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01/10 16:33
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The company demonstrated strong financial performance with record free cash flow, net debt reduction, and surpassing $1 billion in sales for the first time. Positive shareholder returns through buybacks and strategic divestment of non-core assets enhance focus on high-value opportunities. Despite some risks, like regulatory and supply chain challenges, the stable to lower guidance for cash costs and ASIC, along with a strong cash position, suggest a positive outlook. Given the market cap, the stock is likely to react positively, with a predicted price increase of 2% to 8%.
Free Cash Flow $19.6 million, an increase of 69% versus Q3 2024.
Net Cash from Operations $142 million or $0.46 per share, beating analysts' consensus of $0.40.
Sales Surpassed $1 billion for the first time in full year 2024.
Gold Price $2,660, a 7% increase quarter-over-quarter.
Revenue $302 million, a 10% increase quarter-over-quarter.
Cash Cost per Ounce 4% lower, leading to an expansion of operating cash flow margin from 33% to 50%.
Net Debt Reduction Reduced by $118 million, moving from a net debt position of $198 million to a positive net cash position of $59 million.
Cash Position $231 million, a quarter-over-quarter increase of $50 million.
Liquidity Over $381 million.
Shareholder Returns $30.5 million returned via share buybacks in Q4.
Attributable Net Income $11.3 million or $0.04 per share, including $26 million of non-cash charges.
Adjusted Earnings per Share Increased by 50% year-over-year, primarily due to higher gold prices.
Cash Cost of Sales per Gold Equivalent Ounce $1,015 for the quarter, within annual guidance of $935 to $955 per ounce.
Interest and Finance Costs $25.5 million for the full year, a decrease of $9 million from 2023.
Free Cash Flow from Ongoing Operations $95.6 million for Q4 and $203 million for the full year.
Total Liquidity $381 million at the end of the quarter, down from $430 million in the prior quarter.
Total Capital Spend $204 million for the year, with $61 million in Q4.
ASIC (All-in Sustaining Cost) for Lindero $1,873 per ounce for the year, reflecting a 5% decrease quarter-over-quarter.
Cash Cost per Silver Equivalent Ounce $16.53 for Q4 and $14.12 for the full year.
ASIC per Ounce of Payable Silver Equivalent $28.10 for Q4, a 26% increase compared to the same period of 2023.
New Projects Investment: $49 million was invested in mineral exploration and new project development in 2024, with a planned budget of $51 million for 2025.
Lindero Leach Pad Expansion: The leach pad expansion at Lindero, with a budget of $42 million, is 94% complete and expected to enhance production.
Solar Plant Project: A 14.5 megawatt solar plant is under construction, currently at 63% completion, expected to be finished by Q3 2025.
Gold Price: The average gold price realized in Q4 was $2,660 per ounce, a 34% increase compared to Q4 2023.
Sales Performance: For the full year 2024, sales surpassed $1 billion for the first time, with Q4 revenue of $302 million.
Cash Flow: Record free cash flow from operations of $19.6 million in Q4, a 69% increase from Q3 2024.
Debt Reduction: Debt reduced by $118 million, moving from a net debt position of $198 million to a positive net cash position of $59 million.
Production Efficiency: Séguéla Mine achieved a cash cost of $653 per ounce in Q4, outperforming guidance.
Divestment Strategy: The company announced the strategic decision to divest the non-core San Jose Mine in Mexico.
Production Outlook: Séguéla Mine is projected to produce 160,000 to 180,000 ounces of gold by 2026 at an ASIC of $1,260 to $1,390 per ounce.
Regulatory Issues: The company faces potential regulatory challenges related to the scheduled closure of the San Jose Mine, which is currently in care and maintenance as part of a sale process.
Supply Chain Challenges: The appreciation of the Argentine peso against the U.S. dollar has impacted costs at the Lindero mine, leading to higher all-in sustaining costs (ASIC).
Economic Factors: The company reported a foreign exchange loss of $12.6 million for the year, primarily due to the devaluation of the euro against the U.S. dollar, affecting CFA franc denominated assets in West Africa.
Safety Risks: A fatal accident occurred at the Séguéla Mine, raising concerns about safety performance and the commitment to a zero harm work environment.
Operational Risks: The San Jose Mine has been identified as a non-core asset with high costs, leading to its divestment, which may impact short-term operational focus.
Financial Risks: The company recorded significant non-cash charges, including a $14.5 million write-off related to the Boussoura mineral property, which could affect financial stability.
Free Cash Flow: Record free cash flow from operations of $19.6 million in Q4 2024, a 69% increase from Q3 2024.
Debt Reduction: Reduced debt by $118 million, moving from a net debt position of $198 million to a positive net cash position of $59 million.
Shareholder Returns: Returned $30.5 million to shareholders via share buybacks in Q4 2024.
Exploration Investment: Invested $49 million in mineral exploration and new project development in 2024, with a planned budget of $51 million for 2025.
Mine Optimization: Strategic decision to divest non-core San Jose Mine to refocus capital on high-value opportunities.
Production Outlook: Séguéla Mine expected to produce 160,000 to 180,000 ounces of gold by 2026 at an ASIC of $1,260 to $1,390 per ounce.
2025 Cash Cost Guidance: Stable to lower cash cost expected in the range of $895 to $1,015 per ounce.
2025 ASIC Guidance: Stable to lower ASIC expected in the range of $1,550 to $1,680 per ounce.
Lindero ASIC Guidance: Guided for lower ASIC between $1,600 and $1,770 per ounce for 2025.
Caylloma Cash Cost Guidance: Cash cost per silver equivalent ounce for Q4 was $16.53, with ASIC at $28.10.
Share Buybacks: $30.5 million returned to shareholders via share buybacks in Q4 2024, with additional purchases of $1.8 million in January 2025.
The company's earnings call reveals strong financial metrics, including record free cash flow and a significant increase in net income. Despite an EPS miss, the company has optimistic guidance with planned investments and expansion projects. The Q&A section highlights positive interactions with government bodies and strategic investments. While there are concerns over elevated ASIC, the overall sentiment is positive, with a focus on growth and a strong balance sheet. Given the market cap and the optimistic outlook, a 2% to 8% stock price increase is anticipated.
The earnings call highlights strong financial performance with record free cash flow, improved cost management, and a positive net cash position. The optimistic guidance and strategic divestments further strengthen the outlook. Despite a tragic safety incident and unclear management responses, the overall sentiment remains positive, supported by a robust shareholder return plan and strategic focus on high-value opportunities. Given the small-cap nature of the company, these factors suggest a positive stock price movement in the short term.
The company demonstrated strong financial performance with record sales, significant debt reduction, and robust shareholder returns. Positive net cash position and increased liquidity enhance financial stability. Despite some concerns in Q&A about exchange losses and unclear timelines, the overall outlook with stable/lower costs and continued investment in high-value projects is favorable. Given the market cap and recent achievements, a positive stock price movement of 2% to 8% is expected.
The company demonstrated strong financial performance with record free cash flow, net debt reduction, and surpassing $1 billion in sales for the first time. Positive shareholder returns through buybacks and strategic divestment of non-core assets enhance focus on high-value opportunities. Despite some risks, like regulatory and supply chain challenges, the stable to lower guidance for cash costs and ASIC, along with a strong cash position, suggest a positive outlook. Given the market cap, the stock is likely to react positively, with a predicted price increase of 2% to 8%.
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