Padenga Holdings kicked off 2026 on a high note, with gold production climbing 13% to 696.7kg in the quarter ended 31 March. The jump was driven by improved mill grades at both Eureka and Pickstone mines, alongside a sharp rise in global gold prices.
The average realized gold price rose to US$4,875 per ounce, up from US$2,887 in the same period last year. Market analysts attribute the rally to increased investor appetite and heavier central bank buying, fueled by geopolitical tensions in the Middle East following the US-Israel-Iran conflict.
The company’s crocodile skin business also delivered a standout performance. Skin sales soared 172% to 17,667 units, largely due to the clearance of carryover stock from 2025. Those older skins were sold at discounted rates, boosting volumes for the quarter.
Management expects the positive momentum to hold across both mining and skins divisions. At Eureka, the gravity circuit upgrade is on track for commissioning in Q2 2026 and is set to lift processing recovery and cut costs. Meanwhile, the cyclone cluster upgrade by Dallaglio at Eureka is in the procurement phase, with commissioning targeted for Q4 to expand milling capacity.
Padenga’s 5MW solar project at Eureka began generating power in April and is scheduled to ramp up to full capacity this quarter, cutting reliance on grid and diesel power. On the agribusiness side, the segment remains under pressure but the company is focused on improving returns, with a return to profitability expected in the medium term. Exploration and development drilling at Pickstone Peerless Mine is ongoing to expand reserves and extend mine life.
The Group says it will continue prioritizing operational efficiency and cost control to maximize returns across its portfolio.
