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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Sierra Metals Inc | TSX:SMT | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.01 | 1.22% | 0.83 | 0.82 | 0.84 | 0.84 | 0.83 | 0.84 | 7,785 | 16:12:29 |
VANCOUVER, March 26, 2015 /PRNewswire/ - Sierra Metals Inc. (TSX:SMT) (BVL:SMT) ("Sierra Metals" or the "Company") today reported its financial and operating results for the fourth quarter ("Q4") and year ended December 31, 2014. This press release should be read in conjunction with the Company's audited Financial Statements and Management's Discussion and Analysis ("MD&A") for the year ended December 31, 2014, as available on the Company's website at www.sierrametals.com and on SEDAR at www.sedar.com. All monetary figures are presented in US dollars unless otherwise stated.
Audra Walsh, President and CEO of Sierra Metals, commented: "2014 was an exceptional year for the Company, as reflected in this year's financial and operational results. Revenues and operating cash flows in 2014 increased by 20% and 124%, respectively, despite a 19% and 7% decline in annual realized silver and copper prices, respectively. The increase in revenues in 2014 was driven mainly by higher throughput at our three operating mines and higher lead grades and higher lead and silver recoveries at the Yauricocha Mine, which resulted in higher volumes of concentrates sold." Ms. Walsh continued: "The Company expects to continue expanding and upgrading the mineral reserves and resources at all three mines through mine development and exploration, and continue to deliver solid production and financial results during 2015 and beyond."
2014 Operating and Financial Highlights | ||||||||||
Three Months Ended |
Year Ended | |||||||||
(In thousands of dollars, except per share and cash cost amounts) |
31-Dec-14 |
31-Dec-13 |
31-Dec-14 |
31-Dec-13 | ||||||
Operating |
||||||||||
Ore Processed / Tonnes Milled |
428,859 |
390,781 |
1,706,715 |
1,321,781 | ||||||
Silver Ounces Produced |
875,400 |
653,705 |
3,148,145 |
2,560,467 | ||||||
Copper pounds produced (000's) |
5,908 |
4,819 |
22,643 |
15,905 | ||||||
Lead pounds produced (000's) |
12,096 |
11,278 |
48,834 |
37,957 | ||||||
Zinc pounds produced (000's) |
13,399 |
13,382 |
54,256 |
51,747 | ||||||
Gold ounces produced |
2,329 |
1,665 |
9,457 |
6,736 | ||||||
Silver Equivalent Ounces Produced (000's)1 |
3,058 |
2,596 |
11,788 |
9,439 | ||||||
Cash Cost per Tonne Processed |
$ |
40.48 |
$ |
43.46 |
$ |
40.55 |
$ |
49.21 | ||
Cash Cost (recovery) per silver payable ounce (Yauricocha)2 |
$ |
(19.98) |
$ |
(8.53) |
$ |
(21.25) |
$ |
(12.04) | ||
Cash Cost per copper payable pound (Bolivar)2 |
$ |
1.85 |
$ |
1.69 |
$ |
1.65 |
$ |
1.70 | ||
Cash Cost per silver payable ounce (Cusi)2 |
$ |
12.07 |
$ |
14.25 |
$ |
8.92 |
$ |
15.70 | ||
Financial |
||||||||||
Revenues |
$ |
40,857 |
$ |
36,417 |
$ |
172,614 |
$ |
143,538 | ||
Adjusted EBITDA2 |
$ |
13,404 |
$ |
12,941 |
$ |
72,597 |
$ |
54,502 | ||
Operating Cash Flows |
$ |
12,142 |
$ |
12,418 |
$ |
60,067 |
$ |
26,749 | ||
Adjusted Net Income Attributable to Shareholders2 |
$ |
5,583 |
$ |
1,195 |
$ |
30,496 |
$ |
16,277 | ||
Net income (loss) attributable to shareholders |
$ |
3,366 |
$ |
(14,330) |
$ |
9,300 |
$ |
(33,973) | ||
Cash and Cash Equivalents |
$ |
41,273 |
$ |
44,930 |
$ |
41,273 |
$ |
44,930 | ||
Working Capital |
$ |
23,186 |
$ |
40,997 |
$ |
23,186 |
$ |
40,997 | ||
Shareholders |
||||||||||
Earnings (loss) per Share ("EPS") - Basic |
$ |
0.03 |
$ |
(0.09) |
$ |
0.06 |
$ |
(0.22) | ||
Adjusted EPS2 |
$ |
0.04 |
$ |
0.01 |
$ |
0.19 |
$ |
0.10 | ||
Weighted Average Shares Outstanding for the Periods |
159,764 |
157,949 |
159,302 |
157,836 | ||||||
(1)Silver equivalent ounces were calculated using the following metal prices: $20/oz Ag, $3.00/lb Cu, $0.85/lb Pb, $0.95/lb Zn, $1,250/oz Au. | ||||||||||
(2)This is a non-IFRS performance measure, see Non-IFRS Performance Measures section of the MD&A. |
Operational Highlights
Financial Highlights
Project Development
Exploration Highlights
Weblinks
The Company's audited Financial Statements and MD&A for the year ended December 31, 2014, as available on the Company's website at http://sierrametals.com/investors/reports/
Fourth Quarter 2014 Results Conference Call Webcast
Sierra Metals' senior management will host a conference call on Friday, March 27, 2015 at 10:30 AM (E.S.T.) to discuss the Company's financial and operating results.
Via Webcast:
A live audio webcast of the meeting will be available on the Company's website: http://event.on24.com/r.htm?e=971356&s=1&k=48A8BD32556DAA58378A5B806EB46B2D
The webcast along with presentation slides will be archived for 180 days on www.sierrametals.com
Via phone:
For those who prefer to listen by phone, please use the dial-in instructions below. We recommend you call in approximately five minutes prior to the scheduled start time of the call.
Participant Number (Toll Free Peru): |
0800-53-840 |
Participant Number (Toll Free North America): |
1-(888)-231-8191 |
Participant Number (International): |
(647) 427-7450 |
Conference ID: |
10404484 |
Reply Archive:
A replay of the conference call will be available until 23:59 PM (E.S.T.) on Friday, April 3, 2015 and can be accessed by using the following dial-in numbers:
Encore Toll Free Dial in Number: |
1-855-859-2056 |
Encore Local Dial in Number: |
(416) 849-0833 |
Encore ID: |
10404484 |
About Sierra Metals
Sierra Metals Inc. is a Canadian mining company focused on the production of precious and base metals from its Yauricocha Mine in Peru, and its Bolivar Mine and Cusi Mine in Mexico. In addition, Sierra Metals is exploring several precious and base metal targets in Peru and Mexico. Projects in Peru include Adrico (gold), Victoria (copper-silver) and Ipillo (polymetallic) at the Yauricocha Property in the province of Yauyos, and the San Miguelito gold properties in Northern Peru. Projects in Mexico include Bacerac (silver) in the state of Sonora and La Verde (gold) at the Batopilas Property in the state of Chihuahua.
The Company's shares trade on the Lima Stock Exchange (Bolsa de Valores de Lima) and the Toronto Stock Exchange under the symbol "SMT".
Forward-Looking Statements
Except for statements of historical fact contained herein, the information in this press release may constitute "forward-looking information" within the meaning of Canadian securities law. Statements containing forward-looking information express, as at the date of this news release, the Company's plans, estimates, forecasts, projections, expectations or beliefs as to future events or results. These statements reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in filings by the Company with the Canadian securities regulators, which filings are available at www.sedar.com.
SOURCE Sierra Metals Inc.
Copyright 2015 PR Newswire
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