2021 first quarter highlights:
Metal production: produced 1,039,710 ounces of silver, up 22 per cent, and 10,894 oz of gold, up 31 per cent, in line with guidance of 1.9 million oz of silver equivalent (AgEq), up 26 per cent, at an 80:1 silver:gold ratio, compared with Q1 2020;
Gross sales: total of $35.1-million, up 58 per cent, from the sale of 623,379 oz of silver and 10,663 oz of gold at average realized prices of $27.17 per oz silver and $1,703 per oz gold. Held 523,235 oz silver and 1,123 oz gold of bullion inventory and 6,582 oz silver and 566 oz gold in concentrate inventory. Management withheld metal from sale during the price correction over last two weeks of March;
Operating costs: cash cost of $7.86 per oz payable silver, flat year on year, and all-in sustaining cost (AISC) of $19.94 per oz payable silver, up 8 per cent year on year, both net of gold credits;
Cash flow: $5.2-million in cash flow from operations before working capital changes, up 205 per cent compared with Q1 2020, as the company accumulated finished goods, invested in exploration activities and advanced the Terronera feasibility study;
Net earnings: earnings of $12.2-million or eight cents per share, up sharply compared with a loss of $15.9-million in Q1 2020 due to the reversal of the historical impairment of the El Cubo asset sold in April, offset by increased exploration activities, evaluation activities and higher tax expense. Excluding the impairment reversal, the adjusted earnings resulted in a loss of $4.5-million. At quarter-end, the finished golds inventory was carried at a cost of $8.0-million compared with the fair market value of $15.9-million;
Agreement to sell the El Cubo assets: advanced the sale of the El Cubo assets in Guanajuato, Mexico, to Vangold Mining Corp. for $15-million in cash and share payments with up to $3-million in contingent payments, with the transaction closing April 9, 2021;
Balance sheet: cash position of $86.0-million, up 473 per cent, and working capital of $113.1-million, up 316 per cent compared with Q1 2020. Raised $30.1-million in equity financing through an ATM (at the market) facility. Only term liabilities are equipment loans of $8.7-million, entered into in previous years to upgrade the mobile fleet.
https://www.stockwatch.com/News/Item/Z-C!EDR-3078647/C/EDR -----------
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