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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Alexco Resource Corp | TSX:AXU | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.65 | 0.57 | 0.78 | 0 | 01:00:00 |
(All amounts in CDN$ unless otherwise indicated)
VANCOUVER, BC, May 12, 2021 /CNW/ - Alexco Resource Corp. (NYSE American: AXU) (TSX: AXU) ("Alexco" or the "Company") today reports financial results for the quarter ended March 31, 2021 ("Q1 2021") compared to the quarter ended March 31, 2020 ("Q1 2020"). The Company also provides an update on capital development projects, scale up of mining operations, and exploration activities at Keno Hill.
Q1 2021 Highlights
At Keno Hill, ramp up to achieve design capacity of 400 tonnes per day through the District mill is progressing while adhering to the observance of strict COVID-19 protocols. Final mill modifications are expected to be completed in the second quarter of 2021 ("Q2 2021") and underground development at Bermingham and Flame & Moth is on schedule to begin ore extraction in Q2 2021 and the third quarter of 2021 ("Q3 2021"), respectively.
Corporate
Exploration
Operational Metrics – Q1 Ramp Up Progress
Q1 2021 | |
Ore tonnes mined | 4,427 |
Ore tonnes milled | 3,850 |
Mill throughput (tonnes per day)1 | 112 |
Head grade | |
Silver (grams per tonne) | 985 |
Lead | 11.9% |
Zinc | 3.3% |
Recoveries | |
Silver | 83% |
Lead in lead concentrate | 85% |
Zinc in zinc concentrate | 31% |
Concentrate production and grades | |
Lead concentrate produced (tonnes) | 539 |
Silver grade (grams per tonne) | 5,664 |
Lead grade | 72% |
Zinc concentrate produced (tonnes) | 105 |
Silver grade (grams per tonne) | 775 |
Zinc grade | 37% |
Production – contained metal in concentrate | |
Silver (ounces) | 100,984 |
Lead (pounds) | 854,346 |
Zinc (pounds) | 86,494 |
Sales volumes by payable metal2 | |
Silver (ounces) | 88,523 |
Lead (pounds) | 719,178 |
Zinc (pounds) | 60,247 |
Recognized metal prices3 | |
Silver (per ounce) | US$26.48 |
Lead (per pound) | US$0.92 |
Zinc (per pound) | US$1.24 |
1. | Mill throughput (tonnes per day) based on 34 days during the quarter that the mill was operational. |
2. | Sales volumes by payable metal represents the volumes of each payable metal sold to the offtaker, prior to the 25% of silver that is delivered to Wheaton under the Wheaton SPA. Silver is the only metal deliverable to Wheaton under the Wheaton SPA. |
3. | Recognized metal prices represent average metal prices for revenue recognized over the period, weighted by dollar of revenue recognized. |
COVID-19
Other Activities
Key Financial Metrics
(Expressed in thousands of Canadian dollars, except per share | For the three month periods ended March 31, | ||
2021 | 2020 | ||
Revenues – Mining operations | 2,733 | - | |
Revenues – Reclamation management | 1,080 | 567 | |
Operating Loss | (3,054) | (2,594) | |
Adjusted Income (Loss) Before Taxes1 | 1,365 | (2,610) | |
Cash and cash equivalents | 24,717 | 22,308 | |
Net Working Capital1 | 19,397 | 23,219 | |
Adjusted Net Income 1 | 1,150 | 3,956 | |
Net Income2 | 4,159 | 12,053 | |
Shareholders | |||
Basic and Diluted Net Income (Loss) per Common Share | 0.03 | 0.10 | |
Adjusted Basic and Diluted Net Income (Loss) per Common Share | 0.01 | 0.03 | |
Total Assets3 | 185,604 | 163,653 | |
Total Liabilities4 | 25,769 | 16,845 |
1. | See "Non-GAAP Measures" in Section 11 of the MD&A for the three month period ended March 31, 2021. |
2. | Net income for the three month period ended March 31, 2021 includes a non-cash fair value adjustment relating to the gain from the embedded derivative asset totaling $3,009,000. |
3. | Total assets increased primarily due to an increase in mineral properties, plant and equipment, partially offset by a decrease in embedded derivative asset. |
4. | Total liabilities increased primarily due to increases in accounts payable and accrued liabilities and lease liabilities. |
Clynt Nauman, Chairman and CEO commented, "During the first quarter we made good progress at Keno Hill, albeit slower than originally anticipated, while at the same time observing strict health protocols to navigate COVID-19. Underground ore extraction at Bellekeno continues into the second quarter and underground development rates at Bermingham and Flame & Moth are improving with the addition of contract mining workers, while also continuing to onboard in-house underground miners. At Bermingham, we expect to begin underground ore extraction late in the second quarter following completion of the vent raise, and at Flame & Moth we expect to start ore production in the third quarter, after phasing out Bellekeno ore." Mr. Nauman continued, "In parallel, we are completing an updated mineral reserve estimate, which we expect to file in the near term. Our exploration team is also busy overseeing operations of four drill rigs conducting focused directional drilling of the Bermingham Northeast Deep zone. This is a pivotal year for Alexco and I look forward to demonstrating our ability to surface Keno Hill's value and consolidating our status as Canada's premier pure silver producer."
Financial Report
Full details of the financial and operating results for Q1 2021 are described in Alexco's interim condensed consolidated financial statements for the three months ended March 31, 2021 with accompanying notes and related management's discussion and analysis. These documents and additional information about Alexco, including its annual information form, are available on Alexco's website at www.alexcoresource.com and under the Company's profile on SEDAR at www.sedar.com and on EDGAR at www.sec.gov/edgar.shtml.
Conference Call for Q1 2021 Results
Alexco management will host an audio webcast conference call to discuss these results on Thursday, May 13, 2021 at 11:00 am PT (2:00 pm ET). Details to join the conference call are as follows:
Dial toll free from Canada or the US: | 1-800-319-4610 |
Dial from outside Canada or the US: | 1-604-638-5340 |
Live audio webcast: | http://services.choruscall.ca/links/alexco20210513.html |
Participants should connect five to ten minutes before the call. The conference call will be recorded and an archived audio webcast will be available at www.alexcoresource.com shortly after the call.
Qualified Persons
The disclosure in this news release of scientific and technical information regarding exploration projects on Alexco's mineral properties has been reviewed and approved by Alan McOnie, FAusIMM, Vice President, Exploration, while that regarding mine development and operations has been reviewed and approved by Neil Chambers, P.Eng., Chief Mine Engineer, both of whom are Qualified Persons as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
About Alexco
Alexco is a Canadian primary silver company that owns and operates the majority of the historic Keno Hill Silver District, in Canada's Yukon Territory, one of the highest-grade silver deposits in the world. Alexco is currently advancing Keno Hill to production and started concentrate production and shipments in Q1 2021. As per Alexco's 2019 pre-feasibility study, Keno Hill is expected to produce an average of approximately 4 million ounces of silver per year contained in high quality lead/silver and zinc concentrates. Total production over an 8-year mine life is estimated at 1.18 million tonnes of ore at an average rate of 430 tonnes per day at an average grade of 805 grams per tonne. Keno Hill retains significant potential to grow and Alexco has a long history of expanding the operation's mineral resources through successful exploration.
Forward-Looking Statements
Some statements ("forward-looking statements") in this news release contain forward-looking information plans related to Alexco's business and other matters that may occur in the future, made as of the date of this news release. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements. Such factors include, among others, risks related to risks and uncertainties relating to the COVID-19 pandemic including but not limited to business closures, travel restrictions, quarantines and a general reduction in consumer activity; actual results and timing of exploration and development, mining, environmental services and remediation and reclamation activities; future prices of silver, gold, lead, zinc and other commodities; possible variations in mineral resources, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; First Nation rights and title; continued capitalization and commercial viability; global economic conditions; competition; and delays in obtaining governmental approvals or financing or in the completion of development activities. Forward-looking statements are based on certain assumptions that management believes are reasonable at the time they are made. In making the forward-looking statements included in this news release, Alexco has applied several material assumptions, including, but not limited to the circumstances surrounding the COVID-19 pandemic, although evolving, will stabilize or at least not worsen; that the extent to which COVID-19 may impact the Company, including without limitation disruptions to the mobility of Company personnel, costs associated with implementation of health and safety protocols, increased labour and transportation costs, and other related impacts, will not change in a materially adverse manner; Alexco will be able to raise additional capital as necessary, that the proposed exploration and development activities will proceed as planned, and that market fundamentals will result in sustained silver, gold, lead and zinc demand and prices. There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Alexco expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation.
View original content:http://www.prnewswire.com/news-releases/alexco-announces-first-quarter-2021-results-301290248.html
SOURCE Alexco Resource Corp.
Copyright 2021 Canada NewsWire
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