“Our business performed well in the quarter, generating strong net cash flow from operations of $93.0 million before working capital changes and free cash flow after sustaining capital of $38.6 million.” said Jorge Ganoza, Fortuna’s President and CEO.
“During the quarter, we passed 10 years of continuous production at Parral. We constantly make efforts to optimize our operations and congratulate the team on completing 10 years of production,” said Brad Langille, President and CEO. “We feel that the next decade plus of growth in GoGold lies within our flagship Los Ricos district, with the immediate catalyst being the release of the results of our definitive feasibility study in September at Los Ricos South.”
The news release incorrectly stated that in connection with a new Term Loan, the Company had entered into gold collar contracts to deliver 279,996 ounces per month beginning July 2024 through to June 2026. The news release should have read that the gold contracts require the delivery of a total of 279,996 ounces.
Greg Smith, President and CEO of Equinox Gold, commented: “The highlight of the second quarter was achieving first gold pour at our new Greenstone Mine in Ontario. We also acquired our partner’s 40% interest in the mine and now hold 100% of this world-class asset. We remain on schedule to achieve commercial production at Greenstone during the third quarter.”
“I’m delighted that this quarter was the most profitable since 2016 as measured by Adjusted EBITDA for our mining operations and Q3 is off to a good start. Production costs increased 8% quarter-over-quarter, but revenue grew by 38%.”
“With another strong quarter behind us, we are on track to deliver on our commitments from ELG while concurrently concluding the Media Luna Project. First half gold production of 229,316 ounces places us firmly on pace to deliver on production guidance for the sixth year in a row.”
Operations generated record cash flow before working capital changes of $203.3 million in Q2 2024, with solid performance on costs, which were below our expected ranges for both the silver and gold segments in the quarter. This resulted in free cash flow of $102.1 million in Q2 2024.
N. Eric Fier, CEO, commented, “We are proud to announce another quarter of strong operational and financial performance. Our mining rates continued to increase in the quarter, and we expect the H2 2024 ramp-up to continue at a quicker pace than originally planned as we retain two mining contractors for a longer period.”
“Improved operating performance at Kensington was especially noteworthy as operational improvements and capital investments over the last two-plus years begin to take hold. Our Palmarejo operation in Mexico has also taken a major step forward with two large, newly-acquired concession blocks that create a highly prospective and contiguous land package to the east of existing operations and outside the gold stream area of interest, which now becomes a key focus of exploration going forward.”
“The proposed acquisition of Reyna Gold by Reyna Silver represents a significant opportunity for our companies and stakeholders alike,” said Jorge Ramiro Monroy, CEO of Reyna Silver.
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