QEM Appoints New CEO as It Secures $2.05M in Strongly Supported Placement
- Revenues of $24.3 million in Q4 2024 vs. $44.2 million in Q4 2023; Revenues per pound sold 1 of $5.70 in Q4 2024 vs. $7.69 in Q4 2023; In addition, the Company received $13.6 million related to the delivery of 1,200 tonnes as part of its vanadium inventory supply agreement
- Operating costs of $30.2 million in Q4 2024, 30% below Q4 2023; Adjusted cash operating costs excluding royalties per pound 1 of $3.05 in Q4 2024, 39% below Q4 2023, reflecting the success in cost reduction measures throughout 2024
- Adjusted EBITDA 1 improved by 195% in Q4 2024 to $2.3 million and mining operations adjusted EBITDA 1 improved by 27% to $4.5 million from $3.5 million in Q4 2023, despite the negative impact of the maintenance shutdown in Q4 2024
- Net loss of $13.0 million in Q4 2024, which included $2.4 million in non-recurring items vs. net loss of $13.3 million in Q4 2023, which included $5.9 million in non-recurring items; Basic loss per share of $0.19 in Q4 2024 vs. basic loss per share of $0.21 in Q4 2023
- Revenues of $124.9 million in 2024, 37% below 2023; Revenues per pound sold 1 of $6.40 in 2024 vs. $8.66 in 2023; In addition, the Company received $13.6 million related to the delivery of 1,200 tonnes as part of its vanadium inventory supply agreement
- Operating costs of $145.8 million in 2024, 17% below 2023; Adjusted cash operating costs excluding royalties per pound 1 of $4.05 in 2024, 22% lower than 2023, reflecting the company’s cost reduction efforts throughout 2024
- Adjusted EBITDA¹ was a loss of $2.1 million compared to positive adjusted EBITDA 1 of $11.9 million in 2023
- Net loss of $50.6 million in 2024, which included $18.7 million in non-recurring items vs. net loss of $32.4 million in 2023, which included $9.6 million in non-recurring items; Basic loss per share of $0.78 in 2024 vs. basic loss per share of $0.51 in 2023
- V 2 O 5 production of 1,775 tonnes in Q4 2024 vs. 2,768 tonnes in Q4 2023; Annual V 2 O 5 production of 9,264 tonnes in 2024 vs. 9,681 tonnes in 2023; Within the Company’s revised 2024 production guidance range of 9,000 – 11,000 tonnes
- Annual and Q4 2024 production was impacted by two kiln maintenance shutdowns during the year—one in Q1 2024 as per the Company’s regular schedule, and another advanced from Q1 2025 into Q4 2024 to mitigate potential production disruptions typically associated with the early-year rainy season
- Quarterly sales of 3,033 tonnes of V 2 O 5 equivalent (inclusive of 8 tonnes of purchased material and 1,200 tonnes related to the Company’s vanadium inventory supply agreement) in Q4 2024, a 16% increase over the 2,605 tonnes in sold Q4 2023
- Annual V 2 O 5 equivalent sales of 9,600 (inclusive of 415 tonnes of purchased material and 1,200 tonnes related to its vanadium inventory supply agreement) tonnes in 2024 vs. 10,396 tonnes in 2023; Within the Company’s annual 2024 sales guidance of 8,700 – 10,700 tonnes
- The Company produced 10,292 tonnes of ilmenite concentrate in Q4 2024 and 44,863 tonnes…
Read More: QEM Appoints New CEO as It Secures $2.05M in Strongly Supported Placement