Huihuang Gold Reports 38% Net Profit Surge, Driven by Production Expansion

Huihuang Gold Corporation, a prominent gold mining company based in Canada, has released its 2024 annual report, showcasing a stellar financial performance. The company reported a net profit of $20.5 million, representing a 38% increase compared to the previous year. This significant growth was driven by a substantial expansion in production capacity, particularly at the Syan project in Ghana, which produced over 82,000 ounces of gold with a grade of 2.1 grams per ton. Additionally, the company's new mining area in the Republic of the Congo contributed 14,500 ounces of gold in its first quarter of trial production.

The company's earnings per share (EPS) also saw a notable increase, rising to $0.12 from $0.09 in 2023, marking a 33% year-over-year growth. This financial success is further supported by a robust cash flow, with operating cash flow surging by 52% to $28.6 million. Huihuang Gold also announced an increase in proven reserves at its Bambadji mine in Mali, adding 370,000 ounces to its total resource base, which now stands at 2.1 million ounces.

In addition to its financial achievements, the company declared a special dividend of $0.03 per share, payable on August 15. Looking ahead, CEO Matthew Wilson expressed optimism about the company's future prospects. He highlighted the upcoming Phase II expansion project in the Republic of the Congo, which is expected to commence production in the third quarter of 2025. This project aims to boost annual production to 120,000 ounces while maintaining a cost advantage of $985 per ounce.

Huihuang Gold's impressive performance in 2024 is a testament to its strategic initiatives and operational efficiency. The company's focus on expanding production capabilities and optimizing resource management has positioned it as a leader in the gold mining industry. With a strong financial foundation and a clear vision for future growth, Huihuang Gold is well-equipped to continue its trajectory of success and innovation in the years to come.