Atico Reports Consolidated Financial Results for the First Quarter of 2018
(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 - $1.91).
First Quarter Summary of Financial Results
|Cost of sales||(5,891,830||)||(12,682,270||)||-54||%|
|Income from mining operations||1,457,294||4,531,248||-68||%|
|As a % of revenue||20||%||26||%||-25||%|
|Selling, general and administrative expenses||1,608,443||1,592,501||1||%|
|Income (loss) from operations||(208,910||)||2,800,548||-107||%|
|As a % of revenue||-3||%||16||%||-117||%|
|Income before income taxes||302,880||2,608,356||-88||%|
|As a % of revenue||5||%||7||%||-33||%|
|Operating cash flow before changes in non-cash operating working capital items(1)||$||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 $1.85.
First Quarter Operational Details
|Production (Contained in Concentrate)(3)|
|Copper (000s lbs)||5,476||5,046||9||%|
|Tonnes of material mined||67,022||63,468||6||%|
|Tonnes processed per day||812||810||0||%|
|Copper grade (%)||3.80||3.89||-2||%|
|Gold grade (g/t)||2.03||1.92||6||%|
|Silver grade (g/t)||8.71||9.12||-4||%|
|Copper Concentrates (DMT)||11,474||10,566||9||%|
|Payable copper produced (000s lbs)||5,202||4,790||9||%|
|Cash cost per pound of payable copper ($/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.
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
Atico Mining Corporation
Trading symbols: TSX.V: ATY | OTC: ATCMF
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
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
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Følg saker fra GlobeNewswire
Registrer deg med din epostadresse under for å få de nyeste sakene fra GlobeNewswire på epost fortløpende. Du kan melde deg av når som helst.
Siste saker fra GlobeNewswire
ADC Therapeutics Announces First Patient Dosed in Phase I Clinical Trial of ADCT-402 (loncastuximab tesirine) and Ibrutinib in Patients with Advanced Diffuse Large B-Cell Lymphoma or Mantle Cell Lymphoma20.2.2019 07:00:00 | Pressemelding
Combination trial to evaluate safety and anti-tumor activity of agents that target B-cell cancers LAUSANNE, Switzerland, Feb. 20, 2019 (GLOBE NEWSWIRE) -- ADC Therapeutics, an oncology drug discovery and development company that specializes in the development of proprietary antibody drug conjugates (ADCs), today announced that the first patient has been dosed in a Phase I clinical trial evaluating the safety, tolerability, pharmacokinetics and anti-tumor activity of ADCT-402 (loncastuximab tesirine) in combination with Pharmacyclics LLC’s ibrutinib in patients with advanced diffuse large B-cell lymphoma (DLBCL) or mantle cell lymphoma (MCL). ADCT-402, an ADC designed to target and kill CD19-expressing malignant B-cells, is also being evaluated in an ongoing pivotal Phase II clinical trial in patients with relapsed or refractory (R/R) DLBCL and a Phase I clinical trial in combination with IMFINZI® (durvalumab) in patients with multiple types of R/R non-Hodgkin lymphoma. Ibrutinib, a sma
RedAwning Opens Up New Office in Palma de Mallorca, Spain To Offer Industry-Leading Distribution, Marketing + Reservations Services to European Property Managers20.2.2019 02:30:00 | Pressemelding
New Jetstream Team Office To Support RedAwning Group’s Expansion in Europe and Provide Comprehensive Support For International Clients Emeryville, California, Feb. 19, 2019 (GLOBE NEWSWIRE) -- RedAwning, the world’s largest collection of vacation properties, today announced that it has opened up an office in ParcBit, Palma de Mallorca, Spain to service the RedAwning Group’s growing portfolio of international vacation property managers and to offer RedAwning’s industry-leading distribution, marketing and reservation solutions to managers of alternative accommodations throughout Europe. RedAwning is a single point of entry for managers of single vacation homes and multi-unit boutique hotels, resorts, apart-hotels and corporate apartments to access the widest online travel network in the world, including Booking.com, Expedia, Airbnb, and HomeAway/VRBO, as well as a major travel metasearch sites including trivago, Holidu, HomeToGo and TripAdvisor. RedAwning is also integrated with Google H
STORDIS Joins Open Compute Project as Platinum Member and Announces OCP Global Summit Sponsorship20.2.2019 00:02:00 | Pressemelding
Austin, TX, Feb. 19, 2019 (GLOBE NEWSWIRE) -- The Open Compute Project Foundation (OCP) announced today that STORDIS, a full-service provider in the field of Open Networking that offers consultancy, system integration, professional support and software development services, has joined as a Platinum member. OCP was initiated in 2011 with a mission to apply the benefits of open source to hardware and rapidly increase the pace of innovation in, near and around the data center and beyond. Since then, OCP has been consistently innovating around open-source contributions, with 200 member companies and thousands of technology leaders and engineers worldwide. STORDIS, an official sponsor of the OCP Global Summit, has built a great reputation and a leading industry network since it was founded in 2007. The company, which is completely dedicated to the idea of Open Networking, counts as one of Europe’s leaders in this emerging technology and is especially known for its knowledge on the P4 progra
Dubai Airports partners with XDubai for one-of-a-kind stunt embodying Dubai’s ambitious spirit19.2.2019 15:46:00 | Pressemelding
Stunt showcases refreshed DXB brand’s vision of pushing boundaries and creating new experiences DUBAI, United Arab Emirates, Feb. 19, 2019 (GLOBE NEWSWIRE) -- Dubai Airports has partnered with action sports brand XDubai to deliver an incredible one-of-a-kind stunt by Emirati athlete and skydiver Mohammed Baker, as part of the new DXB brand which aims to position the world’s busiest international airport as a major destination for culture, hospitality, and entertainment. The stunning showcase, captured in a short film released by both Dubai Airports and XDubai, just following the refreshed brand reveal recently, captures what is believed to be the world’s longest skydive swoop under a fixed structure. As showcased in the video, skydiver Mohammed Baker jumps out of a helicopter with a parachute emblazoned with the new DXB brand, gliding through the Dubai sky before performing one of the world’s longest skydive swoops - measuring 112m - under the Sheikh Zayed Road bridge. With Downtown Du
New PubMatic Research Finds Mobile In-App Monetization Spurred by Video and Header Bidding, Though Challenges Remain19.2.2019 15:00:00 | Pressemelding
Company releases Q4 2018 QMI report, highlighting key trends in mobile advertising growth REDWOOD CITY, Calif., Feb. 19, 2019 (GLOBE NEWSWIRE) -- PubMatic, the publisher-focused sell-side platform (SSP) for an open digital media future, today released its fourth Quarterly Mobile Index (QMI) of 2018. The report highlights key trends influencing mobile advertising growth, allowing publishers and advertisers to make smarter decisions around their programmatic strategies. Advertisers are increasingly attracted to the enhanced targeting and increased customer engagement of mobile in-app, with many buyers opting for programmatic transaction methods for this inventory (Forrester Consulting). PubMatic’s Q4 2018 QMI Report found that in-app video ad spend was up over 200 percent year-over-year in 2018 as buyers embrace in-stream opportunities. Header bidding technology is also beginning to take hold within the in-app environment, with impression volumes growing more than 300X year-over-year in
Canada Rare Earth Reinvigorates a South American Rare Earth Mine and Processing Opportunity19.2.2019 14:45:00 | Pressemelding
VANCOUVER, British Columbia, Feb. 19, 2019 (GLOBE NEWSWIRE) -- Canada Rare Earth Corp. (“Canada Rare Earth” or the “Company”) (TSX.V: LL) is pleased to announce that it has re-established discussions and momentum with the owners (the “Owners”) of an advanced prospective rare earth property situated in South America (the “Property”). The recent dialogue has resulted in an agreement outlined in a non-binding letter of intent (the “2019 LOI”) which is significantly different from the original letter of intent announced on October 17, 2017 (the “2017 LOI”). The 2019 LOI is simpler in many regards. For example, under the 2019 LOI Canada Rare Earth will purchase the rare earth concentrate for either sale or further processing onsite, whereas the 2017 LOI provided for more of a joint venture collaboration with joint management and cross ownership of the prospective mine and processing facilities. The 2019 LOI and the 2017 LOI are consistent in that: The Owners will prepare and transport a 50-