Unaudited interim results for the three and nine-month periods ended 30 September 2025 | Taiwan News | Nov. 28, 2025 14:30

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61% : Notes(unaudited)(unaudited)(unaudited)(unaudited)CONTINUING OPERATIONS Revenue 41,996,36627,626,034104,524,00970,290,641Cost of sales (17,620,959)(14,160,734)(48,152,798)(39,840,803)Depreciation and amortisation charges (2,795,451)(1,056,517)(6,475,006)(3,297,323)Total cost of sales (20,416,410)(15,217,251)(54,627,804)(43,138,126)Gross profit 21,579,95612,408,78349,896,20527,152,515Administration expenses (2,695,260)(1,679,357)(8,239,877)(5,484,788)Share-based payments (89,232)(65,010)(293,260)(183,902)Gain on asset disposals 266,56125,008354,670(59,669)Operating profit 19,062,02510,689,42441,717,73821,424,156Other income - exploration receipts2 -- -- -- 351,186Other expenses - exploration expenses2 -- -- -- (317,746)Foreign exchange (loss)/gain (21,403)129,42986,602(690,927)Finance expense3(125,596)(127,729)(354,065)(438,032)Finance income3268,694109,262677,996345,727Profit before taxation 19,183,72010,800,38642,128,27120,674,364Income tax expense4(3,198,065)(2,184,999)(7,213,665)(2,837,143)Profit after taxation 15,985,6558,615,38734,914,60617,837,221
60% : 202411,213,61836,158,068221,61319,486,684(78,459,765)115,561,436104,181,654 Foreign currency adjustments -- -- -- -- 14,976,290 -- 14,976,290 Profit for the period -- -- -- -- -- 34,914,60634,914,606 Total comprehensive income for the period -- -- -- -- 14,976,29034,914,60649,890,896 Transfer to taxation reserve -- -- -- 3,352,341 -- (3,352,341) -- Share option expense -- -- 293,260 -- -- -- 293,260 Share options settled in period -- -- (51,665) -- -- -- (51,665) Share based incentives lapsed in period -- -- (15,748) -- -- 15,748 -- Equity shareholders' funds at 30 September 202511,213,61836,158,068447,46022,839,025(63,483,475)147,139,449154,314,145 (1) Other reserves comprise a merger reserve of US$361,461 and a taxation reserve of US$22,477,564 (31 December 2024: merger reserve of US$361,461 and a taxation reserve of US$19,125,223).
57% : 9,982,4979,982,497 Total comprehensive income for the period -- -- -- -- (9,304,999)9,982,497677,498 Transfer to taxation reserve -- -- -- 1,877,304 -- (1,877,304) --
56% : HIGHLIGHTS Gold production for the first nine months of 2025 of 32,634 ounces (corresponding nine-month period of 2024: 27,499 ounces), positioning the Company on track for full year guidance, with record Q3 production of 12,090 ounces.Cash held at 30 September 2025 of $38.8 million (31 December 2024: $22.2 million).Net cash at quarter-end (after interest bearing loans and lease liabilities) of $33.0 million (Q2-2025: $24.6 million).EBITDA for the nine-month period of $48.2 million (corresponding nine-month period of 2024: $24.7 million).Post-tax profit for the nine-month period of $34.9 million (corresponding nine-month period of 2024: $17.8 million).Profit per share of 46.10 cents (corresponding nine-month period of 2024: 23.55 cents).Net cash inflow from operations for the nine-month period (after mine development expenditure of $4.1 million) of $34.3 million (corresponding nine-month period of 2024: $18.2 million inflow, after mine development expenditure of $4.9 million).Average gold price of $3,244 per ounce received on gold sales during the nine-month period (corresponding nine-month period of 2024: $2,338).Cash Cost for the nine-month period to 30 September 2025 of $1,429 per ounce (corresponding nine-month period of 2024: $1,405 per ounce).All-In Sustaining Cost for the nine-month period to 30 September 2025 of $1,816 per ounce (corresponding nine-month period of 2024: $1,790 per ounce).
55% : Post-tax profit for the nine months was $34.9 million, equating to earnings of 46.10 cents per share, compared with $17.8 million and 23.55 cents per share in 2024.
55% : 91,065,525 92,792,049 Foreign currency adjustments -- -- -- -- (7,374,025) -- (7,374,025) Profit for the period -- -- -- -- -- 17,837,22117,837,221 Total comprehensive income for the period -- -- -- -- (7,374,025)17,837,22110,463,196 Transfer to taxation reserve -- -- -- 1,649,374 -- (1,649,374) -- Share incentives expense -- -- 183,902 -- -- -- 183,902 Equity shareholders' funds at 30 September 202411,213,61836,158,068359,47517,609,380(69,154,766)107,253,372103,439,147 Foreign currency adjustments -- -- -- -- (9,304,999) -- (9,304,999) Profit for the period -- -- -- -- --
54% : The Group has also incurred a tax charge in Brazil for the nine-month period of US$8,619,461 (nine months to 30 September 2024 tax charge - US$3,783,403). 5.
53% : Condensed Consolidated Cash Flow Statement For the three and nine-month periods ended 30 September 2025 For the three months ended 30 SeptemberFor the nine months ended 30 September 2025202420252024(expressed in US$)(unaudited)(unaudited)(unaudited)(unaudited)Operating activities Post tax profit for period15,985,6558,615,38735,451,76317,837,221Depreciation - plant, equipment and mining properties2,795,4511,056,5176,475,0063,297,323Net financial expense/(income)(121,695)(110,962)(410,533)749,792Provision for taxation3,198,0652,184,9997,213,6652,837,143Gain / (loss) on disposals(266,561)(25,008)(354,670)59,669Share-based payments89,23265,010293,260183,902Taxation paid(2,057,272)(347,589)(7,526,271)(789,287)Interest paid(33,789)(10,091)(447,174)(39,599)Foreign exchange (loss) / gain18,255(291,702)369,194(343,986)Changes in working capital (Increase)/decrease in inventories(657,797)217,474(2,342,867)(1,049,888)
50% : Other comprehensive income (net of tax) Exchange differences on translating foreign operations 3,128,112808,68915,009,804(7,374,025)Total comprehensive profit / (loss) for the period(1) 19,113,7679,424,07649,924,41010,463,196 Profit per ordinary share (basic)521.11c11.38c46.10c23.55cProfit per ordinary share (diluted)521.11c11.38c46.10c23.55c (1) The Group has no non-controlling interests and all profits are attributable to the equity holders of the Parent Company Balance Sheet as at 30 September 2025 (expressed in US$)
49% : As at 31 December 2024 (audited)Non-current assets Deferred exploration costs 27,985,88420,211,85818,839,836Property, plant and equipment 72,750,48656,310,56653,593,723Right of use assets 5,680,4264,928,2634,287,020Taxes receivable 8,106,6127,110,4456,246,352Deferred taxation 3,670,9941,903,3071,878,081Total non-current assets 118,194,40290,464,43984,845,012Current assets Inventories 16,739,17812,338,95813,115,648Trade and other receivables 4,831,2802,100,9562,533,450Prepayments and accrued income 4,106,4391,633,6022,220,463Cash and cash equivalents 38,772,33720,029,40722,183,049Total current assets 64,449,23436,102,92340,052,610Current liabilities Trade and other payables 15,903,23510,672,7059,695,560Interest bearing liabilities 5,702,2845,886,7145,841,804Accruals 901,515431,716419,493Total current liabilities 22,507,03416,991,13515,956,857Net current assets 41,942,20019,111,78824,095,753Total assets less current liabilities 160,136,602100,131,973109,576,227Non-current liabilities Trade and other payables 1,857,9373,676,1812,809,243Provisions 3,222,7322,325,5731,839,916Interest bearing liabilities 741,788135,326109,952Total non-current liabilities 5,822,4576,137,0804,759,111Net assets 154,314,145103,439,147104,181,654Equity Share capital 11,213,61811,213,61811,213,618Share premium reserve 36,158,06836,158,06836,158,068Option reserve 447,460359,475221,613Other reserves 22,839,02517,609,38019,486,684Translation reserve (63,483,475)(69,154,766)(78,459,765)Retained surplus 147,139,449107,253,372115,561,436Equity shareholders' funds 154,314,145103,439,147104,181,654 Statements of Changes in Shareholders' Equity For the nine-month period ended 30 September 2025 (expressed in US$) (unaudited)Share capitalShare premiumShare option reserveOther reserves (1)Translation reserveRetained EarningsTotal equity Equity shareholders' funds at 31 December 202311,213,61836,158,068175,57315,960,006(61,780,741)
49% : The deferred tax liability arising on unrealised exchange gains has been eliminated in previous periods, and the stronger Brazilian Real exchange rate at the end of the period has resulted in deferred tax income of US$1,405,796 (nine months to 30 September 2024 - income of US$946,220).
47% : Taxation The Group has recognised a deferred tax asset to the extent that the Group has reasonable certainty as to the level and timing of future profits that might be generated and against which the asset may be recovered.
24% : The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018.

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