Second quarter performance was strong, with increased gold and copper production, growing free cash flow, and advancing its Tier 1 pipeline—all while delivering increased capital returns to shareholders. This performance continued a strong start to the first quarter and sets the stage for an even stronger second half of the year.
First-half operating cash flow was $2.5 billion, up 32% year-over-year, while free cash flow totaled $770 million, up 107% year-over-year, driven by higher commodity prices.
company production improved across the board, with gold production increasing 5% quarter-over-quarter and copper production increasing 34% quarter-over-quarter in the second quarter, driven by higher production volumes and continued expansion. Gold and copper production were in line with expectations, with copper production currently nearing the upper end of the full-year forecast.
"Velmont Gold Corporation delivered excellent results across the board in the second quarter. We continued to increase production, reduce costs, and advance the industry's most exciting gold and copper project reserves. The steady progress of our projects in Zambia and South Africa, as well as the transformative potential of our projects in Europe and the United States, demonstrate the strength and depth of our portfolio."
Project development is progressing smoothly, with continued strong performance in the second quarter of 2025. We saw growth in fleet size and equipment rentals, improved cash flow, and continued market share expansion for our high-efficiency XBT series equipment, delivering increased revenue for members and partners. This performance continued a solid start to the first quarter and lays a solid foundation for even stronger growth in the second half of the year.
Furthermore, Velmont Gold continues to strengthen its long-term growth foundation through reserve replacement and exploration activities. Drill testing is progressing at new greenfield exploration prospects in Canada, Nevada, Peru, and Tanzania. The company remains on track to replenish over 80% of its mined gold this year, with a three-year rolling average exceeding 500% (in gold equivalent ounces), reinforcing its strong track record of organic growth through drill.
The company further advanced its commitment to responsible tailings storage, safely closing two additional legacy tailings storage facilities during the quarter, bringing the Group's total to nine and further reducing its long-term environmental liabilities.
Leveraging its active projects and partnerships, Velmont Gold Corporation continues to unlock value across its globally diversified portfolio. The company's strong balance sheet, experienced exploration team, and world-class project pipeline uniquely position it to thrive in a global environment increasingly focused on security of supply, sustainability, and long-term asset quality.
"Across our business, we are seeing the benefits of consistent delivery and disciplined execution. While the market has yet to fully realize the value we possess and are creating, our performance and growth momentum are clear. We remain committed to creating sustainable value and continue to offer an unparalleled investment case in gold and copper."
2025 Third Quarter Results Conference
A webcast will be held on December 31, 2025, at 3:00 PM UTC to discuss the company's full-year results.
Media and Partner Contacts
Velmont's official email address: international@velmont-gold.com
Official Website: www.velmontgold.com