HARTE GOLD CORP. Q1 2021 FINANCIAL RESULTS AND UPDATE MAY 14, 2021
TSX HRT | FRANKFURT H4O | OTCHRTFF
GOLD PRODUCTION
GROWTH.
PROLIFIC MINING
REGION.
www.hartegold.com
@HarteGold
Harte Gold Corp | 1 |
Disclaimer
Cautionary Statements Regarding Forward-Looking Information and Non-IFRS Financial Measures
This presentation includes "forward-looking statements", within the meaning of applicable securities legislation, which are based on the opinions and estimates of management and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar words suggesting future outcomes or statements regarding an outlook.
Specific forward-looking statements in this presentation may include, but are not limited to, the Company achieving 800 tpd in late Q4 2021; the steps being taken to address operational issues and the anticipated impact and timing of such steps; 2021 gold production of between 50,000 and 55,000 ounces at a Cash Cost of between US$1,100 and US$1,250 per ounce and AISC of between US$1,800 and US$2,200 per ounce; the Company requiring additional funding within the next few months; shareholder approval for the extension of the Appian Credit Facility being targeted for Q3 2021; and the Company initiating a strategic review process to explore, review and evaluate a broad range of alternatives focused on ensuring financial liquidity and to fund accelerated life-of-mine capital.
Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management's experience and perception of current conditions and expected developments, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, and undue reliance should not be placed on such statements and information. Such risks and uncertainties include, but are not limited to, there being no events of default or breaches of key financing agreements, including agreements with BNP Paribas and Appian; the Company being able to attract and retain qualified candidates to join the Company's management team and board of directors, risks associated with the mining industry, including operational risks in exploration, development and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections in relation to production, costs and expenses; the uncertainty surrounding the ability of the Company to obtain all permits, agreements, consents or authorizations required for its operations and activities; and health, safety and environmental risks, the risk of commodity price and foreign exchange rate fluctuations, the ability of Harte Gold to fund the capital and operating expenses necessary to achieve the business objectives of Harte Gold, the uncertainty associated with commercial negotiations and negotiating with contractors and other parties and risks associated with international business activities, as well as other risks and uncertainties which are more fully described in the Company's Annual Information Form dated March 25, 2020, and in other filings of the Company with securities and regulatory authorities which are available on SEDAR at www.sedar.com.
In this presentation we use the terms "Mine Operating Cash Flow", "EBITDA", "Average Realized Gold Price", "Average Realized Gold Price After Hedge", "cash operating cost" and "All-In Sustaining Cost" or "AISC". These should be considered non-IFRS financial measures as defined in applicable Canadian securities laws and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For additional information regarding non-IFRS financial measures used by the Company, please refer to the heading "Non-IFRS Measures" in the Company's Management Discussion and Analysis for the three months ended September 30, 2020 and 2019, available at www.sedar.com.
All dollar amounts stated are denominated in Canadian dollars ($) unless specified otherwise. All tonnages in metric, unless otherwise noted.
TSX: HRT | FRANKFURT: H4O | OTC: HRTFF | 2 |
Q1 2021 OPERATING RESULTS AND FY 2021 OUTLOOK
3
Q1 2021 Operational and Financial Highlights
Q1 2021 Highlights:
- Safety: No loss time incidents reported
- Gold production: 11,776 oz Au, 9% increase over the previous quarter
- Head grade: 6.1 g/t Au, within 10% of target for the quarter.
- Ore tonnes processed: average throughput rate of 716 tpd, a 42% increase over Q4 2020.
- Revenues: $27.4 million in revenue from 12,349 ounces sold ($15.7 million and 7,637 ounces respectively, in Q1 2020)
- Net Income: $5.8 million in Q1 2021 (loss of $16.1 million in Q1 2020)
- Mine Operating Cash Flow1: $9.2 million in Q1 2021 ($3.9 million in Q1 2020)
- EBITDA1: $1.6 million in Q1 2021 ($0.3 million in Q1 2020)
- Cash Cost1: US$1,183/oz in Q1 2020 (US$1,178/oz in Q1 2020)
- AISC: US$1,916/oz in Q1 2021 (US$2,231/oz in Q1 2020)
Quarterly Gold Production (oz Au)
15,000 | |||||
10,835 | 11,776 | ||||
12,000 | |||||
9,000 | 7,754 | 8,017 | 8,597 | ||
6,218 | |||||
6,000 | 5,476 | 6,069 | |||
3,000
0
Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q3 2020 Q4 2020 Q1 2021
FY 2019: 27,316 oz | FY 2020: 25,649 oz | |
Quarterly Grade (g/t Au) | |||||
9.0 | |||||
7.7 | |||||
6.0 | 5.0 | 5.5 | 5.7 | 6.1 | |
4.9 | 4.9 | ||||
3.0 | 3.6 | ||||
0.0
Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q3 2020 Q4 2020 Q1 2021
FY 2019: 4.6 g/t Au | FY 2020: 6.3 g/t Au | |
TSX: HRT | FRANKFURT: H4O | OTC: HRTFF 1) Non-IFRS measure. Refer to definition of non-IFRS measures in MD&A for a reconciliation. | 4 |
Operating and Financial Summary for Q1 2021 and 2020
Three Months Ended | ||||
Units | Mar 31, 2021 | Mar 31, 2020 | ||
Operating Performance | ||||
Ore Tonnes Processed | Tonnes | 64,418 | 51,705 | |
Average Daily Throughput | tpd | 716 | 575 | |
Head Grade | g/t | 6.1 | 5.5 | |
Recovery | % | 93.7 | 94.0 | |
Gold Ounces Produced | oz | 11,776 | 8,597 | |
Gold Ounces Sold | oz | 12,349 | 7,637 | |
Key Financial Data | ||||
Revenues, net | 000 | $ | 27,368 | 15,667 |
Mine Operating Cash Flow1 | 000 | $ | 9,152 | 3,891 |
EBITDA1 | 000 | $ | 1,606 | 316 |
Net income / (loss) | 000 | $ | 5,833 | (16,131) |
Net (decrease) / increase in cash | 000 | $ | 12,806 | 11,579 |
Cash on hand at end of period | 000 | $ | 21,054 | 13,675 |
Cost Statistics | ||||
Average Realized Gold Price1 | US$/oz | 1,768 | 1,555 | |
Realized Gold Price After Hedge1 | US$/oz | 1,491 | 1,447 | |
Cash Operating Cost | C$/tonne processed | 287 | 234 | |
Cash Cost1 | US$/oz | 1,183 | 1,178 | |
AISC1 | US$/oz | 1,916 | 2,231 |
TSX: HRT | FRANKFURT: H4O | OTC: HRTFF 1) Non-IFRS measure. Refer to definition of non-IFRS measures in MD&A for a reconciliation. | 5 |
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Harte Gold Corp. published this content on 14 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 May 2021 12:56:47 UTC.
