RE:look carefully at the news releaseRe: look for yourself
Argonaut Gold Inc. has released its financial and operating results for the first quarter ended March 31, 2015. All dollar amounts are expressed in U.S. dollars unless otherwise specified.
FINANCIAL DATA (In millions, except per share and where noted) Q1 2015 Q1 2014 Revenue $51.0 $39.1 Gross profit $6.8 $8.0 Net income $1.5 $2.8 Earnings per share -- basic $0.01 $0.02 Cash flow from operating activities before changes in non-cash operating working capital and other items $16.8 $12.9 Cash and cash equivalents $64.0 $59.7 Gold production and cost data GEOs loaded to the pads 54,254 52,605 GEOs projected recoverable ounces 31,634 29,325 GEOs produced ounces 43,255 30,963 GEOs ounces sold 42,418 30,165 Average realized sales price per gold ounce $1,211 $1,304 Cash cost per gold ounce sold $735 $731 All-in sustaining cost per gold ounce sold $883 $976
First quarter 2015 financial highlights:
- Revenue of $51.0-million from sales of 42,418 gold-equivalent ounces (GEO) at an average price of $1,211 per gold ounce;
- Net income of $1.5-million, the foreign exchange effects of the weakening Mexican peso impacted income tax expense via an increase in deferred tax expense of $1.2-million;
- Cash flow from operations before changes in non-cash working capital and other items of $16.8-million;
- Capital investments of $11.1-million (mineral properties, plant and equipment) during the quarter.
Company highlights for 2015
Corporate highlights:
- Cash balance grows to $64.0-million.
- The La Colorada mine was selected as Mexico's best company for corporate social responsibility in the small mines category.
Production:
- Production of 43,255 GEOs, a 40-per-cent improvement over the first quarter of 2014;
- Overall cash cost of $735 per gold ounce sold;
- All-in sustaining cost of $883 per gold ounce sold.
El Castillo:
- Quarterly production of 24,845 GEOs;
- During the quarter, 30,556 contained gold ounces loaded on the leach pads;
- Over 74,000 tonnes per day mined and 2.8 million ore tonnes placed on the heap-leach pads during the quarter.
- Advance capital projects:
- West valley pad between pad 8 and pads 1 to 7 (90 per cent complete);
- East pad 3B (35-per-cent complete).
La Colorada:
- Record quarterly production of 17,169 gold ounces and 68,261 silver ounces, for 18,410 GEOs;
- During the quarter, 18,208 contained gold ounces and 301,975 contained silver ounces loaded on the leach pads;
- Average crusher throughput for the quarter of 12,661 tonnes per day;
- Record throughput of more than 14,800 tonnes per day in March; this included processing nearly a 50/50 blend from the historic heap-leach pad 6 and fresh ore from the La Colorada/Gran Central pit;
- Advanced capital projects:
- Phase I of new pad 6 completed;
- Pad 9A ground cleared;
- Installation of phase I of overland conveyor (80-per-cent complete).
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