Sotkamo Silver: Silber, Gold, Zink in Nordskandinavien (Seite 3)
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ISIN: SE0001057910 · WKN: A0MMF4 · Symbol: VSO
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SALVE!
Die angekündigte Kapitalerhöhung kommt nicht!
https://www.silver.fi/en/investors/press/press-relases/newsf…
Scheinbar hat die Mehrheit der Aktionäre gegen den Plan gestimmt.
Was sagt dier Mehrheit somit implizit?
- Keine Verwässerung, weil der Laden auch so über die Runden kommt?
- Der Laden ist strukturell nicht profitabel und man zieht nun den Stecker ?
- Man lässt den Laden in Schwierigkeiten laufen, kauft dann aus der Konkursmasse alles auf?
Irgendwie scheinen mir alle drei Szenarien nicht vorteilhaft für uns, den Pöbel, zu sein.
Petronius
Die angekündigte Kapitalerhöhung kommt nicht!
https://www.silver.fi/en/investors/press/press-relases/newsf…
Scheinbar hat die Mehrheit der Aktionäre gegen den Plan gestimmt.
Was sagt dier Mehrheit somit implizit?
- Keine Verwässerung, weil der Laden auch so über die Runden kommt?
- Der Laden ist strukturell nicht profitabel und man zieht nun den Stecker ?
- Man lässt den Laden in Schwierigkeiten laufen, kauft dann aus der Konkursmasse alles auf?
Irgendwie scheinen mir alle drei Szenarien nicht vorteilhaft für uns, den Pöbel, zu sein.
Petronius
SALVE!
Das war abzusehen. Die lausige G&V und der Kassenbestand führt zu fetter Kapitalerhöhung.
https://www.silver.fi/en/investors/press/press-relases/newsf…
The Board of Directors of Sotkamo Silver AB (“Sotkamo Silver” or the “Company”) proposes a share issue with preferential rights for existing shareholders (the “Rights Issue”) as well as a directed share issue (the “Directed Issue” and jointly with the Rights Issue, the “Share Issues”) in order to strengthen the Company’s financial position. The Directed Issue will preliminarily be directed to a limited number of institutional investors and holders of the convertibles of series 2022/2026. The Share Issues are to be resolved upon by an extraordinary general meeting to be held on 28 December 2022. Intended final terms for the Share Issues will be communicated around 23 December 2022.
The Share Issues in brief
• The Share Issues will provide Sotkamo Silver with gross proceeds of approximately EUR 20M before deduction of transaction related costs. The proceeds from the Share Issues will be used to increase the working capital and for the Company’s future investment needs, especially the core drilling and development program to extend the life of the mine until 2030.
• The Directed Issue will be directed to a limited number of institutional investors and holders of the convertibles of series 2022/2026 (with an aggregate nominal amount of EUR 6.4M), who would be given the opportunity to convert their convertibles into new shares in the Company.
• The intended final terms of the Share Issues, including the subscription price and the number of shares to be issued will be announced around 23 December 2022.
• The subscription period for the Rights Issue will commence on 9 January 2023 and end on 23 January 2023.
• The record date for the right to receive subscription rights will be 4 January 2023. Subscription rights will be allocated in proportion to the number of Sotkamo Silver shares held on the record date.
• The Share Issues are to be resolved upon by an extraordinary general meeting in Sotkamo Silver, which will be held on 28 December 2022 (the “EGM”). A notice of the EGM will be announced separately.
Background and reasons
The prevailing general economic and market situation has had an impact on the Sotkamo Silver’s operations and profitability during 2022. The sharply increased prices of energy and consumables and the simultaneous decline of the metal prices, as well as the great uncertainty and volatility associated with them, has required measures to ensure the profitability of production and the continuity of operations. The Company therefore needs to strengthen its financial position and requires additional working capital to meet the variations. In addition, the planned Share Issues would enable the Company to finance its future investment needs, especially the core drilling and development program to extend the life of the mine until 2030.
The Share Issues
The Share Issues will provide Sotkamo Silver with gross proceeds totalling approximately EUR 20M before deduction of transaction related costs.
The subscription period for the Rights Issue will commence on 9 January 2023 and end on 23 January 2023. The record date for the right to receive subscription rights will be 4 January 2023. Subscription rights will be allocated in proportion to the number of shares in Sotkamo Silver held on the record date. The subscription rights will be admitted to trading on NGM Main Regulated and Nasdaq Helsinki during the period 9 January–18 January 2023.
The Directed Issue will be directed to a limited number of institutional investors and holders of the convertibles of series 2022/2026 (with an aggregate nominal amount of EUR 6.4M), who will be given the opportunity to convert their convertibles into new shares in the Company. The Board of Directors’ standpoint is that a key element for the Company’s operations is to ensure a continued solid financial position for the Company. The Board of Directors have considered a larger Rights Issue to further secure the Company's long-term needs. However, the Board of Directors deems that a directed share issue to the holders of the convertibles of series 2022/2026 is the most cost-efficient way to repay the debt to convertible holders and simultaneously decrease the Company's debt and interest costs, compared to other possible financing options. Furthermore, other reasons for deviating from the shareholders’ preferential rights are to further strengthen the shareholder base with institutional investors.
The Board of Directors is proposed to be authorised to resolve on the highest amount by which the Company’s share capital shall be increased, the highest number of shares which shall be issued and the amount to be paid for each new share in the Rights Issue and Directed Issue, respectively. Such intended final terms of the Share Issues will be announced around 23 December 2022. The Board of Directors’ formal decision on the final terms on the Share Issues will be taken on 28 December 2022 following the EGM.
Extraordinary General Meeting
Through a separate press release, the Board of Directors will give notice of an EGM to be held on 28 December 2022 to resolve upon the Share Issues.
In addition to the Share Issues, the notice of the EGM will include proposals to, inter alia, decrease the share capital, resolve upon a bonus issue and make adjustments to the articles of association, which are necessary to carry through the proposed Share Issues. In addition, the Board of Directors proposes that the Company's articles of association be amended to enable postal voting at future general meetings.
Prospectus
Sotkamo Silver will prepare a prospectus regarding the Share Issues. Sotkamo Silver intends to publish the prospectus around 4 January 2023.
Preliminary timetable for the Share Issues
• Around 23 December 2022: Announcement of the intended final terms, including the subscription price and the number of shares to be issued under the Share Issues (subject to formal resolution by the Board of Directors to be taken on 28 December 2022 following the EGM)
• 28 December 2022: EGM to resolve upon, inter alia, the Share Issues
• 2 January 2023: Last day of trading in shares including right to receive subscription rights
• 3 January 2023: First day of trading in shares excluding right to receive subscription rights
• 4 January 2023: Publication of the prospectus
• Around 4 January 2023: Record date for right to receive subscription rights in the Rights Issue
• 9 January–23 January 2023: Subscription period in Share Issues
• Around 26 January 2023: Estimated date for publication of final results of the Share Issues
Bin gespannt, ob es diesmal ein Bezugsrecht für Aktionäre im Ausland gibt.
Das letzte Mal konkret ausgeschlossen.
Es wird auf jeden Fall eine schlimme Verwässerung eintreten, wenn der Bezugspreis über dem Börsenkurs liegt.
Petronius
Das war abzusehen. Die lausige G&V und der Kassenbestand führt zu fetter Kapitalerhöhung.
https://www.silver.fi/en/investors/press/press-relases/newsf…
The Board of Directors of Sotkamo Silver AB (“Sotkamo Silver” or the “Company”) proposes a share issue with preferential rights for existing shareholders (the “Rights Issue”) as well as a directed share issue (the “Directed Issue” and jointly with the Rights Issue, the “Share Issues”) in order to strengthen the Company’s financial position. The Directed Issue will preliminarily be directed to a limited number of institutional investors and holders of the convertibles of series 2022/2026. The Share Issues are to be resolved upon by an extraordinary general meeting to be held on 28 December 2022. Intended final terms for the Share Issues will be communicated around 23 December 2022.
The Share Issues in brief
• The Share Issues will provide Sotkamo Silver with gross proceeds of approximately EUR 20M before deduction of transaction related costs. The proceeds from the Share Issues will be used to increase the working capital and for the Company’s future investment needs, especially the core drilling and development program to extend the life of the mine until 2030.
• The Directed Issue will be directed to a limited number of institutional investors and holders of the convertibles of series 2022/2026 (with an aggregate nominal amount of EUR 6.4M), who would be given the opportunity to convert their convertibles into new shares in the Company.
• The intended final terms of the Share Issues, including the subscription price and the number of shares to be issued will be announced around 23 December 2022.
• The subscription period for the Rights Issue will commence on 9 January 2023 and end on 23 January 2023.
• The record date for the right to receive subscription rights will be 4 January 2023. Subscription rights will be allocated in proportion to the number of Sotkamo Silver shares held on the record date.
• The Share Issues are to be resolved upon by an extraordinary general meeting in Sotkamo Silver, which will be held on 28 December 2022 (the “EGM”). A notice of the EGM will be announced separately.
Background and reasons
The prevailing general economic and market situation has had an impact on the Sotkamo Silver’s operations and profitability during 2022. The sharply increased prices of energy and consumables and the simultaneous decline of the metal prices, as well as the great uncertainty and volatility associated with them, has required measures to ensure the profitability of production and the continuity of operations. The Company therefore needs to strengthen its financial position and requires additional working capital to meet the variations. In addition, the planned Share Issues would enable the Company to finance its future investment needs, especially the core drilling and development program to extend the life of the mine until 2030.
The Share Issues
The Share Issues will provide Sotkamo Silver with gross proceeds totalling approximately EUR 20M before deduction of transaction related costs.
The subscription period for the Rights Issue will commence on 9 January 2023 and end on 23 January 2023. The record date for the right to receive subscription rights will be 4 January 2023. Subscription rights will be allocated in proportion to the number of shares in Sotkamo Silver held on the record date. The subscription rights will be admitted to trading on NGM Main Regulated and Nasdaq Helsinki during the period 9 January–18 January 2023.
The Directed Issue will be directed to a limited number of institutional investors and holders of the convertibles of series 2022/2026 (with an aggregate nominal amount of EUR 6.4M), who will be given the opportunity to convert their convertibles into new shares in the Company. The Board of Directors’ standpoint is that a key element for the Company’s operations is to ensure a continued solid financial position for the Company. The Board of Directors have considered a larger Rights Issue to further secure the Company's long-term needs. However, the Board of Directors deems that a directed share issue to the holders of the convertibles of series 2022/2026 is the most cost-efficient way to repay the debt to convertible holders and simultaneously decrease the Company's debt and interest costs, compared to other possible financing options. Furthermore, other reasons for deviating from the shareholders’ preferential rights are to further strengthen the shareholder base with institutional investors.
The Board of Directors is proposed to be authorised to resolve on the highest amount by which the Company’s share capital shall be increased, the highest number of shares which shall be issued and the amount to be paid for each new share in the Rights Issue and Directed Issue, respectively. Such intended final terms of the Share Issues will be announced around 23 December 2022. The Board of Directors’ formal decision on the final terms on the Share Issues will be taken on 28 December 2022 following the EGM.
Extraordinary General Meeting
Through a separate press release, the Board of Directors will give notice of an EGM to be held on 28 December 2022 to resolve upon the Share Issues.
In addition to the Share Issues, the notice of the EGM will include proposals to, inter alia, decrease the share capital, resolve upon a bonus issue and make adjustments to the articles of association, which are necessary to carry through the proposed Share Issues. In addition, the Board of Directors proposes that the Company's articles of association be amended to enable postal voting at future general meetings.
Prospectus
Sotkamo Silver will prepare a prospectus regarding the Share Issues. Sotkamo Silver intends to publish the prospectus around 4 January 2023.
Preliminary timetable for the Share Issues
• Around 23 December 2022: Announcement of the intended final terms, including the subscription price and the number of shares to be issued under the Share Issues (subject to formal resolution by the Board of Directors to be taken on 28 December 2022 following the EGM)
• 28 December 2022: EGM to resolve upon, inter alia, the Share Issues
• 2 January 2023: Last day of trading in shares including right to receive subscription rights
• 3 January 2023: First day of trading in shares excluding right to receive subscription rights
• 4 January 2023: Publication of the prospectus
• Around 4 January 2023: Record date for right to receive subscription rights in the Rights Issue
• 9 January–23 January 2023: Subscription period in Share Issues
• Around 26 January 2023: Estimated date for publication of final results of the Share Issues
Bin gespannt, ob es diesmal ein Bezugsrecht für Aktionäre im Ausland gibt.
Das letzte Mal konkret ausgeschlossen.
Es wird auf jeden Fall eine schlimme Verwässerung eintreten, wenn der Bezugspreis über dem Börsenkurs liegt.
Petronius
SALVE!
Quartalzahlen sind da: https://news.cision.com/sotkamo-silver/r/quarterly-report--t…
Press release: Stockholm, October 21, 2022, 08.45 CET
HIGHLIGHTS OF THE THIRD QUARTER 2022
• Net sales was 66 MSEK compared to the previous year 83 MSEK. The decrease was due to declined silver price and lower production
• EBITDA was -10 MSEK (13)
• EBIT was -32 MSEK (-9)
• Cash and cash equivalents were 7 MSEK (48). The Company has a credit limit of EUR 1.5 million. The Company initiated the process to consider options to raise additional funding
• Investments were 17 MSEK (10)
• The production was about 258 000 (308 000) ounces of silver, 790 (839) ounces of gold, 304 (323) tonnes of lead, and 647 (742) tonnes of zinc in concentrates
• Decline and related horizontal development ready for starting the mining in 360-420 levels from Q4 onwards
• LTIFR was 4 (26), which is the best since the start of the production
HIGHLIGHTS OF Q1-Q3 2022
• Net sales was 271 MSEK (287)
• EBITDA was 34 MSEK (64). EBITDA was on a good level during Q1 2022 but decreased during Q2 and Q3 due to declined metal prices and the very high cost of energy
• EBIT was -33 MSEK (1)
• EBIT was on a good level during Q1 2022 but decreased in Q2 and Q3 due to declined metal prices, the very high cost of energy, and the increased price of consumables. The cost of electricity more than doubled during Q1-Q3 compared to the corresponding period of the previous year
• Investments were 52 MSEK (23)
• The production was about 875 000 (1 034 000) ounces of silver, 2456 (2534) ounces of gold, 1134 (1028) tonnes of lead, and 2461 (2324) tonnes of zinc in concentrates
• Operative cash flow was 15 MSEK (18)
Petronius
Quartalzahlen sind da: https://news.cision.com/sotkamo-silver/r/quarterly-report--t…
Press release: Stockholm, October 21, 2022, 08.45 CET
HIGHLIGHTS OF THE THIRD QUARTER 2022
• Net sales was 66 MSEK compared to the previous year 83 MSEK. The decrease was due to declined silver price and lower production
• EBITDA was -10 MSEK (13)
• EBIT was -32 MSEK (-9)
• Cash and cash equivalents were 7 MSEK (48). The Company has a credit limit of EUR 1.5 million. The Company initiated the process to consider options to raise additional funding
• Investments were 17 MSEK (10)
• The production was about 258 000 (308 000) ounces of silver, 790 (839) ounces of gold, 304 (323) tonnes of lead, and 647 (742) tonnes of zinc in concentrates
• Decline and related horizontal development ready for starting the mining in 360-420 levels from Q4 onwards
• LTIFR was 4 (26), which is the best since the start of the production
HIGHLIGHTS OF Q1-Q3 2022
• Net sales was 271 MSEK (287)
• EBITDA was 34 MSEK (64). EBITDA was on a good level during Q1 2022 but decreased during Q2 and Q3 due to declined metal prices and the very high cost of energy
• EBIT was -33 MSEK (1)
• EBIT was on a good level during Q1 2022 but decreased in Q2 and Q3 due to declined metal prices, the very high cost of energy, and the increased price of consumables. The cost of electricity more than doubled during Q1-Q3 compared to the corresponding period of the previous year
• Investments were 52 MSEK (23)
• The production was about 875 000 (1 034 000) ounces of silver, 2456 (2534) ounces of gold, 1134 (1028) tonnes of lead, and 2461 (2324) tonnes of zinc in concentrates
• Operative cash flow was 15 MSEK (18)
Petronius
SALVE!
Es kamein in zwei TAgen Meldungen von Sotkamo.
1. ARbeitsabkommen
https://news.cision.com/sotkamo-silver/r/sotkamo-silver-ab--…
The change negotiations initiated on September 5, 2022 have been ended. The change negotiations were started to adapt the operations to the prevailing general economic and market situation. The negotiations concerned the Company’s all personnel groups in Finland covering ca. 50 people. The change negotiations were conducted in a good spirit of cooperation.
During the change negotiations it was agreed to operate the plant periodically, if the Company sees it reasonable due to e.g. unusually high electricity prices. Additionally, the Company has started a program aimed at improving the cost-effectiveness of its operations.
Layoffs will be implemented if the Company’s financial or production situation so requires, and their maximum duration will be 90 days per person. Layoffs can be implemented between October 2022 and the end of April 2023.
2. New COO
https://news.cision.com/sotkamo-silver/r/sotkamo-silver-ab--…
Pasi Määttä, M.Sc. (eng.), has been nominated as Chief Operating Officer (COO) of Sotkamo Silver Oy. He will be responsible for the operations of the Silver Mine and belongs to the management team of the company. Since 2021 he has been working as Head of geology and mining for Sotkamo Silver. Pasi has 25 years’ experience from mining industry and different managerial positions. He will start in his new role immediately.
Petronius
Es kamein in zwei TAgen Meldungen von Sotkamo.
1. ARbeitsabkommen
https://news.cision.com/sotkamo-silver/r/sotkamo-silver-ab--…
The change negotiations initiated on September 5, 2022 have been ended. The change negotiations were started to adapt the operations to the prevailing general economic and market situation. The negotiations concerned the Company’s all personnel groups in Finland covering ca. 50 people. The change negotiations were conducted in a good spirit of cooperation.
During the change negotiations it was agreed to operate the plant periodically, if the Company sees it reasonable due to e.g. unusually high electricity prices. Additionally, the Company has started a program aimed at improving the cost-effectiveness of its operations.
Layoffs will be implemented if the Company’s financial or production situation so requires, and their maximum duration will be 90 days per person. Layoffs can be implemented between October 2022 and the end of April 2023.
2. New COO
https://news.cision.com/sotkamo-silver/r/sotkamo-silver-ab--…
Pasi Määttä, M.Sc. (eng.), has been nominated as Chief Operating Officer (COO) of Sotkamo Silver Oy. He will be responsible for the operations of the Silver Mine and belongs to the management team of the company. Since 2021 he has been working as Head of geology and mining for Sotkamo Silver. Pasi has 25 years’ experience from mining industry and different managerial positions. He will start in his new role immediately.
Petronius
SALVE!
Der explodierende Silberpreis treibt die SIlberaktien an. Aber nicht wirklich Sotkamo.
Es sollte definitiv Aufholpotenzial geben.
Petronius
Der explodierende Silberpreis treibt die SIlberaktien an. Aber nicht wirklich Sotkamo.
Einfaches Einfügen von wallstreetONLINE Charts: So funktionierts.
Es sollte definitiv Aufholpotenzial geben.
Petronius
Trading Spotlight
SALVE!
Der CEO ist abgetreten und wird durch den COO ersetzt. Bessern Job gefunden? Ratten verlassen das Schiff? Mist gebaut?
https://www.silver.fi/en/investors/press/press-relases/newsf…
Kann die Bedeutung nicht einschätzen, aber gut ist das eher nicht.
Der Kurs ist ja komplett zusammengebrochen, Umsätze gibt es kaum.
Petronius
Der CEO ist abgetreten und wird durch den COO ersetzt. Bessern Job gefunden? Ratten verlassen das Schiff? Mist gebaut?
https://www.silver.fi/en/investors/press/press-relases/newsf…
Kann die Bedeutung nicht einschätzen, aber gut ist das eher nicht.
Der Kurs ist ja komplett zusammengebrochen, Umsätze gibt es kaum.
Petronius
SALVE!
Die eingestellte Meldung stimmt uns auf übele Verluste ein!
Es macht keinen Sinn, Silber abzubauen zu Manipulationspreisen und politikverursachten Energiekosten.
In beiden Fällen verzerren kriminelle Organisationen die Preisfindung.
Eigentlich ist es nur eine Org. ;-)
Die Frage ist, wie Sotkamo durch diesen Sturm kommt?
- Alles einmotten und auf Brent 150 USD und Silber 100 USD warten?
- Sotkamo von Profi übernehmen lassen, der dafür die Ausdauer hat?
- Kapitalerhöhung?
- Eigenen Silbervertrieb aufbauen?
Für uns Kleinaktionäre kommt da nichts gutes mehr raus.
Das ist ein fetter Fast-Totalverlust.
Petronius
Die eingestellte Meldung stimmt uns auf übele Verluste ein!
Es macht keinen Sinn, Silber abzubauen zu Manipulationspreisen und politikverursachten Energiekosten.
In beiden Fällen verzerren kriminelle Organisationen die Preisfindung.
Eigentlich ist es nur eine Org. ;-)
Die Frage ist, wie Sotkamo durch diesen Sturm kommt?
- Alles einmotten und auf Brent 150 USD und Silber 100 USD warten?
- Sotkamo von Profi übernehmen lassen, der dafür die Ausdauer hat?
- Kapitalerhöhung?
- Eigenen Silbervertrieb aufbauen?
Für uns Kleinaktionäre kommt da nichts gutes mehr raus.
Das ist ein fetter Fast-Totalverlust.
Petronius
Antwort auf Beitrag Nr.: 72.083.135 von Petronius am 29.07.22 09:53:15SALVE!
Ich hatte über die Divergenz Silber/Diesel spekuliert und lag wohl leider richtig.
Petronius
Press release: Stockholm, September 5, 2022, 08:45 CET
Sotkamo Silver Oy is starting the Change Negotiations in accordance with the Act on Cooperation with Undertakings in order to adapt its operations to the prevailing general economic and market situation. The scope of the Change Negotiations includes the Company's entire personnel, ca. 50 people.
The sharply increased prices of energy and consumables and the simultaneous decline of the metal prices, as well as the great uncertainty and volatility associated with them, require measures to ensure the profitability of production and the continuity of operations.
The Change Negotiations covers the measures aimed at adapting production and its costs to reflect the changed situation. As one option, the periodic production of the concentrator and the adaptation of mining to match it will be reviewed. In addition to examining these options, we have already initiated measures to improve cost efficiency and minimize the impact of cost increases in all areas of operations. The measures that are the subject of negotiations are estimated to lead to a maximum of 90 days of layoffs by the end of April 2023.
Ich hatte über die Divergenz Silber/Diesel spekuliert und lag wohl leider richtig.
Petronius
Press release: Stockholm, September 5, 2022, 08:45 CET
Sotkamo Silver Oy is starting the Change Negotiations in accordance with the Act on Cooperation with Undertakings in order to adapt its operations to the prevailing general economic and market situation. The scope of the Change Negotiations includes the Company's entire personnel, ca. 50 people.
The sharply increased prices of energy and consumables and the simultaneous decline of the metal prices, as well as the great uncertainty and volatility associated with them, require measures to ensure the profitability of production and the continuity of operations.
The Change Negotiations covers the measures aimed at adapting production and its costs to reflect the changed situation. As one option, the periodic production of the concentrator and the adaptation of mining to match it will be reviewed. In addition to examining these options, we have already initiated measures to improve cost efficiency and minimize the impact of cost increases in all areas of operations. The measures that are the subject of negotiations are estimated to lead to a maximum of 90 days of layoffs by the end of April 2023.
SALVE!
Da hat jemand gnädigerweise 3000 Stück zu 0.16 EUR gekauft. Ich war das nicht.
Die Silbergrade sind wieder schlechter geworden und die Silberpreise waren auch etwas ungünstiger.
Im ersten Halbjahr EBIT -1M
DA der Silberpreis im Q1. immer über 22 USD war und dann EBIT 16M gebracht hat, sollte man dort profitabel werden.
$Andererseits, wenn ich den Silberpreis mit dem Preis für Diesel vergleiche, dann sind die Energiekosten proportional gestiegen.
Petronius
Da hat jemand gnädigerweise 3000 Stück zu 0.16 EUR gekauft. Ich war das nicht.
Die Silbergrade sind wieder schlechter geworden und die Silberpreise waren auch etwas ungünstiger.
Im ersten Halbjahr EBIT -1M
DA der Silberpreis im Q1. immer über 22 USD war und dann EBIT 16M gebracht hat, sollte man dort profitabel werden.
$Andererseits, wenn ich den Silberpreis mit dem Preis für Diesel vergleiche, dann sind die Energiekosten proportional gestiegen.
Einfaches Einfügen von wallstreetONLINE Charts: So funktionierts.
Petronius
SALVE!
Q2-Ergebnis ist veröffentlicht:
https://news.cision.com/sotkamo-silver/r/half-year-report--s…
Petronius
---------------------------------------
Press release: Stockholm, July 29, 2022, 08.45 CET
HIGHLIGHTS OF THE SECOND QUARTER 2022
Net sales was 90 MSEK compared to the previous year 109 MSEK. Decrease was due to declined silver price and lower production
EBITDA was 6 MSEK (36)
EBIT was -16 MSEK (16)
Cash and cash equivalents were 43 MSEK (52)
Investments were 24 MSEK (5)
The production was about 281 000 (382 000) ounces of silver, 796 (988) ounces of gold, 365 (396) tonnes of lead, and 824 (919) tonnes of zinc in concentrates
New mining contract was signed with Veljekset Toivanen Oy. Contract will be effective from the beginning of 2023
Updated Mineral Resource and Ore Reserve estimates were published, and the management view indicates the mine life of 7-8 years
LTIFR was 8 (27), which is the best since the start of the production
HIGHLIGHTS OF THE HALF YEAR
Net sales was 205 MSEK (204)
EBITDA was 44 MSEK (51)
EBIT was -1 MSEK (10)
Investments were 34 MSEK (13)
The production was about 617 000 (726 000) ounces silver, 1 666 (1 695) ounces gold, 830 (705) tonnes lead, and 1 814 (1 582) tonnes zinc in concentrates
The Refinancing Project was successfully completed
Operative cash flow was 29 MSEK (4)
Comparative figures refer to the corresponding period of the previous year.
CEO WORD
The new mining contract, the updates of the Mineral Resource and Ore Reserve Estimates, and Refinancing will positively contribute to our future for a long. Projects have required a lot of work and dedication from several people who can be proud of the work and the results.
The tendering process and negotiations of the mining contract were a long journey. I believe that the journey we made and the discussion we had with the Toivanen team have prepared us both for the future. We know each other and we know what each other expects from the co-operation. I am delighted about the attitude and dedication of the team and look forward for the partnership to develop the mining activities at the Silver Mine in the spirit of the partnership and mutual benefit.
The outcome of the Mineral Resource and Ore Reserve estimates was crystallised to a few pages in the press release. The work behind the numbers is enormous and many team members have run several extra miles to make it. For the Mineral Resource estimate, we basically rebuilt and reviewed the databases to assure the data, remodelled ore zones, defined the geological continuations and parameters for the estimation algorithms, and brought our tools and processes to the latest state-of-the-art level.
The processes and tools form the foundations for the next update which will be done once the results of the ongoing drilling are available.
Mine designs behind the Ore Reserve estimate define the road map to future production. Huge work and achievement open the insights to the future potential of the Silver Mine. By investing in drilling, we can create opportunities for future mining and returns.
I also want to share with you the geochemical sampling program we have planned for the field season. Hundreds of soil samples will be collected from our exploration target areas to define targets for the more detailed exploration works. I believe that I can share some interesting results with you in the future.
As we all know, everyday life is usually cleaning and fixing, solving obstacles. But we should every now and then stop and celebrate the success which undoubtedly exists. Similarly, we should be patient, which is often difficult, as success is usually made step by step, following the plan and tirelessly completing the tasks and finally achieving the target. The Silver Mine team is working like this, silently, without gestures, but making things happen. I am proud of it.
Metal prices have declined recently, and EUR-USD rate is close to parity. We are confident that we are prepared for these times by the development we have done in our operations and capability.
Let’s enjoy the late summer days, remaining holidays, the companion of friends and families!
BUSINESS
The Company operates the silver mine in Sotkamo, Finland. The production was started in March 2019 and the mine produces silver, gold, zinc, and lead in concentrates which are sold to a smelter. In addition, the Company holds mining and exploration rights to mineral deposits nearby current operations in the Sotkamo region in Finland.
Net sales was 90 MSEK compared to the previous year 109 MSEK. Decrease was due to declined silver price and lower production, while the production of the other metals was closer to the comparison period. Milled ore totalled to 169 000 (143 000) tonnes including the marginal ore.
Other income of -2 MSEK (2) included 1 MSEK (0) grant from Business Finland, 1 MSEK (0) sales of fixed assets, -4 MSEK (2) estimated unrealized final sales price adjustment due to the price difference between provisional and final invoices for the period. Net sales included 0,3 MSEK (-1) estimated final metal content adjustment due to metal content difference between provisional and final invoices for the period. The final sales price for silver and gold is based on the monthly average market price two months after the delivery, deducted by the customer’s smelter charges.
Investments in the underground mine and environmental investments amounted to 24 MSEK (5) in Q2. Environmental investments included tailings pond dam raise amounting to 3 MSEK. P700 project’s exploration continued in Q2 which costs were included in the investments of the period.
The Company implemented at the beginning of April 2022 a directed issue of convertibles of an aggregate nominal amount of up to MEUR 6.4. The convertibles carry an annual interest of 8.0 %. The term of the new convertibles is 4.5 years with a maturity date on 30 September 2026, to the extent conversion has not taken place before such date. The conversion price is EUR 0.175 corresponding to SEK 1.826 per share.
The convertible contains two components: a conversion option component that will be recognised at fair value using Black-Scholes model through a profit and loss account and a liability component that will be recognised at amortised cost using the effective interest rate method. At the inception date, the fair value of the convertible option liability was 34 MSEK and the fair value of the liability component was 32 MSEK. On June 30, 2022, the fair value of the convertible option component was 16 MSEK and the fair value of the liability component was 34 MSEK. The fair value changes recognised through a profit and loss account were: conversion option liability 19 MSEK, liability component 1 MSEK.
Key figures, group
Q2 2022
Q2 2021
FY 2021
Net sales MSEK
90
109
387
EBITDA MSEK
6
36
92
EBIT MSEK
-16
16
7
Equity ratio (%)
39
39
38
Cash liquidity (%)
86
132
27
Personnel at end of the period
58
56
49
Mill feed (kt)
169
143
624
Average silver grade g/tonne
62
93
79
PRODUCTION AND GUIDANCE
In the second quarter, we milled 169 000 (143 000) tonnes of ore and produced about 281 000 (382 000) ounces silver, 796 (988) ounces gold, 365 (396) tonnes lead, and 824 (919) tonnes zinc in concentrates.
The silver grade of the mill feed was lower than expected and this influenced the silver production. Another factor was the lower volume of available marginal ore which impacted occasionally to the feed rate. On the other hand, the head grades and production of gold, zinc and lead were on a good level.
During the period we have been mining primarily between 260- and 200-levels in the underground mine and in the open pit. Open pit mining has been halted until the end of August.
The decline has reached the targeted 420-level and the horizontal development has commenced as scheduled. Start of the stope mining has been scheduled to the beginning of Q4.
The stope mining must be started from the deepest and farthest part of the ore body once all the drifts have been prepared.
Mining of the stopes retreats horizontally and continues upwards after the backfilling of the open spaces.
Recent underground drilling assays and updated resource model support the view that the metal grades will improve substantially once the mining can be started from the 420-level upwards.
Until that, most of the ore will be mined from the stopes between 260- and 200-levels, as stated in the previous Q-report. This will be supported by the ore from the drifting between 420- to 360-levels.
At the beginning of the year, we stated that “we expect to produce ca. 1.5 million ounces of silver in 2022. However, our primary target is to maximise the revenue and operative cashflow. To achieve this, we adjust the mix of metals in our ore feed which might have an impact to the produced silver ounces.” Sotkamo Silver AB revises the estimate for silver production in 2022. The updated guidance is based on the silver production of 617 koz until the end of the second quarter, and the updated production schedule for the second half of the year. The production volumes of gold, zinc and lead have been at the same level or exceeded the volumes during the same period last year.
New production guidance for 2022:
We continue to focus on the production mix and optimization of the revenue and operative cash flow. Consequently, we estimate that our annual silver production in 2022 will be 1.25-1.35 million ounces.
EVENTS AFTER THE REPORTING PERIOD
No events after the reporting period.
FINANCIAL CALENDAR
Q3 21 October 2022
Q4 17 February 2023
Q2-Ergebnis ist veröffentlicht:
https://news.cision.com/sotkamo-silver/r/half-year-report--s…
Petronius
---------------------------------------
Press release: Stockholm, July 29, 2022, 08.45 CET
HIGHLIGHTS OF THE SECOND QUARTER 2022
Net sales was 90 MSEK compared to the previous year 109 MSEK. Decrease was due to declined silver price and lower production
EBITDA was 6 MSEK (36)
EBIT was -16 MSEK (16)
Cash and cash equivalents were 43 MSEK (52)
Investments were 24 MSEK (5)
The production was about 281 000 (382 000) ounces of silver, 796 (988) ounces of gold, 365 (396) tonnes of lead, and 824 (919) tonnes of zinc in concentrates
New mining contract was signed with Veljekset Toivanen Oy. Contract will be effective from the beginning of 2023
Updated Mineral Resource and Ore Reserve estimates were published, and the management view indicates the mine life of 7-8 years
LTIFR was 8 (27), which is the best since the start of the production
HIGHLIGHTS OF THE HALF YEAR
Net sales was 205 MSEK (204)
EBITDA was 44 MSEK (51)
EBIT was -1 MSEK (10)
Investments were 34 MSEK (13)
The production was about 617 000 (726 000) ounces silver, 1 666 (1 695) ounces gold, 830 (705) tonnes lead, and 1 814 (1 582) tonnes zinc in concentrates
The Refinancing Project was successfully completed
Operative cash flow was 29 MSEK (4)
Comparative figures refer to the corresponding period of the previous year.
CEO WORD
The new mining contract, the updates of the Mineral Resource and Ore Reserve Estimates, and Refinancing will positively contribute to our future for a long. Projects have required a lot of work and dedication from several people who can be proud of the work and the results.
The tendering process and negotiations of the mining contract were a long journey. I believe that the journey we made and the discussion we had with the Toivanen team have prepared us both for the future. We know each other and we know what each other expects from the co-operation. I am delighted about the attitude and dedication of the team and look forward for the partnership to develop the mining activities at the Silver Mine in the spirit of the partnership and mutual benefit.
The outcome of the Mineral Resource and Ore Reserve estimates was crystallised to a few pages in the press release. The work behind the numbers is enormous and many team members have run several extra miles to make it. For the Mineral Resource estimate, we basically rebuilt and reviewed the databases to assure the data, remodelled ore zones, defined the geological continuations and parameters for the estimation algorithms, and brought our tools and processes to the latest state-of-the-art level.
The processes and tools form the foundations for the next update which will be done once the results of the ongoing drilling are available.
Mine designs behind the Ore Reserve estimate define the road map to future production. Huge work and achievement open the insights to the future potential of the Silver Mine. By investing in drilling, we can create opportunities for future mining and returns.
I also want to share with you the geochemical sampling program we have planned for the field season. Hundreds of soil samples will be collected from our exploration target areas to define targets for the more detailed exploration works. I believe that I can share some interesting results with you in the future.
As we all know, everyday life is usually cleaning and fixing, solving obstacles. But we should every now and then stop and celebrate the success which undoubtedly exists. Similarly, we should be patient, which is often difficult, as success is usually made step by step, following the plan and tirelessly completing the tasks and finally achieving the target. The Silver Mine team is working like this, silently, without gestures, but making things happen. I am proud of it.
Metal prices have declined recently, and EUR-USD rate is close to parity. We are confident that we are prepared for these times by the development we have done in our operations and capability.
Let’s enjoy the late summer days, remaining holidays, the companion of friends and families!
BUSINESS
The Company operates the silver mine in Sotkamo, Finland. The production was started in March 2019 and the mine produces silver, gold, zinc, and lead in concentrates which are sold to a smelter. In addition, the Company holds mining and exploration rights to mineral deposits nearby current operations in the Sotkamo region in Finland.
Net sales was 90 MSEK compared to the previous year 109 MSEK. Decrease was due to declined silver price and lower production, while the production of the other metals was closer to the comparison period. Milled ore totalled to 169 000 (143 000) tonnes including the marginal ore.
Other income of -2 MSEK (2) included 1 MSEK (0) grant from Business Finland, 1 MSEK (0) sales of fixed assets, -4 MSEK (2) estimated unrealized final sales price adjustment due to the price difference between provisional and final invoices for the period. Net sales included 0,3 MSEK (-1) estimated final metal content adjustment due to metal content difference between provisional and final invoices for the period. The final sales price for silver and gold is based on the monthly average market price two months after the delivery, deducted by the customer’s smelter charges.
Investments in the underground mine and environmental investments amounted to 24 MSEK (5) in Q2. Environmental investments included tailings pond dam raise amounting to 3 MSEK. P700 project’s exploration continued in Q2 which costs were included in the investments of the period.
The Company implemented at the beginning of April 2022 a directed issue of convertibles of an aggregate nominal amount of up to MEUR 6.4. The convertibles carry an annual interest of 8.0 %. The term of the new convertibles is 4.5 years with a maturity date on 30 September 2026, to the extent conversion has not taken place before such date. The conversion price is EUR 0.175 corresponding to SEK 1.826 per share.
The convertible contains two components: a conversion option component that will be recognised at fair value using Black-Scholes model through a profit and loss account and a liability component that will be recognised at amortised cost using the effective interest rate method. At the inception date, the fair value of the convertible option liability was 34 MSEK and the fair value of the liability component was 32 MSEK. On June 30, 2022, the fair value of the convertible option component was 16 MSEK and the fair value of the liability component was 34 MSEK. The fair value changes recognised through a profit and loss account were: conversion option liability 19 MSEK, liability component 1 MSEK.
Key figures, group
Q2 2022
Q2 2021
FY 2021
Net sales MSEK
90
109
387
EBITDA MSEK
6
36
92
EBIT MSEK
-16
16
7
Equity ratio (%)
39
39
38
Cash liquidity (%)
86
132
27
Personnel at end of the period
58
56
49
Mill feed (kt)
169
143
624
Average silver grade g/tonne
62
93
79
PRODUCTION AND GUIDANCE
In the second quarter, we milled 169 000 (143 000) tonnes of ore and produced about 281 000 (382 000) ounces silver, 796 (988) ounces gold, 365 (396) tonnes lead, and 824 (919) tonnes zinc in concentrates.
The silver grade of the mill feed was lower than expected and this influenced the silver production. Another factor was the lower volume of available marginal ore which impacted occasionally to the feed rate. On the other hand, the head grades and production of gold, zinc and lead were on a good level.
During the period we have been mining primarily between 260- and 200-levels in the underground mine and in the open pit. Open pit mining has been halted until the end of August.
The decline has reached the targeted 420-level and the horizontal development has commenced as scheduled. Start of the stope mining has been scheduled to the beginning of Q4.
The stope mining must be started from the deepest and farthest part of the ore body once all the drifts have been prepared.
Mining of the stopes retreats horizontally and continues upwards after the backfilling of the open spaces.
Recent underground drilling assays and updated resource model support the view that the metal grades will improve substantially once the mining can be started from the 420-level upwards.
Until that, most of the ore will be mined from the stopes between 260- and 200-levels, as stated in the previous Q-report. This will be supported by the ore from the drifting between 420- to 360-levels.
At the beginning of the year, we stated that “we expect to produce ca. 1.5 million ounces of silver in 2022. However, our primary target is to maximise the revenue and operative cashflow. To achieve this, we adjust the mix of metals in our ore feed which might have an impact to the produced silver ounces.” Sotkamo Silver AB revises the estimate for silver production in 2022. The updated guidance is based on the silver production of 617 koz until the end of the second quarter, and the updated production schedule for the second half of the year. The production volumes of gold, zinc and lead have been at the same level or exceeded the volumes during the same period last year.
New production guidance for 2022:
We continue to focus on the production mix and optimization of the revenue and operative cash flow. Consequently, we estimate that our annual silver production in 2022 will be 1.25-1.35 million ounces.
EVENTS AFTER THE REPORTING PERIOD
No events after the reporting period.
FINANCIAL CALENDAR
Q3 21 October 2022
Q4 17 February 2023
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