Q2 was badQ2 gold sales dropped to 4,040 ounces, and earnings were near zero. Basic net earnings were barely positive at $.386M ($.008 per share). "Change in fair value of stream liability" reduced earnings by $1.8M.
The press release did not even state the earnings, and I could not find adjusted earnings stated anywhere.
Burried in the quarterly report was this statement:
In the six months ended June 30, 2024, gold production was 35% lower than the same period in 2023, while silver production was 29% higher than the same period in 2023. The Company has prioritized higher grade zones in previous periods and now gold grades are declining. In addition, the final active pit, ATO 2, is showing lower grades. Heap leach recoveries tend to decline over time.
The financials will likely be a mess next quarter with the Boroo merger. The company will not reach its full potential until 2027 when ATO Phase 2 is completed.