Today, Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX:
TXG) released the Company’s financial results for the three and six
months ended June 30, 2020 as well as its updated operational
outlook for 2020.
Due to the COVID-19 decree issued by the
Government of Mexico, production at El Limón Guajes (ELG) was
temporarily suspended for the month of April and partially resumed
in May with the processing of lower grade stockpiled material.
Following the designation of mining as an essential activity in
Mexico, full production resumed at the beginning of June.
Jody Kuzenko, President & CEO of Torex,
stated:
“While this quarter was far from business as
usual, we delivered solid operational performance and demonstrated
the financial strength of our business even in these most
challenging times. Despite the mandated suspension of our
operations due to COVID-19, we produced 59,500 ounces of gold,
delivered $49.3 million in adjusted EBITDA and $28.1 million in
operating cash flow (prior to non-cash working capital). With
operations back on track, $176.9 million in the bank and a robust
gold price at hand, we plan to direct our cash flow to further
reducing debt during the second half of 2020.
“With the steady state production run rate
reestablished in June, we are well positioned to deliver a solid
second half of the year, and are off to a strong start with 42,630
ounces of gold produced in July, following 38,890 ounces produced
in June. Our expectations are reflected in the revised
production guidance of between 390,000 and 420,000 ounces of gold
in 2020.
“During the quarter, we also kept pace on
planned investment associated with our future. The modest increase
in our capital expenditure forecast for the remainder of 2020
relative to original guidance reflects our decision to advance
projects which we believe will add incremental value for
shareholders. We are increasing exploration investment in ELG
underground and building a third portal to access our underground
deposits there, which we expect will cut the current haulage
distance in half thereby reducing operating costs.
Additionally, we have added a south portal to the Media Luna design
in order to mitigate any schedule risk associated with the 7 km
long access tunnel.
“I’m particularly proud that we continued to
demonstrate our industry leadership in safety this quarter, with
more than seven million hours now worked without a single lost time
injury. Our strong culture of safety has served us well as we
continue to keep our operations running safely by continuously
enhancing our controls to prevent the spread of COVID-19 among our
employees and local communities.
“With a solid balance sheet, strong momentum on
production, gold prices reaching record highs and most importantly,
an exceptional team delivering exceptional operational performance,
we are poised to deliver very strong results in H2 2020, into 2021
and beyond.”
This release should be read in conjunction with
the Company’s June 30, 2020 Financial Statements and MD&A on
the Company’s website or on SEDAR. A summary of Torex’s operating
and financial results can be found in Table 2.
Q2 2020 Highlights
- Safety: Zero lost time injuries in the
quarter and more than 7 million hours worked since the last lost
time injury more than a year ago.
- ESG (Environment, Social, Governance): – On
August 4th, the Company issued its 2019 Responsible Gold Mining
Report, which is available on our website (www.torexgold.com).
- Gold production: Produced 59,508 ounces of
gold including 38,892 ounces in June.
- Plant throughput and availability: Plant
throughput averaged 7,560 tonnes per day1 for the quarter,
including 11,873 tonnes per day processed in June.
- Gold sold: 63,147 ounces of gold sold at an
average realized gold price2 of $1,712 per ounce.
- Care and maintenance costs of $11.1 million
related to the COVID-19 suspension of operations have been
excluded, $8.0 million from production costs and $3.1 million
from depreciation.
- Total cash costs2 and all-in sustaining
costs2: Total cash costs of $740 per ounce and all-in
sustaining costs of $1,015 per ounce, which exclude $8.0 million of
production costs related to the COVID-19 suspension of
operations.
- Net income: Net income of $3.8 million,
or $0.04 per share on a basic and diluted basis.
- Adjusted net
earnings2: Adjusted net
earnings of $3.6 million, or $0.04 per share on a basic and diluted
basis. Adjusted net earnings for the quarter excludes $11.1 million
of care and maintenance costs related to the COVID-19 suspension of
operations ($7.8 million or $0.09 per share on a tax adjusted
basis).
- EBITDA2 and Adjusted
EBITDA2: Generated EBITDA of $44.8 million and
adjusted EBITDA of $49.3 million. Adjusted EBITDA excludes $8.0
million of production costs related to the COVID-19 suspension of
operations.
- Cash flow from operations: Cash flow from
operations totaled $2.2 million ($28.1 million prior to changes in
non-cash working capital), including income taxes paid of $14.8
million.
- Free cash flow2: Deficiency of $28.5
million after taking into account changes in non-cash working
capital.
- Cash balance: As at June 30, 2020 totaled
$176.9 million, all unrestricted.
- Debt: Repaid $21.7 million of outstanding debt
during the quarter. Drew $90.0 million on the Revolving Facility
during the quarter. Total debt stood at $225.2 million as of June
30, 2020.
- Losses on derivative contracts: $2.7 million
in losses on derivative contracts this quarter, primarily due to a
marked increase in gold price.
1 Based on 91 calendar days for the three months ended June
30, 2020.2 Refer to “Non-IFRS Financial Performance Measures”
within the MD&A for further information and a detailed
reconciliation.
Guidance Update With the
resumption of full operations at ELG in June 2020, the Company has
revised its operational outlook for 2020. The lower guided output
and higher costs primarily reflect the impact the COVID-19 related
suspension had on operations in Q2. As with everywhere else in the
world, uncertainty still exists over the extent and duration of the
impacts that COVID-19 could have on operations, and as such, may
impact our ability to achieve the revised outlook outlined in Table
1. There are no changes to the safety and environmental
objectives.
Table 1: Revised 2020 Operational Outlook |
|
Original Outlook |
Revised Outlook |
Gold production |
420,000 to 480,000 ounces |
390,000 to 420,000 ounces |
Total cash costs per ounce of gold sold |
$640 to $670 |
$695 to $740 |
All-in sustaining costs per ounce of gold sold |
$900 to $960 |
$965 to $1,025 |
Capitalized waste stripping |
$51 million |
$46 million |
Other sustaining investment |
$34 million |
$37 million |
Sustaining capital expenditures |
$85 million |
$83 million |
Non-sustaining capital expenditures |
$82 million |
$92 million |
The increase in guidance on non-sustaining
capital expenditures includes a $7.0 million increase in investment
in the Media Luna project for the ‘South Portal’ and additional
equipment, to ensure that the project stays on schedule; and $3.5
million to develop ‘Portal 3’ in order to mine the Sub-Sill
Extension area and the El Limón Deep Extension in an efficient and
cost-effective manner.
Enhanced Balance Sheet
LiquidityDuring the quarter, we drew down $90.0 million on
our revolving credit facility to enhance balance sheet liquidity.
With strong cash flow projected for the remainder of the year, we
expect to be in a net cash position before year-end, having exited
June 2020 with net debt of $53.5 million from $26.3 million at the
end of Q1.
COVID-19 UpdateThe enhanced
COVID-19 control measures put in place in March remain in place
today, and screening measures continue to be effective. To date,
there have been four confirmed cases of COVID-19 within our
workforce. Three of those individuals displayed symptoms and tested
positive at home while away from site and are now fully recovered.
The fourth individual tested positive at site and was quarantined
as outlined in our COVID-19 protocols.
Continued support has been provided for COVID-19
management in neighbouring communities, including the
implementation of infection prevention education campaigns for
adults and children, the delivery of medical equipment for local
health centres, and the donation of hand sanitizer and medical
masks.
Conference Call and Webcast
DetailsThe Company will host a conference call today at
9:00 AM (ET) where senior management will discuss the second
quarter operating and financial results. Please call the below
numbers approximately 10 minutes prior to the start of the
call:
- Toronto local or international:
1-416-915-3239
- Toll-Free (North America):
1-800-319-4610
- Toll-Free (France): 0800-900-351
- Toll-Free (Switzerland):
0800-802-457
- Toll-Free (United Kingdom):
0808-101-2791
A live audio webcast of the conference call will
be available on the Company’s website at www.torexgold.com. The
webcast will be archived on the Company’s website.
About Torex Gold Resources
Inc.Torex is an intermediate gold producer based in
Canada, engaged in the mining, developing and exploring of its 100%
owned Morelos Gold Property, an area of 29,000 hectares in the
highly prospective Guerrero Gold Belt located 180 kilometres
southwest of Mexico City. The Company’s principal assets are the El
Limón Guajes mining complex (“ELG” or the “ELG Mine Complex”),
comprising the El Limón, Guajes and El Limón Sur open pits, the El
Limón Guajes underground mine including zones referred to as
Sub-Sill and ELD, and the processing plant and related
infrastructure, which commenced commercial production as of April
1, 2016, and the Media Luna deposit, which is an early stage
development project, and for which the Company issued an updated
preliminary economic assessment in September 2018 (the “Technical
Report”). The property remains 75% unexplored.
For further information, please contact:
TOREX GOLD RESOURCES INC. |
Jody KuzenkoPresident and CEODirect: (647) 725-9982Email:
jody.kuzenko@torexgold.com |
Dan Rollins Vice President, Corporate Development & Investor
Relations Direct: (647) 260-1503 Email:
dan.rollins@torexgold.com |
CAUTIONARY NOTES
This news release contains “forward-looking
statements” and “forward-looking information” within the meaning of
applicable Canadian securities legislation. Forward-looking
information includes, but is not limited to, the Company’s
operations are back on track; the Company’s plan to direct its
growing cash position to reducing debt during the second half of
2020; with the normal production run rate reestablished in June,
the Company is well positioned to deliver a solid second half of
the year; the Company’s revised production guidance for 2020 of
between 390,000 and 420,000 ounces of gold sold; the modest
increase in the Company’s capital expenditure forecast for the
remainder of 2020 relative to original guidance reflects the
Company’s decision to advance projects which it believes will add
incremental value for shareholders; plans to increase
exploration investment in ELG underground and building a third
portal to access its underground deposits there, which is expected
cut the current haulage distance in half thereby reducing operating
costs; the addition of a south portal to the Media Luna design in
order to mitigate any schedule risk associated with the 7 km long
access tunnel; plans to continuously enhancing controls to prevent
the spread of COVID-19 among the Company’s employees and local
communities; expectation of operations continuing to run safely due
the strong safety culture, including the continued enhancements
control the spread of COVID-19; with a solid balance sheet, strong
momentum on production, gold prices reaching record highs and most
importantly, an exceptional team delivering exceptional operational
performance, the Company is poised to deliver very strong results
in H2 2020 and into 2021 and beyond; the COVID-19 disruption to the
ELG operations will materially affect the Company’s performance for
2020; the Company revised its operational outlook for 2020 as
outlined in the news release; the planned increase investment
in the Media Luna project for the ‘South Portal’ and additional
equipment, to ensure that the project stays on schedule; the plan
to invest $3.5 million to develop ‘Portal 3’ in order to mine the
Sub-Sill Extension area and the El Limón Deep Extension in an
efficient and cost-effective manner; with strong cash flow
projected for the remainder of the year, the Company expects to be
in a net cash position before year-end; and the expected
effectiveness of the enhanced COVID-19 control measures. Generally,
forward-looking information can be identified by the use of
forward-looking terminology such as “plans,” “expects,” or “does
not expect,” “is expected,” “budget,” “scheduled,” “goal,”
“estimates,” “forecasts,” “intends,” “anticipates,” or “does not
anticipate,” “believes” or “potential” 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 information is subject to known and
unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of
the Company to be materially different from those expressed or
implied by such forward-looking information, including risks
associated with the impacts of COVID-19 on the mining, development
and exploration operations; and the Company’s ability to
achieve the revised 2020 operational outlook; predictability of the
grade; fluctuation in gold and other metal prices; currency
exchange rate fluctuations; capital and operational cost
estimates; satisfying financial covenants under the Company’s debt
facility; illegal blockades; dependence on good relationships with
employees and contractors and labour unions; the ability to secure
necessary permits and licenses; foreign operations and political
and country risk; risks associated with skarn deposits; hedging
contracts; interest rate risk; as well as those risk factors
included herein and elsewhere in the Company’s public disclosure.
Notwithstanding the Company's efforts, there can be no guarantee
that the Company does not have employees who have the COVID-19
infection or that the Company’s measures to protect employees and
surrounding communities from COVID-19 during this period will be
effective. Forward-looking information are based on the assumptions
discussed in the Company’s annual information form and such other
reasonable assumptions, estimates, analysis and opinions of
management made in light of its experience and perception of
trends, current conditions and expected developments, and other
factors that management believes are relevant and reasonable in the
circumstances at the date such statements are made. Although the
Company has attempted to identify important factors that could
cause actual results to differ materially from those contained in
the forward-looking information, there may be other factors that
cause results not to be as anticipated. There can be no assurance
that such information will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such information. Accordingly, readers should not place undue
reliance on forward-looking information. The Company does not
undertake to update any forward-looking information, whether as a
result of new information or future events or otherwise, except as
may be required by applicable securities laws.
Table 2: Operating and Financial Results
Summary
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
|
|
Jun 30, |
|
|
Mar 31, |
|
|
Dec 31, |
|
|
Sep 30, |
|
|
Jun 30, |
|
|
Jun 30, |
|
Jun 30, |
|
In millions of U.S. dollars, unless otherwise noted |
|
2020 |
|
|
2020 |
|
|
2019 |
|
|
2019 |
|
|
2019 |
|
|
2020 |
|
2019 |
|
Operating Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mining |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ore tonnes mined |
|
kt |
|
|
697 |
|
|
|
1,837 |
|
|
|
1,573 |
|
|
|
1,416 |
|
|
|
1,810 |
|
|
|
2,534 |
|
|
2,963 |
|
Waste tonnes mined |
|
kt |
|
|
4,435 |
|
|
|
11,726 |
|
|
|
10,795 |
|
|
|
11,923 |
|
|
|
11,450 |
|
|
|
16,161 |
|
|
23,731 |
|
Total tonnes mined |
|
kt |
|
|
5,132 |
|
|
|
13,563 |
|
|
|
12,368 |
|
|
|
13,339 |
|
|
|
13,260 |
|
|
|
18,695 |
|
|
26,694 |
|
Strip ratio 2 |
|
waste:ore |
|
|
6.7 |
|
|
|
6.8 |
|
|
|
7.3 |
|
|
|
9.1 |
|
|
|
6.8 |
|
|
|
6.7 |
|
|
8.6 |
|
Average gold grade of ore mined 4 |
|
gpt |
|
|
3.07 |
|
|
|
2.52 |
|
|
|
3.06 |
|
|
|
3.19 |
|
|
|
2.91 |
|
|
|
2.67 |
|
|
2.73 |
|
Ore in stockpile 5 |
|
mt |
|
|
3.1 |
|
|
|
3.1 |
|
|
|
2.4 |
|
|
|
1.9 |
|
|
|
1.7 |
|
|
|
3.1 |
|
|
1.7 |
|
Processing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total tonnes processed |
|
kt |
|
|
688 |
|
|
|
1,134 |
|
|
|
1,116 |
|
|
|
1,139 |
|
|
|
1,062 |
|
|
|
1,822 |
|
|
2,138 |
|
Average plant throughput 8 |
|
tpd |
|
|
7,560 |
|
|
|
12,464 |
|
|
|
12,130 |
|
|
|
12,380 |
|
|
|
11,670 |
|
|
|
10,011 |
|
|
11,812 |
|
Average gold recovery |
|
% |
|
|
89 |
|
|
|
89 |
|
|
|
89 |
|
|
|
89 |
|
|
|
88 |
|
|
|
89 |
|
|
88 |
|
Average gold grade of ore processed |
|
gpt |
|
|
3.18 |
|
|
|
3.35 |
|
|
|
3.87 |
|
|
|
4.11 |
|
|
|
3.92 |
|
|
|
3.29 |
|
|
3.27 |
|
Production and sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gold produced |
|
oz |
|
|
59,508 |
|
|
|
108,537 |
|
|
|
125,151 |
|
|
|
138,145 |
|
|
|
113,645 |
|
|
|
168,045 |
|
|
191,515 |
|
Gold sold |
|
oz |
|
|
63,147 |
|
|
|
108,064 |
|
|
|
126,910 |
|
|
|
132,535 |
|
|
|
113,419 |
|
|
|
171,211 |
|
|
189,892 |
|
Financial Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
|
|
109.1 |
|
|
|
172.0 |
|
|
|
190.0 |
|
|
|
198.2 |
|
|
|
150.7 |
|
|
|
281.1 |
|
|
252.6 |
|
Cost of sales |
|
$ |
|
|
91.4 |
|
|
|
144.1 |
|
|
|
149.0 |
|
|
|
130.1 |
|
|
|
115.7 |
|
|
|
235.5 |
|
|
200.8 |
|
Earnings from mine operations |
|
$ |
|
|
17.7 |
|
|
|
27.9 |
|
|
|
41.0 |
|
|
|
68.1 |
|
|
|
35.0 |
|
|
|
45.6 |
|
|
51.8 |
|
Net income (loss) |
|
$ |
|
|
3.8 |
|
|
|
(47.0 |
) |
|
|
35.1 |
|
|
|
27.4 |
|
|
|
10.0 |
|
|
|
(43.2 |
) |
|
8.7 |
|
Per share - Basic |
|
$/share |
|
|
0.04 |
|
|
|
(0.55 |
) |
|
|
0.41 |
|
|
|
0.32 |
|
|
|
0.12 |
|
|
|
(0.51 |
) |
|
0.10 |
|
Per share - Diluted |
|
$/share |
|
|
0.04 |
|
|
|
(0.57 |
) |
|
|
0.41 |
|
|
|
0.32 |
|
|
|
0.12 |
|
|
|
(0.51 |
) |
|
0.10 |
|
Adjusted net earnings 1 |
|
$ |
|
|
3.6 |
|
|
|
19.9 |
|
|
|
34.0 |
|
|
|
30.8 |
|
|
|
8.8 |
|
|
|
23.5 |
|
|
3.0 |
|
Per share - Basic 1 |
|
$/share |
|
|
0.04 |
|
|
|
0.23 |
|
|
|
0.40 |
|
|
|
0.36 |
|
|
|
0.10 |
|
|
|
0.28 |
|
|
0.04 |
|
Per share - Diluted 1 |
|
$/share |
|
|
0.04 |
|
|
|
0.23 |
|
|
|
0.40 |
|
|
|
0.36 |
|
|
|
0.10 |
|
|
|
0.28 |
|
|
0.04 |
|
EBITDA 1 |
|
$ |
|
|
44.8 |
|
|
|
39.4 |
|
|
|
102.2 |
|
|
|
116.6 |
|
|
|
74.3 |
|
|
|
84.2 |
|
|
111.5 |
|
Adjusted EBITDA 1 |
|
$ |
|
|
49.3 |
|
|
|
67.4 |
|
|
|
105.1 |
|
|
|
115.1 |
|
|
|
76.5 |
|
|
|
116.7 |
|
|
112.7 |
|
Cost of sales 7 |
|
$/oz |
|
|
1,447 |
|
|
|
1,333 |
|
|
|
1,174 |
|
|
|
982 |
|
|
|
1,020 |
|
|
|
1,375 |
|
|
1,057 |
|
Total cash costs 1 |
|
$/oz |
|
|
740 |
|
|
|
794 |
|
|
|
617 |
|
|
|
561 |
|
|
|
606 |
|
|
|
774 |
|
|
662 |
|
All-in sustaining costs 1 |
|
$/oz |
|
|
1,015 |
|
|
|
975 |
|
|
|
767 |
|
|
|
675 |
|
|
|
760 |
|
|
|
990 |
|
|
922 |
|
Average realized gold price 1 |
|
$/oz |
|
|
1,712 |
|
|
|
1,571 |
|
|
|
1,481 |
|
|
|
1,478 |
|
|
|
1,314 |
|
|
|
1,623 |
|
|
1,309 |
|
Cash from operating activities |
|
$ |
|
|
2.2 |
|
|
|
29.5 |
|
|
|
97.9 |
|
|
|
122.5 |
|
|
|
48.6 |
|
|
|
31.7 |
|
|
80.9 |
|
Cash from operating activities before changes in non-cash working
capital 6 |
|
$ |
|
|
28.1 |
|
|
|
21.8 |
|
|
|
101.4 |
|
|
|
116.9 |
|
|
|
72.6 |
|
|
|
49.9 |
|
|
109.0 |
|
Free cash flow (deficiency) 1 |
|
$ |
|
|
(28.5 |
) |
|
|
2.1 |
|
|
|
71.6 |
|
|
|
96.4 |
|
|
|
20.6 |
|
|
|
(26.4 |
) |
|
13.2 |
|
Net debt 1 |
|
$ |
|
|
53.5 |
|
|
|
26.3 |
|
|
|
21.7 |
|
|
|
97.2 |
|
|
|
221.2 |
|
|
|
53.5 |
|
|
221.2 |
|
Cash and cash equivalents |
|
$ |
|
|
176.9 |
|
|
|
135.7 |
|
|
|
161.8 |
|
|
|
168.0 |
|
|
|
83.5 |
|
|
|
176.9 |
|
|
83.5 |
|
Restricted cash |
|
$ |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
32.3 |
|
|
|
- |
|
|
32.3 |
|
Working capital (deficiency) 3 |
|
$ |
|
|
191.9 |
|
|
|
105.1 |
|
|
|
96.5 |
|
|
|
116.7 |
|
|
|
(27.4 |
) |
|
|
191.9 |
|
|
(27.4 |
) |
Total debt |
|
$ |
|
|
225.2 |
|
|
|
155.2 |
|
|
|
174.9 |
|
|
|
255.7 |
|
|
|
298.2 |
|
|
|
225.2 |
|
|
298.2 |
|
Total assets |
|
$ |
|
|
1,204.1 |
|
|
|
1,154.7 |
|
|
|
1,229.6 |
|
|
|
1,263.1 |
|
|
|
1,230.2 |
|
|
|
1,204.1 |
|
|
1,230.2 |
|
Total liabilities |
|
$ |
|
|
419.2 |
|
|
|
373.7 |
|
|
|
394.8 |
|
|
|
464.6 |
|
|
|
461.0 |
|
|
|
419.2 |
|
|
461.0 |
|
- Adjusted net earnings, total cash costs, all-in sustaining
costs, average realized gold price, EBITDA, adjusted EBITDA, free
cash flow (deficiency) and net debt are financial performance
measures with no standard meaning under International Financial
Reporting Standards (“IFRS”). Refer to “Non-IFRS Financial
Performance Measures” within the Q2 2020 MD&A for further
information and a detailed reconciliation.
- Ore mined from the ELG Underground of 31 kt and 132 kt is
included in ore tonnes mined and excluded from the strip ratio in
the three and six months ended June 30, 2020. For the three
months ended March 31, 2020, December 31, 2019, September 30, 2019,
and June 30, 2019, ore mined from the ELG Underground was 101 kt,
98 kt, 102 kt and 117 kt, respectively.
- Current liabilities at June 30, 2019 included a scheduled
repayment of $75.0 million in June 2020 under the 2017 revolving
facility. As a result of the subsequent refinancing, the
$75.0 million due under the 2017 revolving facility was
deferred.
- Included within average gold grade of ore mined is the mined
long term, low grade inventory. Excluding the long term, low grade
inventory, the average gold grade of ore mined is 3.32 gpt and 2.86
gpt for the three and six months ended June 30, 2020. For the
three months ended March 31, 2020, December 31, 2019, September 30,
2019, and June 30, 2019, excluding the long term, low
grade inventory, the average gold grade of ore mined is 2.62 gpt,
3.23 gpt, 3.37 gpt and 3.33 gpt, respectively.
- Included within ore in stockpile is 1.0 mt of long term, low
grade inventory, with a carrying value of nil at June 30,
2020. As at March 31, 2020, December 31, 2019,
September 30, 2019, and June 30, 2019, the long term, low
grade inventory was 0.9 mt, 0.8 mt, 0.6 mt and 0.5 mt,
respectively, with nil carrying value. As at June 30, 2020 the
long term, low grade inventory has an average grade of 0.87
gpt.
- Cash generated from operating activities before changes in
non-cash working capital was amended to exclude current income tax
expense in order to align with changes in presentation of the
Company’s Statement of Cash Flows.
- Cost of sales for the three and six months ended June 30, 2020
includes $11.1 million of care and maintenance costs related to the
COVID-19 suspension.
- Based on calendar days in the period of 91 and 182 days for the
three and six months ended June 30, 2020.
- Sum of quarters may not add to the year to date amounts due to
rounding.
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