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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Foran Mining
Foran Mining (FOM) investor relations material
Foran Mining has been acquired by Eldorado Gold Corporation
Foran Mining Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Mar, 2026
Executive summary
Achieved $1.8 billion in revenue and $743 million in operating cash flow for 2025, with $316 million in free cash flow excluding Skouries investment spend.
Gold production totaled 488,268 oz in 2025, at the high end of guidance, with a year-over-year decrease from 520,293 oz in 2024.
Net earnings attributable to shareholders reached $519.9 million for 2025, up from $300.9 million in 2024.
Strong balance sheet with $869 million in cash and total liquidity of $976 million as of year-end.
Initiated a quarterly dividend of $0.075/share starting Q1 2026 and repurchased $204 million in shares during 2025.
Financial highlights
Revenue increased to $1,818.9 million in 2025 from $1,322.6 million in 2024, with Q4 revenue at $577.2 million.
Adjusted net earnings for 2025 were $354.9 million ($1.75/share), with adjusted EBITDA at $836.2 million.
All-in sustaining costs (AISC) for 2025 averaged $1,664/oz, up from $1,285/oz in 2024.
Cash flow from operating activities before working capital changes was $752 million in 2025.
Free cash flow excluding Skouries was $315.6 million for 2025.
Outlook and guidance
2026 gold production guidance: 490,000–590,000 oz, with 430,000–490,000 oz from existing operations.
2026 total cash costs expected at $1,220–$1,420/oz; AISC at $1,670–$1,870/oz.
Skouries to contribute 60,000–100,000 oz gold and 20–40 Mlbs copper in 2026, with first concentrate expected early Q3 and commercial production in Q4.
Olympias mill expansion to 650ktpa on track for Q3 2026 completion and Q4 ramp-up.
Gold production projected to increase 40% from 2025 to 2027.
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Latest events from Foran Mining
- Q3 2025 revenue up 31% to $434.7M; Skouries advanced; costs and buybacks increased.FOM
Q3 2025 - Merger forms a leading gold-copper producer with strong growth, cash flow, and exploration upside.FOMM&A announcement
- Carbon-neutral copper mine nears production, with strong partners and major exploration upside.FOMNordic Funds & Mines Conference 2024
- Q2 2025 delivered record gold output, revenue growth, and major progress at Skouries.FOMQ2 2025
- Construction and exploration progress position the project for near-term production and growth.FOMCorporate Presentation
- Gold output, revenue, and profits rose, with Skouries advancing and cost guidance increased.FOMQ3 2024
- Gold production up 12% and revenue up 30% in Q2 2024, with Skouries 76% complete and guidance maintained.FOMQ2 2024
- Revenue and net earnings rose sharply in Q1 2025, with strong cash flow and project progress.FOMQ1 2025
Foran Mining
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Frequently asked questions
Foran Mining Corporation is a mineral exploration and development company focused on the acquisition, exploration, and advancement of base and precious metal properties. The company's primary activities center around the development of copper, zinc, gold, and silver projects. Its operations are primarily located in the province of Saskatchewan, with an emphasis on projects situated within established mining jurisdictions. Foran Mining Corporation engages in geological surveying, drilling, resource estimation, and project planning as part of its exploration and development efforts. The company is headquartered in Vancouver, Canada, and its shares are listed on the TSX Venture Exchange.