Category: Investor’s Corner

Fortuna Mining Corp. reported a record $111.3 million in free cash flow for Q1 2025, up 30% from Q4 2024, with a 38% margin. Attributable net income was $61.7 million ($0.20/share). Gold equivalent production reached 103,459 ounces, with lower cash costs ($929/GEO) and AISC ($1,640/GEO). The company divested the San Jose Mine and plans to sell Yaramoko, redirecting capital to high-value opportunities.

Torex Gold reported Q1 2025 results, with its Morelos Complex in Mexico achieving 59,630 oz AuEq payable production, aligning with expectations despite a four-week plant shutdown. The Media Luna Project reached commercial production, with first concentrate shipments in April. Revenue was $170 million, driven by a record $2,793/oz gold price. All-in sustaining costs were $1,405/oz AuEq, with a 50% margin. The company drew $130 million on its credit facility due to high tax/royalty payments and Media Luna capital expenditures but expects positive free cash flow by mid-2025 as production ramps up.

Pan American Silver (May 7, 2025) reported strong unaudited Q1 2025 results: revenue $773.2M (+28%); record mine earnings $250.8M; net earnings $169.3M ($0.47/share) vs. prior loss; silver 5.0M oz; gold 182K oz; AISC silver $13.94/oz, gold $1,485/oz. 2025 guidance reaffirmed; production back-end loaded.

Sierra Madre Gold & Silver reported positive Q1 2025 results, with US $4.8 M in revenue, 165,093 silver-equivalent ounces sold, $1.2 M gross profit and $535 k in operating cash during its first full quarter of commercial production at the Guitarra mine. Costs per ounce fell versus Q4 2024, and mining at the higher-grade Coloso zone has begun boosting prospects.

Coeur Mining’s Q1 2025 results highlight strong performance from its Mexican operations, Las Chispas and Palmarejo. Las Chispas, acquired mid-quarter, produced 714,239 ounces of silver and 7,175 ounces of gold, contributing $58 million in revenue. Palmarejo produced 1.7 million ounces of silver and 23,032 ounces of gold, generating $95.8 million. Both mines bolstered Coeur’s $360 million revenue and $18 million free cash flow.

GoGold Resources Inc. reported $17.6 million in revenue for Q1 2025 from Parral, selling 555,511 silver equivalent ounces. The company generated $5.1 million in operating cash flow, increasing its cash balance by $2 million to $78.3 million. A recent financing boosted the cash position to ~$135 million, strengthening GoGold’s ability to advance its Los Ricos South project.

Capstone Copper Corp. amended its revolving credit facility, increasing it from $700M to $1B with a $200M accordion, extending maturity to May 2029. The facility bears interest at adjusted term SOFR plus 1.75%-2.75%. Capstone plans to repay its 70% share of the Mantoverde Project debt using $600M from 6.750% senior unsecured notes due 2033, simplifying its debt structure.

Sandstorm Gold Ltd. reported strong Q1 2025 financial results, with record revenue of $50.1 million (up from $42.8 million in Q1 2024) and 18,492 attributable gold equivalent ounces sold. Cash flows from operations were $40.8 million, with record cash operating margins of $2,509/oz. Net income was $11.3 million, compared to a $3.9 million loss in Q1 2024. The company repurchased 3.1 million shares for $19.1 million and reduced net debt by $15 million, with $328 million outstanding. Key projects like Hod Maden and MARA advanced, and Sandstorm forecasts 65,000–80,000 gold equivalent ounces in 2025, targeting 150,000 by 2030. The stock price for SAND is currently $6.045 USD.

Ternium S.A.’s shareholders approved 2024 financial statements, a $0.27 per share dividend ($0.18 net payable May 14, 2025), and re-elected seven directors while appointing Alicia Lucía Móndolo as a new director. The board structure and audit committee were confirmed, with PricewaterhouseCoopers re-appointed as auditors. The extraordinary meeting renewed the authorized share capital and amended the articles of association.

Silver Storm Mining Ltd. will acquire Till Capital Corp. via a Plan of Arrangement, gaining C$6.2M in liquidity and Till’s mineral investments, including a 51.8% stake in Silver Predator Corp. Till shareholders receive 15.874 Silver Storm units per share, comprising shares, warrants, and CVRs. The transaction, supported by both boards and 41.8% of Till shareholders, is expected to close in July 2025.