CNMC Goldmine Holdings (5TP.SI) Q1 2025 Earnings Report

CNMC Goldmine Holdings Limited reported a solid QQ1 2025 with USD 35.47 million of revenue and a gross margin of 73.0%, underscoring a high-margin mining operation. Net income reached USD 10.59 million, contributing to a 29.85% net margin, supported by an EBITDA of USD 19.95 million and an operating margin of 55.04%. The company benefits from a conservative balance sheet, evidenced by a current ratio of 2.48, quick ratio of 1.94, and a debt ratio of 1.52% (debt-to-equity 2.33%), indicating strong liquidity and minimal leverage.

Cash generation remains favorable, with operating cash flow per share of USD 0.0416 and free cash flow per share of USD 0.0352. Dividend discipline is evident with a payout ratio of 25.3% and a dividend yield of 2.5%, supporting a constructive cash-return proposition for shareholders while preserving balance-sheet flexibility. The inventory cycle shows longer days of inventory (DIO) at 141.22 days, contrasted with an efficient receivables collection (DSO 4.68 days), implying potential working-capital considerations tied to ore processing or procurement cycles.

Valuation appears attractive on standard mining metrics (P/E ~2.53x, P/B ~1.33x, P/S ~3.02x) even as investor coverage of CNMC is relatively sparse in the current dataset. The near-term narrative hinges on gold-price dynamics, production progression at the Sokor Gold Field, and ongoing capital-allocation decisions. In the absence of formal forward guidance, the risk-reward profile remains favorable if gold prices hold or advance and if Sokor operations scale efficiently.