“Despite the pandemic, Hecla had its second highest quarterly silver production since 2016 which, combined with higher prices, resulted in almost 25% more revenue than a year ago and generated about $27 million of free cash flow,” said Phillips S. Baker, Jr., Hecla’s President and CEO.
“The global COVID-19 pandemic had a significant impact on Q2 results, with all our Latin American operations placed in care and maintenance mode for periods of time during the quarter. Except for our two polymetallic underground mines in Peru, all operations are now back in production under comprehensive health and safety protocols,” said Michael Steinmann, President and Chief Executive Officer.
The Company intends to use the net proceeds from the Offering for exploration, development and general corporate purposes.
In connection with the name change and rebranding to Gold79, the Company has launched a new website accessible at www.gold79mines.com.
The Company will advise the market of the record date(s) and expected payment date(s) for the Share Division and the BDR Division, as well as other key dates and details in connection with same, in due course.
“We are exploring the attractiveness of creating two companies that would benefit from streamlined property portfolios and a simplified domestic investment thesis”, stated Ewan Downie, President and CEO of Premier.
Jody Kuzenko, President & CEO of Torex, stated: “While this quarter was far from business as usual, we delivered solid operational performance and demonstrated the financial strength of our business even in these most challenging times. Despite the mandated suspension of our operations due to COVID-19, we produced 59,500 ounces of gold, delivered $49.3 million in adjusted EBITDA and $28.1 million in operating cash flow (prior to non-cash working capital).”
Bahman Yamini, President and CEO, commented; “We are very pleased to close this Placement in a short time after it was announced, and thank all the participating subscribers and welcome our new shareholders. We are now fully funded for the planned 2,500-metre drill programs at each of our Nora and La Esperanza silver-gold projects in Durango and Zacatecas States, Mexico, for a total of up to 5,000 metres during the second half of 2020. Drilling is currently in progress at Nora, and will be followed by La Esperanza in September/October 2020.”
“Gold production continued without interruption at South Arturo providing for yet another strong operating quarter”, stated Ewan Downie, President & CEO. “At Mercedes, we have implemented a reduction of plant through-put designed to reduce costs, improve grade and maximise the profitability of the operation”.
Gold surged past the $2,000 mark on Tuesday after Democrats and the White House appeared closer to agreement on new stimulus to help the coronavirus-hit economy while stocks on Wall Street traded mixed as investors awaited more aid from Washington.
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