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2 days ago
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Equinox Gold Corp (EQX) Q2 2025 Earnings Call Highlights: Strong Production and Strategic ...
Gold Production: Over 219,000 ounces produced in Q2 2025. Gold Sales: Sold just over 148,000 ounces at an average realized price of $3,200 per ounce. Pro Forma Consolidated Revenue: Approximately $1.33 billion for H1 2025 from 401,000 ounces. Greenstone Mining Rates: Increased 23% in Q2 compared to Q1. Greenstone Processing Rates: Improved 20% over Q1. August Mining Rates: Averaging 200,000 tonnes per day. Best Demonstrated Performance: 227,000 tonnes per day in August. Investment in Critical Spares: Over $25 million to support ramp-up. First Ore to Plant: Scheduled before the end of August 2025. First Gold from Valentine: Anticipated approximately a month after first ore to plant. Sale of Nevada Assets: $115 million. Warning! GuruFocus has detected 10 Warning Signs with EQX. Release Date: August 14, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Equinox Gold Corp (EQX) successfully completed a merger, creating a significant Americas-focused gold producer anchored by two cornerstone Canadian mines, Greenstone and Ballantyne. The company reported strong Q2 2025 production results, delivering over 219,000 ounces of gold, with improvements in mining and processing rates at Greenstone. Equinox Gold Corp (EQX) anticipates increased production, cash flow, and earnings in the coming quarters, driven by contributions from Calibre assets and the commencement of production at Valentine. The company has made significant investments in operational readiness at Valentine, including $25 million in critical spares, with first ore to the plant expected before the end of August. Equinox Gold Corp (EQX) is focused on disciplined capital allocation, operational excellence, and advancing high-quality organic growth, with a strategy to deliver tangible returns to shareholders through margin expansion and potential dividends or share buybacks. Negative Points The grade at Greenstone decreased from 1.06 grams per tonne in Q1 to around 0.9 grams per tonne in Q2, with expectations for gradual improvement over the coming quarters. There are ongoing discussions with a third community at Los Filos, which could impact future operations and agreements. The company is dealing with a tax dispute in Nicaragua and a legal matter in Brazil, which could pose risks to financial outcomes and asset sales. Equinox Gold Corp (EQX) has been undercapitalized in certain areas, such as Los Filos, due to prioritizing capital for Greenstone's ramp-up. The company has not yet provided specific guidance on costs for Valentine, creating uncertainty around future capital expenditures and operating costs. Q & A Highlights Q: The grade at Greenstone came in lower than expected. When should we start seeing improvements, and what measures are being taken to manage and improve grade dilution? A: Darren Hall, CEO: We are seeing improvements in grade, with August grades around a gram per tonne. Improvements are expected as we move more material and improve mining practices. We anticipate quarter-on-quarter improvements, with Q3 grades likely similar to current levels, but with better face positions for effective mining. Q: Do you have all the necessary equipment in place to improve mining rates at Greenstone? A: Darren Hall, CEO: Yes, all required equipment is in place. We are focused on maximizing the value of our committed capital and have seen increased engagement from our partners, ensuring we have the necessary support equipment to improve haul speeds and overall performance. Q: Are there ongoing discussions with the third community at Los Filos, and what is the status of agreements with the communities? A: Darren Hall, CEO: We maintain open dialogue with all stakeholders. We have fully executed agreements with two of the three communities and are working on a two-community plan to exploit Los Filos. We are hopeful for a solution with the third community, Karelia, and will work constructively with all stakeholders. Q: Can you provide an update on the tax dispute in Nicaragua and the legal matter in Aurizona? A: Peter Hardie, CFO: We are confident in a beneficial resolution regarding the Nicaragua tax dispute and have not recorded a provision. The Aurizona legal matter is progressing slowly, typical for Brazil, and we do not expect it to interfere with any asset sales. Q: What are the expected costs for Brazilian operations in the second half of the year? A: Darren Hall, CEO: We are comfortable with our full-year guidance and expect variations quarter-by-quarter. Brazil's operations are seasonally driven, with most production and cash flow in the second half, impacting unit costs. We anticipate better performance as we deploy more capital across assets. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. 擷取數據時發生錯誤 登入存取你的投資組合 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤
Yahoo
2 days ago
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Avino Silver & Gold Mines Ltd (ASM) Q2 2025 Earnings Call Highlights: Record Revenue Growth ...
Revenue: $21.8 million, up 47% from Q2 2024. Gross Profit: $10.2 million with a gross profit margin of 45%. Net Income: $2.9 million, translating to earnings per share of $0.02. Adjusted Earnings: $8.8 million or $0.06 per share, over 100% improvement from Q2 2024. Cash Flow from Operating Activities: $8.5 million or $0.06 per share. Free Cash Flow: $4.4 million after capital expenditures. Cash Position: $37.3 million at the end of the quarter. Working Capital: Over $40 million at the end of the quarter. Silver Equivalent Production: Increased by 5% to almost 646,000 ounces. Gold Production: Increased by 17% with improved recoveries to 74%. Copper Production: Increased by 12%, reaching 1.5 million pounds. Cash Cost per Silver Equivalent Ounce: $15.11, down 7% from Q2 2024. All-in Sustaining Cash Cost: Just under $21 per silver equivalent ounce, 8% lower than Q2 2024. Warning! GuruFocus has detected 6 Warning Sign with ASM. Release Date: August 14, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Avino Silver & Gold Mines Ltd (ASM) reported a 47% increase in revenues to $21.8 million, marking the second highest in company history. The company achieved a record mill throughput of 190,987 tonnes, a 36% increase from Q2 of the previous year. Gold production increased by 17% due to improved tonnes processed and better gold recoveries. Avino's cash position improved significantly, with $37.3 million at the end of the quarter, up over $10 million from the previous quarter. The company maintained strong production momentum with a 5% increase in silver equivalent production to almost 646,000 ounces. Negative Points Silver production decreased by 3% compared to Q2 2024 due to lower feed grades. The company is currently in a lower grade area of the mine, impacting the feed grade for the three metals. There is ongoing uncertainty due to tariff discussions affecting currency movements between the USD and Mexican peso. The company has not provided specific throughput targets for La Preciosa for the current year, indicating potential uncertainty in ramp-up plans. Avino is focusing on organic growth and has not pursued external growth opportunities, which may limit expansion potential. Q & A Highlights Q: Can you provide an update on the timeline for intercepting veins at La Preciosa? A: David Wolfin, President and CEO, stated that they have intercepted the Abundancia vein this week, and the Gloria vein is expected to be intercepted in a few more weeks. Q: What is the expected mill throughput at La Preciosa heading into 2026? A: Nathan Harte, CFO, mentioned that they aim to reach 400 to 500 tonnes per day by the latter part of next year, focusing initially on development ore. Q: How are you approaching M&A given the current precious metals prices? A: David Wolfin emphasized that the company is focused on organic growth with their three key assets and maintaining capital discipline, despite being shown potential projects. Q: What improvements have been made in mill availability, and what are the expectations for the third quarter? A: Peter Latta, VP of Technical Services, explained that while they are currently in a lower-grade area, higher grades are expected later in the quarter, which should improve recoveries. Q: Can you clarify what is meant by "site services have been installed" at La Preciosa? A: David Wolfin clarified that this includes infrastructure like compressed air, ventilation, and facilities for employees and contractors, as the site is getting busier. Q: Is there a targeted cash balance for supporting future expansions, and what is left on the ATM? A: Nathan Harte stated that while there is no exact cash balance target, they are evaluating capital needs for future expansions. Over two-thirds of the $40 million ATM remains available. Q: How should we interpret changes in revenue-impacting factors like inventory shifts and treatment charges? A: Peter Latta noted improved terms with partners like Samsung and explained that inventory levels fluctuate seasonally, with Q2 and Q3 generally being stable. Q: What is the basis for the current resource figures, and how does it relate to NI 43-101 standards? A: David Wolfin explained that meeting NI 43-101 standards allows them to publish reserves, with ongoing drilling expected to enhance their resource estimates next year. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
5 days ago
- Business
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K92 Mining Inc (KNTNF) Q2 2025 Earnings Call Highlights: Record Revenue and Production Surge ...
Revenue: $96.3 million, an increase of 102% from the same period prior year. Gold Production: 34,816 ounces of gold equivalent produced in Q2 2025. Cash Cost: $786 per ounce of gold, down from $919 in Q2 2024. All-In Sustaining Cost: $1,408 per ounce of gold, down from $1,510 in the prior year. Average Selling Price: $3,166 per ounce of gold. Cash Flow from Operating Activities: $47 million before changes in working capital, compared to $17.3 million in the prior year. Cash and Cash Equivalents: $182.9 million as of June 30, 2025. Net Cash Balance: $123.8 million. Gold Sales: 28,864 ounces sold in Q2 2025. Mill Throughput: 130,337 tonnes with a head grade of 8.9 grams per tonne gold equivalent. Gold Equivalent Production Increase: 43% from Q2 2024. Corporate Tax Paid: Approximately $70 million paid as of the end of July 2025. Warning! GuruFocus has detected 5 Warning Sign with KNTNF. Release Date: August 11, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points K92 Mining Inc (KNTNF) reported no lost time injuries for the eighth consecutive quarter, highlighting their strong safety record. The company achieved a 43% increase in gold equivalent production from Q2 2024, producing 34,816 ounces at a cash cost of $786 per ounce. K92 Mining Inc (KNTNF) reported a significant increase in revenue, up 102% from the prior year, with quarterly revenue of $96.3 million. The Stage 3 expansion is progressing well, with 87% of growth capital spent or committed, and commissioning expected to increase production to over 300,000 ounces gold equivalent per annum. The company maintains a strong financial position with a record $182.9 million in cash and cash equivalents, and a net cash balance of $123.8 million, fully funding the Stage 3 and 4 expansion projects. Negative Points Development meters in Q2 did not meet expectations due to delays from infrastructure installation, impacting underground development progress. All-in sustaining costs remain higher than cash costs due to significant investments in the Stage 3 expansion, though costs are expected to decline post-expansion. The company faces challenges in ramping up development rates and completing key projects underground, which are crucial for the Stage 3 expansion. The commissioning of the new process plant is expected to initially use lower-grade material, potentially impacting grades in Q4. Despite a strong cash position, the company still holds a $60 million loan balance, which will need to be prioritized for repayment. Q & A Highlights Q: Could you talk about your confidence and comfort level on progress made in the underground development to reach the run rates required for Stage 3? Were there any challenges that came up? A: John Lewins, CEO, explained that while they aimed for higher development meters, unexpected delays due to electrical infrastructure installation impacted progress. The commissioning of the ore pass is expected to significantly improve performance. Additional equipment arriving soon will also aid in achieving desired development rates. Q: You noted first half Q4 to complete commissioning. Is that coincident with declaring commercial production as well? A: John Lewins clarified that since they are already in commercial production, they don't use that term. By the end of Q4, they expect the plant to operate at its design capacity and achieve design recoveries. Q: How should we think about grades for the next couple of quarters? A: John Lewins indicated that grades should align with long-term expectations. Q4 grades might be lower due to commissioning with lower-grade material. Q: With a strong balance sheet and free cash flow expected to increase, what's your plan regarding the $60 million in debt? A: John Lewins stated that debt repayment will be prioritized but will fit into the company's overall strategy. They are discussing internally about dividends, buybacks, and other uses of free cash flow. Q: Can you comment on how Q3 is going so far, particularly regarding development meters and annualized tonnes per day? A: John Lewins mentioned that Q3 is on budget, with stockpiles slightly ahead of schedule. They expect an improvement in development meters compared to Q2, although not yet at the desired year-end levels. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
Yahoo
09-08-2025
- Business
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Iamgold Corp (IAG) Q2 2025 Earnings Call Highlights: Strong Production and Strategic ...
Gold Production: 173,000 ounces in Q2; year-to-date production of 334,000 ounces. Revenue: $580.9 million from sales of 182,000 ounces at an average realized price of $3,182 per ounce. Cash Cost: $1,556 per ounce in Q2. All-in Sustaining Cost: $2,000 per ounce in Q2. Net Debt: $1 billion. Cash and Cash Equivalents: $223.8 million. Adjusted EBITDA: $276.4 million in Q2. Adjusted Earnings Per Share: $0.13 in Q2. Mine Site Free Cash Flow: $140.5 million in Q2. Production Guidance: 735,000 to 820,000 ounces of gold for the full year. Revised Cost Guidance: Cash costs expected to be $1,375 to $1,475 per ounce; all-in sustaining cost $1,830 to $1,930 per ounce. Essakane Ownership: Reduced from 90% to 85%. Dividend from Essakane: $680 million net of withholding taxes. Warning! GuruFocus has detected 8 Warning Sign with IAG. Release Date: August 08, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Successful ramp-up of Cote Gold, achieving nameplate throughput ahead of schedule. IAMGOLD is on track to meet its production guidance of 735,000 to 820,000 ounces of gold for the year. Completion of gold prepayment arrangements, allowing full exposure to current gold prices and enhancing cash flow generation. Strong safety performance with a total recordable injury frequency rate trending below prior year levels. Significant progress in organic growth projects, particularly in Canada with Nelligan and Monster Lake assets showing promising resource potential. Negative Points Revised cost guidance with increased cash costs and all-in sustaining costs due to higher royalties and operational factors. Temporary higher costs at Cote Gold due to ramp-up and stabilization activities, impacting short-term financials. Essakane's attributable production expected to fall towards the lower end of guidance due to ownership change and increased costs. Higher maintenance and consumable costs at Essakane, along with increased royalties due to higher gold prices. Challenges in achieving targeted cost reductions at Cote Gold, with temporary costs expected to persist into 2026. Q & A Highlights Q: Could you provide a breakdown of the strip ratio for Cote in the second half of the year? A: Renaud Adams, President and CEO, mentioned that the strip ratio should be slightly below the first half of the year. Bruno Lemelin, COO, added that the stripping ratio is expected to be closer to 2.5, similar to the first half. The rehandling is expected to decrease as they transition towards a direct ore feed strategy, aided by the installation of the secondary crusher. Q: How will processing costs evolve with the upcoming maintenance shutdowns at Cote? A: Renaud Adams explained that they plan to maintain external support to maximize throughput during shutdowns. The costs associated with rehandling and external services are temporary and expected to decrease once the second crusher is installed. Bruno Lemelin added that the installation of the second cone crusher will help reduce costs and improve operations. Invest in Gold Thor Metals Group: Best Overall Gold IRA Priority Gold: Up to $15k in Free Silver + Zero Account Fees on Qualifying Purchase American Hartford Gold: #1 Precious Metals Dealer in the Nation Q: What is the status of the HPGR at Cote, and are there any risks associated with it? A: Renaud Adams noted that while the HPGR's tire life might be shorter due to ore abrasiveness, its performance is excellent. Bruno Lemelin added that the HPGR is performing well, often exceeding 40,000 tonnes per day. They plan to replace the tires with a new generation for longer life, and the addition of the second cone crusher should further stabilize operations. Q: Can you provide more details on the new agreement at Essakane and its implications? A: Maarten Theunissen, CFO, explained that the agreement allows for efficient cash flow management, enabling IAMGOLD to move excess cash out of the country. The government of Burkina Faso receives dividends, and IAMGOLD can repay intercompany loans using Essakane's free cash flow, improving cash repatriation efficiency. Q: How does the mine life at Essakane look with the current gold price environment? A: Renaud Adams stated that they are focusing on extending the mine life beyond 2028 to potentially 2033, contingent on successful discussions with the government. The higher gold price environment supports this extension, and they are confident in the mine's ability to generate significant value. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
08-08-2025
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Coeur Mining Inc (CDE) Q2 2025 Earnings Call Highlights: Strong Cash Flow and Production Surge ...
Free Cash Flow: $146 million, leading to repayment of revolving credit facility and share repurchase program initiation. Adjusted EBITDA: Updated full-year expectation to over $800 million. Gold Production: 108,000 ounces, a 25% increase from the last quarter. Silver Production: 4.7 million ounces, a 27% increase from the last quarter. Adjusted Cash Costs: $1,260 per ounce for gold and $13.41 per ounce for silver, decreased by 5% and 6% respectively from the last quarter. Las Chispas Production: 1.5 million ounces of silver and 16,000 ounces of gold. Palmarejo Free Cash Flow: $42 million, with gold and silver production increases of 18% and 6% respectively. Rochester Production: Silver and gold production increased by 13% and 7% respectively from the prior quarter. Kensington Free Cash Flow: $20 million, with a 17% increase in gold production. Wharf Free Cash Flow: $38 million, with an 18% increase in gold production. Adjusted EBITDA Margin: 51%, more than double from the previous year. Adjusted Net Income: $127 million or $0.20 per share. Total Debt: Below $400 million, a decrease of nearly $250 million from the previous year. Cash and Cash Equivalents: Increased 44% to $112 million. Return of Capital Strategy: $75 million buyback program initiated. Warning! GuruFocus has detected 7 Warning Signs with CDE. Release Date: August 07, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Coeur Mining Inc (NYSE:CDE) achieved a free cash flow of $146 million, allowing for the repayment of the remaining balance on their revolving credit facility and funding initial share repurchases. The company updated its full-year expectations for adjusted EBITDA to over $800 million and free cash flow to more than $400 million, indicating strong financial performance. All five operations delivered strong production, cost, and financial performance, with significant contributions from Rochester and Las Chispas. The integration of Las Chispas has been nearly seamless, delivering high-grade production at very low cost, enhancing Coeur Mining Inc (NYSE:CDE)'s position as a global silver producer. Exploration efforts are yielding promising results, particularly at Las Chispas and Palmarejo, which are expected to add meaningfully to year-end resource calculations. Negative Points Despite strong financial performance, the company faces challenges with easing inflationary pressures and currency fluctuations, particularly the 8% appreciation of the Mexican peso. The accounting nuances related to the acquisition of SilverCrest, such as higher reported costs and amortization expenses, impact EPS but not free cash flow. The Silvertip project remains several years away from a go, no-go decision, indicating a longer timeline for potential development. The company anticipates some grade moderation at Wharf, which could impact future production levels. There are still significant exploration and permitting tasks required for the Silvertip project, which could delay its development timeline. Q & A Highlights Q: Given the current silver market, is there an opportunity to accelerate the development of the Silvertip project, and what would the timeline look like? A: Mitchell Krebs, CEO, explained that while there might be opportunities to expedite the Silvertip project, the company aims to ensure thoroughness and accuracy in its development. The initial assessment has begun, and while the five-year timeline might be shortened slightly, it remains a few years away from a go, no-go decision. Q: Beyond Silvertip, what are the biggest opportunities for production growth? A: Mitchell Krebs, CEO, highlighted the brownfield exploration potential around existing sites, such as Wharf, Palmarejo, Kensington, and Las Chispas. The company has significantly expanded its land positions, offering high-return, low-risk organic growth opportunities. Q: How should we think about taxes going forward, especially with the deferred taxes being a negative this quarter? A: Thomas Whelan, CFO, clarified that while Mexico will continue to pay quarterly installments, the U.S. operations benefit from significant net operating losses. The company is aggressively utilizing these losses, and for now, it's best to assume a 0% tax rate in the U.S. and standard rates in Mexico. Q: Regarding the share buyback program, how aggressive will Coeur Mining be in executing it? A: Mitchell Krebs, CEO, stated that the buyback program includes both discretionary and nondiscretionary components. The company plans to step up repurchase activity post-second-quarter results and intends to fully utilize the program. Q: What is the potential for production growth at Las Chispas, and what are the current constraints? A: Mitchell Krebs, CEO, and Aoife McGrath, SVP of Exploration, noted that the focus is on maintaining a consistent performance and replacing mined resources. The exploration results are promising, and there is potential for increased production, especially with the flexibility in the processing plant and stockpile management. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
