Foran Mining (FOM) Q3 2025 earnings summary

Executive summary

• Q3 2025 gold production was 115,190 oz, with strong output at Lamaque and lower Olympias production due to flotation circuit issues.

• Revenue rose to $434.7M, driven by higher realized gold prices ($3,527/oz), despite lower production volumes year-over-year.

• Net earnings from continuing operations were $56.5M, impacted by $39.4M in realized derivative losses.

• Adjusted net earnings were $82.3M, with adjustments for unrealized derivative and FX losses.

• Leadership changes included a new President and board succession.

Financial highlights

• Q3 2025 revenue was $434.7M, up 31% year-over-year, mainly due to a 42% rise in average realized gold price.

• Net earnings attributable to shareholders from continuing operations were $56.5M, down from $101.1M in Q3 2024.

• Adjusted net earnings were $82.3M; adjusted EBITDA reached $196.3M.

• Free cash flow excluding Skouries was $76.9M; total free cash flow was negative due to project investments.

• Cash and cash equivalents stood at $1.04B as of September 30, 2025.

Outlook and guidance

• 2025 gold production guidance narrowed to 470,000–490,000 oz at AISC of $1,600–$1,675/oz.

• Sustaining capital expected at the high end of $145–$170M; growth capital guidance unchanged at $245–$270M.

• Skouries project capital for 2025 revised upward to $440–$470M, with first production targeted for end of Q1 2026.