Total Revenue

Down 43% (from $58.68M in Q4 2023 to $33.5M in Q4 2024)

Total Revenue decreased dramatically due to a pronounced drop across all segments—with the USA segment nearly halving, compounded by significant declines in Mexico and moderate decreases in Canada—reflecting weakened sales and market challenges compared to the strong performance in Q4 2023. " "

USA Revenue

Down 55% (from $37.88M to $16.84M)

The USA segment experienced a sharp decline of 55% YoY, indicating severe market weakness or operational challenges in that region relative to the previous period, heavily affecting overall revenue performance. " "

Canada Revenue

Down 16% (from $19.44M to $16.26M)

The Canada segment saw a moderate drop in revenue by 16%, which may be attributed to reduced production or pricing adjustments compared to Q4 2023, reflecting a less severe impact than in the USA. " "

Mexico Revenue

Down 78% (from $1.35M to $0.3M)

Mexico’s revenue plunged by 78% YoY, suggesting either a strategic pullback or significant production issues, likely reflecting the challenges in ramping up sales in that region as compared to the previous period. " "

Production Costs

Down 32% (from $39.187M to $26.455M)

Production costs fell by 32% YoY, indicating that cost reduction efforts or lower production volumes helped cut expenses, although this reduction may also be a consequence of the drop in overall operational activity reflected in revenue declines. " "

Depreciation and Depletion

Up 14% (from $5.851M to $6.705M)

Depreciation and depletion increased by 14% YoY, suggesting elevated asset utilization or revised depreciation methods amid production efforts, despite an overall revenue contraction from the prior period. " "

Exploration Expenses

Down 37% (from $3.741M to $2.362M)

Exploration expenses were reduced by 37% YoY, likely as part of cost-containment measures or a strategic shift away from high-expense exploration activities, contrasting with the higher investment seen in Q4 2023. " "

Loss Before Income and Mining Taxes

Shift from a positive $177.909M to a loss of $7.161M

Loss before income and mining taxes reversed dramatically from a large positive figure in Q4 2023 to a loss in Q4 2024, driven by the remarkable decline in revenue that was not offset by the reduction in costs, along with persistent high fixed expenses. " " This indicates an operational reversal that may have significant forward-looking implications for liquidity and profitability.

Cash and Cash Equivalents

Down from $23.02M to $0.0175M (nearly 100% drop)

The liquidity position deteriorated sharply with cash nearly depleted due to very low cash balances in Q4 2024, likely as a result of diminished revenue inflows and potentially high outflows or financing challenges compared to the previous period. " "

Los Azules Feasibility Study

FY 2025

Feasibility study and environmental permit expected to be completed in the first half of FY 2025 "

Expected to be completed by the end of Q2 2025 "

no change

Gold Production at Fox Complex

FY 2025

no prior guidance

Expected to double production to 60,000 ounces by 2027 with potential for a four- to fivefold increase to 130,000–150,000 ounces (could increase consolidated production to 225,000–250,000 ounces per annum) "

no prior guidance

All-In Sustaining Costs (AISC)

FY 2025

no prior guidance

Projected AISC for 2025 is $1,700–$1,900 per GEO "

no prior guidance

Exploration Spending

FY 2025

no prior guidance

Approximately $4 million in exploration work planned for the Timberline properties in 2025 "

no prior guidance

Permitting Timeline for Timberline Properties

FY 2025

no prior guidance

Permitting for patented claims could be completed in 1–2 years and for BLM land is expected to take 3–5 years "

no prior guidance

Gold Bar Mine Life

FY 2025

no prior guidance

Current assets at Gold Bar are expected to sustain mining operations until 2030 "

no prior guidance

Los Azules Copper Project

Q1–Q3 discussions consistently detailed valuation, feasibility study progress, dilution risk and IPO considerations " " " " in Q1, " " " " in Q2, and " " " " in Q3.

Q4 continues with detailed focus on Los Azules: a refined valuation based on the latest financing, feasibility study nearly 90% complete with capitalized expenditures, updated risk management around dilution, and clear IPO timing expectations. " " " " " " "

Recurring topic with refined progress and increased positive sentiment, as technical work and financing structure have improved over time.

Operational Challenges and Production Efficiency

Across Q1–Q3, discussions highlighted production inconsistencies at Fox Complex and other sites, challenges such as lower grade production, ground condition issues, and concerns about short mine life " " in Q1, " " in Q2, and " " " " in Q3.

In Q4, there is an emphasis on production efficiency improvements at Fox Complex, with planned output increases and further infrastructure work, even though some operational challenges (e.g. permitting delays and cost factors) remain visible. " " " " " "

Recurring topic with gradual improvements in efficiency yet persistent challenges, signaling incremental progress but ongoing operational risks.

Regulatory and Permitting Challenges

Q1 discussions addressed permitting for the Phoenix project and Timberline acquisition. " " Q2 provided details on delays in Mexico and constraints around Timberline and overall project permitting. " " " In Q3, the focus shifted mainly to permitting uncertainties for Timberline and Los Azules. " " "

Q4 broadens the scope by including Mexico’s geopolitical challenges alongside continued uncertainties for Phoenix and Timberline, emphasizing unpredictable timelines and challenges with new regulatory frameworks. " " " "

Recurring topic with an expanding scope—while regulatory challenges persist, Q4 highlights a broader set of issues (including geopolitical concerns) that continue to affect project timelines and strategies.

Capital Expenditure and Financial Risks

Q1 noted high feasibility study costs and potential shareholder dilution concerns when discussing Los Azules, supported by drilling expenditures and cash reserves details. " " " " Q2 stressed the substantial technical expenditure required and improved liquidity. " " Q3 reinforced extensive capex and preliminary dilution risks related to expenses and an IPO process. " " "

Q4 reiterates the enormous capital requirement (approximately $2.5B for Los Azules), along with continued high feasibility study costs. The company’s strategy of a balanced 40% equity and 60% debt mix is emphasized to mitigate dilution risk. " " " " "

Recurring topic with consistent financial risk concerns; while strategic financing plans are in place, the high capex remains a central risk impacting future shareholder value.

Strategic Acquisitions and Growth Initiatives

Q1 introduced the Timberline Resources acquisition bid and the possibility of transformational deals. " " " Q2 highlighted Timberline in the acquisition pipeline alongside growth initiatives at Stock and Gold Bar. " " " Q3 discussed the completed acquisition of Timberline, additional investments (such as in Inventus Mining) and further expansion of asset portfolios. " " "

Q4 maintains a strong growth narrative with continued integration of the Timberline assets, advancing the Los Azules project, expansion at Fox Complex, and exploration of monetizing the royalty portfolio. " " "

Recurring topic with continuous expansion and integration, showing a robust, long‐term growth strategy that remains central to the company’s future.

Tax Incentives Impact

Q1 mentioned potential benefits from Argentina’s RIGI law, expecting tax reductions (income tax and export duty cuts) to improve project economics. " " Q2 provided detailed incentive measures (e.g., reduced income tax, VAT recovery, export duty relief). " " Q3 did not mention this topic.

Q4 revisits tax incentives by outlining the application process for benefits under Argentina’s RIGI law, although with uncertain timelines due to regulatory newness. " "

Recurring topic with intermittent attention; although omitted in Q3, the discussion reappears in Q4, reflecting its ongoing importance to improving the economics of key projects in Argentina.

US Pro‑Mining Policy Opportunities

Not mentioned in Q1 and Q2; Q3 introduced this topic by highlighting positive remarks on the incoming administration’s pro‑mining stance (e.g., President‑elect Trump’s support for resource development). "

Q4 does not mention US pro‑mining policy opportunities.

New topic in Q3 that did not persist into Q4, indicating that while it generated temporary optimism, it was not a lasting focus in subsequent discussions.