Anaconda Mining Q1 Financial Results
Anaconda Mining continues to generate positive cash flow from its Point Rousse Project. The latest financials show a $3.3 million EBITDA in Q1 and beat estimates across the board. This continues to be a mining Company that impresses me on the operational front and with the recent drill results at Goldboro (11.27g/t over 13.5 meters) there is plenty of exploration upside.
Please read the release below and email me with any questions you have for management.
Click here to listen to the most recent interview with Anaconda Mining focused on the exploration at Goldboro.
…Here’s the highlights of the Q1 financials…
Anaconda Mining Inc. (“Anaconda” or the “Company”) – (TSX:ANX) is pleased to report its financial and operating results for the three months ended March 31, 2018 (“Q1 2018”). The condensed interim consolidated financial statements and management discussion & analysis documents can be found at www.sedar.com and the Company’s website, www.anacondamining.com. All dollar amounts are in Canadian dollars unless otherwise noted.
In 2017, the Company changed its fiscal year-end to December 31, from its previous fiscal year end of May 31. Consequently, Anaconda has now reverted to a customary quarterly reporting calendar based on a December 31 financial year-end, with fiscal quarters ending on the last day in March, June, September, and December each year. For comparative purposes, the results for the three months ended March 31, 2018, have been compared to the three months ended February 28, 2017.
First Quarter 2018 Highlights
Anaconda sold 4,526 ounces of gold in Q1 2018, a 25.8% increase over the three months ended February 28, 2017, generating gold revenue of $7.6 million at an average realized gold price per ounce sold* of C$1,677.
Strong revenue and lower costs enabled the Point Rousse Project to generate EBITDA* of $3.3 millionfor the first quarter of 2018, compared with $0.8 million for the three months ended February 28, 2017.
On a consolidated basis, EBITDA* for the three months ended March 31, 2018 was $2.4 million, an increase of $1.8 million over the comparative period.
Operating cash costs per ounce sold* at the Point Rousse Project in Q1 2018 was $900 (US$712), well below 2018 annual guidance of around $1,100, and a 32.6% improvement over the comparative fiscal quarter.
All-in sustaining cash costs per ounce sold*, including corporate administration and sustaining capital expenditures, was $1,377 (US$1,090) for Q1 2018, a 23.5% improvement over the three months ended February 28, 2017.
The Company invested $1.5 million in its exploration and development projects, including $1.0 millionon the Goldboro Gold Project in Nova Scotia.
Significant development progress was achieved at Stog’er Tight, achieving 159,927 tonnes of waste development, the dewatering of Fox Pond, and the completion of a settling pond and pit dewatering system.
The Company has commenced the conversion of the Pine Cove Pit into a fully permitted tailings storage facility, which will provide 15 years of capacity based on throughput rates of 1,350 tonnes per day.
Net income for the three months ended March 31, 2018 was $149,218, or $0.00 per share, compared to a net loss of $940,032, or $0.02 per share, for the three months ended February 28, 2017.
As at March 31, 2018, the Company had cash of $2.8 million, net working capital* of $6.6 million, and additional available liquidity of $1,000,000 from an undrawn revolving line of credit facility.
*Refer …read more
Source:: The Korelin Economics Report
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