Net loss narrows 53% to $25.5M on below-the-line gains as operating loss widens 110%

Filed June 24, 2026 · Period ending May 31, 2026 · Compared to 10-Q Jun 25, 2025 · ~2 min read

Key Changes

• high

  Net loss improved $28.8M (53%) to $25.5M while operating loss doubled to $25.8M — the earnings improvement came entirely from below-the-line items, not operations. The filing does not disclose the driver of the non-operating gain.

  MD&A: Financial Results verify on EDGAR →
• high

  Fluor engaged as lead engineering firm coordinating BFS update with specialist contractors (WSP, Worley, Hatch); work advancing on power plant, gas pipeline, pressure oxidation circuit, and oxygen plant infrastructure.

  MD&A: BFS Update Progress verify on EDGAR →
• high

  Raised $310M gross ($294M net) in February 2026 private placement at $10/share (31M shares); proceeds earmarked for BFS, Barrick note prepayment option ($100M by Dec 2026), and general corporate purposes.

  MD&A: February 2026 Financing verify on EDGAR →