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Americas Gold and Silver Pours First Gold at Relief Canyon, Provides 2-Year Outlook and 2019 Operating Results
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PR Newswire
TORONTO, Feb. 18, 2020
TORONTO, Feb. 18, 2020 /PRNewswire/ -- Americas Gold and Silver Corporation (TSX: USA) (NYSE American: USAS) ("Americas" or the "Company"), a growing North American precious metals producer, is pleased to announce that Relief Canyon poured its first gold over the weekend and provide the Company's production outlook for 2020 and 2021 as well as operating results for 2019. As previously released, the Galena Complex is not included in any projections as the focus is on the recapitalization plan. All amounts are expressed in US dollars unless otherwise noted.
Highlights
- The Company successfully poured first gold at its Relief Canyon gold mine and has completed initial construction within the estimated budget of $28 to $30 million.
- Relief Canyon ramp up is proceeding well with approximately 200,000 tonnes stacked on the leach pad. The mine is now running 24-hours a day which will enable the operation to reach design capacity of 14,500 tonnes per day.
- Precious metals production is expected to significantly increase over the next two years as production ramps up at Relief Canyon coupled with an anticipated increase in silver production from the Cosalá Operations starting in the second half of 2020. The Company's gold equivalent1 production is expected to increase from approximately 14,000 ounces in 2019 to a range of 60,000 to 70,000 ounces in 2020 and 90,000 to 110,000 ounces in 2021, greater than a 300% and 500% increase, respectively, in gold equivalent production compared with 2019. The two-year outlook does not include production from the Galena Complex following the announcement of the recapitalization plan for 2020.
- Production from the Cosalá Operations increased year-over-year across key metrics including ore processed, silver production, zinc production and lead production. Silver production increased by 28% to 572,036 silver ounces in 2019 from 448,150 silver ounces in 2018. Cash costs2 and all-in sustaining costs2 ("AISC") were negatively impacted by lower zinc and lead prices as well as increased concentrate treatment charges.
- Recapitalization of the Galena Complex began in mid-October 2019 with the focus over the next 18 months on mine development, new equipment purchases and exploration to define and expand silver resources. As a result, the Company has suspended disclosure of certain operating metrics such as production, cash cost and AISC for the Galena Complex.
- As of December 31, 2019, the Company had cash and cash equivalents of $20.0 million.
"Relief Canyon has successfully poured its first gold and the Company is excited to see the asset ramp up toward commercial production in the second quarter of this year," stated Americas President and CEO Darren Blasutti. "Our two-year outlook demonstrates that 2020 will be a transformational year for the Company with further significant increases expected in 2021. Relief Canyon will provide considerable exposure to gold and increase the Company's forecasted consolidated revenue to approximately 70% from precious metals based on current prices."
"The Cosalá Operations recently accessed the Upper Zone and is expected to increase silver production in late 2020 continuing into 2021. The recapitalization plan at the Galena Complex is proceeding well and is anticipated to provide long-term benefits for the operation starting in 2021."
Relief Canyon – First Gold Pour
Initial construction at Relief Canyon is complete and the operation successfully achieved its first gold pour just nine months from the start of construction in mid-May 2019. The initial capital is estimated to be within the budget of $28 to $30 million.
Americas began actively mining ore at Relief Canyon in early December 2019. To date, the operation has approximately 200,000 tonnes of ore placed on the leach pad. The ore crushing and stacking circuit is performing as expected and the ADR plant is now fully functioning. Relief Canyon is mining and stacking ore on a 24-hour basis. Production is ramping up and the Company expects to reach design crushing and stacking rates of approximately 14,500 tonnes per day.
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Approximately 150,000 tonnes of ore has been stockpiled ahead of the crusher and is waiting to be placed on the leach pad. Waste stripping is ahead of plan with mining activities focussed on the North and Lightbulb areas of the pit. Commercial production is expected before the end of Q2-2020.
Consolidated 2-Year Production Outlook
| Table 1* Consolidated 2-Year Outlook (Excluding the Galena Complex) | ||
| | 2020 Guidance | 2021 Outlook |
| Gold Production (ounces) | 50 – 60 koz | 80 – 90 koz |
| Silver Production (ounces) | 0.8 – 0.9 Moz | 1.0 – 1.5 Moz |
| Gold Equivalent Production (ounces) | 60 – 70 koz | 90 – 110 koz |
| All-in Sustaining Cost ($ per equivalent gold ounce) | $900 – 1,100/oz | $850 – 1,050/oz |
| Cost of Sales ($ per equivalent gold ounce) | $1,100 – 1,250/oz | $1,000 – 1,200/oz |
| Sustaining Capital Expenditures ($) | $8 – 10 M | $8 – 10 M |
| |
| * Forecasts for 2020 and 2021 include only Relief Canyon and the Cosalá Operations. 2020 Guidance assumes 11 months of production from the Cosalá Operations. Continuation of the blockade may impact guidance further. |
2020 Guidance
The Company expects to significantly increase precious metals production with the gold contribution from Relief Canyon. Consolidated gold equivalent production for 2020 is anticipated to be between 60,000 to 70,000 ounces which includes pre-commercial production gold sales from Relief Canyon. This represents a year-over-year increase in gold equivalent production of approximately 300%.
All-in sustaining costs (net of by-product zinc and lead credits assuming $1.05/lbs zinc and $0.90/lbs lead) for 2020 are expected to range between $900 to $1,100 per gold equivalent ounce.
Silver production from the Cosalá Operations in 2020 is forecast to be between 0.8 to 0.9 million silver ounces. The Cosalá Operations are expected to increase silver production throughout 2020 benefitting from higher grade silver areas in the Upper Zone of the San Rafael mine in the second half of 2020. Zinc and lead production from the Cosalá Operations are expected to remain at levels similar to 2019. Production from Cosalá is predicated on a resolution to the illegal blockade that has currently forced the Company to suspend mining and processing.
Anticipated capital expenditures for the Company in 2020 of $8 to $10 million are related to the completion and ramp-up of Relief Canyon and sustaining capital at the Cosalá Operations. This does not include capital related to the Galena Complex recapitalization plan.
2021 Outlook
The Company anticipates gold equivalent production to further increase in 2021 as Relief Canyon contributes a full year of commercial production. Gold equivalent production is expected to increase to between 90,000 to 110,000 ounces in 2021 bringing the increase to greater than 500%. The 2021 outlook includes silver production from the Cosalá Operations of 1.0 to 1.5 million silver ounces. Production from Cosalá in 2021 is expected to fully benefit from higher grade silver areas in the Upper Zone that increasingly contribute by the end of 2020. A wider production range is provided for 2021 as a conservative measure by the Company, taking into account that Relief Canyon is a new operation and a detailed 2021 mine plan has not been formally approved.
Capital expenditures for the Company for 2021 are estimated to be between $8 to 10 million.
Consolidated Full Year 2019 Production Details
| Table 2 Consolidated Production Highlights** | |||
| | 2019 | 2018 | Change |
| Processed Ore (tonnes milled) | 701,884 | 685,152 | 2% |
| Silver Production (ounces) | 1,163,618 | 1,417,537 | (18%) |
| Silver Grade (grams per tonne) | 70 | 84 | (16%) |
| Cost of Sales ($ per equiv. ounce silver) | $8.42 | $8.29 | 2% |
| Cash Costs ($ per ounce silver) | $4.61 | ($0.63) | 834% |
| All-in Sustaining Costs ($ per ounce silver) | $12.71 | $9.80 | 30% |
| Zinc Production (pounds) | 43,314,002 | 34,219,472 | 27% |
| Lead Production (pounds) | 26,193,098 | 30,466,799 | (14%) |
| Silver Equivalent Production (ounces) | 5,836,446 | 6,286,531 | (7%) |
| |
| ** Production and costs only include 9 months from the Galena Complex in 2019 and a full year in 2018. |
Consolidated production in 2019 was 5.8 million silver equivalent3 ounces including 1.2 million silver ounces, compared to production in 2018 of 6.3 million silver equivalent ounces, including 1.4 million silver ounces, representing a decrease of 18% and 7%, respectively. Production in 2019 includes only nine months of production from the Galena Complex, which is the primary reason production decreased year-over-year. Production from the Galena Complex in Q4-2019 has been excluded from the consolidated results.
Consolidated cash costs were approximately $4.61 per silver ounce and consolidated AISC were approximately $12.71 per silver ounce, both representing increases year-over-year. The increased costs were primarily the result of lower realized by-product metal prices, coupled with higher concentrate treatment costs. The average zinc price in 2019 decreased by approximately 13% while the average lead price decreased by approximately 11% compared with 2018. The average zinc spot treatment charge increased by approximately 300% year-over-year.
Cosalá Operations 2019 Production Details
| Table 3 Cosalá Operations Highlights | |||
| | 2019 | 2018 | Change |
| Processed Ore (tonnes milled) | 613,814 | 544,472 | 13% |
| Silver Production (ounces) | 572,036 | 448,150 Werbung Mehr Nachrichten zur Americas Gold and Silver Corp. Aktie kostenlos abonnieren
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