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01/11 11:11
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call reflects mixed sentiments. Strong financial performance and production improvements are positive, but uncertainties like the Çöpler mine restart and increased costs at Çöpler and Marigold temper optimism. The Q&A section highlights management's cautious communication, particularly around timelines, which adds to market uncertainty. Despite strong cash flow and liquidity, the lack of definitive guidance on key issues suggests a neutral outlook for stock price movement over the next two weeks.
Production 120,000 gold equivalent ounces in Q2 2025, a 15% improvement over Q1, driven by the first full quarter of production from Cripple Creek and Victor (CC&V).
All-in Sustaining Costs (AISC) $2,068 per ounce or $1,858 per ounce excluding care and maintenance costs at Çöpler.
Operating Cash Flow $157.8 million in Q2 2025.
Free Cash Flow $98.4 million in Q2 2025, driven by strong operational performance and contributions from CC&V.
Capital Expenditure at Hod Maden $16 million in Q2 2025, bringing year-to-date spend to $29 million for engineering and site development.
Net Income Attributable net income of $0.42 per diluted share and adjusted net income of $0.51 per diluted share in Q2 2025. Adjusted net income excludes $37 million in care and maintenance costs at Çöpler and $44 million in insurance proceeds.
Liquidity Position Over $900 million in total liquidity, supported by strong free cash flow generation.
Reclamation and Remediation Costs at Çöpler $62.9 million revision in Q2 2025, increasing the initial estimate by $12.9 million to reflect advanced engineering and construction designs.
Marigold Production 36,000 ounces of gold in Q2 2025 at an AISC of $1,977 per ounce, with higher costs due to increased royalty costs from strong gold prices.
CC&V Production 44,000 ounces of gold in Q2 2025 at an AISC of $1,339 per ounce, generating nearly $85 million in free cash flow since acquisition.
Seabee Production 11,000 ounces of gold in Q2 2025 at an AISC of $2,708 per ounce, impacted by power interruptions from forest fires.
Puna Production 2.8 million ounces of silver in Q2 2025 at an AISC of $12.57 per ounce, with a 3-year extension of operations at Chinchillas.
Hod Maden Project: Advanced towards a construction decision with $29 million in capital expenditure year-to-date. Infill drilling continues to derisk early years of the mine.
Puna Mine: Extended mine life at Chinchillas by 3 years to 2028. Evaluating opportunities at Cortaderas for long-term growth.
Cripple Creek and Victor (CC&V): Generated nearly $85 million in free cash flow since acquisition, effectively paying back the initial purchase in 4 months. Initial technical report being prepared.
Americas Platform: Generated consolidated free cash flow of nearly $100 million, showcasing strength in the region.
Çöpler Mine in Turkiye: Progressing engineering plans and design documents for a restart, including closure plans for the heap leach pad and East storage facility.
Operational Performance: Achieved production of 120,000 gold equivalent ounces in Q2, a 15% improvement over Q1. Free cash flow of $98.4 million generated in the quarter.
Seabee Operations: Impacted by forest fires, resulting in 11,000 ounces of gold production at high costs. Exploration continues at Santoy and Porky Targets for potential mine life extension.
Strategic Acquisitions: Integration of Cripple Creek and Victor (CC&V) has been successful, contributing significantly to free cash flow and strengthening the Americas platform.
Organic Growth Initiatives: Advancing projects at Buffalo Valley, New Millennium, and Cortaderas for future growth.
Temporary suspension at Seabee due to forest fire: Operations at Seabee were disrupted by power interruptions caused by forest fires in Saskatchewan, leading to reduced production and increased costs. This also impacted the local communities.
Uncertain timeline for Çöpler mine restart: The company is working with authorities in Turkiye to restart the Çöpler mine but cannot provide a definitive timeline, creating uncertainty in operations and revenue generation.
Increased reclamation and remediation costs at Çöpler: The estimated costs for reclamation and remediation at Çöpler have increased by $12.9 million, reflecting higher-than-expected expenses for engineering and construction designs.
Higher royalty costs at Marigold: Marigold operations are facing increased royalty costs due to the strength of gold prices, impacting overall profitability.
Impact of gold-to-silver ratio on Puna: A higher-than-forecasted gold-to-silver ratio has diminished some of the positive financial impacts from Puna's strong production performance.
High costs at Seabee due to downtime: Seabee incurred high costs during the downtime caused by forest fires, as the company retained its full staff complement to ensure a quick restart.
Restart of Çöpler Mine: The company is working with authorities in Turkiye to advance the restart of the Çöpler mine, including progressing engineering plans and design documents. However, no definitive timeline for the restart is available yet.
Puna Mine Life Extension: A plan has been developed to extend the mine life at Chinchillas by an initial 3-year period through to 2028. Further opportunities, including studies at Cortaderas, are being evaluated.
Hod Maden Project: The company is advancing the Hod Maden project towards a construction decision, with $29 million spent year-to-date on capital expenditure. Infill drilling continues to de-risk the early years of the mine.
Cripple Creek and Victor (CC&V): An initial technical report and life of mine plan for CC&V will be released, based on existing mineral reserves. The company plans to delineate meaningful growth and upside for the asset in the future.
Marigold Exploration and Growth: Engineering and study work are advancing at Buffalo Valley and New Millennium for future mineral reserve conversion and mine life extension. Feasibility study-level work has commenced at Buffalo Valley.
Seabee Exploration: Drilling campaigns at Santoy and the Porky Targets are ongoing to evaluate opportunities to extend the mine life at Seabee. Promising results are expected to be updated with year-end reserves and resources.
Puna Exploration: Efforts are ongoing to evaluate opportunities at Cortaderas for longer-term growth, building on the initial 3-year extension of operations at Chinchillas.
The selected topic was not discussed during the call.
The earnings call presents a mixed picture. Positive elements include strong free cash flow, substantial liquidity, and optimistic Q4 expectations from Marigold. However, challenges such as Çöpler's restart delays, operational issues at Seabee, and permitting at CC&V present risks. The Q&A reveals management's focus on addressing these issues but lacks definitive timelines, particularly for Çöpler. The company's strategic focus on organic growth and disciplined M&A is promising but lacks immediate catalysts. Overall, the sentiment is neutral, with potential for slight positive movement if operational issues are resolved efficiently.
The earnings call reflects mixed sentiments. Strong financial performance and production improvements are positive, but uncertainties like the Çöpler mine restart and increased costs at Çöpler and Marigold temper optimism. The Q&A section highlights management's cautious communication, particularly around timelines, which adds to market uncertainty. Despite strong cash flow and liquidity, the lack of definitive guidance on key issues suggests a neutral outlook for stock price movement over the next two weeks.
The earnings call presents a mixed picture. While there is a positive outlook with a 10% production increase and continued free cash flow generation, challenges such as high ASIC, regulatory issues, and operational risks at Copler persist. The Q&A section reveals management's uncertainty and lack of detailed guidance on key projects, adding to market apprehension. The absence of clear guidance on Cripple Creek and Victor further dampens sentiment. Overall, the mixed signals and unresolved risks lead to a neutral outlook for the stock price in the short term.
The earnings call presents mixed signals: positive cash flow and liquidity position, but EPS misses expectations. Regulatory challenges at Çöpler and cost pressures add uncertainty. Despite strong production and a positive acquisition, unclear responses in the Q&A section and ongoing cost issues suggest a cautious outlook. The stock price is likely to remain neutral in the short term.
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