IAU Q2 2026 - Preliminary Earnings Alert

Event: Quartr Q2 2026 event Retrieved: 2026-08-11T10:30:00Z Comparison mode: maximal Scorecard contract: v1 Source status: release=available (earnings release 3674472, read in full, 6 pages) | financials=earnings release only (financial statements 3998009 and MD&A 3998008 attached but not read) | transcript=not available (call 2026-08-11 14:00Z, not yet held)

Consensus scorecard

• Consensus scorecard, bulleted equivalent:
  • Revenue / consolidated total revenue: Quartr actual $24.348m against API Ninjas consensus $44.000m - Miss −$19.652m, −44.7%.
  • EPS / adjusted net loss per share: Quartr actual $(0.05) against API Ninjas consensus $(0.03) - Miss −$0.02, −66.7%.

Reported results and guidance

• Q2 consolidated results, bulleted equivalent (Q2 2026 vs Q2 2025): revenues $24,348k vs $27,836k (−12.5%); gross profit $8,618k vs $798k, a gross margin of 35.4% against 2.9%; net loss $(52,527)k vs $(30,215)k; net loss per share $(0.06) vs $(0.05); adjusted net loss $(41,164)k vs $(26,509)k; adjusted net loss per share $(0.05) vs $(0.04); cash used in operating activities $(49,584)k vs $(11,335)k; cash and cash equivalents $464,555k vs $133,691k; gold produced 11,098 oz vs 4,178 oz (+165.6%); gold ounces sold 5,335 oz vs 8,400 oz (−36.5%); average realized gold price $4,522/oz vs $3,301/oz (+37.0%); pre-development, evaluation and exploration expenses $29,264k vs $9,045k (+223.5%); weighted average basic shares 861,071,221 vs 608,167,841 (+41.6%).

• Six-month results, bulleted equivalent (6M 2026 vs 6M 2025): revenues $76,738k vs $41,884k (+83.2%); gross profit $24,697k vs $3,704k, a gross margin of 32.2% against 8.8%; net loss $(131,128)k vs $(71,420)k; net loss per share $(0.15) vs $(0.14); adjusted net loss $(69,889)k vs $(50,105)k; adjusted net loss per share $(0.08) vs $(0.10), an improvement; cash used in operating activities $(94,664)k vs $(34,036)k; gold produced 21,964 oz vs 14,326 oz; gold ounces sold 15,923 oz vs 13,352 oz; average realized gold price $4,801/oz vs $3,124/oz; pre-development, evaluation and exploration expenses $54,962k vs $18,590k; weighted average basic shares 849,153,360 vs 520,243,077.

• Revenue by property, bulleted equivalent: Granite Creek $9,355k against $19,727k a year earlier (−52.6%) on 2,052 gold ounces sold at an average realized $4,559/oz; Lone Tree $11,891k against $5,821k (+104.3%) on 2,593 ounces at $4,519/oz; Ruby Hill $3,102k against $2,288k (+35.6%) on 690 ounces at $4,422/oz. The three property revenue figures sum exactly to consolidated revenue of $24,348k, and the three gold-ounce figures sum exactly to 5,335 ounces sold. Consolidated silver revenue was $224k in the quarter, so gold revenue was $24,124k.

• Guidance, bulleted equivalent: the company states it remains on track to meet its 2026 guidance as originally published in the 2025 Year End Annual Report on Form 10-K dated February 19, 2026, subject to four adjustments. Growth capital expenditures are expected to be largely in line with the $150m to $175m guidance. Lone Tree plant refurbishment capital expenditures are expected to be lower in 2026 than guided, which management attributes to conservatism during the recapitalization planning process. Archimedes expenditures are expected to be higher, reflecting a change in long-term surface infrastructure strategy toward a new worker change facility and additional offices. Exploration expenses are expected to be approximately $10m lower. Production guidance is reaffirmed but no production range is restated in this document.

• Catalyst schedule, bulleted equivalent: first gold mined at Archimedes underground in Q4 2026; Lone Tree Plant major construction commencing in Q4 2026, detailed engineering complete in late Q1 2027, filtration plant complete in early Q4 2027 and first gold pour in Q4 2027; Granite Creek underground and Cove underground feasibility studies in Q3 2026; Archimedes underground feasibility study at approximately mid-2027; Mineral Point open pit pre-feasibility study at approximately mid-2027; Granite Creek open pit pre-feasibility study timing under review.

Key bullish aspects

• Gold production rose 165.6% to 11,098 ounces from 4,178 ounces, and the company states it remains on track to achieve full-year production guidance. Six-month production rose 53.3% to 21,964 ounces.
• Gross profit rose to $8,618k from $798k, moving gross margin to 35.4% from 2.9%. On a six-month basis gross profit rose to $24,697k from $3,704k and margin to 32.2% from 8.8%.
• The average realized gold price rose 37.0% to $4,522 per ounce in the quarter and 53.7% to $4,801 for the half.
• The revenue shortfall is a timing effect the company quantifies: at June 30, 2026 it held in-process material containing over 5,300 recoverable ounces at the third-party facility, expected to be processed in Q3 2026, plus approximately 1,800 ounces of gold in inventory. Those two together exceed the 5,335 ounces sold in the quarter.
• Cash and cash equivalents of $464,555k compare with $133,691k a year earlier, and management states it expects sufficient liquidity to meet obligations as they become due.
• Underground development at Granite Creek ran ahead of plan, with year-to-date development footage exceeding plan and a significant increase in the number of available high-grade headings during the quarter.
• Archimedes underground completed 899 meters of development in the quarter, described as on schedule and largely on budget, with the exploration drift since completed and the ventilation raise commenced; first gold mined remains targeted for Q4 2026.
• Lone Tree remains on budget with minimal contingency drawdown; approximately 50% of procurement packages by value were awarded and approximately 40% of capital committed as of mid-July, against total construction commitments of $110.1m at June 30 representing roughly 30% of project cost.
• Exploration expenses are guided approximately $10m lower for 2026, and Lone Tree refurbishment capital is guided lower than the original estimate.
• Adjusted net loss per share for the six months improved to $(0.08) from $(0.10) despite a larger absolute adjusted loss, because the share count grew faster than the loss.
• Lone Tree property revenue more than doubled to $11,891k from $5,821k and Ruby Hill revenue rose 35.6% to $3,102k, partly offsetting the Granite Creek decline.

Key bearish aspects

• Revenue of $24.348m missed the API Ninjas consensus of $44.000m by $19.652m, or 44.7%, and adjusted net loss per share of $(0.05) missed the $(0.03) consensus by $0.02, or 66.7%.
• Revenue fell 12.5% year over year to $24,348k even though production rose 165.6% and the realized gold price rose 37.0%, because gold ounces sold fell 36.5% to 5,335. Granite Creek revenue fell 52.6% to $9,355k on 2,052 ounces sold against 5,981 a year earlier.
• The company attributes the sales shortfall to availability at the third-party processing facility, an external dependency it does not control and cannot resolve until the Lone Tree Plant is commissioned, which the release targets for a first gold pour in Q4 2027.
• Net loss widened 73.8% to $(52,527)k and the six-month net loss widened 83.6% to $(131,128)k.
• Cash used in operating activities rose to $(49,584)k from $(11,335)k, and to $(94,664)k from $(34,036)k for the half. Cash fell $49.0m during the quarter, from $513.6m at March 31 to $464.6m, and that decline is after a $16.9m release of restricted cash and proceeds from warrant exercises.
• Pre-development, evaluation and exploration expenses rose 223.5% to $29,264k in the quarter and 195.7% to $54,962k for the half. Of the quarterly figure, $20,083k was at Ruby Hill and $7,882k at Granite Creek. These are expensed, not capitalized, until mineral reserves are declared.
• Mining at Granite Creek was disrupted by ground conditions in two of the mine's highest-grade headings, which temporarily restricted access to high-grade material and deferred planned high-grade tonnes into the third quarter.
• Two study timelines slipped. The Archimedes feasibility study is now anticipated at approximately mid-2027 because the 55,000-meter, 140-hole infill program is running behind on contractor staffing. The Mineral Point drill program completion moved to Q1 2027 on rig and staffing availability and slower penetration rates in the sanded dolomite unit, pushing its pre-feasibility study to approximately mid-2027.
• The underground pumping system at Granite Creek "presently operates near capacity" on water inflow, with the enhanced pumping system still being installed through the remainder of the year.
• Granite Creek processing cost rose to $325 per tonne from $133, and site G&A to $57 per tonne from $34, which the company attributes to a higher proportion of sulfide material going to the third-party facility.
• Weighted average basic shares rose 41.6% year over year to 861,071,221 and 63.2% for the half, so per-share losses understate the growth in absolute losses.
• Year-to-date gold production from the historic Ruby Hill leach pad remained below expectation because infiltration on the pad remained challenging.
• Archimedes capital expenditures are now guided higher on a change in surface infrastructure strategy announced in the same release that reaffirms overall guidance.

Key uncertainties

• The release reaffirms 2026 guidance without restating any guidance figure other than the $150m to $175m growth capital range, so the production, operating cost and pre-development guidance the company says it is tracking against cannot be checked from this document.
• Three of the four stated guidance adjustments are directional only, with no dollar amount: Lone Tree refurbishment lower, Archimedes higher, and no net effect given. Whether the four adjustments offset is not disclosed.
• The company does not say when third-party processing availability normalizes. It states the 5,300 in-process ounces are expected to be processed in Q3 2026, but gives no view on capacity beyond that quarter.
• The $44.0m revenue consensus is more than 80% above the reported figure and roughly 15% below the $52.4m the provider recorded as the Q1 2026 actual, so it is unclear whether the estimate anticipated a normal sales quarter, a stockpile drawdown, or a different sales-timing assumption. The size of the gap is more a statement about ounces sold than about operations.
• The individual line items of the adjusted net loss reconciliation could not be reliably assigned to their columns in the source text layer, so the composition of the $11,363k of Q2 adjustments and $61,239k of six-month adjustments is not established here, only the totals, which foot exactly.
• Cash fell $49.0m in the quarter against $464.6m on hand and roughly $110.1m of construction commitments already made at June 30, with the Lone Tree spend explicitly weighted to the second half; the release does not present a funding bridge to first gold pour in Q4 2027.
• The Archimedes permitting position below the 5,100-foot level remains outstanding. The release states that mining above that level is fully permitted and not dependent on the outcome, but does not state what portion of the mine plan sits below it.
• Several Lone Tree permits pertaining to air quality, mercury control, water pollution control and reclamation management remain pending against a Q4 2026 major construction start.
• Property-level operating cost and capital expenditure figures in the Granite Creek and Ruby Hill statistics tables render with merged columns in the source text layer and were not reproduced above, so quarter-versus-prior-year unit economics at the property level are not established here.
• The release states no revenue, margin or earnings guidance of any kind, and no dividend.

Market context

• API Ninjas price snapshot for IAUX: $1.70 on AMEX with volume of 26,389,338, timestamped 2026-08-11T10:14:13Z. That is roughly 06:14 Eastern, before the regular session opens, so this is a pre-market snapshot and not a complete intraday or after-hours reaction to the release. No reaction is characterized here.
• The release was issued on 2026-08-10 at approximately 18:16 Eastern per the CNW distribution stamp on the last page, after the close and ahead of the 2026-08-11 10:00 Eastern (14:00Z) conference call. The event therefore qualified on the document-availability arm of the due-event window rather than the call clock.

Source limitations

• Every displayed actual comes from Quartr earnings release document 3674472, read in full across all six pages. The financial statements document 3998009 and the MD&A 3998008 attached to the same event were not read; the release itself directs readers to the Form 10-Q for the complete statements.
• The consolidated summary table renders with merged columns in the source text layer. Every figure reproduced above was placed by cross-checking against an independent statement in the same document: the narrative highlights independently state revenue, gross profit, net loss, net loss per share, adjusted net loss, cash used in operating activities, cash and cash equivalents, gold produced, gold ounces sold and the average realized gold price for both the quarter and the prior-year quarter, and all agree with the column assignment used here. Six-month revenue of $76,738k less the $24,348k quarter leaves $52,390k for Q1 2026, which equals the provider's recorded Q1 2026 actual revenue exactly. Six-month prior-year revenue of $41,884k equals the provider's Q1 2025 actual of $14,048k plus the reported Q2 2025 of $27,836k. The property revenue table on page 6 sums exactly to consolidated revenue in all four columns, and the property gold-ounce figures sum exactly to consolidated ounces sold.
• The adjusted net loss reconciliation total was verified in all four columns: $(52,527)k plus $11,363k equals $(41,164)k; $(30,215)k plus $3,706k equals $(26,509)k; $(131,128)k plus $61,239k equals $(69,889)k; and $(71,420)k plus $21,315k equals $(50,105)k. The individual adjustment lines were not reproduced because their column assignment could not be established from the text layer.
• CROSS-LISTING TICKER RESOLUTION, ACTION SUGGESTED FOR THE HUMAN OPERATOR: the Quartr primary ticker for this event is IAU, the Toronto Stock Exchange listing. API Ninjas returns no rows for IAU. The consensus used here comes from the API Ninjas row keyed IAUX, the company's NYSE listing, which the release document itself identifies on page 1 and page 5 as the same issuer ("NYSE: IAUX) (TSX: IAU"). No currency or share-ratio conversion is involved: the company reports in US dollars and IAUX is an ordinary common listing, not a depositary receipt, so the estimates were used as published. config/listing-map.json has no IAU entry, so this row was assembled outside the configured resolve_cross_listing_estimates path; adding an IAU entry with api_ticker IAUX, depositary_share_ratio 1 and USD as both currencies would put future i-80 Gold events on the supported path. Config writes are outside this task's boundary, so no edit was made.
• Provider identity is independently corroborated: the API Ninjas IAUX row for this event carries an actual revenue of $24,348,000, which equals the company's reported $24,348k to the dollar, and an actual EPS of $(0.05), which equals the company's reported adjusted net loss per share. Those provider actual fields are diagnostics only and are not displayed as company results.
• EVENT-DATE DRIFT: the API Ninjas row is dated 2026-08-10 against the Quartr event date of 2026-08-11, a drift of one day. This is within maximal mode's three-day tolerance and reflects the release publishing the evening before the call. The provider row carried no fiscal_year or fiscal_quarter, so no fiscal-period conflict exists. Because the dates differ, build_api_metadata raises on its exact-date gate; the scorecard was built through build_consensus_scorecard, whose maximal-mode drift tolerance is the path this event is designed to take.
• EPS BASIS: adjusted net loss per share was selected as the displayed EPS actual. The company calculates it on the basic weighted-average share count, as stated in the release's non-GAAP definitions, so the figure carries no "diluted" label and the metric was passed as the sole EPS candidate rather than through the adjusted-diluted rung of the ladder. The basis is corroborated by the provider's own actual series: for this event the provider's actual EPS of $(0.05) equals the company's adjusted net loss per share of $(0.05) rather than the GAAP $(0.06), and for Q1 2026 the provider's actual of $(0.03) equals the company's implied Q1 adjusted figure of $(0.03), being the six-month $(0.08) less the second-quarter $(0.05), against an implied GAAP Q1 of $(0.09). DIRECTION IS NOT BASIS-SENSITIVE: on GAAP net loss per share of $(0.06) the same $(0.03) estimate would be a wider miss of −100.0%, not a beat.
• API Ninjas supplied only the consensus estimates. Provider difference and difference-percentage fields were not used; both scorecard variances were calculated locally as the Quartr actual less the API Ninjas estimate, divided by the absolute estimate.
• No transcript exists for this event yet, so nothing in this report reflects management commentary beyond the release text. The call is scheduled for 2026-08-11 at 14:00Z.