Saved by a Rising Gold Price

In Q4 and again in Q1

When a gold miner or royalty company reports lower year-over-year production, that’s generally seen as bad news. But a rising gold price papers over numerous failings, including — if the price is high enough — declining production.

With gold currently up 38% from a year ago, this is that kind of environment:

Two of our Portfolio companies reported lower production in 2024, but — thanks to a rising gold price — still managed acceptable earnings, cash flow, and debt repayment. Here’s a quick look: