The quarter missed the published benchmark by a wide margin. EPS was $0.23 versus an external consensus estimate of about $0.33, while revenue was $10.73 million versus roughly $13.43 million expected. The filing itself does not provide company guidance or a forecast, so the consensus comparison is the cleanest market anchor.
| Metric | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Revenue | $10.73M | $9.48M | +13.25% (Financial Performance) |
| Gross profit | $6.03M | $5.48M | +10.15% (Financial Performance) |
| Net income attributable to IDR | $3.65M | $2.77M | +31.95% (Financial Performance) |
| EPS | $0.23 | $0.20 | +15.00% (Financial Performance) |
| Average realized gold price | $4,277.53 | $3,223.38 | +32.70% (Financial Performance) |
| Mill tonnes processed | 11,094 | — | — (Operating results) |
| Gold recovery | 91.4% | — | — (Operating results) |
The operating story was resilient, but not cleanly improving. Revenue grew less than the realized gold price, and total cost of sales rose 17.49%, faster than revenue; that left gross-profit growth at 10.15% despite the stronger gold-price environment. The company said the lower H-vein transition produced about the modeled ounces, but with lower grades, higher tonnage and a different mining geometry. 〔0〕
The wildfire explains some disruption, but does not erase the miss. The New Jersey mill was shut down and evacuated from approximately June 16 through June 24, costing roughly a week of processing time; there was no reported damage to the mill or equipment. 〔1〕 The disruption provides context for the weaker-than-expected revenue, but the filing does not quantify the lost ounces, revenue impact or any recovery beyond the quarter-end push.
The forward setup improved, but the payoff is still ahead. Development reached a quarterly record of 384 meters, the Paymaster development was described as modestly ahead of schedule, and the new Jumbo portal connection allows production from the Jumbo vein to begin in the third quarter. 〔2〕 The tailings permit, new-mill construction and approximately 10,000 meters of exploration add longer-term capacity and resource optionality, but they do not offset the immediate earnings shortfall. Net: a fundamentally constructive operating update that lands as a Q2 earnings miss versus what the market expected.
Read the original 8-K on SEC EDGAR ↗