China Gold International Resources (CGG) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue rose 103% year-over-year to $148.0 million, with mine operating earnings of $29.4 million versus a loss last year.

• Q2 net loss narrowed to $4.8 million from $53.3 million in Q2 2023; operating cash flow turned positive at $80.9 million.

• First half 2024 revenue fell 36% year-over-year to $208.5 million, with a net loss of $30.9 million compared to net income of $25.3 million in H1 2023.

Financial highlights

• Q2 2024 mine operating earnings improved by $35.6 million year-over-year.

• H1 2024 operating cash flow increased to $88.1 million from $54.2 million in H1 2023.

• H1 2024 gold production dropped 42% year-over-year to 52,087 ounces; copper production fell to 23.3 million pounds from 44.1 million pounds.

Outlook and guidance

• Gradual resumption of Jiama Mine operations expected to support future production growth.

• Phase II processing plant at Jiama resumed operations on May 30, 2024, with daily capacity of 34,000 tonnes.