President and CEO Cathy Zhai commented, "In Q1 FY2026, gold production continued its steady upward trend over the past eight months at the Selinsing Gold Mine in Malaysia, supporting healthy cash flow and a solid financial position. Revenue and earnings may vary quarter to quarter depending on production levels, operating costs, gold prices, and the timing of gold sales.
"During the first quarter, cash reserves increased by $16.9 million to $62.84 million from $45.94 million, providing strong liquidity to sustain and grow mining output, cash flow generation, and overall Company value. Exploration drilling is currently underway at Selinsing, targeting potential mine expansion areas that may increase Mineral Resources. In addition, an internal economic assessment was conducted for the Murchison Gold Project in Western Australia to evaluate potential gold production opportunities."
FIRST QUARTER OF FISCAL YEAR 2026 HIGHLIGHTS:
Net income of $10.50 million, or $0.03 per share for Q1 FY 2026, compared to net income of $3.00 million, or $0.01/share for Q1 FY 2025;
Gross margin of $22.43 million for Q1 FY 2026, a 93% increase compared to $11.61 million in Q1 FY 2025;
$62.84 million cash on hand at the end of Q1 FY 2026, a $16.90 million increase from $45.94 million during the three-month period;
$69.55 million working capital, $11.01 million increase from $58.54 million at the end of June 30, 2025;
Production performance:
13,092 ounces of gold produced during the three months period (Q1 FY 2025: 8,059 ounces);
11,227 ounces of gold sold at a record average realized price of $3,498/oz for gross revenue of $32.40 million (Q1 FY 2025: 9,270 ounces sold at an average realized price of $2,535/oz for gross revenue of $19.37 million);
Cash cost of $888 per ounce sold (Q1 FY 2025: $837/oz), including higher royalties based on an increased average realized gold price;
All in sustaining cost of $1,037 per ounce sold for Q1 FY 2026, a 7% decrease compared to $1,115/oz in Q1 FY 2025.
Exploration drilling programs continued at Selinsing, targeting a potential increase in mine life;
A conceptual economic assessment was completed and was under management review at Murchison Gold Project;
Heritage survey was completed at Murchison Gold Projects during the quarter by consultant recruited through the aboriginal corporation.
Summary of First Quarter Fiscal Year 2026 Production and Financial performance:
Three months ended September 30,
2025
2024
Production
Ore mined (tonnes)
169,780
137,932
Waste removed (tonnes)
1,749,377
2,313,000
Gold Sulphide Production
Ore processed (tonnes)
239,447
189,676
Average mill feed grade (g/t)
1.94
1.74
Processing recovery rate (%)
87.57
76.22
Gold produced (oz)(1)
13,092
8,059
Gold sold (oz)
11,227
9,270
Financial(expressed in thousands of US$)
$
$
Revenue
32,400
19,371
Gross margin from mining operations
22,432
11,611
Net Income before other items
15,169
8,601
Net income
10,500
2,997
Cash flows provided by operations
19,186
9,676
Working capital
69,548
24,723
Earnings per share, basic and diluted (US$/share)
0.03
0.01
