FML – March 2026 Quarter (JUST RELEASED)

Gold

• Gold sold:~19,2xx oz(just under 20k oz)
• Gold poured: slightly higher (inventory movement timing)

So:

• Flat to slightly up vs Dec quarter

Cash

• Cash at bank:~$184M

Previous Quarter (Dec 2025)

• Gold sold:17,813 oz
• Cash:~$159.7M

⚖️ DIRECT COMPARISON

	Metric	Dec 2025	Mar 2026	Change
1	Gold sold	17.8k oz	~19.2k oz	⬆️ modest
2	Cash	$159.7M	~$184M	⬆️ + ~$24M

What actually matters (this is the read-through)

1. Production = steady (not a growth story)

• Still sitting:
  • ~18–20k oz per quarter
• No breakout yet into:
  • 25k+
  • or scale phase

This confirms:
they are NOT ramping aggressively

2. Cash = still surging

• • ~$24M this quarter
• On top of + ~$45M last quarter

That’s:

• ~$70M added in 2 quarters

This is elite cash generation for a sub-100koz producer

3. Margins are doing all the work

Given:

• AUD gold ~$5,800–$6,300
• Production stable

This implies:

• very strong AISC margin
• probably still ~$2,000–$2,500 cost base

Bottom line (no fluff)

• Ounces: steady → ~19k oz
• Cash: exploding → now ~$184M
• Story: unchanged, but strengthening

This is not a growth rerate yet
It’s a cash accumulation machine

⚠️ The important subtle shift

What has changed with this release:

• They are now approaching:
  • ~$200M cash
• At current burn/capex:
  • they’ll hit that soon

That puts pressure on:

• capital allocation decisions
  • dividends?
  • expansion?
  • acquisition?

My straight read (investor lens)

You now have:

• Small producer
• Massive cash build
• No debt
• Gina backing (implicit floor)

That combination usually leads to:

1. rerate when capital deployed
2. OR market frustration if they sit on cash