“I’m delighted that this quarter was the most profitable since 2016 as measured by Adjusted EBITDA for our mining operations and Q3 is off to a good start. Production costs increased 8% quarter-over-quarter, but revenue grew by 38%.”
“With another strong quarter behind us, we are on track to deliver on our commitments from ELG while concurrently concluding the Media Luna Project. First half gold production of 229,316 ounces places us firmly on pace to deliver on production guidance for the sixth year in a row.”
Operations generated record cash flow before working capital changes of $203.3 million in Q2 2024, with solid performance on costs, which were below our expected ranges for both the silver and gold segments in the quarter. This resulted in free cash flow of $102.1 million in Q2 2024.
N. Eric Fier, CEO, commented, “We are proud to announce another quarter of strong operational and financial performance. Our mining rates continued to increase in the quarter, and we expect the H2 2024 ramp-up to continue at a quicker pace than originally planned as we retain two mining contractors for a longer period.”
“Improved operating performance at Kensington was especially noteworthy as operational improvements and capital investments over the last two-plus years begin to take hold. Our Palmarejo operation in Mexico has also taken a major step forward with two large, newly-acquired concession blocks that create a highly prospective and contiguous land package to the east of existing operations and outside the gold stream area of interest, which now becomes a key focus of exploration going forward.”
“The proposed acquisition of Reyna Gold by Reyna Silver represents a significant opportunity for our companies and stakeholders alike,” said Jorge Ramiro Monroy, CEO of Reyna Silver.
“Hecla saw significant improvement in gross profit and free cash flow during the quarter – with our gross profit increasing more than 1.5 times over the prior quarter, and free cash flow generation of $28.3 million, which allowed us to reduce our net debt by $25.1 million,” said Cassie Boggs, interim President and CEO.
“We remain on track to achieve 2024 production and cost guidance and we continue to expect that our updated life of mine plan scheduled for the third quarter of 2024 will further extend CLG’s mine life. We are also continuing to follow-up on the exciting initial exploration results we announced on July 23, as we continue to advance our district exploration program.”
The FFCTO was issued as a result of the Company’s delay in filing its audited annual financial statements, accompanying management discussion and analysis, and CEO and CFO certifications for the financial year ended March 31, 2024 in accordance with applicable Canadian securities laws.
Dan Barnholden, CEO, commented, “I am very pleased to have Cominvi join our team at Campo Morado. They bring incredible expertise and experience and will greatly enhance our operational flexibility. The timing of this decision is fortuitous as Cominvi has just completed a major mining project nearby and therefore, mobilization will occur very quick.”
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