Foran Mining (FOM) Q4 2025 earnings summary

Executive summary

• Achieved $1.8 billion in revenue and $743 million in operating cash flow for 2025, with $316 million in free cash flow excluding Skouries investment spend.

• Gold production totaled 488,268 oz in 2025, at the high end of guidance, with a year-over-year decrease from 520,293 oz in 2024.

• Net earnings attributable to shareholders reached $519.9 million for 2025, up from $300.9 million in 2024.

• Strong balance sheet with $869 million in cash and total liquidity of $976 million as of year-end.

• Initiated a quarterly dividend of $0.075/share starting Q1 2026 and repurchased $204 million in shares during 2025.

Financial highlights

• Revenue increased to $1,818.9 million in 2025 from $1,322.6 million in 2024, with Q4 revenue at $577.2 million.

• Adjusted net earnings for 2025 were $354.9 million ($1.75/share), with adjusted EBITDA at $836.2 million.

• All-in sustaining costs (AISC) for 2025 averaged $1,664/oz, up from $1,285/oz in 2024.

• Cash flow from operating activities before working capital changes was $752 million in 2025.

• Free cash flow excluding Skouries was $315.6 million for 2025.

Outlook and guidance

• 2026 gold production guidance: 490,000–590,000 oz, with 430,000–490,000 oz from existing operations.

• 2026 total cash costs expected at $1,220–$1,420/oz; AISC at $1,670–$1,870/oz.

• Skouries to contribute 60,000–100,000 oz gold and 20–40 Mlbs copper in 2026, with first concentrate expected early Q3 and commercial production in Q4.

• Olympias mill expansion to 650ktpa on track for Q3 2026 completion and Q4 ramp-up.

• Gold production projected to increase 40% from 2025 to 2027.