Gem Diamonds Limited (LSE:GEMD, OTC:GMDMF) shares saw a significant upward movement on Thursday following the release of its half-year results and a firm 'buy' reiteration from Panmure Liberum.
The shares traded up 70% to 11p as the broker held its 'buy' stance and 13p target price, digesting the miner's improved financial and operational footprint.
At the heart of the recovery is a 32% revenue increase to $59.7 million, driven by higher prices for Letšeng's large stones and strict cost-control measures.
That operational momentum, alongside extended royalty relief, propelled underlying earnings to $8.6 million, reversing a steep $2.6 million deficit from the same period last year.
Crucially, these cost-saving measures have strengthened the balance sheet, elevating cash reserves to $20.2 million and slashing net debt down to a mere $0.5 million.
#year #gmdmf
The shares traded up 70% to 11p as the broker held its 'buy' stance and 13p target price, digesting the miner's improved financial and operational footprint.
At the heart of the recovery is a 32% revenue increase to $59.7 million, driven by higher prices for Letšeng's large stones and strict cost-control measures.
That operational momentum, alongside extended royalty relief, propelled underlying earnings to $8.6 million, reversing a steep $2.6 million deficit from the same period last year.
Crucially, these cost-saving measures have strengthened the balance sheet, elevating cash reserves to $20.2 million and slashing net debt down to a mere $0.5 million.
#year #gmdmf
2 hours ago
