China Gold International Resources (CGG) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 surged 309% year-over-year to US$254.6 million, with net profit reaching US$27.9 million, reversing a net loss in Q3 2023.

• For the nine months ended September 30, 2024, revenue rose 19% year-over-year to US$463.1 million, while net loss narrowed to US$3.0 million.

• Cash flow from operations for the nine months was US$244.2 million, up from US$22.5 million in the prior year period.

Financial highlights

• Q3 mine operating earnings were US$46.8 million, up from a loss of US$14.3 million in Q3 2023.

• Q3 cash flow from operations was US$156.2 million, compared to cash used of US$31.7 million in Q3 2023.

• Total gold production in Q3 increased 51% year-over-year to 50,160 ounces; copper production was 38.3 million pounds, with no copper output in Q3 2023.

• Nine-month gold production decreased 17% year-over-year to 102,245 ounces; copper production rose 40% to 61.5 million pounds.

Outlook and guidance

• Management expects performance restoration with the resumption of Jiama Mine Phase II, aiming for full-year budget and targets.

• Focus remains on ramping up Jiama Mine, constructing the phase III tailings pond, and ensuring safety and innovation.