Foran Mining (FOM) Q3 2024 earnings summary

Executive summary

• Q3 2024 gold production rose 3% year-over-year to 125,195 oz, with 123,828 oz sold, driven by higher grades at Olympias and increased inventory drawdown at Kisladag.

• Generated $98.3 million in free cash flow from operations (excluding Skouries investment spend).

• Net earnings from continuing operations were $101.1 million, reversing a $6.6 million loss in Q3 2023.

• Strong focus on health, safety, and sustainability, with improved TRIFR and recognition for safety achievements.

• Revenue rose 36% year-over-year to $331.8 million, reflecting higher gold prices and sales volumes.

Financial highlights

• Metal sales revenue rose to $331.8 million from $244.8 million year-over-year.

• Adjusted net earnings doubled to $71.0 million from $35.0 million year-over-year.

• Adjusted EBITDA increased to $169.0 million from $108.7 million year-over-year.

• Cash, cash equivalents, and term deposits totaled $676.6 million as of September 30, 2024.

• Total capital expenditures were $158.1 million, with $82.7 million invested in Skouries.

Outlook and guidance

• 2024 gold production guidance tightened to 505,000–530,000 ounces, reflecting updated full-year expectations.

• Total cash cost guidance raised to $910–$940/oz, and AISC guidance to $1,260–$1,290/oz, reflecting higher royalties and labor costs.

• On track for a 45% increase in gold production by 2027 and to become a major EU copper producer.

• Skouries project remains on budget and schedule, with first production expected in Q3 2025.