MDKA - 9M24 results miss expectations

MDKA - 9M24 results miss expectations Merdeka Copper Gold (MDKA)'s 9M24 revenue rose to USD1.7 bn (+42.5% yoy), surpassing estimates (KBVS: 78.5%, Cons: 76.5%), driven by higher gold ASP and sales volume despite lower ore grades (0.43 g/t vs. 0.52 g/t) and strong copper performance with 3Q24 sales surging to 4,970 tonnes (+145.2% qoq, +58.5% yoy). However, profitability was under pressure, with a 9M24 NPM of -4% due to rising operational costs (+47.3% yoy) and financial adjustments. Net loss widened to -USD67 mn in 9M24 (9M23: -USD24 mn), influenced by cash flow hedges (-USD10.7 mn), though it slightly improved to -USD56.32 mn excluding hedging impacts. (Source : Company, KBVS)