Q1 revenue surges 84% on metal prices, but net loss widens on -$106.5M Çöpler write-down

Filed May 5, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 6, 2025 · ~2 min read

Key Changes

• high

  Net income swung to -$106.5M loss (from $58.8M profit) despite operating income rising 349% to $300.4M, driven by higher income tax expense ($59.8M vs $16.4M) and a $338.2M non-cash write-down of Çöpler disposal group to fair value less costs to sell.

  MD&A: Income Statement verify on EDGAR →
• high

  Announced sale of 80% Çöpler stake to Cengiz Holding for ~$1.5B cash (expected Q3 2026 close), exiting Türkiye operations and converting suspended asset into liquidity; Çöpler now classified as discontinued operations.

  MD&A: Çöpler Divestiture verify on EDGAR →
• high

  Seabee gold production collapsed 75.8% to 6,286 oz (from 26,001 oz) as mill feed grade fell 66.7% to 3.00 g/t; cash costs per ounce spiked 289% to $3,466 and AISC rose 341% to $6,053 as fixed costs spread over fewer ounces.

  MD&A: Seabee Operations verify on EDGAR →