Financial Data and Key Metrics Changes - Third quarter gold sales nearly doubled over the prior year period to approximately 9,400 ounces, with total revenue from gold sales increasing to approximately $32 million due to higher ounces sold and a higher average realized gold price of $3,412 per ounce [16] - The company reported a net loss of approximately $42 million or $0.05 per share, similar to the prior year period, reflecting the development stage and strategic investments [17] - Gross profit swung from a loss in 2024 to a gain in 2025, marking a roughly $24 million increase, with the third quarter being the fourth consecutive quarter of gross profit [17] Business Line Data and Key Metrics Changes - At Granite Creek Underground, approximately 15,000 tons of oxide mineralized material were mined at a grade of about 9.8 grams per ton, and 20,000 tons of sulfide material at a grade of about 10.7 grams per ton were also mined [7] - Gold sold totaled 7,400 ounces for the quarter and 16,400 ounces for the nine-month period [7] - At Lone Tree and Ruby Hill, approximately 2,000 ounces were recovered and sold from existing leach pads in the third quarter [8] Market Data and Key Metrics Changes - The company continues to trade at a deep discount to comparable developers despite a significant resource base, indicating potential for market recognition of its value [22] Company Strategy and Development Direction - The company aims to create a Nevada-focused mid-tier gold producer, with ongoing projects at Granite Creek and Archimedes, and plans for a recapitalization to support phases I and II of its development plan [2][6] - A sustainability strategy is being established in collaboration with a leading firm, reflecting the company's focus on long-term value creation [4] - The company is evaluating ways to accelerate value creation, including a potential pre-feasibility study on Mineral Point [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in executing the development plan and unlocking the value of its resource base as it moves into 2026 and 2027 [38] - The company is optimistic about achieving steady-state production at its first mine and commencing production at its second mine, Archimedes, while completing feasibility studies for multiple projects [21] Other Important Information - The company closed the quarter with a cash balance of approximately $103 million, a decrease from the previous quarter due to development spending [18] - A construction decision for the Lone Tree plant is anticipated in the second quarter of 2026, with commissioning targeted for the end of 2027 [15] Q&A Session Summary Question: Where is the company currently mining and when will it start mining from the longer levels in the South Pacific Zone? - The company is mostly in the OG Zone now and has started the upper zone of South Pacific, expecting to be around 60% South Pacific and 40% OG Zone next year [25] Question: What are the steps being taken to process oxide through the Lone Tree plant? - The autoclave can be bypassed with oxide ore, and the company is evaluating the potential for feeding that through once close to commissioning [28] Question: Regarding the recapitalization plan, is there a reconsideration of divesting the non-core FAD asset? - The company is aware of the high-grade resource but will not be able to develop it until the end of the 2030s or early 2040s, and is evaluating options for fair value [32] Question: What is the expected CapEx for the refurbishment of the Lone Tree autoclave and Archimedes' development in 2026? - The refurbishment is estimated at $400 million, with about $175 million expected to be spent in 2026, and Archimedes' development is expected to be around $40 million [33]

Namibia unveils an ambitious development plan targeting average economic growth of 7% over the next five years https://t.co/5WLPB8c5Im ...