The application for the MCTO was due to the expected delay in filing the Company’s audited financial statements for the financial year ended December 31, 2022, and the management’s discussion and analysis and related Chief Executive Officer and Chief Financial Officer certificates for this period before the May 1, 2023, filing deadline.
“This is a first look at the strong economics around our Los Ricos North Mineral Resource with average annual production of 8.8 Million AgEq oz at a first quartile AISC of $9.68/oz AgEq. Los Ricos North forms a pipeline of growth after the construction of Los Ricos South, which we see as a high grade bulk underground mine targeted to be our first deposit advanced to production.”
“The cost reductions in all areas of the mine and administration are continuing to aid in producing profitable ounces day by day.” stated Salvador Garcia, Chief Operating Officer of the Company.
“We have differences with them, but that is another matter. That is another topic. When it comes to the sale and purchase of the bank there is no problem,” Lopez Obrador said.
Excellon Resources Inc. reports financial results and corporate highlights for the three months ended March 31, 2023.
Jorge A. Ganoza, President and CEO, commented, “Production and total cost per ounce for the first quarter were overall on plan, resulting in net earnings per share of $0.04 and free cash flow from operations of $8.5 million.”
The delay results from a previously disclosed, ongoing review of filed financial statements of the Company and of the LGJV for the year ended December 31, 2021 and the quarters ended March 31, 2022, June 30, 2022 and September 30, 2022.
Production at the Cosalá Operations during Q1-2023 was impacted by the 17-day maintenance shutdown to perform remedial work on the decant tunnel at the Cosalá Operations tailings facility as part of the long-term environmental plan at the operations.
“Our exploration success at PDA and regionally continues to demonstrate the potential within the Mulatos District. PDA has already surpassed La Yaqui Grande in terms of the size of its Mineral Reserve base. We expect that growth to continue based on the number of high-grade step out holes completed in 2023 and with the deposit open in multiple directions.”
“We view the strong Q1 2023 production and financial results as evidence that our plan is working. Our focus over the past six months began with stabilizing our operations by making safety our top priority, and investing in key infrastructure, such as pumping and ventilation systems. We then shifted to optimizing operations, and we are now seeing the initial results including increased production.”
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