The stock rallied 21.4% post-earnings, driven by production exceeding guidance and strong margin performance amid a favorable gold price environment.
- Production came in just below 5 tonnes, about 5,000 ounces above the higher end of guidance, reflecting effective throughput mix management.
- Revenue increased 42% to just over ZAR 11 billion, buoyed by a 40% rise in gold prices and a deliberate unhedged position.
- Operating profit surged 83% to ZAR 6.4 billion, while headline earnings rose 89% to ZAR 4.2 billion.
- Cash operating costs were controlled, increasing only 7% year-on-year to just under ZAR 1 million per kilo, demonstrating good cost discipline despite inflationary pressures.
- Free cash flow reached ZAR 2.2 billion, supporting a final dividend exceeding ZAR 1 billion, while capital expenditures remained elevated at ZAR 3.5 billion, reflecting ongoing investment in Vision '28.
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