(All amounts in CDN$ unless otherwise indicated)
- Mining Operations - Ramp-up of mining and milling operations continued in Q1 2022:
- At the
Bermingham mine, longhole stoping of ore continued at the 1150 level. In Q1 2022, 4,575 ore tonnes were mined from theBermingham mine, of which 1,666 ore tonnes were mined in March. - At the Flame & Moth mine, the primary ramp reached the first two ore access levels with initial cut and fill ore production achieved in
January 2022 . In Q1 2022, 3,517 ore tonnes were mined of which 1,972 ore tonnes were mined in March. In addition, in Q1 2022, a primary ventilation and secondary escape raise was completed and will be fully operational in Q2 2022, allowing for expanded activity underground as scheduled. - Exploration:
- In
May 2022 , the Company intends to commence a 15,000 meter surface exploration drilling program primarily stepping out along favourable permissive structural and stratigraphic trends adjacent to and in the vicinity of theBermingham deposit. This work will be focused to the west in the vicinity of the Coral Wigwam deposit, and to the northeast towards the Hector-Calumet deposit, as well as broader exploration drilling in other areas. - On
January 18, 2022 , the Company reported the expansion of the Bermingham Indicated Resource (see press release datedJanuary 18, 2022 , entitled "Alexco Reports 43% Expansion of Bermingham Indicated Resource to 47 Million Ounces of Silver at 939 Grams per Tonne; Remains Open"). - Other Activities Subsequent to Period End:
- On
April 13, 2022 , the Company completed a non-brokered private placement offering of 7,473,495 common shares at a price of$1.75 per share, resulting in gross proceeds of$13,078,616 . - On
April 29, 2022 , the Company sold to Victoria Gold Corp. ("Victoria") all of its rights, benefits and interests in and to the remaining option consideration payable to Alexco by Banyan Gold Corp. under the option agreement with Banyan in exchange for 447,142 shares of Victoria. OnMay 4, 2022 , the Victoria shares were sold for net proceeds of$6,000,000 after selling costs and commissions.
Operations | Q1 2022 | Q4 2021 | ∆-Q4 vs Q1 |
Ore tonnes mined | 8,092 | 4,996 | 62% |
Ore tonnes milled | 7,609 | 7,091 | 7% |
Mill throughput (tonnes per operating day)1 | 317 | 253 | 25% |
Ore tonnes stockpiled | 1,849 | 1,366 | 35% |
Underground development meters | 81 | 195 | (58%) |
Head grade | |||
Silver (grams per tonne ("g/t")) | 357 | 547 | (35%) |
Lead | 1.1% | 3.1% | (65%) |
Zinc | 2.4% | 2.7% | (11%) |
Recoveries | |||
Silver | 93% | 96% | (3%) |
Lead in lead concentrate | 87% | 90% | (3%) |
Zinc in zinc concentrate | 63% | 62% | 2% |
Concentrate production and grades | |||
Lead concentrate produced (tonnes) | 227 | 351 | (35%) |
Silver grade (g/t) | 10,369 | 10,179 | 2% |
Lead grade | 33% | 57% | (42%) |
Zinc concentrate produced (tonnes) | 247 | 240 | 3% |
Silver grade (g/t) | 774 | 568 | 36% |
Zinc grade | 47% | 50% | (6%) |
Contained metal in concentrate produced | |||
Silver (ounces) | 81,725 | 119,177 | (31%) |
Lead (pounds) | 165,086 | 436,877 | (62%) |
Zinc (pounds) | 255,515 | 262,897 | (3%) |
Financials (expressed in thousands of Canadian dollars, | Q1 2022 | Q4 2021 | |
Revenues – Mining operations | 2,052 | 2,814 | |
Revenues – Reclamation management | 744 | 453 | |
Operating Loss | (6,251) | (10,646) | |
Cash and cash equivalents | 5,637 | 9,933 | |
Net Working Capital2 | (7,072) | 1,389 | |
Adjusted Net Loss2 | (5,704) | (6,976) | |
Net Income (Loss) | (11,316) | (9,069) | |
Shareholders | |||
Basic and diluted net income (loss) per common share | (0.07) | (0.06) | |
Adjusted basic net loss per common share2 | (0.04) | (0.05) | |
Adjusted diluted net loss per common share2 | (0.04) | (0.04) | |
Total assets3 | 212,461 | 210,362 | |
Total non-current liabilities | 6,559 | 7,437 | |
1. | Mill throughput (tonnes per operating day) is based on the number of days that the mill was operational during the period. The mill was operational for 24 days and 36 days during Q1 2022 and Q1 2021, respectively. |
2. | See "Non-GAAP Measures" in the MD&A for the three month period ended |
3. | Total assets increased primarily due to expenditures on mineral properties, plant and equipment. |
"We have seen improvements and better results recently with our underground activities at Keno Hill," said
Alexco management will discuss the results during an audio webcast conference call on
To participate in the live call, please use one of the following methods:
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Confirmation Code#: Ask to join the Alexco conference call
Live audio webcast: https://services.choruscall.ca/links/alexco20220513.html
Participants should connect five to ten minutes before the call. The conference call will be recorded, and an archived audio webcast will be available at www.alexcoresource.com shortly after the call.
The disclosure in this news release of scientific and technical information regarding exploration projects on Alexco's mineral properties has been reviewed and approved by
Alexco is a Canadian primary silver company that owns and operates the majority of the historic
Website: www.alexcoresource.com
Some statements ("forward-looking statements") in this news release contain forward-looking information concerning Alexco's anticipated results and developments in Alexco's operations in future periods, planned exploration and development of its properties, plans related to its business and other matters that may occur in the future, made as of the date of this news release. Forward-looking statements may include, but are not limited to, statements with respect to the future remediation and reclamation activities, future mineral exploration, the estimation of mineral reserves and mineral resources, the realization of mineral reserve and mineral resource estimates, future mine construction and development activities, future mine operation and production, the timing of activities and reports, the amount of estimated revenues and expenses, the success of exploration activities, permitting time lines, requirements for additional capital and sources and uses of funds. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors, which could cause actual events or results to differ from those expressed or implied by the forward-looking statements. Such factors include, among others, risks related to actual results and timing of exploration and development activities; actual results and timing of mining activities; actual results and timing of environmental services activities; actual results and timing of remediation and reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of silver, gold, lead, zinc and other commodities; possible variations in mineable resources, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; First Nation rights and title; continued capitalization and commercial viability; global economic conditions; competition; and delays in obtaining governmental approvals or financing or in the completion of development activities. Forward-looking statements are based on certain assumptions that management believes are reasonable at the time they are made. In making the forward-looking statements included in this news release, Alexco has applied several material assumptions, including, but not limited to, the assumption that Alexco will be able to raise additional capital as necessary, that the proposed exploration and development will proceed as planned, and that market fundamentals will result in sustained silver, gold, lead and zinc demand and prices. There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Alexco expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation.
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