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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.
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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