $1,400 - $1,600 | $1,800 - $2,000 | ||
Note: Guidance is based on estimates and assumptions including, but not limited to, mineral reserve estimates, grade and continuity of interpreted geological formations and metallurgical recovery performance. Please refer to the Company’s SEDAR+ and EDGAR filings, including the most recent Annual Information Form ("AIF"), for a detailed summary of risk factors.
(1) Please refer to the section titled "Alternative Performance (Non-IFRS) Measures" within the MD&A.
2025 CAPITAL EXPENDITURE GUIDANCE
Capital expenditure guidance remains unchanged at a range of $230 to $270 million, excluding capitalized ramp-up costs prior to the declaration of commercial production at the Tucumã Operation.
Figures presented in the table below are in USD millions.
| Caraíba Operations | $165 - $180 |
| Tucumã Operation(1) | $30 - $40 |
| Xavantina Operations | $25 - $35 |
| Furnas Copper-Gold Project and Other Exploration | $10 - $15 |
| Total | $230 - $270 |
Note: Guidance is based on certain estimates and assumptions, including but not limited to, mineral reserve estimates, grade and continuity of interpreted geological formations and metallurgical performance. Please refer to the Company’s most recent Annual Information Form and Management of Risks and Uncertainties in the MD&A for complete risk factors.
(1) Excludes capitalized ramp-up costs prior to the declaration of commercial production at the Tucumã Operation.
CONFERENCE CALL DETAILS
The Company will hold a conference call on Friday, August 1, 2025 at 11:30 am Eastern time (8:30 am Pacific time) to discuss these results. A results presentation will be available for download via the webcast link and in the Presentations section of the Company's website on the day of the conference call.
| Date: | Friday, August 1, 2025 | ||
| Time: | 11:30 am Eastern time (8:30 am Pacific time) | ||
| Dial in: | Canada/USA Toll Free: 1-833-752-3380 International: +1-647-846-2821 Please dial in 5-10 minutes prior to the start of the call or pre-register (https://dpregister.com/sreg/10200387/ff53d62cdc) | ||
| Webcast: | To access the webcast, click here. (https://event.choruscall.com/mediaframe/webcast.html? webcastid=1vjDLcyB) | ||
| Replay: | Canada/USA: 1-855-669-9658, International: +1-412-317-0088 For country-specific dial-in numbers, click here. (https://services.choruscall.com/ccforms/replay.html) | ||
| Replay Passcode: 4498533 | |||
Reconciliation of Non-IFRS Measures
Financial results of the Company are presented in accordance with IFRS. The Company utilizes certain alternative performance (non-IFRS) measures to monitor its performance, including copper C1 cash cost, copper C1 cash cost including foreign exchange hedges, gold C1 cash cost, gold AISC, EBITDA, adjusted EBITDA, adjusted net income attributable to owners of the Company, adjusted net income per share, net (cash) debt, working capital and available liquidity. These performance measures have no standardized meaning prescribed within generally accepted accounting principles under IFRS and, therefore, amounts presented may not be comparable to similar measures presented by other mining companies. These non-IFRS measures are intended to provide supplemental information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
For additional details please refer to the Company’s discussion of non-IFRS and other performance measures in its Management’s Discussion and Analysis for the three and six months ended June 30, 2025 which is available on SEDAR+ at www.sedarplus.ca, and on EDGAR at www.sec.gov.
Copper C1 cash cost and copper C1 cash cost including foreign exchange hedges
The following table provides a reconciliation of copper C1 cash cost to cost of production, its most directly comparable IFRS measure.
| Reconciliation: | 2025 - Q2 | 2025 - Q1 | 2024 - Q2 | 2025 - YTD | 2024 - YTD | ||||||||||||||
| Cost of production | $ | 46,890 | $ | 35,719 | $ | 41,945 | $ | 82,609 | $ | 84,172 | |||||||||
| Add (less): | |||||||||||||||||||
| Transportation costs & other | 1,792 | 1,322 | 1,283 | 3,114 | 2,535 | ||||||||||||||
| Treatment, refining, and other | 2,340 | 2,410 | 4,058 | 4,750 | 9,228 | ||||||||||||||
| By-product credits | (6,205 | ) | (4,699 | ) | (3,431 | ) | (10,904 | ) | (5,871 | ) | |||||||||
| Incentive payments | (1,457 | ) | (1,289 | ) | (1,174 | ) | (2,746 | ) | (2,373 | ) | |||||||||
| Net change in inventory | (1,611 | ) | 2,659 | (468 | ) | 1,048 | (4,361 | ) | |||||||||||
| Foreign exchange translation and other | 16 | (147 | ) | 21 | (131 | ) | 14 | ||||||||||||
| C1 cash costs(1) | 41,765 | 35,975 | 42,234 | 77,740 | 83,344 | ||||||||||||||
| (Gain) loss on foreign exchange hedges | (217 | ) | 2,216 | 46 | 1,999 | (230 | ) | ||||||||||||
| C1 cash costs including foreign exchange hedges | $ | 41,548 | $ | 38,191 | $ | 42,280 | $ | 79,739 | $ | 83,114 | |||||||||
| Mining | $ | 31,442 | $ | 25,796 | $ | 27,881 | $ | 57,238 | $ | 53,137 | |||||||||
| Processing | 6,549 | 6,352 | 7,927 | 12,901 | 15,104 | ||||||||||||||
| Indirect | 7,639 | 6,116 | 5,799 | 13,755 | 11,746 | ||||||||||||||
| Production costs | 45,630 | 38,264 | 41,607 | 83,894 | 79,987 | ||||||||||||||
| By-product credits | (6,205 | ) | (4,699 | ) | (3,431 | ) | (10,904 | ) | (5,871 | ) | |||||||||
| Treatment, refining and other | 2,340 | 2,410 | 4,058 | 4,750 | 9,228 | ||||||||||||||
| C1 cash costs(1) | 41,765 | 35,975 | 42,234 | 77,740 | 83,344 | ||||||||||||||
| (Gain) loss on foreign exchange hedges | (217 | ) | 2,216 | 46 | 1,999 | (230 | ) | ||||||||||||
| C1 cash costs including foreign exchange hedges | $ | 41,548 | 38,191 | 42,280 | 79,739 | 83,114 | |||||||||||||
(1) Copper C1 cash costs for 2025 and 2024 do not include Tucumã Operation's results, as commercial production has not been achieved as of June 30, 2025.
| 2025 - Q2 | 2025 - Q1 | 2024 - Q2 | 2025 - YTD | 2024 - YTD | ||||||||||||||||
| Costs per pound | ||||||||||||||||||||
| Total copper produced (lbs, 000) | 20,199 | 16,219 | 19,548 | 36,418 | 37,386 | |||||||||||||||
| Mining | $ | 1.56 | $ | 1.59 | $ | 1.42 | $ | 1.57 | $ | 1.42 | ||||||||||
| Processing | $ | 0.32 | $ | 0.39 | $ | 0.41 | $ | 0.35 | $ | 0.41 | ||||||||||
| Indirect | $ | 0.38 | $ | 0.38 | $ | 0.30 | $ | 0.38 | $ | 0.31 | ||||||||||
| By-product credits | $ | (0.31 | ) | $ | (0.29 | ) | $ | (0.18 | ) | $ | (0.30 | ) | $ | (0.16 | ) | |||||
| Treatment, refining and other | $ | 0.12 | $ | 0.15 | $ | 0.21 | $ | 0.13 | $ | 0.25 | ||||||||||
| Copper C1 cash costs(1) | $ | 2.07 | $ | 2.22 | $ | 2.16 | $ | 2.13 | $ | 2.23 | ||||||||||
| (Gain) loss on foreign exchange hedges | $ | (0.01 | ) | $ | 0.14 | $ | — | $ | 0.06 | $ | (0.01 | ) | ||||||||
| Copper C1 cash costs including foreign exchange hedges | $ | 2.06 | $ | 2.36 | $ | 2.16 | $ | 2.19 | $ | 2.22 | ||||||||||
(1)Copper C1 cash costs for 2025 and 2024 do not include Tucumã Operation's results, as commercial production has not been achieved as of June 30, 2025.
Gold C1 cash cost and gold AISC
The following table provides a reconciliation of gold C1 cash cost and gold AISC to cost of production, its most directly comparable IFRS measure.
| Reconciliation: | 2025 - Q2 | 2025 - Q1 | 2024 - Q2 | 2025 - YTD | 2024 - YTD | ||||||||||||||||||
| Cost of production | $ | 8,761 | $ | 6,225 | $ | 7,580 | $ | 14,986 | $ | 14,835 | |||||||||||||
| Add (less): | |||||||||||||||||||||||
| Incentive payments | (209 | ) | (269 | ) | (226 | ) | (478 | ) | (669 | ) | |||||||||||||
| Net change in inventory | 63 | 1,339 | (322 | ) | 1,402 | (58 | ) | ||||||||||||||||
| By-product credits | (159 | ) | (111 | ) | (259 | ) | (270 | ) | (448 | ) | |||||||||||||
| Smelting and refining | 42 | 35 | 97 | 77 | 187 | ||||||||||||||||||
| Foreign exchange translation and other | 133 | 82 | 215 | 215 | 447 | ||||||||||||||||||
| C1 cash costs | $ | 8,631 | $ | 7,301 | $ | 7,085 | $ | 15,932 | $ | 14,294 | |||||||||||||
| Site general and administrative | 1,264 | 1,077 | 1,350 | 2,341 | 2,703 | ||||||||||||||||||
| Accretion of mine closure and rehabilitation | |||||||||||||||||||||||
| provision | 145 | 141 | 88 | 286 | 180 | ||||||||||||||||||
| Sustaining capital expenditure | 4,435 | 3,909 | 2,653 | 8,344 | 5,907 | ||||||||||||||||||
| Sustaining lease payments | 2,313 | 2,021 | 1,908 | 4,334 | 4,030 | ||||||||||||||||||
| Royalties and production taxes | 511 | 338 | 862 | 849 | 1,372 | ||||||||||||||||||
| AISC | $ | 17,299 | $ | 14,787 | $ | 13,946 | $ | 32,086 | $ | 28,486 | |||||||||||||
| 2025 - Q2 | 2025 - Q1 | 2024 - Q2 | 2025 - YTD | 2024 - YTD | |||||||||||
| Costs | |||||||||||||||
| Mining | $ | 4,552 | $ | 3,760 | $ | 3,705 | $ | 8,312 | $ | 7,525 | |||||
| Processing | 2,472 | 2,206 | 2,277 | 4,678 | 4,536 | ||||||||||
| Indirect | 1,724 | 1,411 | 1,265 | 3,135 | 2,494 | ||||||||||
| Production costs | 8,748 | 7,377 | 7,247 | 16,125 | 14,555 | ||||||||||
| Smelting and refining costs | 42 | 35 | 97 | 77 | 187 | ||||||||||
| By-product credits | (159 | ) | (111 | ) | (259 | ) | (270 | ) | (448 | ) | |||||
| C1 cash costs | $ | 8,631 | $ | 7,301 | $ | 7,085 | $ | 15,932 | $ | 14,294 | |||||
| Site general and administrative | 1,264 | 1,077 | 1,350 | 2,341 | 2,703 | ||||||||||
| Accretion of mine closure and rehabilitation provision | 145 | 141 | 88 | 286 | 180 | ||||||||||
| Sustaining capital expenditure | 4,435 | 3,909 | 2,653 | 8,344 | 5,907 | ||||||||||
| Sustaining leases | 2,313 | 2,021 | 1,908 | 4,334 | 4,030 | ||||||||||
| Royalties and production taxes | 511 | 338 | 862 | 849 | 1,372 | ||||||||||
| AISC | $ | 17,299 | $ | 14,787 | $ | 13,946 | $ | 32,086 | $ | 28,486 | |||||
| Costs per ounce | |||||||||||||||
| Total gold produced (ounces) | 7,743 | 6,638 | 16,555 | 14,381 | 34,789 | ||||||||||
Mining | $ | 588 | $ | 566 | $ | 224 |
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