The Company recorded net income of $2.3 million or $0.11 per basic and diluted share, for the six months ended September 30, 2016, compared to a loss of $267,000 or ($0.01) per share, in the six months ended September 30, 2015. For the three months ended September 30, 2016, the Company recorded net income of $2.1 million, which compares to a loss of $111,000 in the fiscal second quarter of 2016.
SilverCrest Metals Inc. is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by National Bank Financial Inc. pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 4,550,000 units of the Company at a price of C$2.20 per Unit for gross proceeds to the Company of approximately C$10 million. Each Unit will consist of one common share of SilverCrest and one half of one common share purchase warrant. Each Warrant will entitle the holder to acquire one common share of SilverCrest at an exercise price of C$3.00. The Warrants will have a term of 24 months from the closing of the Offering.
“Cash costs of $4.89 per payable ounce of silver in the third quarter helped generate impressive mine operating earnings of $88.5 million – almost double the earnings generated last quarter,” said Michael Steinmann, President and Chief Executive Officer of the Company. “Cash flow from operations of over $102 million exceeded our funding requirements for our growth projects, sustaining capital and dividend, which enabled us to reduce our modest debt and increase our cash and short term investment position to over $245 million. With an exceptionally strong balance sheet, we are well positioned to take advantage of growth opportunities, both within our suite of assets and outside our portfolio.”
He continued “We saw another record quarter of throughput at Bolivar however we encountered lower head grades. We believe that we will see higher metal production as we define and begin accessing higher grade ore zones. At Cusi, silver equivalent production decreased 10% over the same quarter last year however AISC per silver equivalent payable ounce was 49% lower. Sierra Metals continues to have a strong balance sheet and strong liquidity to drive operations. Continual operational improvements and successful brownfield exploration programs will drive substantial resource production growth and reduce costs at all three of the Company’s Mines benefitting all shareholders.”
Starcore International Mines Ltd. announces that it has obtained an extension on the repayment of outstanding secured bonds in the aggregate principal amount of CDN$4.5 million. The Bonds were to mature on November 12, 2016. The bond holder has agreed to extend the maturity date by six months, with the Bonds continuing to be secured and bearing interest at 8% per annum.
Jim Bannantine, the Company’s President and CEO commented, “We are happy to report a good quarter of production and costs for Aura Minerals with positive net income and cash flow from operations. We look forward to the ramp up of our EPP project to accompany the ramp down of Sao Francisco over the coming quarters and to being able to maintain our previously adjusted guidance for the remainder of 2016. San Andres continues to be our steady producer and cash flow generator.”
“All three of our mines performed well in the third quarter driving our strongest operating and financial results thus far this year. Production increased to 99,228 ounces of gold while all-in sustaining costs fell to $979 per ounce. Our operations continued to generate positive free cash flow and at current gold prices we expect strong free cash flow growth in the fourth quarter and into 2017. We remain well positioned to meet our full year production, cost and capital guidance,” said John A. McCluskey, President and Chief Executive Officer.
The 2015-2016 drilling to further delineate the extent of the new Valdecañas Deep Zone was completed, and assays released during the quarter. Overall results show vein widths ranging from 5 to 29 metres with the highest zinc and copper grades seen to date. The new results show that mineralization in the Deep Zone occurs in both the East and West Valdecañas Veins and extends mineralization roughly 250 metres beneath the existing resource over a combined strike length of over 800 metres. The Deep Zone mineralization remains open to the property boundary in both directions: 300 metres to the west and 700 metres to the east.
We continue to support the environmental approval process on the Don Diego project through our Mexican subsidiary, and we look forward to moving the project forward in the near future. Plans have been completed, and the team is prepared to begin the next phase of the project as early as Q1 2017, said Mark Gordon, Odyssey Chief Executive Officer and President.
“Cash generation accelerated during the quarter due to our ongoing disciplined cost management and higher silver prices,” stated Keith Neumeyer, President and CEO of First Majestic. “Our third quarter AISC came in well below guidance at $10.52 per ounce. The reduction in costs were driven primarily by renegotiated smelting and refining agreements, the continued weakness in the Mexican Peso, and record production of silver. In addition, the Company realized an average silver price of $19.72 per ounce, which is the highest price achieved in the past 10 quarters. We have already achieved 80% of our annual production guidance and continue to make great progress towards achieving our financial and strategic objectives for the year.”
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