- Increases of 18% and 30% in gold sales over Q2 - 2022 and H1 – 2022 respectively (8,943 ounces and 15,391 ounces respectively).
- Net Income for H1 - 2023 of
$4.8 million on revenue of$39.0 million . - Adjusted EBITDA(1) of
$10.3 million and$17.0 million in Q2 – 2023 and H1 – 2023 respectively, compared to$7.48 million and$11.15 million in the same period in 2022, respectively. - Total cash cost per ounce of gold sold in Q2-2023 was
US$907 (1) andUS$901 for H2-2023.
Operations Review – H1 2023
- Total production of 15,391 ounces of gold primarily from the
Cordero Mine and the el Bagre Milling Operations. - Codero Operations had attributable gold production at a Cash Cost of
US$907 and an AISC ofUS$1,050 per ounce. - Income from mining operations of
$16.4 million . - EBITDA of
$15.9 million 1 and adjusted EBITDA of$17.05 million 1. - Net earnings of
$4.84 million or$0.053 per share. - Adjusted EBITDA per share of
$0.19 .
Full Year 2023 Outlook
- Expand exploration of the expanded property package along the Otu fault to continue to build total Resources and to identify the next mine on the Antioquia property, extending the "Life of Mine".
- Continue the process of formalizing the small miners working on the Company's concessions to result in 10% of the ounces produced be from these small miners.
- Determine whether to restart the el
Limon Mill where it is or to move the mill to theEl Bagre Gold Complex . This decision will be driven by a combination of initial capital cost and long-term operating costs. - Review additional strategic additions to the Company's concession package, targeting the trends identified by the exploration program.
- Drill the Cordero deposit at depth with the new underground drills purchased by the Company to confirm the deposit continues at depth, increasing the Cordero resource.
- Based on H1 production and H2 outlook (see table below), the el Bagre Operations are expected to produce between 35,000 and 36,000 ounces at an AISC of between
$1,050 and$1,100 per ounce during 2023. - Drill the
Aurora Mine to establish a mining plan that will bring the fully permitted mine into production in 2024.
Three and Six Months Ended
ABOUT
The Company also owns an exploration property near Tucuma, Para State,
On behalf of the Board of Directors
"Javier Cordova Unda"
Chief Executive Officer and President
Neither the
(1) | This news release refers to certain financial measures, such as EBITDA, Adjusted EBITDA, average realized price per ounce of gold sold, and total cash costs per ounce of gold sold which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. These measures may differ from those made by other companies and accordingly may not be directly comparable to such measures as reported by other companies. These measures have been derived from the Company's financial statements because the Company believes that they are of benefit in understanding the Company's results. For a complete explanation of these measures, please refer to Non-IFRS Financial Performance Measures disclosure included in the Company's MD&A for the Three and Six Months Ended |
All statements, analysis and other information contained in this press release about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements even if circumstances or management's estimates or opinions should change except as required by applicable laws. Investors should not place undue reliance on forward-looking statements.
SOURCE
© Canada Newswire, source