Article content
(all amounts in US dollars, unless otherwise noted)
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
Article content
VANCOUVER, British Columbia, May 05, 2025 (GLOBE NEWSWIRE) — Ero Copper Corp. (TSX: ERO, NYSE: ERO) (“Ero” or the “Company”) is pleased to announce its operating and financial results for the three months ended March 31, 2025. Management will host a conference call tomorrow, Tuesday, May 6, 2025, at 11:30 a.m. Eastern time to discuss the results. Dial-in details for the call can be found near the end of this press release.
Article content
HIGHLIGHTS
Article content
Article content
- Consolidated first quarter copper production was 12,424 tonnes, reflecting the continued commissioning and ramp-up of the Tucumã Operation.
- The Tucumã Operation produced 5,067 tonnes of copper in concentrate, with more than half of production occurring in March following the completion of planned maintenance in January and February.
- The Caraíba Operations produced 7,357 tonnes of copper in concentrate at an average C1 cash cost(*) of $2.22 per pound.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
- Gold production during the quarter was 6,638 ounces at an average C1 cash cost(*) and All-in Sustaining Cost (“AISC”)(*) of $1,100 and $2,228 per ounce, respectively.
- Quarterly financial performance reflected higher metals prices and increased production from the Tucumã Operation, which contributed to quarter-on-quarter improvements in net income and adjusted EBITDA(*)
- Net income attributable to the owners of the Company of $80.2 million ($0.77 per share on a diluted basis).
- Adjusted net income attributable to the owners of the Company(*) of $35.8 million ($0.35 per share on a diluted basis).
- Adjusted EBITDA(*) of $63.2 million.
Article content
Article content
(*) These are non-IFRS measures and do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. Please refer to the Company’s discussion of Non-IFRS measures in its Management’s Discussion and Analysis for the three months ended March 31, 2025 and the Reconciliation of Non-IFRS Measures section at the end of this press release.
Article content
- In March 2025, the Company entered into an agreement with RGLD Gold AG, a wholly-owned subsidiary of Royal Gold Inc., that effectively extends the gold delivery threshold under the June 2021 Precious Metals Purchase Agreement (the “Xavantina Gold Stream”) from 93,000 to 160,000 ounces before the stream percentage decreases from 25% to 10% of gold produced over the remaining life of mine. In exchange, the Company received $50 million in upfront cash, bringing total proceeds under the streaming agreements to $160 million. For more information, please see the Company’s press release dated March 31, 2025.
- At quarter-end, available liquidity was $115.6 million, including $80.6 million in cash and cash equivalents and $35.0 million of undrawn availability under the Company’s senior secured revolving credit facility (“Senior Credit Facility”).
- The Company is reaffirming its 2025 production, operating cost and capital expenditure guidance.
- The Tucumã Operation remains on track to achieve commercial production in H1 2025, following the successful completion of repairs to and commissioning of the third tailings filter in April 2025.
- At the Caraíba Operations, the Company achieved targeted mining rates at the Pilar Mine in March 2025 and completed mobilization of a second underground development contractor during the quarter. These milestones are expected to support sequential growth in production volumes through the rest of the year.
- At the Xavantina Operations, ongoing investments in mine modernization and mechanization are anticipated to support sequential increases in mined and processed volumes through the remainder of the year. Gold grades are also expected to improve, supporting higher production levels and lower unit costs.
Article content
Makko DeFilippo, President and Chief Executive Officer, commented: “We remain laser- focused on the execution of our 2025 strategy and are encouraged by the positive momentum across our portfolio, evidenced by strong late-quarter performance, particularly at Tucumã.
Article content
“At Caraíba, mining rates at the Pilar Mine are now tracking to plan, supported by the successful mobilization of a second development contractor during the quarter – an important step toward improving operational flexibility for the balance of the year. At Xavantina, our capital investments in growth and asset integrity, which we are advancing through our partnership with Royal Gold, are showing early signs of success. In parallel, we continue to advance the step-change growth opportunity we see at Furnas, where drilling is progressing well with eight rigs currently operating on site.
Article content
“With a portfolio of high-margin, high-growth assets and exposure to a commodity essential for the future, our fundamentals are strong. We are focused on making 2025 a record year of copper production at Ero, investing in innovation and operational flexibility to improve margins, and advancing long-term value creation at Furnas.”
Article content
Article content
FIRST QUARTER REVIEW
Article content
The Caraíba Operations
Article content
- Copper production totaled 7,357 tonnes, reflecting lower planned mined and processed copper grades during the quarter. This resulted in an average C1 cash cost(*) of $2.22 per pound.
- The Company completed the mobilization of a second underground development contractor and achieved targeted mining rates at the Pilar Mine in March 2025, which are expected to be maintained through the rest of the year.
Article content
The Tucumã Operation
Article content
- Commissioning and ramp-up of the Tucumã Operation progressed during Q1 2025, with a 32% quarter-on-quarter increase in ore tonnes processed. More than half of the quarter’s total throughput and production was achieved in March, following the completion of maintenance activities aimed at addressing bottlenecks identified in Q4 2024.
- The plant processed 294,314 tonnes during the quarter. Copper head grades and metallurgical recovery rates averaged 2.18% and 89.4%, respectively, resulting in production of 5,067 tonnes of copper in concentrate, after accounting for a build in work-in-progress inventory.
- In April 2025, the Company successfully completed repairs to and commissioning of the third tailings filter, with commercial production on track to be achieved in H1 2025.
- C1 cash costs for the Tucumã Operation will be reported following the achievement of commercial production.
Article content
Article content
The Xavantina Operations
Article content
- Quarterly gold production totaled 6,638 ounces, reflecting lower mined and processed grades despite an increase of 27.2% in tonnes mined and processed. As a result, C1 cash costs(*) and AISC(*) averaged $1,100 and $2,228 per ounce, respectively.
- While decreased production levels were anticipated, grades encountered within planned operational levels were slightly lower than expected. Additional ground support was also required in several newly developed higher-grade levels of the Santo Antônio vein, delaying mining activities within these areas and further impacting quarterly production.
Article content
(*) These are non-IFRS measures and do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. Please refer to the Company’s discussion of Non-IFRS measures in its Management’s Discussion and Analysis for the three months ended March 31, 2025 and the Reconciliation of Non-IFRS Measures section at the end of this press release.
Article content
| OPERATING HIGHLIGHTS | |||||||||
| 2025 – Q1 | 2024 – Q4 | 2024 – Q1 | |||||||
| Copper (Caraíba Operations) | |||||||||
| Ore Mined (tonnes) | 696,239 | 713,980 | 788,332 | ||||||
| Ore Processed (tonnes) | 692,901 | 719,942 | 853,371 | ||||||
| Grade (% Cu) | 1.18 | 1.30 | 1.08 | ||||||
| Recovery (%) | 90.2 | 91.8 | 88.1 | ||||||
| Cu Production (tonnes) | 7,357 | 8,566 | 8,091 | ||||||
| Cu Production (000 lbs) | 16,219 | 18,883 | 17,838 | ||||||
| Cu Sold in Concentrate (tonnes) | 6,949 | 8,420 | 9,461 | ||||||
| Cu Sold in Concentrate (000 lbs) | 15,318 | 18,563 | 20,859 | ||||||
| Cu C1 cash cost(1)(2) | $ | 2.22 | $ | 1.85 | $ | 2.30 | |||
| Copper (Tucumã Operation) | |||||||||
| Ore Mined (tonnes) | 328,291 | 1,065,108 | — | ||||||
| Ore Processed (tonnes) | 294,314 | 223,013 | — | ||||||
| Grade (% Cu) | 2.18 | 2.17 | — | ||||||
| Recovery (%) | 89.4 | 89.1 | — | ||||||
| Cu Production (tonnes) | 5,067 | 4,317 | — | ||||||
| Cu Production (000 lbs) | 11,171 | 9,516 | — | ||||||
| Cu Sold in Concentrate (tonnes) | 5,168 | 3,750 | — | ||||||
| Cu Sold in Concentrate (000 lbs) | 11,393 | 8,268 | — | ||||||
| Gold (Xavantina Operations) | |||||||||
| Ore Mined (tonnes) | 33,228 | 26,119 | 37,834 | ||||||
| Ore Processed (tonnes) | 33,228 | 26,120 | 37,834 | ||||||
| Grade (g / tonne) | 6.87 | 11.18 | 16.38 | ||||||
| Recovery (%) | 90.8 | 92.8 | 91.5 | ||||||
| Au Production (oz) | 6,638 | 8,936 | 18,234 | ||||||
| Au Sold (oz) | 5,834 | 11,106 | 16,853 | ||||||
| Au C1 cash cost(1) | $ | 1,100 | $ | 744 | $ | 395 | |||
| Au AISC(1) | $ | 2,228 | $ | 1,691 | $ | 797 | |||
Article content
| (1) | EBITDA, adjusted EBITDA, adjusted net income (loss) attributable to owners of the Company, adjusted net income (loss) per share attributable to owners of the Company, net (cash) debt, working capital, copper C1 cash cost, copper C1 cash cost including foreign exchange hedges, gold C1 cash cost and gold AISC are non-IFRS measures. These measures do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. Please refer to the Company’s discussion of Non-IFRS measures in its Management’s Discussion and Analysis for the three months ended March 31, 2025 and the Reconciliation of Non-IFRS Measures section at the end of this press release. |
| (2) | Copper C1 cash cost including foreign exchange hedges was $2.36 in Q1 2025 (Q1 2024 – $2.28). |
Article content
| FINANCIAL HIGHLIGHTS | |||||||||
| ($ in millions, except per share amounts) | 2025 – Q1 | 2024 – Q4 | 2024 – Q1 | ||||||
| Revenues | $ | 125.1 | $ | 122.5 | $ | 105.8 | |||
| Gross profit | 55.5 | 52.4 | 31.2 | ||||||
| EBITDA(1) | 117.9 | (31.4 | ) | 17.8 | |||||
| Adjusted EBITDA(1) | 63.2 | 59.1 | 43.3 | ||||||
| Cash flow from operations | 65.4 | 60.8 | 17.2 | ||||||
| Net income (loss) | 80.6 | (48.9 | ) | (6.8 | ) | ||||
| Net income (loss) attributable to owners of the Company | 80.2 | (48.9 | ) | (7.1 | ) | ||||
| Per share (basic) | 0.77 | (0.47 | ) | (0.07 | ) | ||||
| Per share (diluted) | 0.77 | (0.47 | ) | (0.07 | ) | ||||
| Adjusted net income attributable to owners of the Company(1) | 35.8 | 17.4 | 16.8 | ||||||
| Per share (basic) | 0.35 | 0.17 | 0.16 | ||||||
| Per share (diluted) | 0.35 | 0.17 | 0.16 | ||||||
| Cash, cash equivalents, and short-term investments | 80.6 | 50.4 | 51.7 | ||||||
| Working capital (deficit)(1) | 10.2 | (69.9 | ) | (28.6 | ) | ||||
| Net debt(1) | 561.8 | 551.8 | 415.1 | ||||||
Article content
Article content
Article content
| (1) | EBITDA, adjusted EBITDA, adjusted net income (loss) attributable to owners of the Company, adjusted net income (loss) per share attributable to owners of the Company, net (cash) debt, working capital, copper C1 cash cost, copper C1 cash cost including foreign exchange hedges, gold C1 cash cost and gold AISC are non-IFRS measures. These measures do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. Please refer to the Company’s discussion of Non-IFRS measures in its Management’s Discussion and Analysis for the three months ended March 31, 2025 and the Reconciliation of Non-IFRS Measures section at the end of this press release. |
Article content
2025 PRODUCTION AND COST GUIDANCE(*)
Article content
Consolidated copper production for 2025 is expected to increase sequentially each quarter, with full-year production projected to range between 75,000 and 85,000 tonnes. At the Tucumã Operation, production is anticipated to increase sequentially throughout the year, with higher mill throughput volumes expected to offset a gradual decline in processed copper grades. At the Caraíba Operations, the Company achieved targeted mining rates at the Pilar Mine in March 2025 and completed the mobilization of a second underground development contractor during the quarter. As a result, higher mined and processed tonnage is expected to be sustained for the remainder of the year.
Article content
Article content
At the Xavantina Operations, the Company is also reaffirming production guidance of 50,000 to 60,000 ounces with higher processed tonnage and improved gold grades projected to support increased gold production and lower unit operating costs through the balance of the year.
Article content
| Consolidated Copper Production (tonnes) | |
| Caraíba Operations | 37,500 – 42,500 |
| Tucumã Operation | 37,500 – 42,500 |
| Total Copper | 75,000 – 85,000 |
| Consolidated Copper C1 Cash Cost(1) Guidance | |
| Caraíba Operations | $2.15 – $2.35 |
| Tucumã Operation | $1.05 – $1.25 |
| Consolidated Copper Operations | $1.55 – $1.80 |
| The Xavantina Operations | |
| Au Production (ounces) | 50,000 – 60,000 |
| Gold C1 Cash Cost(1) Guidance | $650 – $800 |
| Gold AISC(1) Guidance | $1,400 – $1,600 |
Article content
| Note: | Guidance is based on estimates and assumptions including, but not limited to, mineral reserve estimates, grade and continuity of interpreted geological formations and metallurgical recovery performance. Please refer to the Company’s SEDAR+ and EDGAR filings, including the most recent Annual Information Form (“AIF”), for a detailed summary of risk factors. | |
| (1) | Please refer to the section titled “Alternative Performance (Non-IFRS) Measures” within the MD&A. | |
Article content
2025 CAPITAL EXPENDITURE GUIDANCE(*)
Article content
Capital expenditure guidance remains unchanged at a range of $230 to $270 million, excluding capitalized ramp-up costs prior to the declaration of commercial production at the Tucumã Operation.
Article content
Figures presented in the table below are in USD millions.
Article content
| Caraíba Operations | $165 – $180 |
| Tucumã Operation(1) | $30 – $40 |
| Xavantina Operations | $25 – $35 |
| Furnas Copper-Gold Project and Other Exploration | $10 – $15 |
| Total | $230 – $270 |
Article content
| Note: | Guidance is based on certain estimates and assumptions, including but not limited to, mineral reserve estimates, grade and continuity of interpreted geological formations and metallurgical performance. Please refer to the Company’s most recent Annual Information Form and Management of Risks and Uncertainties in the MD&A for complete risk factors. | |
| (1) | Excludes capitalized ramp-up costs prior to the declaration of commercial production at the Tucumã Operation. | |
Article content
CONFERENCE CALL DETAILS
Article content
The Company will hold a conference call on Tuesday, May 6, 2025 at 11:30 am Eastern time (8:30 am Pacific time) to discuss these results. A results presentation will be available for download via the webcast link and in the Presentations section of the Company’s website on the day of the conference call.
Article content
Article content
| Date: | Tuesday, May 6, 2025 |
| Time: | 11:30 am Eastern time (8:30 am Pacific time) |
| Dial in: | Canada/USA Toll Free: 1-833-752-3380 International: +1-647-846-2821 Please dial in 5-10 minutes prior to the start of the call or pre-register using this link to bypass the live operator queue. |
| Webcast: | To access the webcast, click here. (https://event.choruscall.com/mediaframe/webcast.html?webcastid=uEfitmx3) |
| Replay: | Canada/USA: 1-855-669-9658, International: +1-412-317-0088 For country-specific dial-in numbers, click here. |
| Replay Passcode: | 4434787 |
Article content
Reconciliation of Non-IFRS Measures
Article content
Financial results of the Company are presented in accordance with IFRS. The Company utilizes certain alternative performance (non-IFRS) measures to monitor its performance, including copper C1 cash cost, copper C1 cash cost including foreign exchange hedges, gold C1 cash cost, gold AISC, EBITDA, adjusted EBITDA, adjusted net income attributable to owners of the Company, adjusted net income per share, net (cash) debt, working capital and available liquidity. These performance measures have no standardized meaning prescribed within generally accepted accounting principles under IFRS and, therefore, amounts presented may not be comparable to similar measures presented by other mining companies. These non-IFRS measures are intended to provide supplemental information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
Article content
Article content
For additional details please refer to the Company’s discussion of non-IFRS and other performance measures in its Management’s Discussion and Analysis for the three months ended March 31, 2025 which is available on SEDAR+ at www.sedarplus.ca, and on EDGAR at www.sec.gov.
Article content
Copper C1 cash cost and copper C1 cash cost including foreign exchange hedges
Article content
The following table provides a reconciliation of copper C1 cash cost to cost of production, its most directly comparable IFRS measure.
Article content
| Reconciliation: | 2025 – Q1 | 2024 – Q4 | 2024 – Q1 | ||||||||
| Cost of production | $ | 35,719 | $ | 33,685 | $ | 42,227 | |||||
| Add (less): | |||||||||||
| Transportation costs & other | 1,322 | 1,149 | 1,252 | ||||||||
| Treatment, refining, and other | 2,410 | 2,934 | 5,170 | ||||||||
| By-product credits | (4,699 | ) | (5,163 | ) | (2,440 | ) | |||||
| Incentive payments | (1,289 | ) | 1,127 | (1,199 | ) | ||||||
| Net change in inventory | 2,659 | 927 | (3,893 | ) | |||||||
| Foreign exchange translation and other | (147 | ) | 168 | (7 | ) | ||||||
| C1 cash costs(1) | 35,975 | 34,827 | 41,110 | ||||||||
| (Gain) loss on foreign exchange hedges | 2,216 | 4,166 | (276 | ) | |||||||
| C1 cash costs including foreign exchange hedges | $ | 38,191 | $ | 38,993 | $ | 40,834 | |||||
| Mining | $ | 25,796 | $ | 24,906 | $ | 25,256 | |||||
| Processing | 6,352 | 6,580 | 7,177 | ||||||||
| Indirect | 6,116 | 5,570 | 5,947 | ||||||||
| Production costs | 38,264 | 37,056 | 38,380 | ||||||||
| By-product credits | (4,699 | ) | (5,163 | ) | (2,440 | ) | |||||
| Treatment, refining and other | 2,410 | 2,934 | 5,170 | ||||||||
| C1 cash costs(1) | 35,975 | 34,827 | 41,110 | ||||||||
| (Gain) loss on foreign exchange hedges | 2,216 | 4,166 | (276 | ) | |||||||
| C1 cash costs including foreign exchange hedges | $ | 38,191 | $ | 38,993 | $ | 40,834 | |||||
Article content
| (1) | Copper C1 cash costs for 2025 and 2024 do not include Tucumã Operation’s results, as commercial production has not been achieved as of March 31, 2025. |
Article content
| 2024 – Q4 | 2024 – Q3 | 2023 – Q4 | |||||||||
| Costs per pound | |||||||||||
| Total copper produced (lbs, 000) | 16,219 | 18,883 | 17,838 | ||||||||
| Mining | $ | 1.59 | $ | 1.32 | $ | 1.42 | |||||
| Processing | $ | 0.39 | $ | 0.35 | $ | 0.40 | |||||
| Indirect | $ | 0.38 | $ | 0.29 | $ | 0.33 | |||||
| By-product credits | $ | (0.29 | ) | $ | (0.27 | ) | $ | (0.14 | ) | ||
| Treatment, refining and other | $ | 0.15 | $ | 0.16 | $ | 0.29 | |||||
| Copper C1 cash costs(1) | $ | 2.22 | $ | 1.85 | $ | 2.30 | |||||
| (Gain) loss on foreign exchange hedges | $ | 0.14 | $ | 0.22 | $ | (0.02 | ) | ||||
| Copper C1 cash costs including foreign exchange hedges | $ | 2.36 | $ | 2.07 | $ | 2.28 | |||||
Article content
| (1) | Copper C1 cash costs for 2025 and 2024 do not include Tucumã Operation’s results, as commercial production has not been achieved as of March 31, 2025. |
Article content
Gold C1 cash cost and gold AISC
Article content
The following table provides a reconciliation of gold C1 cash cost and gold AISC to cost of production, its most directly comparable IFRS measure.
Article content
| Reconciliation: | 2025 – Q1 | 2024 – Q4 | 2024 – Q1 | ||||||||
| Cost of production | $ | 6,225 | $ | 9,000 | $ | 7,255 | |||||
| Add (less): | |||||||||||
| Incentive payments | (269 | ) | (434 | ) | (443 | ) | |||||
| Net change in inventory | 1,339 | (1,914 | ) | 264 | |||||||
| By-product credits | (111 | ) | (189 | ) | (189 | ) | |||||
| Smelting and refining | 35 | 62 | 90 | ||||||||
| Foreign exchange translation and other | 82 | 125 | 232 | ||||||||
| C1 cash costs | $ | 7,301 | $ | 6,650 | $ | 7,209 | |||||
| Site general and administrative | 1,077 | 1,576 | 1,353 | ||||||||
| Accretion of mine closure and rehabilitation provision | 141 | 78 | 92 | ||||||||
| Sustaining capital expenditure | 3,909 | 4,597 | 3,254 | ||||||||
| Sustaining lease payments | 2,021 | 1,681 | 2,122 | ||||||||
| Royalties and production taxes | 338 | 526 | 510 | ||||||||
| AISC | $ | 14,787 | $ | 15,108 | $ | 14,540 | |||||
Article content
Article content
| 2025 – Q1 | 2024 – Q4 | 2024 – Q1 | |||||||||
| Costs | |||||||||||
| Mining | $ | 3,760 | $ | 3,325 | $ | 3,820 | |||||
| Processing | 2,206 | 2,162 | 2,259 | ||||||||
| Indirect | 1,411 | 1,290 | 1,229 | ||||||||
| Production costs | 7,377 | 6,777 | 7,308 | ||||||||
| Smelting and refining costs | 35 | 62 | 90 | ||||||||
| By-product credits | (111 | ) | (189 | ) | (189 | ) | |||||
| C1 cash costs | $ | 7,301 | $ | 6,650 | $ | 7,209 | |||||
| Site general and administrative | 1,077 | 1,576 | 1,353 | ||||||||
| Accretion of mine closure and rehabilitation provision | 141 | 78 | 92 | ||||||||
| Sustaining capital expenditure | 3,909 | 4,597 | 3,254 | ||||||||
| Sustaining leases | 2,021 | 1,681 | 2,122 | ||||||||
| Royalties and production taxes | 338 | 526 | 510 | ||||||||
| AISC | $ | 14,787 | $ | 15,108 | $ | 14,540 | |||||
| Costs per ounce | |||||||||||
| Total gold produced (ounces) | 6,638 | 8,936 | 18,234 | ||||||||
| Mining | $ | 566 | $ | 372 | $ | 209 | |||||
| Processing | $ | 332 | $ | 242 | $ | 124 | |||||
| Indirect | $ | 213 | $ | 144 | $ | 67 | |||||
| Smelting and refining | $ | 5 | $ | 7 | $ | 5 | |||||
| By-product credits | $ | (16 | ) | $ | (21 | ) | $ | (10 | ) | ||
| Gold C1 cash cost | $ | 1,100 | $ | 744 | $ | 395 | |||||
| Gold AISC | $ | 2,228 | $ | 1,691 | $ | 797 | |||||
Article content
Earnings before interest, taxes, depreciation and amortization (EBITDA) and Adjusted EBITDA
Article content
The following table provides a reconciliation of EBITDA and Adjusted EBITDA to net income, its most directly comparable IFRS measure.
Article content
| Reconciliation: | 2025 – Q1 | 2024 – Q4 | 2024 – Q1 | ||||||||
| Net Income (Loss) | $ | 80,627 | $ | (48,928 | ) | $ | (6,830 | ) | |||
| Adjustments: | |||||||||||
| Finance expense | 4,723 | 3,851 | 4,634 | ||||||||
| Finance income | (838 | ) | (690 | ) | (1,468 | ) | |||||
| Income tax expense (recovery) | 14,741 | (5,862 | ) | (1,853 | ) | ||||||
| Amortization and depreciation | 18,620 | 20,265 | 23,296 | ||||||||
| EBITDA | $ | 117,873 | $ | (31,364 | ) | $ | 17,779 | ||||
| Foreign exchange (gain) loss | (58,400 | ) | 92,804 | 18,996 | |||||||
| Share based compensation | 1,173 | (7,496 | ) | 6,545 | |||||||
| Change in rehabilitation and closure provision(1) | — | 4,609 | — | ||||||||
| Write-down of exploration and evaluation asset | — | 839 | — | ||||||||
| Unrealized loss (gain) on commodity derivatives | 2,102 | (250 | ) | (64 | ) | ||||||
| Xavantina Gold Stream transaction fees | 458 | — | — | ||||||||
| Adjusted EBITDA | $ | 63,206 | $ | 59,142 | $ | 43,256 | |||||
Article content
Article content
| (1) | Change in rehabilitation and closure provision relates to revisions to rehabilitation and closure plans and cost estimates at the Company’s historic mining operations that have entered the closure phase, and for which there are no substantive future economic value. Such costs are reflected within other expenses on the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income. |
Article content
Adjusted net income attributable to owners of the Company and Adjusted net income per share attributable to owners of the Company
Article content
The following table provides a reconciliation of Adjusted net income attributable to owners of the Company and Adjusted EPS to net income attributable to the owners of the Company, its most directly comparable IFRS measure.
Article content
| Reconciliation: | 2025 – Q1 | 2024 – Q4 | 2024 – Q1 | ||||||||
| Net income (loss) as reported attributable to the owners of the Company | $ | 80,227 | $ | (48,944 | ) | $ | (7,141 | ) | |||
| Adjustments: | |||||||||||
| Share based compensation | 1,173 | (7,496 | ) | 6,545 | |||||||
| Unrealized foreign exchange (gain) loss on USD denominated balances in MCSA | (39,628 | ) | 66,971 | 11,257 | |||||||
| Unrealized foreign exchange (gain) loss on foreign exchange derivative contracts | (16,739 | ) | 15,182 | 9,304 | |||||||
| Change in rehabilitation and closure provision(1) | — | 4,591 | — | ||||||||
| Write-down of exploration and evaluation asset | — | 836 | — | ||||||||
| Unrealized loss (gain) on commodity derivatives | 2,079 | (243 | ) | (64 | ) | ||||||
| Xavantina Gold Stream transaction fees | 458 | — | — | ||||||||
| Tax effect on the above adjustments | 8,279 | (13,459 | ) | (3,128 | ) | ||||||
| Adjusted net income attributable to owners of the Company | $ | 35,849 | $ | 17,438 | $ | 16,773 | |||||
Weighted average number of common shares | |||||||||||
| Basic | 103,564,654 | 103,345,064 | 102,769,444 | ||||||||
| Diluted | 103,904,737 | 103,877,690 | 103,242,437 | ||||||||
Adjusted EPS | |||||||||||
| Basic | $ | 0.35 | $ | 0.17 | $ | 0.16 | |||||
| Diluted | $ | 0.35 | $ | 0.17 | $ | 0.16 | |||||
Article content
| (1) | Change in rehabilitation and closure provision relates to revisions to rehabilitation and closure plans and cost estimates at the Company’s historic mining operations that have entered the closure phase, and for which there are no substantive future economic value. Such costs are reflected within other expenses on the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income. |
Article content
Net Debt (Cash)
Article content
The following table provides a calculation of net debt (cash) based on amounts presented in the Company’s condensed consolidated interim financial statements as at the periods presented.
Article content
| March 31, 2025 | December 31, 2024 | March 31, 2024 | |||||||||
| Current portion of loans and borrowings | $ | 52,479 | $ | 45,893 | $ | 16,059 | |||||
| Long-term portion of loans and borrowings | 589,860 | 556,296 | 450,743 | ||||||||
| Less: | |||||||||||
| Cash and cash equivalents | (80,573 | ) | (50,402 | ) | (51,692 | ) | |||||
| Short-term investments | — | — | — | ||||||||
| Net debt (cash) | $ | 561,766 | $ | 551,787 | $ | 415,110 | |||||
<
Recent PostsRelated ArticlesStay InformedGet the best articles every day for FREE. Cancel anytime.
| |||||||||||
