PR Released Record Q318 Results... Q3 2018 Highlights
(unless otherwise noted, all financial amounts in this news release are expressed in Canadian dollars)
- Net income of $71.4 million and basic earnings per share of $0.14
- Revenues of $149.5 million in Q3 2018, a 179% increase over Q3 2017 and a 45% increase over Q2 2018
- Cash provided before non-cash working capital items1 of $127.5 million in Q3 2018, an increase of 64% over Q2 2018
- Cash operating costs2 of $5.41 (US$4.14) in Q3 2018
- Record production of 2,563 tonnes of vanadium pentoxide (V2O5) in Q3 2018, a 4% increase over Q2 2018 and a 16% increase over Q1 2018
- Record overall V2O5 recovery rate of 82.2% achieved during the month of September
- Cash balance of $128.1 million and net debt level2 of ~$35 million as of September 30, 2018
- Average V2O5 price of ~US$19.66 /lb V2O5 in Q3 2018
[url=https://https://www.largoresources.com/investors/news/press-release-details/2018/Largo-Resources-Reports-Record-Third-Quarter-2018-Cash-Flows-Before-Non-Cash-Working-Capital-Items-of-1275-Million-on-Revenues-of-1495-Million/default.aspx]Q318 PR[/url]
TORONTO, Nov. 13, 2018 /CNW/ - Largo Resources Ltd. ("Largo" or the "Company") (TSX: LGO) (OTCQX: LGORF) is very pleased to report record cash provided before non-cash working capital items of $127.5 million and basic earnings per share of $0.14 on record revenues of $149.5 million during the third quarter 2018. Production at the Maracs Menchen Mine for the quarter was 2,563 tonnes of V2O5, representing a new quarterly production record and the Company's strongest quarter of production to date.
Mark Smith, Chief Executive Officer for Largo, stated
: "Largo delivered robust financial performance as a result of record operational output from the Maracs Menchen Mine in the third quarter. The Company also reported the highest ever revenues and operating cash flows to date of $149.5 million and $113.4 million, respectively, and continues to strengthen its balance sheet every quarter. Production at the Maracs Menchen Mine continued to be strong delivering its best quarter of the year with record production of 2,563 tonnes of V2O5. We continue to advance the expansion project at the Maracs Menchen Mine and the Company remains on track to achieve its increased production guidance for 2018."
Good Luck To All!$!$