Foran Mining (FOM) Q2 2025 earnings summary

Executive summary

• Q2 2025 gold production reached 133,769 oz, exceeding plan due to inventory drawdowns and higher grades at key sites.

• Revenue rose to $451.7M, up from $297.1M in Q2 2024, driven by higher gold prices and sales volumes.

• Adjusted net earnings were $90.1M ($0.44/share), with adjusted EBITDA at $211.8M.

• Free cash flow excluding Skouries was $61.5M; overall free cash flow was negative $61.6M due to Skouries capital expenditures.

• Recognized for sustainability, employee satisfaction, and operational excellence, including awards in health, safety, and environmental distinction.

Financial highlights

• Average realized gold price was $3,270/oz, up from $2,336/oz in Q2 2024.

• Revenue for Q2 2025 was $451.7M, up from $297.1M in Q2 2024.

• Total cash costs averaged $1,064/oz; AISC at $1,520/oz for Q2 2025.

• Adjusted EBITDA was $211.8M, up from $151.6M in Q2 2024.

• Cash and cash equivalents stood at $1.08B as of June 30, 2025.

Outlook and guidance

• Full-year production guidance maintained at 460,000–500,000 oz, with expectations to reach the midpoint.

• Cost guidance expected at or above the high end due to higher royalties in Turkiye and Greece.

• 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.