FIRST QUARTER 2021 HIGHLIGHTS
Highlights for the three months ended March 31, 2021 are summarized
below and discussed further in our Management’s Discussion and
In addition to a new and highly accomplished CEO, Mr. Allen
Palmiere, we have added three new independent directors, Ms. Lila
Manassa Murphy, Mr. Joe Driscoll and Mr. Ron Little, to the Board
of Directors. These additions to the Company’s leadership add the
expertise necessary to focus on unlocking the value of our assets
while implementing best in class governance.
A Technical Advisory Committee of qualified professionals has been
established that reports to the Board of Directors with respect to
various technical aspects of exploration, operations and corporate
development. Messrs Dale Finn and Joe Spiteri have been retained as
●For the seventh consecutive year, the Don David Gold Mine
earned the prestigious Empresa Socialmente Responsable (“ESR”)
award from the Mexican Center for Philanthropy (CEMEFI). Awards are
given to organizations who demonstrate a commitment to supporting
social and environmental protection programs within their local
●Annual Meeting of Shareholders will be held on June 4, 2021
in a hybrid (virtual and in-person) meeting format. Information
regarding notice, materials and voting can be found in the 2021
Proxy Statement filed at www.SEC.gov.
●$0.7 million distributed in shareholder dividends, totaling
over $117 million since 2010.
●There have been no lost time incidents at the Don David
Gold Mine during Q1 2021. The Company remains committed to safety,
the environment and the communities around its operations.
●The Don David Gold Mine produced 6,097 gold ounces and
307,610 silver ounces or a total of 10,750 gold equivalent ounces,
of which 5,019 gold ounces and 253,061 silver ounces were payable
ounces sold at an average price per ounce of $1,787 and $26.77,
●Construction of the water filtration plant and dry stack
tailings facilities progressed with an expected completion in the
third quarter. The dry stack facilities will conserve water,
accelerate reclamation of certain areas of the open pit mine as
well as extend the life of tailings storage facilities.
●A total 262 meters of exploration underground development
was completed along with 14 underground diamond drill holes
(totaling 4,099 meters) at our Arista and Switchback vein
●Our balance sheet remains strong with $27.2 million in cash
as of March 31, 2021, an increase of $1.8 million since December
●Cash from operating activities is $6.8 million.
●Net income of $2.5 million or $0.03 earnings per share for
●Working capital from continuing operations increased 5% to
$32.5 million during the quarter.
Total cash cost is $408 per gold ounce equivalent (after
●Total all-in sustaining cost is $937 per gold ounce
equivalent (after co-product credits).1
Total cash cost after co-product credits and all-in sustaining cost
per gold equivalent ounce sold are non-GAAP financial measures.
Please see the Non-GAAP Measures section of the Management's
Discussion and Analysis and Results of Operations for a complete
reconciliation of the non-GAAP measures.