- Gold production rose to 5,005 ounces – an increase of 6% from the prior quarter and 15% from Q1-2021.
- Income from mining operations was
$4.2 million for the quarter compared to$2.6 million in the prior quarter and$3.0 in Q1-2021. - Adjusted EBITDA(1) increased to
$3.7 million for the quarter compared to$2.6 million in the prior quarter and$3.2 million in Q1-2021. - Development work at Cordero continued to advance with an additional
$2.0 million in construction costs capitalized during the quarter. - Payments made towards gold loan (deferred revenue) of
$0.8 million . - The
Company's Tucuma Project inBrazil was optioned to Ero Copper Corp. (see news release datedMarch 15 , 2022).
Select Results for the Quarter ended | |||
1st Quarter | 4th Quarter | 1st Quarter | |
Revenue | 9,806,960 | 10,595,784 | 9,745,577 |
Income from mine operations | 4,165,347 | 2,644,291 | 2,954,961 |
Adjusted EBITDA (1) | 3,672,452 | 2,640,156 | 3,219,103 |
Gold ounces produced | 5,005 | 4,701 | 4,339 |
Gold equivalent ounces sold | 4,235 | 4,736 | 4,414 |
Average realized price per ounce sold (USD)(1) | 1,870 | 1,816 | 1,783 |
(1) | Table includes non-IFRS financial performance measures – see note (1) below. |
"We are very pleased with our successful start to 2022. We started milling the first ore from production stopes at the
The Company also owns an exploration property near Tucuma, Para State,
On behalf of the Board of Directors
"Javier Cordova Unda"
Chief Executive Officer and President
Neither the
(1) | This news release refers to certain financial measures, such as EBITDA, Adjusted EBITDA, average realized price per ounce of gold sold, and total cash costs per ounce of gold sold which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. These measures may differ from those made by other companies and accordingly may not be directly comparable to such measures as reported by other companies. These measures have been derived from the Company's financial statements because the Company believes that they are of benefit in understanding the Company's results. For a complete explanation of these measures, please refer to Non-IFRS Financial Performance Measures disclosure included in the Company's MD&A for the Years Ended |
All statements, analysis and other information contained in this press release about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements even if circumstances or management's estimates or opinions should change except as required by applicable laws. Investors should not place undue reliance on forward-looking statements.
SOURCE
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