The net proceeds from the Offering will be used to fund the ongoing development of a proposed heap leach mining operation at the Company’s Cerro Caliche gold project in Sonora, Mexico.
Jody Kuzenko, President & CEO of Torex, stated: “Development activities related to the Media Luna Project continued to advance well during Q2 with the project remaining on budget and on schedule. At quarter-end, Media Luna was 35% complete across engineering, procurement, underground development, and surface construction.”
“Agnico Eagle delivered another strong operational quarter, with record quarterly gold production and better than expected costs driving solid financial results. With this excellent start to the year, we are tracking very well to meet our annual production and cost guidance. I would also like to commend our team for one of the best quarterly safety performances in the Company’s history,” said Ammar Al-Joundi, Agnico Eagle’s President and Chief Executive Officer.
“We delivered a record performance in the second quarter on multiple fronts. Operationally, we produced a record 136,000 ounces, exceeding quarterly guidance, at costs consistent with annual guidance. This was driven by another excellent quarter from La Yaqui Grande which contributed to the highest production and free cash flow from the Mulatos District in more than 10 years. With the solid first half, we are well positioned to achieve our full year production and cost guidance,” said John A. McCluskey, President and Chief Executive Officer.
Total production for Q2 based on provisional estimates before offtake agreement adjustments totaled 5,275 thousand silver ounces, 10,639 gold ounces, 3,402 tonnes of lead and 5,418 tonnes of zinc.
Octavio Alvídrez, Chief Executive Officer, said: “The continued strong grades and volumes at our Herradura mine, together with an increased contribution from Saucito, generated an increase in gold production from the previous half. We were also pleased to complete the tie-in of the new Pyrites Plant to the national power grid with the plant moving quickly into operations.”
Ernesto Balarezo, CEO of Sierra Metals, commented, “As we complete our first half of 2023, we are pleased with the continued operational recovery at Bolivar. Q2 2023 marks the fourth sequential strong quarter for the mine, achieving production of more than 400,000 tonnes, a landmark amount not achieved by this mine since Q3 2020. These production numbers reinforce our confidence in Bolivar’s potential to grow further.
Shawn Howarth, President and CEO, commented: “We are pleased to have reached an agreement, providing critical financial flexibility and one step towards a broader restructuring. It also reconfirms the commitment by all parties to reach a solution for the future financial health of Excellon.”
Jorge A. Ganoza, Chief Executive Officer of Fortuna, commented, “We remain firmly committed to integrating sustainability into our business strategy, organizational culture, and day-to-day operations. As society increasingly demands higher social and environmental standards from the mining sector, we are dedicated to meeting these expectations in our efforts to achieve sustainable growth.”
The Company plans to use the net proceeds of the Offering for exploration and production improvements at the Mercedes gold mine located in Sonora, Mexico and for general corporate purposes.
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