Category: Investor’s Corner

“Sierra Metals has again delivered value and growth in the second quarter with a respectable financial performance”, commented Igor Gonzales, President and CEO of Sierra Metals. “The Company saw increases in revenue, cashflow and adjusted EBITDA over the same quarter in 2016. The continued solid performance is attributable to the successful operational improvements program at the Yauricocha Mine, continued development of new higher-grade ore zones at Bolivar and the reinterpretation of geology and development of the Santa Rosa de Lima zone at the Cusi Mine which promises to drive increased grade and tonnage in the future.”

Jorge A. Ganoza, President and CEO, commented, “Our San Jose and Caylloma mines have delivered strong production and financial results. Higher operating costs at both operations are expected to recede in the second half of the year and remain within 5% of our annual cost guidance.” Mr. Ganoza continued, “At our Lindero gold project in Argentina, feasibility study optimization work continues to advance as planned in order to support a construction decision next month.”

GoGold Resources Inc. announces the release of financial results for the quarter ending June 30, 2017. Revenue attributed to the Parral tailings project was $4.65 million (of total revenue of $5.02 million) on the sale of 286,063 silver equivalent ounces at a cash cost of $9.61 per silver equivalent ounce (including Santa Gertrudis high-grade, total sales were 310,833 silver equivalent ounces at a cash cost of $16.20 per ounce) (all amounts are in U.S. dollars).

Primero Mining Corp. today announces that it has received formal notification from the New York Stock Exchange of its intention to initiate delisting procedures of the Company’s common shares.

George Paspalas, President and CEO, commented, “The Juanicipio project has grown dramatically in scope since our last PEA and this has prompted several positive design changes that we’re working on with our JV partner Fresnillo. This is the time to get it right, before we embark on significant capital spend. We have intensified underground development to enable higher mining rates to be achieved from the outset of the project. We are bringing the project development up to feasibility level, and we will continue our core strength area of exploration on the property, with drilling aimed for further expansion of the deep zone and testing some other regional targets away from the current discoveries.”

Neil Woodyer, CEO stated “We are pleased with the progress that has been made at Los Filos since we acquired the mine in April. As mentioned earlier in July, Los Filos is in the midst of a six-month transition period expected to last through Q3, with numerous operational improvements and capital programs being implemented to improve our open pit and underground mining and heap leach processing. Despite being in a significant business transition phase, Los Filos generated positive all-in sustaining margin and free cash flow during Q2. We have started two capital investment projects – refurbishing and installing an agglomeration drum at an estimated cost of $1.3 million and extending the conveyors to deliver crushed ore more efficiently to Pad 2 at an estimated cost of $5 million. These capital projects are expected to improve production and cost performance starting in 2018.”

Pete Dougherty, President and CEO stated: “Due to our strong first half, we are now pointing towards production at the upper end of our guidance range at between 122,000 and 130,000 gold equivalent ounces. As we continue to build upon a solid foundation of Corporate Social Responsibility, we are delighted that, for the fifth consecutive year, we have been awarded distinction at the highest level for our activities at the La Colorada mine. Overall both operationally and financially, we had another strong quarter – our third consecutive. I am also pleased to see the San Agustin construction project nearing completion on schedule and tracking under budget, and I’m very satisfied with the positive results of our brownfields exploration program at El Castillo on the San Juan mineral concession purchased from Fresnillo earlier this year.”

Endeavour Silver Corp. announces the appointment of Andrew Sharp as its new Vice President, Engineering to lead the Company’s new Technical Services and Mine Development Group.Mr. Sharp, B.Eng., FAusIMM., is a professional engineer with 30 years of experience in the mining industry, is fluent in Spanish and has worked many years in Mexico. He brings to Endeavour a wealth of experience in executive and mine management, mine planning and operations, mine startups and turnarounds, mine evaluations and feasibility studies, mine permitting and government relations.

“Although we saw an improvement in operations at Black Fox during the second quarter of 2017, the strike action at San Dimas early in the quarter followed by further labour disruptions have weighed on the Company,” said Joseph F. Conway, Interim President and Chief Executive Officer. “I am pleased that we will reduce our total outstanding debt with the sale of the Black Fox mine. However, we still have outstanding debt that matures in November 2017, that will require additional funding or refinancing to repay in full. We have made progress with the Mexican tax authority and have started receiving VAT refund instalments, which has helped to improve our financial position.”

Fred Stanford, President & CEO of Torex stated: “Q2, 2017 was an excellent operating quarter, with significant progress made in the ramp-up of the operations. The processing plant team increased throughput by 26% over Q1, and effectively achieved design throughput levels in June. The mining team increased production by 30% over Q1. Operating costs per tonne were within 2% of target and recoveries at 86%, were consistent with design expectations at the grade processed….”