First Quarter Highlights

(all figures in US$000’s unless stated otherwise, except per unit figures which are in US$)

Revenue for the three months ended March 31, 2024 amounted to $7,971 on sales of 3,723 gold ounces and 19,506 silver ounces, respectively.

Average realized prices for the three months ended March 31, 2024 were $2,043 per gold ounce and $19 per silver ounce, respectively.

Operating profit from mine operations before depreciation and depletion for the three months ended March 31, 2024 was $4,324.

Adjusted EBITDA after payments made pursuant to the metals purchase and sale agreement (the “Stream Agreement“) with Triple Flag Finance Bermuda Ltd. for the three months ended March 31, 2024 was negative $309.

Site All in Sustaining Cost (“AISC“) was $945 per ounce sold for the quarter ended March 31, 2024. AISC was $1,522 per ounce sold for the three months ended March 31, 2024.

During the three months ended March 31, 2024, 133,090 tonnes of ore were mined and 145,479 tonnes of ore were stacked on the leach pad, with an average gold grade of 0.56 g/t.

As at March 31, 2024, the cash balance was $6,740 (including $87 recorded in assets classified as held for sale); total bank debt, payables and other debts (including liabilities of $81 recorded in assets classified as held for sale, excluding convertible debentures, Stream Agreement, lease liabilities, tax payables and asset retirement obligations) was $70,216 with net debt of $63,476.

On January 9, 2024, the Company announced that it had entered into a turnkey engineering, procurement and construction contract with Hexagon Build Engineering LLC for the Phase 2 Expansion.

The Phase 2 Expansion is proceeding according to the projected timelines and budgets, with commissioning planned for the first quarter of 2026.

On March 15, 2024, the Company entered into an amended and restated gold prepay agreement (“A&R Prepay Agreement“) for an additional advance of $5,000 with a repayment term over five months, commencing on August 15, 2024, in five equal monthly deliveries of 530 ounces of gold for a total of 2,650 ounces delivered to Triple Flag International Ltd.

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