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Orvana Reports Third Quarter Financial Results and Provides El Valle and Don Mario Exploration Update

Nachrichtenquelle: PR Newswire (engl.)
09.08.2019, 04:04  |  573   |   |   

ON TRACK TO MEET FY2019 GOLD PRODUCTION GUIDANCE WITH
COPPER PRODUCTION EXCEEDING GUIDANCE

All Amounts in US Dollars Unless Otherwise Stated

Third Quarter Fiscal 2019 Highlights:

  • Gold production of 20,696 ounces and 1.1 million pounds of copper. FY2019 to date gold production of 75,274 and 3.9 million pounds of copper.
  • AuEq Gold production of 23,481 ounces. FY2019 to date gold equivalent production of 85,560 ounces.
  • COC of $1,213 and AISC of $1,432. FY2019 to date COC of $1,063 and AISC of $1,224.
  • On track to achieve year-end consolidated production
  • Revenue of $31 million. FY2019 to date $103 million.
  • EBITDA of $0.5 million. FY2019 to date $13.3 million.
  • Net Loss of $3.9 million. FY2019 to date $1.6 million.
  • Cash balance of $11.7 million as of June 30, 2019

TORONTO, Ontario, Aug. 8, 2019 /CNW/ - Orvana Minerals Corp. (TSX:ORV) (the "Company" or "Orvana") announced today financial and operational results for the third quarter of fiscal 2019 ("Q3 2019"). The Company is also providing financial and operational updates for its El Valle and Carlés Mines (collectively, "El Valle") operations in northern Spain, and for its Don Mario Mine operations in Bolivia.

The unaudited condensed interim consolidated financial statements for Q3 2019 and Management's Discussion and Analysis related thereto are available on SEDAR and on the Company's website at www.orvana.com.

The Company reports Q3 2019 operational and financial results:

  • Consolidated gold production of 20,696 ounces compared to 27,306 ounces in Q2 2019 and 26,761 ounces compared to the same quarter in 2018.
    • FY2019 to date gold production of 75,274 ounces and 3.9 million pounds of copper.
  • Consolidated cash costs:
    • COC of $1,213 - 25% higher compared to $971 in Q2 2019 and 18% higher compared to $1,027 for the same quarter in 2018.
    • AISC of $1,432 - 29% higher compared to $1,107 in Q2 2019 and 11% higher compared to $1,291 for the same quarter in 2018.
  • COC and AISC increased due to a production decrease in the third quarter, according to operational plans for the quarter. On track to meet fiscal 2019 cost guidance.
  • EBITDA of $0.5 million and $13.3 million for the fiscal 2019 to date compared to $3.9 million in the same quarter in fiscal 2018 and $12.6 million for the first three quarters of fiscal 2018.
  • Net loss of $3.9 million and $1.6 million for the fiscal 2019 to date compared to a loss of $3 million in the same quarter in 2018 and $9.9M million for the first three quarters of fiscal 2018. 
  • El Valle delivers 22% lower gold production of 13,854 ounces in the third quarter of fiscal 2019 compared to 17,742 ounces the second quarter, due to 7% grade decrease and 17% lower mill throughput.
    • Gold production decrease was according to operational planning, with Carlés not providing skarn in the third quarter.
  • Don Mario produces 6,842 ounces of gold in the third quarter of fiscal 2019 compared to 9,564 gold ounces the second quarter. A 28% decrease, which was consistent with planned lower ore grade while working on the last benches of Cerro Felix open pit.
    • Based on the positive results yielded by the exploration activities, production from Las Tojas is expected to start in the fourth quarter of fiscal 2019, and continue along fiscal 2020. Preliminary Las Tojas production plan has been developed using a cut-off grade of 1.3 grams per ton of gold, resulting in 6 small pits optimizing available resources. Based on the additional information provided by the exploration in progress, the production plan will be reviewed and optimized.
    • The development and engineering of a Sulphidization-Acidification-Recycling-Thickening ("SART") circuit, and ancillary facilities, continues to advance. This undertaking is designed to add an additional three years of mine life to the Don Mario operations, commencing in FY 2021, subject to completion of technical, economic and funding reviews.
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