Canada · Delayed Price · Currency is CAD Cerrado Gold Earnings Call Transcripts
Fiscal Year 2026
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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.