Golconda Gold Ltd. generated revenue of $12.0 million from the sale of gold during the second quarter of 2026, alongside net earnings of $3.9 million and fully diluted earnings per share of $0.05.

The financial performance represents a decrease compared to the previous quarter, when the company posted revenue of $13.9 million and net earnings of $5.5 million. During the three months ended June 30, 2026, the company mined 40,159 tonnes of ore from its Galaxy and Princeton ore bodies at an average grade of 2.98 grams per tonne. This compares to 44,042 tonnes mined at 3.03 grams per tonne in the first quarter of 2026.

Processing operations handled 44,811 tonnes of ore during the second quarter, yielding 3,602 tonnes of concentrate at an average grade of 31.5 grams per tonne, containing 3,648 ounces of gold. Operating cash costs stood at $1,830 per payable ounce, compared to $1,819 per payable ounce in the preceding period.

“Q2 2026 provided solid operational and financial results, with 2026 year-to-date showing a 22% increase in gold production compared to 2025 year-to-date and operating cash flow for the first six months of 2026 of $8.7 million. This strong cash generation enabled the Company to become debt-free in Q1 2026 and continue investment in our fleet replenishment and standardisation program at Galaxy. In Q2 we took delivery of and commissioned three new loaders, one dump truck and one drill rig. This was the largest ever single quarter capital equipment expenditure at Galaxy and is an important part of our ongoing production growth. Additionally, we are pleased to announce commencement of underground mining operations at the Summit Mine in New Mexico, USA, with our mining contractor mobilised, mining fleet delivered and commissioned and first ore being delivered in July. Processing operations are expected to commence in the near future and this is expected to increase our production, revenue and, ultimately profitability, while diversifying geographically and adding significant exposure to silver.”

— Ravi Sood, CEO

Alongside its established South African operations, the company advanced the restart of the Summit Mine in New Mexico, United States, appointing a mining contractor and investing in capital equipment. First underground ore reached the surface on July 7, 2026, with processing operations expected to begin in the near future.

Read the full announcement: Golconda Gold Releases Financial and Operating Results for Q2 2026