Nasdaq GlobeNewswire

Atico Reports Consolidated Financial Results for the First Quarter of 2018

Del

(All amounts expressed in US dollars, unless otherwise stated)

VANCOUVER, British Columbia, May 24, 2018 (GLOBE NEWSWIRE) -- Atico Mining Corporation (the "Company" or "Atico") (TSX.V:ATY) (OTC:ATCMF) today announced its financial results for the three months ended March 31, 2018, posting a net income of $0.4 million.

Fernando E. Ganoza, CEO and Director, commented, "The strong production and all-in sustaining cash cost of $1.85 achieved this quarter is not reflected in the financial results as a large concentrate shipment was delayed to the second quarter, along with the revenue associated with those tonnes. The shipping schedule is expected to stabilize during the second quarter, where we will then benefit from the additional shipped concentrate and recognized revenue. We anticipate strong financial results in the next quarter." Mr. Ganoza continued, "Our emphasis will continue to be on further strengthening our balance sheet, improving production costs and most importantly regional and underground exploration programs as our top priority."

First Quarter Financial Highlights

  • Net income for the three months ended March 31, 2018 ("Q1-2018") amounted to $0.4 million, compared with $1.3 million for the same period last year ("Q1-2017"). Net income for the period was negatively affected by a delayed concentrate shipment, partially offset by higher average realized copper and gold prices as compared to Q1-2017.
     
  • Sales for the period decreased 57% to $7.3 million when compared with Q1-2017. The decrease was due to a delayed concentrate shipment, partially offset by higher average realized copper and gold prices as compared to Q1-2017. Copper ("Cu") and gold ("Au") accounted for 92.9% and 7.1% of the total amount provisionally invoiced during Q1-2018. The average realized price per metal on provisional invoicing was $3.16 (Q1-2017 - $2.63) per pound of copper and $1,332.69 (Q1-2017 - $1,234.18) per ounce of gold. 
     
  • Working capital was $5.2 million (December 31, 2017 - $4.6 million), while the Company had long-term loans payable with $1.9 million (December 31, 2017 - $2.7 million) outstanding at the reporting date.
  • Cash costs(1) were $127.25 per tonne of processed ore and $1.44 per pound of payable copper produced(2), increases of 11% and 2% over the same period last year, respectively.
     
  • Loss from operations was $0.2 million (Q1-2017 - income of $2.8 million) while cash flow from operations, before changes in working capital, was $1.9 million (Q1-2017 - $6.0 million). Cash used for capital expenditures amounted to $2.2 million (Q1-2017 - $2.1 million).
     
  • At the end of the quarter, 11,303 (December 31, 2017 - 7,366) wet metric tonnes ("WMT") of non-invoiced concentrate remained at the Company's warehouses. As a planned concentrate shipment was delayed to the second quarter, concentrate inventory increased significantly at quarter end when compared to Q1-2017.
     
  • All-in sustaining cash cost per payable pound of copper produced(1)(2) for Q1-2017 was $1.85 (Q1-2017 - $1.91).

First Quarter Summary of Financial Results

    Q1
2018
  Q1
2017
  %
Change
 
Revenue   $ 7,349,124   $ 17,213,518   -57 %
Cost of sales     (5,891,830 )   (12,682,270 ) -54 %
Income from mining operations     1,457,294     4,531,248   -68 %
As a % of revenue       20 %     26 %   -25 %
Selling, general and administrative expenses     1,608,443     1,592,501   1 %
Income (loss) from operations     (208,910 )   2,800,548   -107 %
As a % of revenue       -3 %     16 %   -117 %
Income before income taxes     302,880     2,608,356   -88 %
Net income      366,091     1,289,016   -72 %
As a % of revenue       5 %     7 %   -33 %
Operating cash flow before changes in non-cash operating working capital items(1)   $ 1,878,314   $ 5,956,901   -68 %

First Quarter Operations Review
            
During the quarter, the Company produced 5.5 million pounds ("lbs") of copper, 2,825 ounces ("oz") of gold, and 10,606 oz of silver. When compared to Q1-2017, production increased 9% and 11% for copper and gold, respectively. The increase in copper produced is entirely explained by 6% more processed material and partially offset by a 2% decrease in head grade. In the case of gold, the increase in processed material along with a 6% increase in head grade resulted in an 11% increase in gold production over Q1-2017.

Cash costs(1) for the period were $127.25 per tonne of processed ore, and $1.44 per pound of payable copper produced, increases of 11% and 2% over the same period last year, respectively. The increase in the cash cost per pound of payable copper net of by products is mainly explained by a higher cost per processed tonne, partially offset by a higher content and value of gold. A 22% increase in direct mine cost explains most of the higher cost per processed tonne. All-in sustaining cash cost per payable pound of copper produced(1)(2) was $1.85.

First Quarter Operational Details

    Q1 Q1 %  
2018 2017 Change  
Production (Contained in Concentrate)(3)        
Copper (000s lbs)   5,476 5,046 9 %
Gold (oz)   2,825 2,550 11 %
Silver (oz)   10,606 9,852 8 %
Mine        
Tonnes of material mined   67,022 63,468 6 %
Mill        
Tonnes processed   66,499 62,885 11 %
Tonnes processed per day   812 810 0 %
Copper grade (%)   3.80 3.89 -2 %
Gold grade (g/t)   2.03 1.92 6 %
Silver grade (g/t)   8.71 9.12 -4 %
Recoveries        
Copper (%)   94.0 93.5 1 %
Gold (%)   62.8 65.8 -5 %
Silver (%)   48.6 53.9 -10 %
Concentrates        
Copper Concentrates (DMT)   11,474 10,566 9 %
Copper (%)   21.7 21.7 0 %
Gold (g/t)   7.7 7.5 3 %
Silver (g/t)   28.8 29.0 1 %
         
Payable copper produced (000s lbs)   5,202 4,790 9 %
Cash cost per pound of payable copper ($/lbs)(1)(2)   1.44 1.41 2 %

The financial statements and MD&A are available on SEDAR and have also been posted on the company's website at http://www.aticomining.com/s/FinancialStatements.asp

El Roble Mine

The El Roble mine is a high grade, underground copper and gold mine with nominal processing plant capacity of 800 tonnes per day, located in the Department of Choco in Colombia. Its commercial product is a copper-gold concentrate.

Since obtaining control of the mine on November 22, 2013, Atico has upgraded the operation from a historical nominal capacity of 400 tonnes per day.

El Roble has a measured and indicated resource of 1.87 million tonnes grading 3.46% copper and 2.27 g/t gold, at a cut-off grade of 0.93% copper equivalent. Mineralization is open at depth and along strike and the Company plans to further test the limits of the resource.

On the larger land package, the Company has identified a prospective stratigraphic contact between volcanic rocks and black and grey pelagic sediments and cherts that has been traced by Atico geologists for ten kilometers. This contact has been determined to be an important control on VMS mineralization on which Atico has identified numerous target areas prospective for VMS type mineralization occurrence, which is the focus of the current surface drill program at El Roble.

Qualified Person

Mr. Thomas Kelly (SME Registered Member 1696580), advisor to the Company and a qualified person under National Instrument 43-101 standards, is responsible for ensuring that the technical information contained in this news release is an accurate summary of the original reports and data provided to or developed by Atico.

About Atico Mining Corporation

Atico is a growth-oriented Company, focused on exploring, developing and mining copper and gold projects in Latin America. The Company operates the El Roble mine and is pursuing additional acquisition opportunities. For more information, please visit www.aticomining.com.

ON BEHALF OF THE BOARD

Fernando E. Ganoza
CEO
Atico Mining Corporation

Trading symbols: TSX.V: ATY | OTC: ATCMF

Investor Relations
Igor Dutina
Tel: +1.604.633.9022

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the ''U.S. Securities Act''), or any state securities laws, and may not be offered or sold in the United States, or to, or for the account or benefit of, a "U.S. person" (as defined in Regulation S of the U.S. Securities Act) unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.

Cautionary Note Regarding Forward Looking Statements

This announcement includes certain "forward-looking statements" within the meaning of Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation the use of net proceeds, are forward-looking statements. Forward- looking statements involve various risks and uncertainties and are based on certain factors and assumptions. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs; the need to obtain additional financing to maintain its interest in and/or explore and develop the Company's mineral projects; uncertainty of meeting anticipated program milestones for the Company's mineral projects; and other risks and uncertainties disclosed under the heading "Risk Factors" in the prospectus of the Company dated March 2, 2012 filed with the Canadian securities regulatory authorities on the SEDAR website at  www.sedar.com

The Company has not based its production decisions and ongoing mine production on mineral reserve estimates, preliminary economic assessments or feasibility studies, and historically such projects have increased uncertainty and risk of failure. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Non-GAAP Financial Measures

The items marked with a "(1)" are alternative performance measures and readers should refer to Non-GAAP Financial Measures in the Company's Management's Discussion and Analysis for the three months ended March 31, 2018 as filed on SEDAR and as available on the Company's website for further details.

(1) Alternative performance measures; please refer to "Non-GAAP Financial Measures" at the end of this release.
(2) Net of by-product credits
(3) Subject to adjustments on final settlement




This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Atico Mining Corporation via Globenewswire

Om Nasdaq GlobeNewswire

Nasdaq GlobeNewswire
Nasdaq GlobeNewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York

+1 212 401 8700http://www.nasdaqomx.com

NASDAQ (NASDAQ: NDAQ) is a leading provider of trading, exchange technology, information and public company services across six continents.

Følg saker fra Nasdaq GlobeNewswire

Registrer deg med din epostadresse under for å få de nyeste sakene fra Nasdaq GlobeNewswire på epost fortløpende. Du kan melde deg av når som helst.

Siste saker fra Nasdaq GlobeNewswire

Ondot’s Mobile Card Controls Provide Protection to Thousands of Banks from ATM Heist Threat17.8.2018 22:47Pressemelding

-Card controls counter threat of FBI’s warning on unlimited ATM cash out crime - Santa Clara, Calif., Aug. 17, 2018 (GLOBE NEWSWIRE) -- US mainstream media is reporting on a FBI warning to banks of an impending cybercrime wave targeting ATMs in which thieves seek to steal millions of dollars by using cloned cards for fraudulent withdrawals. Ondot, the global leader in mobile payments services, provides consumers a simple protection with mobile-based card controls that can restrict ATM transactions without completely shutting off the card for legitimate needs. Ondot’s mobile controls can give consumers the ability to restrict transactions specifically for ATMs while leaving their cards active for in-person purchases, eCommerce, and other purchases. By locking the account’s use at an ATM, consumers can work with their financial institution to ensure other security best practices are in place while knowing that even a spoofed card will be unable to withdraw cash. If emergency cash is need

SEMAFO: Armed Incident in Bobo Area17.8.2018 15:48Pressemelding

MONTREAL, Aug. 17, 2018 (GLOBE NEWSWIRE) -- SEMAFO Inc. (TSX:SMF) (OMX:SMF) regrets to report that a bus transporting employees from the town of Bobo-Dioulasso to the Mana Mine in Burkina Faso was shot at by armed bandits this morning. In the exchange of fire between the policemen and bandits, one SEMAFO national employee and one sub-contractor employee lost their lives. Operations at the Mana Mine, located 80 kilometers from the incident, are not affected. Early analysis suggests that this incident and the armed incident that occurred in the Est region six days ago are unrelated. However, the Corporation will be increasing its security measures at Mana and take appropriate steps to ensure the safety of the mine and of its employees. The Corporation would like to express its sincere sympathy to families of the victims. About SEMAFO SEMAFO is a Canadian-based mining company with gold production and exploration activities in West Africa. The Corporation operates the Mana Mine in Burkina

ThalesNano Energy Introduces H-Genie™: Revolutionary Compact, High Pressure Hydrogen Gas Generation Platform for Chemists17.8.2018 11:00Pressemelding

Improves safety, expands chemistry, saves lives. BUDAPEST, Hungary and BOSTON, Aug. 17, 2018 (GLOBE NEWSWIRE) -- ThalesNano Energy LLC today announced, at the 256th ACS conference (booth: 1615), the launch of the first in the series of revolutionary new gas generators, the H-Genie™. The H-Genie™ is a compact high pressure hydrogen generator designed to be used in any laboratory as a safer and simpler alternative to hydrogen cylinders. Capable of generating hydrogen at up to 1 NL/min and 100 bar (1450 psi), the system can help expand chemists’ limited hydrogenation chemistry capability by providing high purity hydrogen gas, on demand from water, to batch and flow reactors. Neal Langerman, Principal Scientist at Advanced Chemical Safety, comments: “The presence of cylinders of hydrogen raises the risk level of a lab. While the explosion or fire hazard can be mitigated with a gas cylinder cabinet, this takes precious floor space and does not eliminate the 1300 liters of flammable gas from

PayByPhone Supports Additional Languages16.8.2018 19:47Pressemelding

Drivers can now use the app in Spanish and Chinese VANCOUVER, British Columbia, Aug. 16, 2018 (GLOBE NEWSWIRE) -- Drivers who pay for their parking with the PayByPhone app can now use the app in Spanish, Traditional Chinese, and Simplified Chinese. Later this year, the leading mobile parking payment service will also be available in Punjabi. The support of multiple languages increases PayByPhone’s usability for its diverse consumer base, who are located across North America, Europe, and Australia. To gain access to the newly supported languages within PayByPhone, drivers can simply download the latest version of the app and set their iOS or Android device to their preferred language. “We’re excited to have expanded our language offerings beyond English and French,” said Barrie Arnold, Chief Commercial Officer, PayByPhone North America. “PayByPhone is available in many multicultural cities worldwide, and this update improves the app’s accessibility. PayByPhone has gained a global presen

Global Dairy Platform Announces Dairy Farmers of America CEO Rick Smith as New Board Chair16.8.2018 17:52Pressemelding

ROSEMONT, Ill., Aug. 16, 2018 (GLOBE NEWSWIRE) -- Global Dairy Platform (GDP), a pre-competitive collaboration of dairy sector organizations focused on encouraging the appropriate intake of nutrient-rich dairy foods and demonstrating the sector’s role in sustainable agriculture, today announced the appointment of Rick Smith, President and Chief Executive Officer of Dairy Farmers of America as Chair of the Board of Directors. “It is truly an honor to serve as Chair of GDP’s Board of Directors,” noted Mr. Smith. “We are facing global food and health challenges that need short and long-term solutions. The work of GDP creates an avenue for collaborative action that demonstrates dairy’s valuable contribution to global food systems, healthy diets and sustainable livelihoods.” Mr. Smith will serve on the board along with Fonterra Co-operative Group Chief Executive Officer Mr. Miles Hurrell; China Mengniu Dairy Company Executive Director and Chief Executive Officer Mr. Minfang (Jeffery) Lu; Ro

GridGain Systems Named to Inc. 500 List of America’s Fastest-Growing Private Companies for Second Consecutive Year16.8.2018 09:00Pressemelding

GridGain Ranks 17th among Software Companies, 13th in San Francisco Metro Area FOSTER CITY, Calif., Aug. 16, 2018 (GLOBE NEWSWIRE) -- GridGain Systems, provider of enterprise-grade in-memory computing solutions based on Apache® Ignite™, today announced it has been named to the 37th annual Inc. 500 list, a highly regarded ranking of the nation’s fastest-growing private companies. This is the second year in a row GridGain has been named to the list. GridGain’s rank of 158 on this year’s Inc. 500 list is up from number 187 last year. The company is ranked 17th among software companies, 13th in the San Francisco metro area, and 37th in the state of California. The Inc. 500 represents a unique look at the most successful companies within the American economy’s most dynamic segment – its independent small and midsized businesses. GridGain provides an in-memory computing platform that delivers speed, scale and high availability to data-intensive applications. Built on a memory-centric archite

I vårt presserom finner du alle våre siste saker, kontaktpersoner, bilder, dokumenter og annen relevant informasjon om oss.

Besøk vårt presserom