0001628280-26-034207
SEC filingQ1 2026 delivered transformative revenue growth to $52.4M from Granite Creek ramp-up, with gross profit surging 453% to $16.1M at 30.7% margin, though higher operating expenses, G&A revaluations, and interest payments drove wider operating and net losses.
Revenue surged 273% to $52.4 million in Q1 2026 from $14.0 million a year ago, driven by Granite Creek's production ramp-up after finalizing the third-party toll milling agreement in March 2025. This shift enabled higher-volume processing of diversified material streams, replacing prior constraints from lower-volume leaching operations. Gross profit reflected this momentum, climbing 453% to $16.1 million with a resilient 30.7% margin as revenue growth outpaced cost increases. Management's focus on optimizing residual leaching—improving solution flows, controlling ponding, and fine-tuning cyanide rates—supported oxide processing stability during the quarter.