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Higher consolidated gold production up to 28%
Gross profit greater than 312%
Solid $30.2 million money position
Coc decreased by 25% to $586/oz Au and AISC decreased by 35% to $882/oz Au
TORONTO / ACCESSWIRE / August 6, 2020 / Jaguar Mining Inc. (“Jaguar” or the “Company”) (TSX: JAG) today announced its monetary and operational effects for the 3 months (“Q2 2020”) and the six months ended June 30, 2020. All figures are in U.S. dollars, unless otherwise noted.
Operational summary Q2 2020
Consolidated gold production increased by 43% with 23483 ounces produced (208,000 tonnes of milling, 4.00 g/t) in the second quarter of 2020 to 16365 ounces produced in the first quarter of 2019 and 28% to 18366 ounces produced in the second quarter of 2019.
Gold production at the Pilar mine increased to 17% with 13452 ounces produced to 11521 ounces produced in the first quarter of 2020 and higher to 28% of the 10543 ounces produced in the second quarter of 2019.
Turmalina’s gold production increased by 6% with 10031 produced from 9487 produced in the first quarter of 2020 and 28% higher from 7823 produced in the current quarter of 2019.
Higher primary progression by 30% at 1,707 meters, with 1,310 meters completed in the 2019 quarter.
Continuous capital expenditures of $6.1 million invested in mining appliances and development.
Summary of second quarter 2020 monetary results
Gross margin increased 312% to $23.9 million from $5.8 million in the second quarter of 2019.
The increase in profitability in the second quarter of 2020 reflects top operating production quarter by quarter, as well as an increase in average learned gold value from $1703/oz in the second quarter of 2020 to $1286/oz for the second quarter of 2019.
Consolidated money consistent with expenses (“COC”) decreased by 25% to $586 in line with the ounce of gold sold in the second quarter of 2020, to $786 in the second quarter of 2019.
Consolidated all-in sustaining costs (“AISC”) decreased 35% to $882 per ounce of gold sold in Q2 2020, compared to $1,366 during Q2 2019.
Decrease in costs is mainly due to increase in production, higher head-grade and devaluation of the BRL currency.
Operating money of $27.5 million; Adjusted EBITDA of $27.2 million.
Net earnings of $19.2 million or consistent profits with a consistent percentage of $0.03.
The free money was $21.4 million for the 2020 quarter based on operating money Fix less maintenance capital, compared to negative $0.9 million in the 2019 quarter. Free money for the quarter included approximately $3.2 million in sales earnings for the first quarter of 2020 that were earned at the time of the quarter. 2020
Free cash flow was $858 per ounce sold in Q2 2020 compared to negative $47 per ounce sold in Q2 2019.
Solid money as of June 30, 2020, with $30.2 million worth of money compared to $12.1 million as of March 31, 2020, demonstrating a significant generation of pre-tax loose money.
Vern Baker, president and CEO of Jaguar Mining, said: “These strong quarterly effects at the moment reflect our steady progress toward our sustainable 25,000-ounce target consistent with gold and quarter prices. We are pleased to announce that this is now our fifth consecutive quarter with the expansion of ounce production. All members of our Brazilian team of miners have demonstrated their commitment to get our company through the existing COVID-19 crisis and the construction of a sustainable organization.
COVID-19 reinforces our main threat in terms of maintaining momentum. Cases in Brazil are increasing and our team has reported their first cases with our staff. However, the team remained calm and focused, and others who were positive about the virus have now returned to their pictures after proper quarantine. All of our painters are running to manage our way through the COVID-19 problem, and we have developed plans to deal with possible scenarios as the stage continues to unfold.
Vern added: “We are pleased to announce that the Pilar gold mine reached a new production record for the quarter with 13,452 ounces produced. Production at the Turmalina gold mine continues to improve, and this quarter saw a 6% increase during the last quarter. 10,031 ounces produced. The matrix and progression rates in Turmaline are sufficient to increase production in the part of the year.
Jaguar enters the bulk of the year with a very solid balance sheet, a sustainable production platform, adequate exploration opportunities, an impressive position in the iron ring; whether in acres and for infrastructure, and an exceptional monetary position. As a result of this strong performance, our Support Board approved new expenses in 2020 for allocation exploration and evaluation. “
Second Quarter 2020 monetary results
Related images Table 1 Table 2
Cash and use of funds
Solid money as of June 30, 2020, with money of $30.2 million compared to $12.1 million as of March 31, 2020. Brazilian bank debt of $1 million was also paid and $0.7 million of non-unusual shares were repurchased through the issuer in the general course. Implementation Program business.
As of June 30, 2020, current capital $25.8 million, compared to $9.4 million as of December 31, 2019, which includes $3.5 million in loans from Brazilian banks, which are due every six months and are expected to be deferred.
Qualified Persons
The clinical and technical data contained in this press release have been reviewed and approved through Jonathan Victor Hill, BSc (Hons) (Economic Geology – UCT), Senior Expert Advisor Geology and Exploration at the Jaguar Mining Management Committee, who is also a worker at Jaguar Mining Inc., and is a “qualified person” under Regulation 43-101 – Mining Project Information Standards (Regulation 43-101).
The Iron Ring
The iron quadrilateral is a mining exploration domain dating back to the 16th century. The discovery in 1699-1701 of iron-contaminated gold and platinum organization metals in the southeast corner of the iron ring gave rise to the city call Ouro Preto (black gold). The iron ring world-class gold deposits of several million ounces such as Morro Velho, Cuiaba and Sao Bento. Jaguar has the largest gold land position of the moment in the iron ring with just over 25,000 hectares.
About Jaguar Mining Inc.
Jaguar Mining Inc. is a Canadian-listed gold mining, progression and exploration junior company operating in Brazil with 3 gold mining complexes and giant terrain with significant prospects for significant exploration of approximately 64,000 hectares of mineral concessions. The company’s main operating assets are located in the Iron Quadranlum, a prolific green rock belt in Minas Gerais state, and come with the Turmalina gold mining complex and the Caeté mining complex (Pilar and Roca Grande mines and the Caeté plant). The Company also owns the Gold Mine Complex, which has been the subject of care and majortenance since 2012. The Roca Grande mine has been majordinate and temporarily majordinated since April 2019. Additional information can be found on the company’s online website at www. jaguarmining.com.
For information, contact:
Vernon Baker, JEFE Jaguar Mining [email protected]
Hashim Ahmed Chief Financial Officer Jaguar Mining Inc. [email protected] 416-847-1854
Forward-looking statements
Certain statements in this news release constitute “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking statements and information are provided for the purpose of providing information about management’s expectations and plans relating to the future. All of the forward-looking information made in this news release is qualified by the cautionary statements below and those made in our other filings with the securities regulators in Canada. Forward-looking information contained in 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. All statements, other than statements of historical fact, may be considered to be or include forward-looking information. This news release contains forward-looking information regarding, among other things, expected sales, production statistics, ore grades, tonnes milled, recovery rates, cash operating costs, definition/delineation drilling, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of projects and new deposits, success of exploration, development and mining activities, currency fluctuations, capital requirements, project studies, mine life extensions, restarting suspended or disrupted operations, continuous improvement initiatives, and resolution of pending litigation. The Company has made numerous assumptions with respect to forward-looking information contained herein, including, among other things, assumptions about the estimated timeline for the development of its mineral properties; the supply and demand for, and the level and volatility of the price of, gold; the accuracy of reserve and resource estimates and the assumptions on which the reserve and resource estimates are based; the receipt of necessary permits; market competition; ongoing relations with employees and impacted communities; political and legal developments in any jurisdiction in which the Company operates being consistent with its current expectations including, without limitation, the impact of any potential power rationing, tailings facility regulation, exploration and mine operating licenses and permits being obtained and renewed and/or there being adverse amendments to mining or other laws in Brazil and any changes to general business and economic conditions. Forward-looking information involves a number of known and unknown risks and uncertainties, including among others: the risk of Jaguar not meeting the forecast plans regarding its operations and financial performance; uncertainties with respect to the price of gold, labour disruptions, mechanical failures, increase in costs, environmental compliance and change in environmental legislation and regulation, weather delays and increased costs or production delays due to natural disasters, power disruptions, procurement and delivery of parts and supplies to the operations; uncertainties inherent to capital markets in general (including the sometimes volatile valuation of securities and an uncertain ability to raise new capital) and other risks inherent to the gold exploration, development and production industry, which, if incorrect, may cause actual results to differ materially from those anticipated by the Company and described herein. In addition, there are risks and hazards associated with the business of gold exploration, development, mining and production, including environmental hazards, tailings dam failures, industrial accidents and workplace safety problems, unusual or unexpected geological formations, pressures, cave-ins, flooding, chemical spills, procurement fraud and gold bullion thefts and losses (and the risk of inadequate insurance, or the inability to obtain insurance, to cover these risks). Accordingly, readers should not place undue reliance on forward-looking information.
For more information on these and other points underlying the forward-looking data presented in this press release, please refer to the Company’s Annual Management Report and Recent Maximum Notice, as well as other public disclosure documents that may be obtained under “Jaguar Mining Inc.” SEDAR emitter profile in www.sedar.com. The forward-looking data in these statements reflect the Company’s moderate expectations as of the date of this press release and would possibly replace it after that date. The Company disclaims any objective or legal responsibility to update or revise any prospective data, whether as a result of new data, long-term or otherwise, unless required to do so by law. The prospective data contained in this press release are expressly qualified through this warning.
Non-IFRS measures
This press release provides secure monetary measures that do not have a standard prescribed through IFRS. Readers are asked to read the footnotes when the company develops its use of non-IFRS-compliant measures.
Prices charged or consistent with prices and money consistent with ounce or price-consistent prices are measures not included in IFRS. In the gold mining industry, wealthy or consistent prices consistent with prices and wealthy prices consistent with prices consistent with an ounce are not unusual measures of functionality, but do not have a standardized meaning. Cash or prices consistent with them are derived from the amounts included in the consolidated statements of the general source of income and come with prices consistent with the prices of mining sites such as mining, processing and administration, as well as royalties, but exclude depreciation, exhaustion and capital. -payments founded. and recovery prices. The cash or inconsistent prices charged consistent with ounces are based on the ounces produced and are calculated by dividing inconsistent or inconsistent prices distributed through ounces of produced gold; Inconsistent prices with U.S. dollar dispensing consistent with the ounce produced are derived from money consistent with the prices consistent with the ounce produced changed over the average exchange rate of the Central Bank of Brazil/US dollar. The Company discloses money consistently with prices and money consistent with the ounce of prices consistent with prices, as it believes that these measures provide valuable assistance to investors and analysts in evaluating the Company’s functionality in a manner consistent with prices and their ability to generate money flow. The maximum measure directly comparable list according to IFRS is the total cost of production. The Company’s 2020 quarter-time control report presented at SEDAR at www.sedar presents a monetary price balance consistent with ounces consistent with overall production prices for the recent maximum report consistent with the period ended June 30, 2020. Com.
The all-inclusive maintenance charge is a non-IFRS measure. This measure is intended to help readers assess the overall gold production prices of daily operations. While there is no popular industry importance in this measure, with the exception of non-monetary elements, the Company’s definition is consistent with the World Gold Council’s definition of all-maintenance charge included in its address note of June 27, 2013. The Company defines the maintenance charge as all inclusive as the sum of production prices, maintenance capital (capital required for existing operations at existing levels), corporate and administrative overheads, and exploration prices at the mine. The all-inclusive maintenance charge excludes expansion capital, higher recovery prices similar to day-to-day operations, interest, and other financing and tax prices. The Company’s quarterly quarterly review report presented at SEDAR in www.sedar.com presents an all-inclusive maintenance charge with total production prices for the recent reporting period, the quarter ending June 30, 2020.
SOURCE: Jaguar Mining Inc.
See the accesswire.com edition: https://www.accesswire.com/600642/Jaguar-Mining-Reports-Second-Quarter-2020-Financial-Results