- Ounces sold increased by 66% compared to Q3-2022 (to a record 9,112 ounces) and 42% over the nine months ended
September 30, 2023 (to 24,503 ounces) - Net Income for Q3 was
$3.2 million on revenue of$22.8 million . - Working capital increased from
$89K inSeptember 2022 to$6.2 million inSeptember 2023 - Adjusted EBITDA(1) of
$9.6 million and$26.7 million for the three and nine months endedSeptember 30, 2023 , respectively, compared to$3.8 million and$15.0 million in the same periods in 2022. - Total cash cost per ounce of gold sold(1) was
US$929 andUS$911 for the three and nine months endedSeptember 30, 2023 , respectively.
- Total production of 24,839 ounces of gold from the
Cordero Mine and the el Bagre Milling Operations - Codero Operations had attributable cash cost per ounce of gold sold(1) of
US$911 and an AISC(1) of US$1,316 per ounce. - Income from mining operations of
$24.8 million . - EBITDA(1) of
$25.9 million and adjusted EBITDA(1) of$26.7 million . - Net earnings of
$8.1 million or$0.09 per share. - Adjusted EBITDA(1) per share of
$0.29
- Exploration of the expanded property package along the Otu fault to continue to build total resources and identify the next mine on our Antioquia properties.
- To continue the formalization process for the small miners operating on the Company's concessions, 10% of the ounces produced come from these small miners.
- Finalize plans to restart the el
Limon Mill to process both excess ore from Cordero and ore from formalized small miners. - Conduct a comprehensive review to assess potential additions to the Company's concession package, focusing on trends identified through the exploration program.
- Utilize the newly purchased underground drill to conduct deep drilling at the Cordero deposit, aiming to validate the extension of the deposit at depth and consequently increase the Cordero resource.
With a strong commitment to sustainability and community engagement,
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