Foran Mining (FOM) Q1 2025 earnings summary

Executive summary

• Achieved solid operational performance in Q1 2025, maintaining full-year production and cost guidance.

• Generated $75.5 million in free cash flow from operations, excluding Skouries investment spend.

• Strong focus on health, safety, and sustainability, with LTIFR reduced to 0.7 from 1.63 year-over-year.

• Celebrated the one millionth ounce produced at Lamaque Complex.

Financial highlights

• Revenue reached $355.2 million, up from $258.0 million in Q1 2024.

• Net earnings attributable to shareholders from continuing operations were $72.0 million, up from $35.2 million.

• Adjusted net earnings were $56.4 million ($0.28 per share), compared to $55.2 million ($0.27 per share) in Q1 2024.

• Adjusted EBITDA was $163.0 million, up from $118.5 million year-over-year.

• Cash and cash equivalents stood at $978.1 million as of March 31, 2025.

Outlook and guidance

• Full-year 2025 gold production guidance maintained at 460,000–500,000 oz at total cash costs of $980–$1,080/oz and AISC of $1,370–$1,470/oz.

• Skouries project on track for first production in Q1 2026 and commercial production by mid-2026.

• Expecting a 43% increase in gold production by 2027 from 2023 levels.