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Orvana reports improved second quarter financial results
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PR Newswire
TORONTO, May 14, 2019
HIGHER GOLD PRODUCTION AND LOWERED CONSOLIDATED UNITARY COSTS
ON TRACK TO DELIVER 2019 PRODUCTION GUIDANCE
PURCHASE AGREEMENT TO ACQUIRE
TAGUAS GOLD PROPERTY, SAN JUAN, ARGENTINA
All Amounts in US Dollars Unless Otherwise Stated
Second Quarter Fiscal 2019 Highlights:
- Increased gold production of 27,306 ounces and 1.4 million pounds of copper
- Delivered improved COC of $971 and AISC of $1,107
- On track to achieve year-end consolidated production guidance and lower cash costs
- Revenue of $36 million
- EBITDA of $8.3 million
- Net Income of $3.3 million
- Cash balance of $9.3 million as of March 31, 2019
TORONTO, May 14, 2019 /PRNewswire/ -- Orvana Minerals Corp. (TSX:ORV) (the "Company" or "Orvana") announced today financial and operational results for the second quarter of fiscal 2019 ("Q2 2019"). The Company is also providing financial and operational updates for its El Valle and Carlés Mines (collectively, "El Valle") operations in northern Spain, and for its Don Mario Mine operations in Bolivia.
The unaudited condensed interim consolidated financial statements for Q2 2019 and Management's Discussion and Analysis related thereto are available on SEDAR and on the Company's website at www.orvana.com.
The Company is pleased to report the following positive developments in Q2 2019:
- Increased consolidated gold production of 27,306 ounces compared to 27,272 ounces in Q1 2019 and 24,788 ounces compared to the same quarter in 2018.
- FY2019 to date gold production of 54,578 and 2.8 million pounds of copper.
- Improved consolidated cash costs:
- COC of $971 - 5% lower compared to $1,025 in Q1 2019 and 8% lower compared to $1,055 for the same quarter in 2018.
- AISC of $1,107 - 5% lower compared to $1,161 in Q1 2019 and 15% lower compared to $1,309 for the same quarter in 2018.
- Increased EBITDA of $8.3 million and $12.7 million for the first half of fiscal 2019 compared to $4,5 million in the same quarter in 2018.
- Increased Net income of $3.3 million and $2.3 million for the first half of fiscal 2019 compared to a loss of $3.5 million in the same quarter in 2018.
- El Valle delivers 7% higher gold production of 17,742 ounces in the second quarter of fiscal 2019 compared to 16,546 ounces the first quarter, due to 8% grade increase.
- Gold grade improved in the second quarter to 3.49 g/t due to 44% oxides blending at the mill, compared to 41% in previous quarter.
- Don Mario produces 9,564 ounces of gold in the second quarter of fiscal 2019 compared to 10,726 gold ounces the first quarter. An 11% decrease, which was expected and planned for; Don Mario is on track to meet its fiscal 2019 guidance.
- The development and engineering of a Sulphidization-Acidification-Recycling-Thickening ("SART") circuit, and associated leach pad, continues to advance. This undertaking is designed to add an additional three years of mine life to the Don Mario operations, commencing in FY 2021, subject to completion of technical, economic and funding reviews.
- Successful re-financing in 2019: In the second quarter of fiscal 2019 the Company, through its wholly-owned subsidiary OroValle in Spain, closed a €6 million syndicated credit facility with three Spanish Banks. On completion of the credit facility, Orvana repaid the full Samsung C&T Prepayment Facility, originally entered into in August 2016.
- Subsequent to March 31, 2019, the syndicated credit facility was increased by €2 million, for a total amount of €8 million.
- On track to maintain fiscal 2019 guidance: Based on operating results generated from the first half of fiscal 2019, the Company is confident that it will achieve its stated fiscal 2019 consolidated production of 100,000 - 110,000 ounces of gold and deliver on COC guidance of $950 - $1,050 and AISC of $1,150 - $1,250
Juan Gavidia, CEO of Orvana Minerals stated: "Having already established a track record of consistent operational performance, Orvana is now clearly delivering on unitary costs, and profitability metrics. Once again, we must give recognition to our local teams in Spain and Bolivia for their continued outstanding contribution, while keeping operational safety measures as its overriding principle. We are firmly committed to delivering on our production guidance and ensuring extended mine lives for our assets in Spain and Bolivia. We look forward to updating our shareholders in the near future."
The following table sets out Orvana's fiscal 2019 guidance as well as its fiscal 2018 production and results:
Selected Consolidated Operational and Financial Information
| | Q2 2019 | Q1 2019 | Q2 2018 | YTD 2019 | YTD 2018 |
| Operating Performance | | | | | |
| Gold | | | | | |
| Grade (g/t) | 2.54 | 2.54 | 2.54 | 2.54 | 2.55 |
| Recovery (%) | 93.2 | 93.5 | 92.2 | 93.3 | 91.1 |
| Production (oz) | 27,306 | 27,272 | 24,788 | 54,578 | 47,960 |
| Sales (oz) | 25,507 | 27,466 | 25,489 | 52,973 | 47,484 |
| Average realized price / oz | $1,299 | $1,226 | $1,304 | $1,261 | $1,293 |
| Copper | | | | | |
| Grade (%) | 0.49 | 0.48 | 0.57 | 0.49 | 0.60 |
| Recovery (%) | 78.1 | 75.9 | 63.0 | 77.0 | 63.1 |
| Production ('000 lbs) | 1,441 | 1,375 | 2,609 | 2,816 | 5,368 |
| Sales ('000 lbs) | 1,531 | 1,400 | 2,531 | 2,931 | 5,231 |
| Average realized price / lb | 2.80 | $2.81 | $2.80 | 2.80 | $2.81 |
| Financial Performance (in 000's, except per share amounts) | | | | | |
| Revenue | $36,013 | $36,318 | $36,930 | $72,331 | $71,100 |
| Mining costs | $27,512 | $30,595 | $30,525 | $58,107 | $58,585 |
| Gross margin | $3,930 | $865 | ($394) | $4,795 | $64 |
| Net income (loss) Werbung Mehr Nachrichten zur Orvana Minerals Aktie kostenlos abonnieren
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