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Second Quarter Highlights
Per Class B share(3): $1.13 adjusted basic earnings up 25.6%; $1.56 basic earnings up 77.3%; $0.44 revaluation gain included in basic earnings
Sales increased 12.2% on 8.5% organic growth, 3.0% acquisition growth and 0.7% positive currency translation
CCL, Avery, Checkpoint and Innovia posted organic sales growth of 9.0%, 1.1%, 17.5% and 6.2%, respectively
Operating income(1) improved 25.4%, with a 16.4% operating margin(1) up 170 bps
Six-Month Highlights
Per Class B share(3): $2.21 adjusted basic earnings up 20.1%; $2.64 basic earnings up 45.1%; $0.44 revaluation gain included in basic earnings
Sales increased 8.7% on 5.3% organic growth, 3.0% acquisition growth and 0.4% positive currency translation
Operating income(1) improved 17.2%, with a 16.3% operating margin(1) up 110 bps
Common shares to resume trading at the opening on August 8th, 2024
MDN operations are performing well with Q2/24 production of 16,255 Gold Equivalent Ounces ("GEO")
Full-Year production guidance of 50,000 - 60,000 GEO at AISC of US$1,200-1,400/oz
Recent PEA results for MDN show an NPV (5%) of $111MM at $2100/oz gold over a 5-year mine plan producing an average of approximately 56,000 GEO per annum
Life of Mine Average annual EBITDA of US$49 Million and FCF of US$25 Million
LOM average EBITDA of US$64 Million and FCF of US$29 Million at Spot prices1
Additional US$45 million cash expected between March 2025-2027 from the sale of the Monte do Carmo project in Brazil
Second crusher on site is being commissioned to support further expansion of heap leach operations
Operating cashflow continues to support the strengthening of the balance sheet
