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Share Name | Share Symbol | Market | Type |
---|---|---|---|
TSXV:JAG | TSX Venture | 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 | - |
TSX-V: JAG
(All figures are in US dollars unless otherwise expressed)
TORONTO, Nov. 25, 2015 /CNW/ - Jaguar Mining Inc. ("Jaguar" or the "Company") (JAG:TSX-V) today announced its operational and financial results for the third quarter ended September 30, 2015.
Q3 2015 FINANCIAL & OPERATING HIGHLIGHTS
($ thousands, except where indicated) |
For the three months ended September 30, |
For the nine months ended September 30, | |||||||
2015 |
2014 |
2015 |
2014 | ||||||
Financial Data |
|||||||||
Revenue |
$ |
28,126 |
$ |
29,015 |
$ |
79,692 |
$ |
90,596 | |
Cost of sales |
21,146 |
30,040 |
67,724 |
90,666 | |||||
Depreciation (included in cost of sales) |
3,254 |
7,728 |
12,891 |
23,743 | |||||
Gross margin |
6,980 |
(1,025) |
11,968 |
(70) | |||||
Gross margin (excluding depreciation)1 |
10,234 |
6,703 |
24,859 |
23,673 | |||||
Net (loss) income |
4,445 |
(9,491) |
(12,884) |
221,393 | |||||
Per share ("EPS") |
0.04 |
(0.09) |
(0.12) |
3.36 | |||||
EBITDA1 |
12,020 |
2,304 |
10,374 |
257,705 | |||||
Adjusted EBITDA2 |
6,415 |
1,326 |
13,757 |
(4,455) | |||||
Sustaining capital expenditures1 |
4,213 |
7,361 |
12,540 |
16,484 | |||||
Non-sustaining capital expenditures1 |
139 |
120 |
389 |
556 | |||||
Total Capital Expenditures3 |
4,352 |
7,481 |
12,929 |
17,040 | |||||
Operating Data |
|||||||||
Average realized gold price ($ per ounce)1 |
$ |
1,118 |
$ |
1,279 |
$ |
1,162 |
$ |
1,278 | |
Gold sold (ounces) |
25,160 |
22,681 |
68,572 |
70,864 | |||||
Gold produced (ounces) |
25,235 |
22,374 |
67,253 |
69,600 | |||||
Definition drilling (meters) |
9,094 |
10,238 |
29,485 |
27,772 | |||||
Cash operating costs (per ounce produced)1 |
$ |
626 |
$ |
969 |
$ |
736 |
$ |
954 | |
Cash operating costs (per ounce sold)1 |
$ |
711 |
$ |
984 |
$ |
800 |
$ |
944 | |
All-in sustaining costs (per ounce sold)1 |
$ |
970 |
$ |
1,494 |
$ |
1,113 |
$ |
1,353 |
1 Average realized gold price, sustaining and non-sustaining capital expenditures, cash operating costs and all-in |
2 Adjusted EBITDA excludes non-cash items such as impairment and write downs. For more details refer to the |
3 These amounts are presented on accrual basis. Capital expenditures are included in our calculation of all-in |
Cash and Gold Bullion | ||||
($ thousands) |
September 30, |
December 31, 2014 | ||
Cash and equivalents |
$ 2,889 |
$ 7,161 | ||
Gold bullion |
- |
1,801 | ||
Total cash and gold bullion |
$ 2,889 |
$ 8,962 |
Financial Highlights
Cash Operating Costs, Capital Expenditures and All-in-sustaining Costs
Operational Highlights
Production
Exploration Drilling and Turmalina Reserve Update
2015 Guidance compared to actual results | ||||||||
2015 Guidance |
Actual | |||||||
Low |
High |
YTD 2015 |
Q3 2015 | |||||
Consolidated |
||||||||
Brazilian Reais vs US dollar foreign exchange rate |
2.5 |
2.5 |
3.2 |
3.5 | ||||
Gold production (ounces) |
92,000 |
92,000 |
67,253 |
25,235 | ||||
Average head grade (g/t) |
3.30 |
3.75 |
3.52 |
3.90 | ||||
Tonnes Processed |
925,000 |
1,025,000 |
659,000 |
223,000 | ||||
Recovery rate |
89% |
90% |
90% |
90% | ||||
Cash operating costs (per ounce produced)1 |
$ |
800 |
$ |
900 |
$ |
736 |
$ |
626 |
All-in sustaining costs (per ounce sold)1 |
$ |
1,100 |
$ |
1,200 |
1,113 |
$ |
970 | |
Definition/delineation drilling |
34,000 |
34,000 |
29,485 |
9,094 | ||||
Turmalina |
||||||||
Gold production (ounces) |
36,210 |
13,994 | ||||||
Average head grade (g/t) |
4.00 |
4.25 |
4.08 |
4.77 | ||||
Tonnes Processed |
475,000 |
525,000 |
306,000 |
101,000 | ||||
Recovery rate |
90% |
91% |
91% |
91% | ||||
Cash operating costs (per ounce produced)1 |
$ |
640 |
$ |
700 |
$ |
592 |
$ |
497 |
All-in sustaining costs (per ounce sold)1 |
$ |
900 |
$ |
1,000 |
$ |
937 |
$ |
866 |
Definition/delineation drilling |
25,000 |
25,000 |
18,843 |
8,374 | ||||
Caeté |
||||||||
Gold production (ounces) |
31,043 |
11,241 | ||||||
Average head grade (g/t) |
2.40 |
2.90 |
3.03 |
3.17 | ||||
Tonnes Processed |
450,000 |
500,000 |
353,000 |
122,000 | ||||
Recovery rate |
89% |
90% |
89% |
89% | ||||
Cash operating costs (per ounce produced)1 |
$ |
1,075 |
$ |
1,175 |
$ |
903 |
$ |
785 |
All-in sustaining costs (per ounce sold)1 |
$ |
1,200 |
$ |
1,300 |
$ |
1,034 |
$ |
893 |
Definition/delineation drilling |
9,000 |
9,000 |
10,642 |
720 | ||||
1Cash operating costs and all-in sustaining costs are non-gaap financial performance measures with no standard |
George Bee, President and Chief Executive Officer of Jaguar commented, "We are delighted to report that both our year-to-date and third-quarter 2015 results reflect continued increases in ore head-grade processed and cost decreases.
In the third-quarter of 2015 consolidated 'cash operating costs' of $626 decreased by 35% or $343 per ounce compared to last year, while on a year-to-date basis our 'cash operating costs' of $736 decreased by 23% or $218 per ounce compared to last year.
In the third-quarter 2015, 'cash operating costs' at our flagship Turmalina mine were $497 per ounce reflecting a reduction of 34% or $252 per ounce compared to 2014.
We continue to deploy significant capital required to normalize the operations of our mines after several years of underfunding, thereby catching up from the depleted state of reserves/resources and the equipment that existed following the 2014 financial restructuring. As a result our AISCs are higher as capital deployment has not yet been reduced to a 'steady state level'.
We credit operating cost improvements not only to the favourable foreign exchange rate movement in Brazil but also the impact of our grade control, operational and administrative initiatives, which are beginning to be realized."
Qualified Person
Scientific and technical information contained in this press release has been reviewed and approved by Marcos Dias Alvim, BSc Geo., MAusIMM (CP), Project Development Manager, who is an employee of Jaguar Mining Inc., and is a 'qualified person' as defined by National Instrument 43-101- Standards of Disclosure for Mineral Projects ("NI43-101").
About Jaguar Mining Inc.
Jaguar is a gold producer with mining operations in a prolific greenstone belt in the state of Minas Gerais, Brazil. Additionally, Jaguar wholly owns the large-scale Gurupi Development Project in the state of Maranhão, Brazil. In total, the Company owns mineral claims covering an area of approximate 197,000-hectares. Additional information is available on the Company's website at www.jaguarmining.com.
FORWARD-LOOKING STATEMENTS
Certain statements in this press release constitute "Forward-Looking Statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, management's assessment of Jaguar's future plans and operation. Certain statements throughout this press release constitute forward-looking statements (forecasts) under applicable securities laws relating to future events or future performance. Forward-Looking Statements can be identified by the use of words such as "are expected", "is forecast", "is targeted", "approximately", "plans", "anticipates" "projects", "anticipates", "continue", "estimate", "believe" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will" be taken, occur or be achieved. Forward-Looking Statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results or performance to be materially different from any future results or performance expressed or implied by the Forward-Looking Statements. Management does not have firm commitments for all of the costs, expenditures, prices or other financial assumptions used to prepare the financial outlooks or assurance that such results will be achieved. The actual results of Jaguar will likely vary from the amounts set forth in the financial outlooks and such variation may be material. Jaguar and its management believe that the financial outlooks have been prepared on a reasonable basis, reflecting the best estimates and judgments, and represent, to the best of management's knowledge and opinion, the Company's expected production, grades, tones milled, recovery rates, cash operating costs, and definition/delineation drilling, in addition to overall expenditures and results of operations during 2015. However, because this information is highly subjective and subject to numerous risks, including the risks discussed below, it should not be relied on as necessarily indicative of future results. Forward-looking information is based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by Jaguar and described in the forward-looking information. The forward-looking information contained in this press release is made as of the date hereof and Jaguar undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.
Forward-Looking Statements involve known and unknown risks, uncertainties and other factors may cause the actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Such risk factors include, among others the risk of Jaguar's not meeting the forecast plans regarding its operations and financial performance, as well as those factors disclosed in the Company's current Annual Information Form and Management's Discussion and Analysis, as well as other public disclosure documents, available on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate. The forward-looking statements contained herein are presented for the purposes of assisting investors in understanding the Company's plan, objectives and goals and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking statements.
These Forward-Looking Statements represent the Company's views as of the date of this press release. The Company anticipates that subsequent events and developments may cause the Company's views to change. Factors, which could cause results or events to differ from current expectations, include, among other things, actions taken against the Company by governmental agencies and securities and other regulators and other factors not currently viewed as material that could cause actual results to differ materially from those described in the Forward-Looking Statements. The Company does not undertake to update any Forward-Looking Statements, either written or oral, that may be made from time to time by or on behalf of the Company subsequent to the date of this discussion except as required by law.
Non-IFRS Measures.
This press release provides certain financial measures that do not have a standardized meaning prescribed by IFRS. Readers are cautioned to review the above stated footnotes where the Company expanded on its use of non-IFRS measures.
Footnotes
SOURCE Jaguar Mining Inc.
Copyright 2015 Canada NewsWire
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