Atico Reports Consolidated Financial Results for the First Quarter of 2019


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

VANCOUVER, British Columbia, May 30, 2019 (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, 2019, posting income from mining operations of $5.7 million and a net income of $2.7 million.

Fernando E. Ganoza, CEO and Director, commented, “During the quarter we underwent a union negotiation which resulted in a strike significantly impacting our results for the period. This event negatively affected our production results while the impact on financial results was offset by strong sales of inventory carried forward from the previous year,” said Fernando E. Ganoza, CEO. “The Company has provided adjusted guidance for the remainder of the year and will focus on minimizing loss of production by this event.”

First Quarter Financial Highlights        

  • Net income for the three months ended March 31, 2019 amounted to $2.7 million, compared with $0.4 million for the same period last year (“Q1-2018”). Net income for the period was affected by a significant increase in quantity of concentrate shipped and provisionally invoiced as compared to Q1-2018.
  • Sales for the period increased 187% to $21.1 million when compared with $7.3 million in Q1-2018. The final 2018 shipment was delayed to the subsequent month for reasons beyond the control of the Company, which has increased the quantity of concentrate shipped and provisionally invoiced for Q1-2019. Copper (“Cu”) and gold (“Au”) accounted for 92.7% and 7.2% of the total amount provisionally invoiced during Q1-2019. The average realized price per metal on provisional invoicing was $2.81 (Q1-2018 - $3.16) per pound of copper and $1,305.53 (Q1-2018 - $1,332.69) per ounce of gold.
  • Income from operations was $5.7 million (Q1-2018 - loss of $0.7 million) while cash flow from operations, before changes in working capital, was $9.1 million (Q1-2018 - $1.9 million). Cash used for capital expenditures amounted to $0.9 million (Q1-2018 - $2.2 million).
  • Working capital was $12.1 million (December 31, 2018 - $7.2 million), while the Company had no outstanding long-term loans payable balance.
  • Cash costs(1) were $116.49 per tonne of processed ore and $1.41 per pound of payable copper produced(2), decreases of 9% and 2% over the same period last year, respectively.
  • At the end of the quarter, 1,631 (December 31, 2018 - 11,036) wet metric tonnes (“WMT”) of non-invoiced concentrate remained at the Company’s warehouses.
  • All-in sustaining cash cost per payable pound of copper produced(1)(2) for the period was $2.13 (Q1-2018 - $1.85).

First Quarter Summary of Financial Results




  $   21,102,085   $   7,349,124     187 %
Cost of sales

      (15,438,726 )     (6,665,270 )   132 %
Income from mining operations

      5,663,359       683,854     728 %
As a % of revenue

      27 %     9 %   188 %
Selling, general and administrative expenses

      670,960       835,003     -20 %
Income (loss) from operations

      4,849,864       (208,910 )   2,422 %
As a % of revenue

      23 %     -3 %   909 %
Income before income taxes

      4,262,507       302,880     1,307 %
Net income

      2,688,784       366,091     634 %
As a % of revenue

      13 %     5 %   156 %
Operating cash flow before changes in non-cash operating working capital items(1)

  $   9,116,868   $   1,878,314     385 %

First Quarter Operations Review
During the quarter, the Company produced 2.4 million pounds (“lbs”) of copper, 1,552 ounces (“oz”) of gold, and 5,027 oz of silver. When compared to Q1-2018, production decreased 6.0% for copper and 3.9% for gold. Production for the quarter was significantly impacted by the strike at the mine which began early February and ended in the subsequent quarter.

Cash costs(1) for the period were $116.49 per tonne of processed ore, and $1.41 per pound of payable copper produced, decreases of 8.5% and 2.5% over the same period last year, respectively. All-in sustaining cash cost per payable pound of copper produced(1)(2) was $2.13.

First Quarter Operational Details



Production (Contained in Concentrate)(3)        
Copper (000s lbs)   2,362 5,476 -57 %
Gold (oz)   1,552 2,825 -45 %
Silver (oz)   5,027 10,606 -53 %
Tonnes of material mined   34,796 67,022 -48 %
Tonnes processed   35,581 69,499 -49 %
Tonnes processed per day   885 812 9 %
Copper grade (%)   3.29 3.80 -13 %
Gold grade (g/t)   2.24 2.03 10 %
Silver grade (g/t)   10.10 8.71 16 %
Copper (%)   91.6 94.0 -3 %
Gold (%)   60.6 62.8 -4 %
Silver (%)   43.6 48.6 -10 %
Copper Concentrates (DMT)   4,921 11,474 -57 %
Copper (%)   21.8 21.7 1 %
Gold (g/t)   9.8 7.7 27 %
Silver (g/t)   31.8 28.8 10 %
Payable copper produced (000s lbs)   2,244 5,202 -57 %
Cash cost per pound of payable copper ($/lbs)(1)(2)   1.41 1.44 -2 %

The financial statements and MD&A are available on SEDAR and have also been posted on the company's website at

El Roble Mine

The El Roble mine is a high grade, underground copper and gold mine with nominal processing plant capacity of 850 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 Proven and Probable reserves of 1.47 million tonnes grading 3.40% copper and 1.88 g/t gold, at a cut-off grade of 1.93% copper equivalent as of June 30, 2018. Mineralization is open at depth and along strike and the Company plans to further test the limits of the deposit.

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 volcanogenic massive sulfide (“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


Fernando E. Ganoza
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

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, 2019 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


About 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.

Subscribe to releases from GlobeNewswire

Subscribe to all the latest releases from GlobeNewswire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire

Inventiva secures new patent in the US strengthening the protection of its lead product candidate lanifibranor20.8.2019 17:45:00 CESTPress release

Inventiva secures new patent in the US strengthening the protection of its lead product candidate lanifibranor New patent granted in the United States by the USPTO protects the use of lanifibranor for the treatment of fibrotic diseases until June 2035 This patent strengthens the protection of lanifibranor in the United States Daix (France), August 20, 2019 – Inventiva (Euronext: IVA), a clinical-stage biopharmaceutical company developing oral small molecule therapies for the treatment of diseases in the areas of fibrosis, lysosomal storage disorders and oncology, today announced that the United States Patent and Trademark Office (USPTO) granted a new patent on August 20, 2019 that protects the use of lanifibranor for the treatment of fibrotic diseases until June 2035. This new patent further strenghens Inventiva’s patent portfolio for lanifibranor, the Company’s lead product candidate, in the United States, which already comprised a New Chemical Entity (NCE) patent and a patent protect

PCI Biotech: Invitation to second quarter and first half 2019 results presentation20.8.2019 15:38:00 CESTPress release

Oslo, Norway, 20 August 2019 - PCI Biotech invites to a presentation of the company's second quarter and first half 2019 results on Wednesday 28 August 2019 at Oslo Cancer Cluster Innovation Park. Time: Wednesday 28 August, 08:30am – 09:30am CEST (local time). Venue: Jónas Einarsson aud. (2nd floor, entrance 2B), Oslo Cancer Cluster Innovation Park, Ullernchausséen 64, Oslo. The presentation will be held in English and if you wish to attend the presentation, please confirm with an e-mail to The presentation will also be a live webcast and can be accessed through It will be possible to post questions through the webcast console. The interim report and the presentation will be available on and on the company's webpage, from 07:00am (CEST) on 28 August 2019. For further information, please contact: Ronny Skuggedal, CFO Email: Mobile: +47 9400 5757 About PCI Biotech PCI Biotech is a biopharmaceutica

Regarding resignation of member of the Supervisory Board20.8.2019 15:30:00 CESTPress release

We hereby inform that, T. Lukoševičius, a member of Supervisory Board of AB Klaipedos nafta (hereinafter – the Company) 20 August 2019 submitted a notice of resignation of members of Supervisory Board of the Company as of 3 September 2019 (this day is the last day of the mandate). It should be noted that, currently the Supervisory Board of the Company consists of 3 members, 2 of them are independent. After the resignation of T. Lukoševičius, the Ministry of Energy of the Republic of Lithuania will conduct the selection of new member of the Supervisory Board. The Supervisory Board is elected by the General Meeting of Shareholders for 4 years. If individual members of the Supervisory Board are elected, they shall be elected only until the end of the term of office of the current Supervisory Board. Jonas Lenkšas, Chief Financial Officer,+370 694 80594

SERSTECH AB: Boardmember Anna Werntoft resigns from the Board of Serstech20.8.2019 13:40:00 CESTPress release

Anna Werntoft will leave the board of directors effective on the 30th of September. The reason for her resignation is that she enters a new operational position with terms that does not allow external assignments. Serstech wishes Anna all the best in her new position and would like to thank her for her contribution while being on the Serstech Board. The Serstech will consist of three Board members until the vacant position is filled. The search for a replacement has started and will be concluded before the next annual general meeting. For further information, please contact: Stefan Sandor, CEO, Serstech AB tel: +46 739 606067 email: Thomas Pileby, Chairman of the Board, Serstech AB tel: +46 702 072643 email: Company website: The information was submitted for publication, through the agency of the contact person set out above at 13:40 CET on August 20, 2019. Certified advisor to Serstech is Västra Hamnen Corporate Finance AB, phone: 040-2