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Filo (FIL) investor relations material

Filo Q3 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2024 earnings summary8 Nov, 2024

Executive summary

  • Entered into a binding agreement for acquisition by BHP and Lundin Mining, with a joint venture to develop the Vicuña district, including Filo del Sol and Josemaria projects.

  • Shareholders approved the transaction, expected to close in Q1 2025, with a total consideration of ~$CAD 4.1 billion.

  • Drilling at Filo del Sol resumed in September 2024 after a weather-related halt, with 18,441m drilled YTD.

Financial highlights

  • Net loss for Q3 2024 was $17.9 million, and $70.0 million for the nine months ended September 30, 2024 (2023: $17.4 million and $61.6 million).

  • Exploration costs for Q3 2024 were $17.3 million, down from $27.3 million in Q3 2023 due to halted drilling.

  • Cash and cash equivalents at September 30, 2024 were $100.1 million, up from $81.7 million at December 31, 2023.

  • Operating loss for Q3 2024 was $21.6 million, compared to $29.6 million in Q3 2023.

  • Net gain from marketable securities for the nine months was $7.6 million, down from $23.1 million in 2023.

Outlook and guidance

  • 2024 drilling target revised to 30,000–35,000m (from 40,000m) due to earlier program shutdown.

  • Focus remains on exploration and resource growth at Filo del Sol, with ongoing geological modeling and metallurgical testwork.

  • Sufficient working capital for near-term operations, but further funding needed if the acquisition does not close.

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Frequently asked questions

Filo Corp is a Canadian mining company focused on the exploration and development of mineral properties in South America. The company's flagship project is the Filo del Sol project, which spans the Atacama region of Northern Chile and the adjacent San Juan province of Argentina. This project is notable for its high-sulphidation epithermal copper-gold-silver deposit, coupled with a significant porphyry copper-gold system. Filo Corp, previously known as Filo Mining Corp, changed its name in June 2023 and has been incorporated since 2016. It is part of the Lundin Group of Companies, emphasizing its strong position within the mining industry. The company is headquartered in Vancouver, British Columbia, and its shares are listed on the Toronto Stock Exchange.

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