Canada · Delayed Price · Currency is CAD Cerrado Gold Earnings Call Transcripts
Fiscal Year 2026
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Argentina’s FY26 gold output is expected at the top of 50,000–60,000 oz guidance, while drilling targets longer mine life and higher grades. Portugal and Quebec projects are advancing toward construction and a substantial production ramp.
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Production is set to reach the upper end of 60,000 oz gold in 2026, with strong cash flow and significant resource expansion underway. Major projects in Portugal and Quebec are advancing toward construction and production, supporting a plan to more than double output by 2031.
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Three core assets are advancing, with gold production set to rise and major project milestones targeted for 2027–2029. Strong cash flow, robust funding structures, and ongoing exploration underpin growth, while recent acquisitions and expansion plans aim to boost output and resource life.
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Production at the Argentina mine is set to exceed 60,000 ounces this year, with aggressive exploration and acquisitions aiming to extend mine life and boost output toward 100,000 ounces. Major projects in Portugal and Quebec are advancing through feasibility and permitting, targeting substantial cash flow and production growth over the next five years.
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Production is set to rise from 60,000 oz to over 300,000 oz gold-equivalent as new projects in Portugal and Quebec come online, with free cash flow projected to exceed CAD 500 million annually. Ongoing exploration, regional consolidation, and infrastructure investments support long-term growth.
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Q2 2026 delivered strong production growth, near record EBITDA, and a robust cash position, driven by higher gold prices and operational improvements. Cost pressures from Argentine inflation persist, but guidance remains at the upper end, with major project milestones ahead.
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Q1 2026 saw record cash flows, higher production, and a return to profitability, driven by operational improvements, higher gold prices, and strategic acquisitions. Ongoing exploration and permitting efforts aim to extend mine life and support future growth.
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Steady gold production and strong cash flow support ongoing exploration and development in Argentina, Portugal, and Quebec. Key milestones include construction decisions, feasibility studies, and permitting, with a focus on expanding resources and minimizing dilution.
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Three major projects in Argentina, Portugal, and Quebec are advancing, with production and cash flow set to rise sharply by 2030. Exploration and operational efficiencies support resource growth and low costs, while strategic financing avoids shareholder dilution.
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The presentation outlined a strategy focused on maximizing cash flow and shareholder value through three key projects in Argentina, Portugal, and Quebec, targeting 400,000–500,000 ounces of gold equivalent by 2030. Funding is secured for major developments, with minimal dilution expected and strong exploration upside across all assets.
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Lagoa Salgada's EIA process faced an unexpected regulatory setback despite prior unanimous technical support and legal tacit approval. Management is challenging the APA's opinion, citing procedural violations, while advancing other assets like MDN and Mont Sorcier, both seen as undervalued.
Fiscal Year 2025
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2025 saw strong financial and operational results, with $46M EBITDA and over $22M in cash, stable production, and significant project investments. 2026 guidance targets 50,000–60,000 GEO at $1,800–$2,000/oz AISC, with growth focused on MDN, Mont Sorcier, and Lagoa Salgada.
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Q3 2025 saw record gold production and a 60% year-over-year EBITDA increase, with strong cash flow and a robust project pipeline. Guidance for 2025 is reaffirmed, and feasibility studies at Lagoa Salgada and Mont Sorcier are expected to drive future growth.
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Production in Argentina remains strong, funding growth in Portugal and Quebec. Lagoa Salgada is on track for construction with significant cash flow potential, while Mont Sorcier offers long-term value in green steel. Expansion is supported by internal cash flows and strategic financing.
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Significant investment and debt reduction have positioned operations for growth, with major projects in Argentina, Portugal, and Quebec advancing toward key milestones. Strong cash flow, resource expansion, and minimal dilution are expected, supported by robust exploration and financing.
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The presentation detailed steady gold production in Argentina, major development milestones for projects in Portugal and Quebec, and a robust financial outlook with significant growth potential. Exploration programs aim to extend mine life and resource base, while strategic funding minimizes dilution.
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Q2 2025 saw lower gold production and EBITDA year-over-year, but sequential improvement and significant debt reduction. Major investments in Argentina, Portugal, and Quebec support growth, with full-year guidance reaffirmed and feasibility studies on track.
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Q1 2025 delivered record heap leach production, a $6M year-over-year EBITDA improvement, and a 6% drop in all-in sustaining costs. Production guidance was raised, debt reduced, and major development milestones at MDN and Lagoa Salgada are on track.
Fiscal Year 2024
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Achieved stable gold production and strong cash flow, reducing net debt by 52% and improving working capital by $54 million. Key growth initiatives include MDN exploration, Lagoa Salgada project advancement, and Mont Sorcier feasibility, with significant upside expected.