Capstone Mining First Quarter 2018 Financial Results
VANCOUVER, April 24, 2018 /PRNewswire/ --
(All amounts in US$ unless otherwise specified)
Capstone Mining Corp. ("Capstone" or the "Company") (TSX: CS) today announced its financial results for the quarter ended March 31, 2018. Operating cash flow before changes in working capital[1] from all operations was $24.6 million or $0.06 per share, with net income from continuing operations of $10.3 million and adjusted net income from continuing operations of $10.6 million or $0.03 per share after adjusting for certain non-cash and non-recurring charges. Copper production from continuing operations totalled 15,706 tonnes (15,152 tonnes of payable copper) at a C1 cash cost[1] from continuing operations of $1.95 per payable pound produced.
"Capstone reported positive net income and cash flow in the first quarter of 2018, on contributions from both Pinto Valley and Cozamin," said Darren Pylot, President and CEO of Capstone. "We also announced the sale of our Minto Mine for $37.5 million of cash plus working capital."
"Additionally, we updated our 2018 guidance to reflect the decision to mine the San Rafael Zinc Zone, which is expected to significantly increase our by-product revenue at Cozamin" continued Mr. Pylot.
As of March 31, 2018, Minto is treated as a discontinued operation for financial reporting purposes. To comply with disclosure requirements, Capstone's results have been adjusted to exclude Minto's contribution in certain cases, and are referred to throughout this release as "continuing operations". Please refer to financial statements ended March 31, 2018 for further information.
Financial and Operational Overview
Q1 2018 Q1 2017 Revenue [(2)],[ (3)],[ (4)] ($ millions) 103.7 97.9 Copper produced by continuing operations (tonnes) 15,706 15,430 Payable copper produced by continuing operations (tonnes) 15,152 14,890 C1 cash cost per payable pound produced [(1)] ($/lb) 1.95 1.95 All-in sustaining cost per payable pound produced [(1)] ($/lb) 2.59 2.48 Net Income (loss) from continuing operations ($ millions) 10.3 (13.1) Net Income (loss) from continuing operations attributable to shareholders ($ millions) 10.5 (13.3) Net income (loss) from continuing operations attributable to shareholders per common share ($) 0.03 (0.03) Adjusted net income (loss) from continuing operations [(1)] ($ millions) 10.6 (7.7) Adjusted net income (loss) from continuing operations attributable to shareholders [(1)] ($ millions) 10.8 (7.8) Adjusted net income (loss) attributable to shareholders per common share [(1)] ($) 0.03 (0.02) Cash flow from operating activities [(4)] ($ millions) 32.8 22.0 Cash flow from operating activities per common share [(1)],[ (4)] ($) 0.08 0.06 Operating cash flow before changes in working capital [(1],[ (4)] ($ millions) 24.6 24.2 Operating cash flow before changes in working capital per common share [(1)],[ (4)] ($) 0.06 0.06 Long term debt (excluding financing fees) ($ millions) 274.9 308.9 Net debt [(1) ]($ millions) 160.1 199.5