...This report does not constitute a rating action. We think strong gold price momentum and stable production volumes will support Boroo's revenue through 2026. Favorable gold prices have provided a buffer for Boroo, allowing the company to convert record high commodity prices into significant revenue growth and EBITDA. Consolidated production contracted nearly 20% due to declining ore grades and recovery. However, the company's consolidated revenue increased 19% to $831.9 million and EBITDA rose to $480.6 million for fiscal 2025, owing to the surge in realized gold prices--averaging $3,427/ounce (oz) in 2025 compared with $2,388/oz the previous year. Efficiency gains streamlined production costs, resulting in EBITDA margins near 58%. Following strong results in 2025, we expect Boroo to deliver solid results this year, with revenue and EBITDA near $1.1 billion and $500 million, respectively. Growth drivers consider S&P Global Ratings' gold price expectations, which are elevated for 2026 at...
