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Managem’s Q1 Revenue Surges 147% on Boto Gold and Tizert Copper Projects
Managem posted a dramatic 147% rise in Q1 2026 revenue, reaching 5.75 bn dirhams, as its newly‑started Boto gold and Tizert copper projects came online and metal prices stayed supportive. Capital spending fell 41% after construction completion, while net debt shrank by 871 mdh, underscoring stronger cash flows and a solid balance sheet.
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Revenue Explosion in Q1 2026
Consolidated revenue reached 5,753 million Moroccan dirhams (MDH), up 147% versus Q1 2025. The surge is driven by the first‑month production from the newly‑operational Boto gold mine and the Tizert copper project, together with higher metal prices during the quarter.
Capital Expenditure Trends
Investments up to 31 March 2026 fell to 885 MDH, a 41% decline from the same period a year earlier, reflecting the completion of construction phases for Boto and Tizert.
Improving Debt Profile
Net debt as of 31 March 2026 stood at 11,803 MDH, down 871 MDH from year‑end 2025, thanks to cash flow generated by the newly‑commissioned assets.
Strategic Outlook
Managem continues to advance several flagship projects, including:
- Cobalt sulfate development
- Phase 1 of the Tendrara gas project
- Multiple exploration studies in various stages
The company’s robust financial fundamentals and expanding asset base position it for continued growth in the medium term.