Gold Mountain Reports its Interim Q4 2025 Financial and Operating Results
, March 17, 2025 (Newswire.com) - VANCOUVER, BC / ACCESS NewswireGold Mountain Mining Corp. ("Gold Mountain" or the "Company") (TSX:GMTN)(OTCQB:GMTNF)(FRA:5XFA) reports its financial and operating results for the three months and twelve months ended January 31, 2025 ("Q4 2025"). The Company's Financial Statements and Management's Discussion and Analysis ("MD&A") are available on the Company's profile on SEDAR+ at www.sedarplus.ca and on the Company's website. All amounts are expressed in Canadian dollars ("$") unless otherwise noted.
Change of Fiscal Year End
The Company announces a change to its fiscal year end from January 31 to March 31. Going forward, the Company's financial reporting periods will align with standard calendar quarters (March, June, September, December). This alignment is expected to enhance financial comparisons and benchmarking with industry peers, as many reporting issuers within the mining sector follow the same reporting cycle.
As a result of this change, the Company is releasing its interim financial and operating results for the fourth quarter ended January 31, 2025. The Company will file audited financial statements for the 14-month transitional fiscal period ending March 31, 2025. These filings will be submitted by the end of June 2025, in compliance with National Instrument 51-102 - Continuous Disclosure Obligations ("NI 51-102").
Further details regarding the change in fiscal year end, including the Company's interim reporting procedures, will be available in the Company's Notice of Change of Financial Year- End, prepared in accordance with section 4.8 of NI 51-102, which will be filed on the Company's profile on SEDAR+ at www.sedarplus.ca.
Highlights for the three months ended January 31, 2025
Gold sales of 291 oz from 10,055 tonnes delivered grading at an average of 1.23 g/t
Revenue of $761,433 at an average realized gold price1 of $2,583 (US$1,828) per ounce of gold sold
Mine operating loss of $343,360
Net loss of $1,457,550 or $0.00 per share (basic) during Q4 2025
Adjusted EBITDA1 of $139,913
Total Cash Costs1 per ounce sold of $3,272
The strip ratio of 39.6 in Q4 2025
Low production results realized during the reporting period were directly attributable to the planned winter work program, which substantially reduced operations throughout the quarter. As a result, production from the Elk Gold Mine is consistent with the reduced activity level. The combination of lower stripping volumes and the anticipated lower gold production in Q4 2025 resulted in reduced unit costs compared to Q4 2024.
Summary of Financial Results
For the three months ended January 31, 2025 ("Q4 2025"), the Company recorded a net loss of $1.5 million, compared to a net loss of $2.6 million for the three months ended January 31, 2024 ("Q4 2024"). The reduced loss in Q4 2025 was primarily due to greater metal sales volumes and higher realized gold prices, which resulted in an increase in revenue to $1.2 million, compared to $0.4 million in Q4 2024. Mine operating loss for Q4 2025 was $0.3 million, a significant improvement compared to the mine operating loss of $1.8 million in Q4 2024. The improvement reflects increased production volumes and better cost management during the quarter.
Q4 2025 | Q4 2024 | 12MO 2025 | 12MO 2024 | |||||||||||||
Revenue | $ | 761,433 | $ | 424,099 | $ | 2,349,397 | $ | 8,576,009 | ||||||||
Cost of sales | (1,104,793 | ) | (2,265,257 | ) | (8,285,105 | ) | (11,806,694 | ) | ||||||||
Mine operating loss | (343,360 | ) | (1,841,158 | ) | (5,935,708 | ) | (3,230,685 | ) | ||||||||
Net loss and comprehensive loss | (1,457,550 | ) | (2,626,708 | ) | (13,212,456 | ) | (5,922,973 | ) | ||||||||
Net loss per share - basic and diluted | (0.00 | ) | (0.03 | ) | (0.02 | ) | (0.07 | ) | ||||||||
Adjusted EBITDA1 | $ | 139,913 | $ | (2,457,593 | ) | $ | (7,247,798 | ) | $ | (4,836,938 | ) | |||||
Average realized gold price1 ($/oz) | $ | 2,583 | $ | 1,263 | $ | 2,163 | $ | 2,167 | ||||||||
Total Cash Costs1 per ounce sold ($/oz) | $ | 3,272 | $ | 6,455 | $ | 7,189 | $ | 2,821 | ||||||||
Summary of Operational Results
Q4 2025 | Q4 2024 | 12MO 2025 | 12MO 2024 | |||||||||||||
Ore mined | (t) | 10,055 | 1,455 | 31,321 | 34,017 | |||||||||||
Waste mined | (t) | 398,662 | 199,748 | 1,296,929 | 1,623,010 | |||||||||||
Total mined | (t) | 408,717 | 201,203 | 1,328,250 | 1,657,027 | |||||||||||
Ore delivered | (t) | 8,994 | 4,187 | 30,064 | 33,245 | |||||||||||
Average ore grade delivered - gold | (g/t) | 1.23 | 2.89 | 1.34 | 4.26 | |||||||||||
Strip ratio | waste/ore | 39.6 | 137.3 | 41.4 | 47.7 | |||||||||||
Gold ounces sold | (oz) | 291 | 327 | 1,070 | 3,916 | |||||||||||
During the three months ended January 31, 2025 ("Q4 2025"), the Company mined a total of 10,055 tonnes of ore and 398,662 tonnes of waste, all sourced from the Siwash North Pit. The average ore grade delivered during the quarter was 1.23 g/t gold, resulting in total gold ounces sold of 291. The strip ratio for the quarter was 39.6. In comparison, during the three months ended January 31, 2024 ("Q4 2024"), the Company mined a total of 1,455 tonnes of ore and 199,748 tonnes of waste from the Siwash North Pit. The average ore grade delivered was 2.89 g/t gold, resulting in total gold ounces sold of 327. The strip ratio in Q4 2024 was significantly higher at 137.3.
Corporate Update
During the twelve months ended January 31, 2025, the Company incurred a net loss of $13.2 million, reflecting ongoing operational challenges at the Elk Mine. Based on the Elk Mine operations and financial reporting for the twelve months ended January 31, 2025, the Company has commenced an internal review of its National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") compliant independent Technical Report for the Elk Mine titled "National Instrument 43-101 Technical Report and Resource Update on the Elk Gold Project, Merritt, British Columbia, Canada" prepared by L. John Peters, P.Geo, Gregory Z. Mosher, P.Geo, and Marinus Andre De Ruijter, P. Eng, each an independent "Qualified Person" as defined in NI 43-101, with an effective date of December 7, 2021, and a report date of January 21, 2022 (the "Technical Report"). Accordingly, readers are cautioned to not place undue reliance on the Technical Report or the resource estimate included therein until the Company has completed and reported on its internal review.
As part of its internal review, Gold Mountain intends to engage in various activities, including: infill drilling; drilling new holes as quality checks on historical works and findings; re-logging historical drill core; and evaluating existing drill core data. The Company anticipates completing the internal review by July 2025 and will provide an update in due course.
Gold Mountain also anticipates receiving the results of exploration drilling which has commenced on the "Bullion Zone", an area located immediately north of the Siwash Pit. Preliminary observations support additional exploitation and expansion of the existing operational plan for that location.
Further, Gold Mountain looks forward to the Elk Mine resuming normal operations following spring melt and the completion of the internal review.
About Gold Mountain
Gold Mountain is a British Columbia based gold and silver production, exploration and development company focused on the development of the Elk Gold Mine, a producing mine located 57 kilometers from Merritt in South Central British Columbia. Additional information is available at www.sedar.comor on the Company's new website at www.gold-mountain.ca.
For more information, please contact:
Gold Mountain Mining Corp.
Email: info@gold-mountain.ca
Website: www.gold-mountain.ca
Twitter: www.twitter.com/goldmtnmine
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.
Forward Looking Statements
Forward-looking statements in this news release may include, but are not limited to, statements relating to those in respect of the Company's future financial reporting. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. The forward-looking statements contained in this news release are made as of the date hereof, and except as may be required by applicable securities laws, the Company assumes no obligation or intent to update publicly or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.
1) The Company has included certain non-IFRS measures in this document, as discussed below.
Adjusted earnings before interest, taxes, depreciation and amortization ("EBITDA") is a non-IFRS financial performance measure. For a full definition and reconciliation of this non-IFRS financial performance measure, refer to the Company's MD&A for the three and twelve months ended January 31, 2025, a copy of which is available on the Company's profile at www.sedarplus.ca.
Total Cash Cost per ounce sold is a common financial performance measure in the gold mining industry but has no standard meaning under IFRS. The Company reports total cash costs on a sales basis. For a full definition and reconciliation of this non-IFRS financial performance measure, refer to the Company's MD&A for the three and twelve months ended January 31, 2025, a copy of which is available on the Company's profile at www.sedarplus.ca.
Average realized price per ounce of gold sold is used by management to better understand the price realized in each reporting period for gold sales. This metric is intended to provide additional information only and does not have any standardized definition under IFRS. For a full definition and reconciliation of this non-IFRS financial performance measure, refer to the Company's MD&A for the three and twelve months ended January 31, 2025, a copy of which is available on the Company's profile at www.sedarplus.ca.
SOURCE: Gold Mountain Mining Corp
Source: Gold Mountain Mining Corp