Tahoe Resources Inc. (“Tahoe” or the “Company”) (TSX:
THO) (NYSE: TAHO) today announced financial and operating results
for the second quarter and first half ended June 30, 2018. The
Company produced 102.6 thousand ounces of gold during the quarter
at total cash costs and all-in sustaining costs ("AISC") of $708
and $1,060 per ounce, respectively.
Jim Voorhees, President and CEO of Tahoe: “Our gold business
performed well this quarter with notable improvements over the
prior period. We produced 102.6 thousand ounces and we remain on
track to meet our 2018 full-year production, cost and capital
guidance. At Shahuindo, we achieved record quarterly production of
24.5 thousand ounces and in Timmins we achieved record quarterly
mill throughput of 3,921 tonnes per day (tpd). Construction at our
two expansion projects, the Bell Creek shaft and the Shahuindo
Expansion, continue to progress nicely and both remain on track for
completion by the end of the year, positioning us to achieve our
target of approximately 500 thousand ounces of gold production in
2019. We reported a loss of ($0.05) per share for the quarter
reflecting the continued impact of the Escobal mine suspension and
our ongoing care and maintenance costs to maintain readiness for
restart. While we are disappointed that the Constitutional Court
decision is still pending, we remain focused on those issues within
our control. We continue to have constructive dialogue at the
Casillas roadblock and we believe we are well-positioned to resume
operations at Escobal following a positive court ruling."
Key Financial and Operating
Results
$ millions unless otherwise indicated
Q2 2018
Q2 2017
Q2 YTD2018
Q2 YTD2017
Revenue
$ 127.1 $ 209.6
$ 267.1 $ 460.6
Earnings (loss) and total comprehensive income (loss)
$
(15.6 ) $ 33.5
$ (22.4 ) $ 108.2
Earnings (loss) per share
$ (0.05 ) $ 0.11
$ (0.07 ) $ 0.35 Adjusted earnings (loss)(1)
$ (15.1 ) $ 33.8
$ (22.3
) $ 108.9 Adjusted earnings (loss) per share(1)
$ (0.05 ) $ 0.11
$ (0.07 ) $ 0.35 Cash
provided by operating activities
$
18.2
$
96.1
$
40.3
$
174.6
Cash provided by operating activities before changes in working
capital(1)
$ 31.8 $ 99.4
$ 70.4 $
232.3 Silver Production (moz)(3)
—
4.1
0.1 9.8 Gold production (koz)
103 112
193 231
Total cash cost per silver oz produced ($/oz)(1)(2)
$
— $ 6.73
$ — $ 6.15 AISC per silver oz
produced ($/oz)(1)(2)
$ — $ 10.00
$ — $
8.91 Total cash cost per gold oz produced ($/oz)(1)(2)
$
708 $ 601
$ 748 $ 587 AISC per gold oz
produced ($/oz)(1)(2)
$ 1,060 $ 925
$
1,106 $ 892 Sustaining capital
$ 24.9 $ 16.7
$ 32.6 $ 26.5 Project capital
$ 51.8 $
31.3
$ 87.9 $ 46.8 Exploration expense
$
4.4 $ 5.9
$ 7.2 $ 10.1 Corporate G&A
$ 13.7 $ 11.4
$ 25.5 $ 23.1 Weighted
average shares outstanding (basic, in millions)
313.25 312.79
313.22 312.43 (1)
See “Cautionary Note on Non-GAAP Financial Measures” at the
end of this news release. (2) Total cash costs and AISC are
presented net of by-product credits. (3) No silver was produced
from Escobal during Q2 2018 while the mine remained on care and
maintenance.
Q2 2018 Summary & Highlights:
Gold production and costs on track during Q2 2018 to meet
full-year 2018 guidance – Q2 2018 gold production totaled 102.6
thousand ounces at total cash costs and AISC of $708 and $1,060 per
ounce, respectively. The Company remains on track to be within all
previously published production, cost and capital guidance for the
year 2018 with gold production weighted to the second half of the
year.
Shahuindo achieved record quarterly gold production of 24.5
thousand ounces – The Company achieved record production at
Shahuindo during the quarter as the mine continues to ramp up. The
mine is currently operating at a rate of 17,000 tpd and is
scheduled to increase to 36,000 tpd by the end of 2018, using a
combination of run-of-mine (ROM) and crushing and agglomeration
(C&A) to process the ore. During the quarter, approximately 80%
of the ore placed onto the leach pads was truck dumped ROM and 20%
was processed through the C&A circuit. As ore body knowledge
and operating experience is gained, ore characteristics are
continually assessed to determine amenability for ROM versus
processing through C&A.
La Arena production weighted to second half of the year –
The quarterly production at La Arena was impacted by the 13-day
labor strike at the end of April. Although leaching continued
throughout the quarter, ore stacking was temporarily curtailed
during the strike, and ounces leached are slightly behind plan.
Production at La Arena remains on track to meet full year
production and cost guidance.
Bell Creek Mill achieved record quarterly throughput of 3,921
tpd – Mill operations averaged a record 3,921 tpd in Q2 2018 as
part of the Company's efforts to optimize the Timmins operations.
Once the Bell Creek shaft project is complete and the mine ramps
up, management estimates that the mill will be able to achieve
sustainable average throughput of approximately 4,400 tpd with
minimal additional capital expenditure.
Earnings adversely impacted by the Escobal mine
suspension – Loss of $15.6 million ($0.05 per share) was
negatively impacted by the ongoing suspension of mining activities
at the Escobal mine, which resulted in no material revenue for the
quarter, compounded by care and maintenance costs of $8.1 million
($0.03 per share).
Positive cash flow of $18.2 million – Cash flow provided
by operating activities was $18.2 million and cash flow provided by
operating activities before changes in working capital totaled
$31.8 million for the quarter, despite the ongoing suspension at
Escobal.
Net liquidity position of $119.7 million – Tahoe ended
the quarter with $69.7 million in cash and cash equivalents. During
the quarter, the Company drew $75.0 million on its revolving credit
facility and has a remaining available balance of $100.0 million
undrawn plus a $25.0 million accordion. The drawing on the credit
facility in 2018 was planned in order to support the completion of
the two expansion projects in Canada and Peru.
Shahuindo Expansion on track for 36,000 tpd ramp-up by
year-end – Detailed engineering of the 24,000 tpd C&A
circuit is significantly advanced, procurement of critical items is
substantially complete and construction was focused on civil works
during the quarter. Expansion of the adsorption, desorption and
refining (ADR) process plant is 84% complete and progress on the
electrical substation and transmission line for the project
continued during Q2 2018.
The Shahuindo Expansion project remains within original
guidance. The Shahuindo Expansion includes the 36,000 tpd
C&A circuit (with estimated capital guidance of $80 million) as
well as the expansion of the ADR plant to 36,000 tpd, the
installation of a 220kv transmission line and substation, leach pad
2B and other associated secondary projects such as the water
treatment facilities. Total estimated costs for the Shahuindo
Expansion (including the $80 million C&A circuit) is $170 to
$180 million, of which $120.8 million has been spent through June
30, 2018 ($34.3 million in Q2 2018) with an additional $23.2
million committed. Approximately $30 to $35 million of the total
Shahuindo Expansion guidance is expected to be spent for the
secondary projects in 2019.
Bell Creek shaft project progressing towards completion in
early Q4 2018 – The Bell Creek shaft project continues to
progress well. The overall construction is expected to be complete
by early Q4 2018 with the final commissioning through the end of
the year. All shaft excavation is now complete. Construction
activities underground are progressing in the loading pocket,
conveyor gallery and ore/waste chute installations and at both
truck dump stations. Surface construction continued with the
headframe and majority of structural steel work substantially
complete. The shaft project is estimated to be within 5% of the
original $80 million guidance. Approximately $71.4 million has been
spent through June 30, 2018 ($10.9 million spent in Q2 2018). Of
the remaining amount, the Company has made $5 million in project
commitments.
Organizational Changes – On June 15, 2018, James S.
Voorhees assumed the position of President and CEO of Tahoe
Resources following the retirement of Ron W. Clayton. Mr.
Voorhees has been a director of the Company since its inception in
2010, and remains on the Board of Directors. For additional
information please refer to the news release dated June 12, 2018
available on the Company's website at www.tahoeresources.com.
Guatemala Update:
Update on Escobal Mining License and Export Credential –
On July 5, 2017, the Company was notified that the Supreme Court of
Guatemala issued a provisional decision in respect of the action
against the Ministry of Energy and Mines ("MEM") that suspended the
Escobal mining license of Minera San Rafael ("MSR") until the
underlying civil claim was fully heard on the merits. On September
10, 2017, the Supreme Court issued a definitive decision on the
merits of the underlying claim and reinstated Escobal’s mining
license. The ruling allowed Escobal to restart operations
immediately and to continue to operate during consultation. The
ruling also ordered MEM to consult with the Xinka indigenous
communities within a certain geographic area within 12 months. In
response to a motion for clarification filed by MSR, on August 26,
2017 the Supreme Court confirmed that MEM must consult in four
municipalities in the region of the Escobal mine: Casillas, Nueva
Santa Rosa, Mataquescuintla and San Rafael Las Flores. CALAS and
other interested parties appealed the Supreme Court’s decision
reinstating the Escobal license to the Constitutional Court which
heard the matter on October 25, 2017. The Constitutional Court was
expected to rule on the appeals before the end of 2017, but has not
yet ruled.
On March 8, 2018, the Constitutional Court requested that
additional information in the case be provided by certain third
parties, including original copies of documents submitted in July
2017, as well as an anthropological study of the surrounding
communities to establish the current populations of indigenous
people in San Rafael las Flores and several surrounding
communities, a third-party review of the Escobal Environmental
Impact Study and the mitigation measures required by the study, and
a third-party review of the MEM’s consultation process that led to
the initial mining license being granted in 2013. All requested
information was provided to the Constitutional Court by the third
parties by April 10, 2018.
On April 14, 2018, Dina Ochoa was appointed as the new
Constitutional Court President, an appointment which changes
annually. Since her appointment, Magistrate Ochoa publicly stated
it was her priority to resolve cases expeditiously, including the
case related to the Escobal license appeal.
In June 2017, the Company filed its annual request to renew the
export credential with MEM. However, MEM did not renew the
credential because its renewal had become contingent on the Supreme
Court's reinstatement of the Escobal mining license since a mining
license is required in order for an export credential to be issued.
The credential therefore expired in August 2017. The Company
expects that MEM will renew the export credential in the event of a
positive ruling from the Constitutional Court reinstating the
license.
Update on Guatemala Roadblock – Since June 7, 2017, a
group of protesters near the town of Casillas has blocked the
primary highway that connects Guatemala City to San Rafael Las
Flores and the Escobal mine. Operations were reduced between June 8
and June 19, 2017 and were fully suspended on July 5, 2017,
following the Supreme Court’s provisional decision to suspend the
Escobal mining license while the case against MEM was heard on the
merits.
The roadblock has limited the transport of necessary supplies
and fuel for the purpose of mine maintenance, although the
Company's Guatemalan subsidiary, Minera San Rafael ("MSR") has
maintained sufficient supplies to ensure compliance with
environmental mitigation measures. The Company believes these
actions are being carried out by a small group of protestors who
are not representative of all community members. Further, the
blockade appears to be politically motivated and substantially
funded by anti-mining groups.
MSR representatives have continued to engage with community
leaders, indigenous groups, government agencies, and international
mediation experts to positive effect. The Company has recently seen
progress aimed at peacefully resolving the roadblock and
constructive dialogue continues today.
Conference Call
Tahoe’s senior management will host a conference call and
webcast to discuss the Q2 2018 results on Thursday, August 2, 2018
at 10:00 a.m. ET (7:00 a.m. PT). To join the call, please dial:
1-800-319-4610 (toll-free from Canada and the
U.S.)
+1-604-638-5340 (from outside Canada and the
U.S.)
The webcast will be available on the Company’s website at
http://www.tahoeresources.com/investor-relations/, as will a
recording of the call later in the day. Complete financial results
for Q2 2018 including the Company’s Management Discussion &
Analysis and other filings will be posted on SEDAR (www.sedar.com)
and EDGAR (www.sec.gov) and on the Company’s website.
About Tahoe Resources Inc.
Tahoe Resources is a mid-tier precious metals company with a
diverse portfolio of mines and projects in Canada, Guatemala and
Peru. Tahoe is led by experienced mining professionals dedicated to
creating sustainable value for all of its stakeholders through
responsible mining. The company is listed on the TSX (“THO”) and
NYSE (“TAHO”) and is a member of the S&P/TSX Composite, the TSX
Global Mining indices and the Russell 2000 on the NYSE.
Qualified Person Statement
Technical information in this news release has been approved by
Thomas F. Fudge, Vice President Operations, Tahoe Resources Inc., a
Qualified Person as defined by NI 43-101.
SELECTED OPERATIONAL RESULTS
Selected quarterly segmented operational information from
continuing operations for Q2 2018 and Q2 2017 was as follows:
Q2 2018/Q2 2017
Escobal La Arena
Shahuindo
Timminsmines
Total Revenues ($ 000's)
$ — $ 48,241
$ 28,150 $ 50,741
$ 127,132 $ 73,416 $ 56,741 $ 25,801 $
53,618 $ 209,576
Silver produced (000’s ozs)
—
5 25 5 35 4,078 7 31 5 4,121
Gold
produced (000’s ozs)
— 36 24 42
103 2 48 21 41 112
Silver sold (000’s ozs)
—
6 24 5 35 4,247 5 31 5 4,288
Gold
sold (000's ozs)
— 37 21 39
97 2 46 20 43 110
Average realized price (per oz)
Silver
$ — $ — $ —
$ — $ — $ 15.72 $ — $ — $ — $ 15.72
Gold
$ — $ 1,296 $ 1,315
$ 1,303 $ 1,303 $ 1,248 $ 1,241 $ 1,251
$ 1,255 $ 1,248
Costs per ounce produced(1) Total cash costs
net of by-product credits silver
$ — $
— $ — $ — $ — $
6.73 $ — $ — $ — $ 6.73 Total cash costs net of by-product credits
gold
$ — $ 680 $ 678
$ 750 $ 708 $ — $ 579 $ 590 $ 633 $ 601
All-in sustaining costs net of by-product credits silver
$
— $ — $ — $ —
$ — $ 10.01 $ — $ — $ — $ 10.01 All-in sustaining
costs net of by-product credits gold
$ — $
1,039 $ 1,036 $ 1,092 $
1,060 $ — $ 789 $ 1,020 $ 1,032 $ 925
Capital
Expenditures Sustaining Capital ($ 000's)
$ 206
$ 8,686 $ 5,569 $ 10,601
$ 24,856 $ 9,147 $ 6,414 $ 4,870 $ 11,850 $ 16,736
Non-Sustaining Capital ($ 000's)
$ — $
— $ 35,471 $ 16,292 $
51,763 $ — $ —
$ 11,842 $ 19,507
$ 31,349 (1) Non-GAAP financial
measures are described in the “Cautionary Note on Non-GAAP
Financial Measures” section of this news release. (2) Numbers may
not calculate due to rounding.
Selected quarterly segmented operational information from
continuing operations for Q2 YTD 2018 and Q2 YTD 2017 was as
follows:
Q2 YTD 2018/Q2 YTD 2017
Escobal La Arena
Shahuindo
Timminsmines
Total Revenues $
(7 ) $ 112,707
$ 53,274
$ 101,100 $
267,074 $ 186,523 $ 115,775 $ 45,250 $ 113,074 $ 460,622
Silver produced (000’s ozs)
— 11 49
9 69 9,692 14 65 11 9,782
Gold produced (000’s
ozs)
— 79 43 72 193 4 101 41 85
231
Silver sold (000’s ozs)
— 16 48
9 74 9,773 13 58 11 9,855
Gold sold (000's
ozs)
— 86 40 77 203 4 95 36 92
226
Average realized price (per oz) Silver
$ —
$ — $ — $ — $
— $ 17.70 $ — $ — $ — $ 17.70 Gold
$ —
$ 1,309 $ 1,321 $ 1,314
$ 1,315 $ 1,281 $ 1,218 $ 1,232 $ 1,206 $ 1,222
Costs per ounce produced(1) Total cash costs net of
by-product credits silver
$ — $ —
$ — $ — $ — $ 6.15 $ — $
— $ — $ 6.15 Total cash costs net of by-product credits gold
$ — $ 680 $ 678 $
750 $ 708 $ — $ 544 $ 587 $ 639 $ 587 All-in
sustaining costs net of by-product credits silver
$ —
$ — $ — $ — $
— $ 8.91 $ — $ — $ — $ 8.91 All-in sustaining costs net of
by-product credits gold
$ — $ 1,039
$ 1,036 $ 1,092 $ 1,060 $
— $ 733 $ 949 $ 1,052 $ 892
Capital Expenditures Sustaining
Capital ($ 000's)
$ 1,670 $ 14,887
$ 10,646 $ 21,891 $
32,554 $ 19,062 $ 12,319 $ 7,523 $ 26,436 $ 26,475
Non-Sustaining Capital ($ 000's)
$ — $
— $ 55,411 $ 32,489 $
87,900 $ — $ —
$ 17,508 $
29,336 $ 46,844 (1)
Non-GAAP financial measures are described in the
“Cautionary Note on Non-GAAP Financial Measures” section of this
news release. (2) Numbers may not calculate due to rounding.
CAUTIONARY NOTE ON NON-GAAP FINANCIAL MEASURES
The Company has included certain non-GAAP financial measures
throughout this document which include total cash costs, all-in
sustaining costs per silver and per gold ounce (“all-in sustaining
costs”), adjusted earnings, adjusted earnings per share, and cash
provided by operating activities before changes in working capital.
These measures are not defined under IFRS and should not be
considered in isolation. The Company’s La Arena, Shahuindo and
Timmins mines primarily produce gold with other metals (primarily
silver), produced simultaneously in the mining process, the value
of which represents a small percentage of the Company’s revenue
from these mines and is therefore considered “by-product”. The
Company’s Escobal mine primarily produces silver in concentrates
with other metals (gold, lead and zinc), produced simultaneously in
the mining process, the value of which represents a small
percentage of the Company’s revenue from the Escobal mine and is
therefore considered “by-product”. The Company believes these
measures may provide investors and analysts with useful information
about the Company’s underlying earnings, cash costs of operations,
the impact of by-product credits on the Company’s cost structure
and its ability to generate cash flow, as well as providing a
meaningful comparison to other mining companies. Accordingly, these
measures are intended to provide additional information and should
not be substituted for GAAP measures. These non-GAAP financial
measures may be calculated differently by other companies depending
on the underlying accounting principles and policies applied.
The Company also reports total operating costs (cost of sales)
per ounce. The Company believes that this metric is important in
assessing the performance of each of the Company’s sold metals and
as a meaningful GAAP-based comparison to other mining companies.
Total operating costs (cost of sales) per ounce sold is calculated
by dividing the total operating costs by gold ounces sold. Total
operating costs (cost of sales) includes production costs,
depreciation and depletion and royalties. The reconciliation of
total operating costs (cost of sales) to total cash costs is
included in the total cash cost and total production cost tables
below.
Consolidated adjusted earnings and
consolidated adjusted earnings per share
The Company has adopted the reporting of consolidated adjusted
earnings (“adjusted earnings)” and consolidated adjusted earnings
per share (“adjusted earnings per share”) as non-GAAP measures of a
precious metals mining company’s operating performance. These
measures have no standardized meaning and the Company’s
presentation of adjusted measures are not meant to be substituted
for GAAP measures of consolidated earnings or consolidated earnings
per share and should be read in conjunction with such GAAP
measures. Adjusted earnings and adjusted earnings per share are
calculated as earnings excluding i) non-cash impairment losses and
reversals on mineral interests and other assets, ii) unrealized
foreign exchange gains or losses related to the revaluation of
deferred income tax assets and liabilities on non-monetary items,
iii) unrealized foreign exchange gains or losses related to other
items, iv) unrealized gains or losses on derivatives other than
provisionally priced trade receivables, v) gains or losses on sale
of assets and the related tax impact of these adjustments
calculated at the statutory effective rate for the same
jurisdiction as the adjustment. Adjustments from unusual events or
circumstances are reviewed periodically based on materiality and
the nature of the event or circumstance.
The Company calculates adjusted earnings and adjusted earnings
per share on a consolidated basis.
$ thousands unless otherwise indicated
Q2 2018 Q2 2017
Q2 YTD2018
Q2 YTD2017
Earnings (loss) $ (15,553 )
$ 33,487
$ (22,415
) $ 117,561 Unrealized foreign exchange loss
(gain)
446 359
100 1,823
Adjusted earnings
(loss) $ (15,107 ) $ 33,846
$
(22,315 ) $ 108,914
Weighted average common
shares outstanding Basic (000’s)
313,253 312,787
313,222 312,430 Diluted (000’s)
313,253 312,869
313,222 312,510
Adjusted earnings (loss) per share
Basic
$ (0.05 ) $ 0.11
$ (0.07
) $ 0.35 Diluted
$ (0.05 )
$ 0.11
$ (0.07
) $ 0.35
Total cash costs before and net of
by-product credits
The Company reports total cash costs on a silver ounce and a
gold ounce produced basis for the Escobal mine and the La Arena,
Shahuindo and Timmins mines, respectively. The Company follows the
recommendation of the cost standard as endorsed by the Silver
Institute ("The Institute”) for the reporting of total cash costs
(silver) and the generally accepted standard of reporting total
cash costs (gold) by precious metal mining companies. The Institute
is a nonprofit international association with membership from
across the silver industry and serves as the industry’s voice in
increasing public understanding of the many uses and values of
silver. This remains the generally accepted standard for reporting
cash costs of silver production by silver mining companies. The
Company believes that these generally accepted industry measures
are realistic indicators of operating performance and are useful in
performing year over year comparisons. However, these non-GAAP
measures should be considered together with other data prepared in
accordance with IFRS, and these measures, taken alone, are not
necessarily indicative of operating costs or cash flow measures
prepared in accordance with IFRS. Total cash costs are divided by
the number of silver ounces contained in concentrate or gold ounces
recovered from the leach pads to calculate per ounce figures. When
deriving the total cash costs associated with an ounce of silver or
gold, the Company deducts by-product credits from sales which are
incidental to producing silver and gold.
Total cash costs per ounce of produced silver net of by-product
credits incorporate all production costs, including adjustments to
inventory carrying values, adjusted for changes in estimates in
reclamation which are non-cash in nature, and include by-product
gold, lead and zinc credits, and treatment and refining charges
included within revenue.
In addition to conventional measures, the Company assesses this
per ounce measure in a manner that isolates the impacts of silver
production volumes, the by-product credits, and operating costs
fluctuations such that the non-controllable and controllable
variability is independently addressed. The Company uses total cash
costs per ounce of produced silver net of by-product credits to
monitor its operating performance internally, including operating
cash costs, as well as in its assessment of potential development
projects and acquisition targets. The Company believes this measure
provides investors and analysts with useful information about the
Company’s underlying cash costs of operations and the impact of
by-product credits on the Company’s cost structure and is a
relevant metric used to understand the Company’s operating
profitability and ability to generate cash flow. When deriving the
production costs associated with an ounce of silver, the Company
includes by-product credits as the Company considers that the cost
to produce the silver is reduced as a result of the by-product
sales incidental to the silver production process, thereby allowing
the Company’s management and other stakeholders to assess the net
costs of silver production.
Total cash costs (silver)
Total cash costs per ounce of produced
silver, net of by-product credits
$ thousands unless
otherwise indicated
Q2 2018 Q2
2017
Q2 YTD2018
Q2 YTD2017
Total operating costs (cost of sales)(1)
$ — $ 42,369
$ — $ 95,854 Depreciation and depletion
—
(14,451 )
— (29,052 ) Change in product inventory
—
6,189
— 6,329 Treatment and refining charges
—
6,934
— 16,205
Total cash
costs before by-product credits $ — $ 41,041
$ — $ 89,336 By-product credits(2)
(13,590 )
(29,740 )
Total cash costs net of by-product
credits $ — $ 27,451
$ — $ 59,596
Silver ounces sold in concentrate (000’s)
— 4,247
—
9,773 Silver ounces produced in concentrate (000’s)
— 4,078
— 9,692
Total operating costs (cost of sales) per ounce
sold $ — $ 9.98
$ — $ 9.81
Total
cash costs per ounce produced before by-product credits
$ — $ 10.06
$ — $ 9.22
Total cash costs per ounce produced net of by-product
credits $ — $
6.73
$ —
$ 6.15 (1) Total
operating costs (cost of sales) includes production costs,
depreciation and depletion and royalties. (2) Gold, lead and zinc
by-product credits are calculated as follows:
Q2
2018 Q2 2017
Quantity
UnitPrice
TotalCredit
Credit perounce
Quantity Unit Price
TotalCredit
Credit perounce
Gold Ounces — —
— — 1,619
$ 1,248 $ 2,021 $ 0.50
Lead Tonnes — — — — 2,026 $
2,147 $ 4,350 $ 0.95
Zinc Tonnes —
— — —
2,767 $ 2,609 $
7,219 $ 1.48
Q2 YTD 2018
Q2 YTD 2017
Quantity
UnitPrice
TotalCredit
Credit perounce
Quantity
Unit Price
TotalCredit
Credit perounce
Gold Ounces — —
— — 3,554
$ 1,281 $ 4,555 $ 0.47
Lead Tonnes — — — — 4,085 $
2,369 $ 6,979 $ 1.00
Zinc Tonnes —
— — —
5,568 $ 2,785 $
15,508 $ 1.60 (3) Numbers
in tables may not calculate due to rounding.
Total cash costs (gold)
Total cash costs per ounce of produced
gold, net of by-product credits
$ thousands unless otherwise indicated
Q2 2018
La Arena Shahuindo
Timmins mines
Total Total operating costs (cost of sales)(1)
$ 36,499 $ 20,380 $ 47,944
$ 104,823 Depreciation and depletion (13,365 ) (4,461 )
(16,235 ) (34,061 ) Change in product inventory 1,316 962 (181 )
2,097 Smelting and refining charges 191
96 36 323
Total
cash costs before by-product credits 24,641
16,977 31,564 73,182 Silver credit(2)
(79 ) (392 ) (89 ) (560 )
Total cash costs net of by-product credits 24,562
16,585 31,475 72,622 Gold ounces sold (000’s)
37.4 21.2 38.9 97.5 Gold ounces produced (000’s) 36.1 24.5 42.0
102.6
Total operating costs (cost of sales) per ounce sold
$ 975 $ 963 $ 1,232
$ 1,075 Total cash costs per ounce produced before
by-product credits $ 682
$ 694 $ 752
$ 713 Total cash costs
per ounce produced net of by-product credits(3)
$ 680 $ 678
$ 750 $
708 Q2 YTD
2018 La Arena
Shahuindo
Timminsmines
Total Total operating costs (cost of sales)(1)
$ 80,070 $ 40,833 $ 98,738
$ 219,641 Depreciation and depletion (27,771 )
(10,319 ) (32,231 ) (70,321 ) Change in product inventory (1,621 )
275 (2,716 ) (4,062 ) Smelting and refining charges 397
178 66
641
Total cash costs before by-product credits
51,075 30,967 63,857 145,899 Silver
credit(2) (257 ) (802 ) (157 )
(1,216 )
Total cash costs net of by-product
credits 50,818 30,165 63,700
144,683 Gold ounces sold (000’s) 86.2 39.8 76.9 202.9 Gold
ounces produced (000’s) 78.5 42.7 72.1 193.4
Total operating
costs (cost of sales) per ounce sold $ 929
$ 1,026 $ 1,284 $ 1,083
Total cash costs per ounce produced before by-product
credits $ 651
$ 725 $ 886
$ 754
Total cash costs per ounce produced net
of by-product credits
$ 647 $ 706
$ 883
$ 748 (1) Total
operating costs (cost of sales) includes production costs,
depreciation and depletion and royalties. (2) Consolidated silver
by-product credits are calculated as follows:
Q2
2018 Q2 YTD 2018
Quantity
Unit Price
TotalCredit
Creditperounce
Quantity
Unit Price
TotalCredit
Creditperounce
Silver Ounces (000's) 39,651
$ 16.18 $ 560
$ 5.46 73,847
$ 16.47 $
1,216 $ 6.29 (3)
Numbers in tables may not calculate due to rounding.
$ thousands unless otherwise indicated
Q2 2017
La Arena
Shahuindo
Timminsmines
Total Total operating costs (cost of sales)(1)
$ 33,772 $ 17,702
$ 41,448 $
92,922 Depreciation and depletion (4,979 ) (3,871 ) (14,333
) (23,183 ) Change in product inventory (1,247 ) (805 ) (890 )
(2,942 ) Smelting and refining charges 250
97 35 382
Total cash costs before by-product credits 27,796
13,123 26,260 67,179 Silver credit(2)
(92 ) (539 ) (88 ) (719 )
Total cash costs net of by-product credits 27,704
12,584 26,172 66,460 Gold ounces sold (000’s)
45.7 20.2 42.7 108.6 Gold ounces produced (000’s) 47.9 21.3 41.4
110.6
Total operating costs (cost of sales) per ounce sold
$ 739 $ 876 $ 971
$ 856 Total cash costs per ounce produced before
by-product credits $ 580
$ 616 $ 634
$ 607 Total cash costs
per ounce produced net of by-product credits $
578 $ 591 $
632 $ 601
Q2 YTD 2017
La Arena
Shahuindo
Timminsmines
Total
Total operating costs (cost of
sales)(1)
$ 65,347 $ 35,097 $ 85,870
$ 186,314 Depreciation and depletion (10,947 ) (9,975
) (29,501 ) (50,423 ) Change in product inventory 127 (252 ) (1,794
) (1,919 ) Smelting and refining charges 567
185 92 844
Total cash costs before by-product credits 55,094
25,055 54,667 134,816
Silver credit(2)
(221 ) (1,008 ) (191 )
(1,420 )
Total cash costs net of by-product credits
54,873 24,047 54,476 133,396 Gold
ounces sold (000’s) 94.6 35.9 92.1 222.6 Gold ounces produced
(000’s) 100.8 41.0 85.3 227.1
Total operating costs (cost of
sales) per ounce sold $ 691 $ 978
$ 932 $ 837 Total cash costs per
ounce produced before by-product credits $
547 $ 611
$ 641 $ 594
Total cash costs per ounce produced net
of by-product credits
$ 544 $ 587
$ 639
$ 587 (1) Total
operating costs (cost of sales) includes production costs,
depreciation and depletion, royalties and smelting and refining
charges. (2) Silver by-product credits are calculated as follows:
Q2 2017 Q2 YTD 2017
Quantity Unit Price
TotalCredit
Creditperounce
Quantity Unit Price
TotalCredit
Creditperounce
Silver Ounces 41,875 $ 16.72 $
719 $ 6.50 82,020
$ 15.80 $ 1,422 $ 6.26
(3) Numbers in tables may not calculate due to
rounding.
All-in sustaining costs
The Company has also adopted the reporting of all-in sustaining
costs as a non-GAAP measure of a precious metals mining company’s
ability to generate cash flow from operations. This measure has no
standardized meaning and the Company has utilized an adapted
version of the guidance released by the World Gold Council (“WGC”),
the market development organization for the gold industry. The WGC
is not a regulatory industry organization and does not have the
authority to develop accounting standards or disclosure
requirements.
All-in sustaining costs include total cash costs incurred at the
Company’s mining operations, sustaining capital expenditures,
corporate administrative expense, exploration and evaluations
costs, and reclamation and closure accretion. The Company believes
that this measure represents the total costs of producing silver
and gold from current operations, and provides the Company and
other stakeholders of the Company with additional information of
the Company’s operational performance and ability to generate cash
flows. AISC, as a key performance measure, allows the Company to
assess its ability to support capital expenditures and to sustain
future production from the generation of operating cash flows. This
information provides management with the ability to more actively
manage capital programs and to make more prudent capital investment
decisions.
All-in sustaining costs (silver)
Total all-in sustaining costs per ounce of produced silver,
net of by-product credits
The following tables reconciling total all-in sustaining costs
per ounce of produced silver, net of by-product credits to the
consolidated financial statements should be read in conjunction
with the prior tables which reconcile total cash costs net of
by-product credits to total operating costs.
$ thousands unless otherwise indicated
Q2 2018 Q2 2017
Q2 YTD2018
Q2 YTD2017
Total cash costs net of by-product credits $
— $ 27,451
$ —
$ 59,596 Sustaining capital(1)
— 9,147
— 19,062 Exploration
— 243
— 498 Reclamation
cost accretion
— 62
— 123 General and administrative
expenses
— 3,894
— 7,032
All-in sustaining
costs $ — $ 40,797
$ — $ 86,311
Silver ounces produced in concentrate (000’s)
—
4,078
—
9,692
All-in sustaining costs per ounce produced
net of by-product credits $ —
$ 10
$ —
$ 8.91 (1) Sustaining
capital includes underground development and surface sustaining
capital expenditures. (2) Numbers in table may not calculate due to
rounding.
All-in sustaining costs (gold)
Total all-in sustaining costs per ounce
of produced gold, net of by-product credits
$ thousands unless otherwise indicated
Q2 2018
La Arena Shahuindo
Timminsmines
Total Total cash costs net of by-product
credits $ 24,562 $ 16,585
$ 31,475 $ 72,622
Sustaining capital 8,686 5,569 10,601 24,856 Exploration 374 901
783 2,058 Reclamation cost accretion 345 104 50 499 General and
administrative expenses 3,558 2,193
2,934 8,685
All-in sustaining costs
$ 37,525 $ 25,352 $
45,843 $ 108,720 Gold ounces produced (000’s)
36.1 24.5 42.0
102.6
All-in sustaining costs per ounce produced net of
by-product credits $ 1,039
$ 1,036 $ 1,092
$ 1,060
Q2 YTD 2018 La
Arena Shahuindo
Timminsmines
Total Total cash costs net of by-product
credits $ 50,818 $
30,165 $ 63,700
$ 144,683 Sustaining capital
14,887
10,646 21,891 47,424 Exploration
687
1,703 1,931 4,321 Reclamation cost accretion
691 209 98 998 General and
administrative expenses
6,799
4,400 5,339 16,538
All-in sustaining costs $ 73,882 $
47,123 $ 92,959 $ 213,964 Gold
ounces produced (000’s)
78.5
42.7 72.1 193.4
All-in sustaining costs per ounce produced net of by-product
credits $ 941 $
1,103 $ 1,289
$ 1,106 (1) Numbers in
tables may not calculate due to rounding. $
thousands unless otherwise indicated Q2 2017
La Arena Shahuindo
Timminsmines
Total Total cash costs net of by-product credits
$ 27,704 $ 12,584 $ 26,172
$ 66,460 Sustaining capital 6,414 4,870 11,850 23,134
Exploration 481 1,795 2,290 4,566 Reclamation cost accretion 336
220 34 590 General and administrative expenses 2,841
2,302 2,372 7,515 All-in
sustaining costs $ 37,776 $ 21,771 $ 42,718 $ 102,265 Gold ounces
produced in doré (000’s) 47.9 21.3
41.4 110.6 All-in sustaining costs per ounce
produced net of by-product credits $ 789 $
1,022 $ 1,032 $ 925
Q2 YTD 2017 La Arena Shahuindo
Timminsmines
Total Total cash costs net of by-product credits $
54,871 $ 24,047 $ 54,476
$ 133,394 Sustaining capital 12,319 7,523 26,436 46,278 Exploration
555 2,796 4,317 7,668 Reclamation cost accretion 687 430 58 1,175
General and administrative expenses 5,490 4,121
4,403 14,014 All-in sustaining costs $
73,922 $ 38,917 $ 89,690 $ 202,529 Gold ounces produced in doré
(000’s) 100.8 41.0 85.3
227.1 All-in sustaining costs per ounce produced net of by-product
credits $ 733 $ 949 $ 1,051
$ 892 (1) Numbers in tables may
not calculate due to rounding.
Cash provided by operating activities
before changes in working capital
Cash provided by operating activities before changes in working
capital represents the cash flows generated by operating activities
after adjusting for interest expense, income tax expense and
financing fees as well as items not involving cash but before
changes in working capital. Net cash provided by operating
activities represents the cash flows generating by operating
activities after changes in working capital and income taxes paid.
Management believes that these measures provide useful information
to investors to evaluate the Company’s ability to generate cash
flows from its mining operations.
The non-GAAP measures described above do not have standardized
meanings prescribed by IFRS. As such, there are likely to be
differences in the method of computation when compared to similar
measures presented by other reporting issuers.
$ thousands unless otherwise indicated
Q2 2018 Q2 2017
Q2 YTD
2018 Q2 YTD 2017
Cash provided by operating
activities before changes in working capital(1)
$
31,842 $ 99,446
$
70,351 $ 232,296
Net cash provided by
operating activities(1)
$ 18,201 $ 96,068
$ 40,348 $ 174,646
Basic weighted average common
shares outstanding 313,253 312,787
313,222 312,430
(1) Refer to the condensed interim consolidated
statements of cash flows in the Company’s interim financial
statements for a detailed reconciliation from earnings and total
comprehensive income to cash provided by operating activities
before changes in working capital and net cash provided by
operating activities.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
This news release contains “forward-looking statements” within
the meaning of Section 27A of the United States Securities Act of
1933, as amended, Section 21E of the US Exchange Act, the United
States Private Securities Litigation Reform Act of 1995, or in
releases made by the United States Securities and Exchange
Commission, all as may be amended from time to time, and
"forward-looking information" under the provisions of applicable
Canadian securities legislation, concerning the business,
operations and financial performance and condition of the Company.
All statements, other than statements of historical fact, are
forward-looking statements. Generally, these forward-looking
statements can be identified by the use of forward-looking
terminology such as “plans”, “expects”, “is expected”, “guidance”,
“scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”,
“believes”, or variations or comparable language of such words and
phrases or statements that certain actions, events or results
“may”, “could”, “would”, "should", “might” or “will be taken”,
“occur” or “be achieved” or the negative connotation thereof.
Forward-looking statements include, but are not limited to,
statements related to the following: in regards to the status of
the appeals to the Guatemalan Constitutional Court (i) of the
decision by the Supreme Court of Guatemala ordering MEM to conduct
consultation with indigenous populations in certain designated
locations in and around the Escobal Mine, (ii) of the decision by
the Supreme Court of Guatemala reinstating the Company’s mining
license in respect of the Escobal mine, and (iii) relating to
Escobal’s export credential, the timing for such appeals to be
decided and the likelihood of adverse decisions by the
Constitutional Court; the timing and results of other court
proceedings and pending litigation; the timing and likelihood of
resolving the road blockage affecting the Escobal mine; the future
price of gold, silver, copper, lead and zinc, the estimation of
Mineral Reserves and Mineral Resources, the realization of Mineral
Reserve estimates; production, cost and capital targets for the
Company’s gold operations in 2018, and the expectation of meeting
such targets; growing gold production to approximately one half
million ounces in 2019; the timing and cost of the overall
expansion at Shahuindo, including the expansion of the adsorption,
desorption and refining (ADR) plant, the power transmission line
and substation, leach pad 2B and associated ancillary projects, the
design, procurement, construction and commissioning of the 24,000
tpd crushing and agglomeration circuit at Shahuindo, as well as the
expansion of the Shahuindo mine to a production capacity of 36,000
tpd, with construction expected to be completed in Q4 2018 and
commissioning to be completed by year-end; the estimated cost and
timing of completion of the Bell Creek shaft project and tailings
pond expansion, with construction expected to be completed in early
Q4 2018 and final commissioning through the end of the year;
management's estimate that the Bell Creek mill can achieve
sustainable average throughput of approximately 4,400 tpd with
minimal additional capital expenditure; care and maintenance plans
at Escobal; and expected working capital requirements.
Forward-looking statements are based on the reasonable
assumptions, estimates, analyses and opinions of management made in
light of its experience and its perception of trends, current
conditions and expected developments, as well as other factors that
management believes to be relevant and reasonable in the
circumstances at the date that such statements are made, but which
may prove to be incorrect. Management believes that the assumptions
and expectations reflected in such forward-looking statements are
reasonable. Assumptions have been made regarding, among other
things: the Company’s performance and ability to operate and
implement operational improvements at the Escobal, La Arena,
Shahuindo and Timmins Mines; studies and development efforts on the
La Arena II deposit; the Company’s ability to carry on exploration
and development activities, including land acquisition and
construction; the availability and sufficiency of power and water
for operations; the timely receipt and renewal of permits and other
approvals; the successful outcomes of consultations with indigenous
populations; the price of silver, gold and other metals; prices for
key mining supplies, including labor costs and consumables,
remaining consistent with the Company’s current expectations;
production meeting expectations and being consistent with
estimates; plant, equipment and processes operating as anticipated;
there being no material variations in the current tax and
regulatory environment; the Company’s ability to operate in a safe,
efficient and effective manner; the exchange rates among the
Canadian dollar, Guatemalan quetzal, Peruvian sol and the USD
remaining consistent with current levels; the ability to resolve
the protests and road blockages of the Escobal Mine; the timing and
amount of foregone taxes and royalties; the timing and likelihood
of further workforce reductions; the timing and possible outcome of
the pending appeal with the Constitutional Court; the timing and
ability of the Company to resume operations in the event the
suspension of the mining license to Minera San Rafael for the
Escobal Mine is lifted and all licenses, permits and credentials
affecting the operation of the Company’s mines, including the
Escobal Mine, are renewed or re-issued and all roadblocks are
resolved, and relationships with the Company’s partners, including
employees, vendors and community populations are maintained or
effectively managed; the Company’s ability to obtain financing as
and when required and on reasonable terms; and the Company’s
ability to continue to comply with the terms of the credit
agreements with its lenders. Readers are cautioned that the
foregoing list is not exhaustive of all factors and assumptions
which may have been used.
Forward-looking statements are subject to known and unknown
risks, uncertainties and other factors that may cause actual
results to be materially different from those expressed or implied
by such forward-looking statements. Such risks, uncertainties and
other factors include but are not limited to: the fluctuation of
the price of silver and gold; opposition to development and mining
operations by one or more groups of indigenous people; actions that
impede or prevent the operations of the Company’s mines; the
inability to develop and operate the Company’s mines; social unrest
and political or economic instability and uncertainties in the
jurisdictions in which the Company operates; the timing and ability
to maintain and, where necessary, obtain necessary permits and
licenses; changes in national and local government legislation,
taxation and controls or regulations; environmental and other
governmental regulation compliance; un-appealable judicial
decisions; the uncertainty in the estimation of Mineral Resources
and Mineral Reserves; fluctuations in currency exchange rates;
infrastructure risks, including access to roads, water and power;
and the timing and possible outcome of pending or threatened
litigation and the risk of unexpected litigation. For a more
detailed discussion of risks relevant to the Company, see
“Description of Tahoe’s Business - Risk Factors Relating to Tahoe’s
Business” and “- Risk Factors Relating to Tahoe’s Shares” in the
Company’s Annual Information Form and Form 40-F, available on SEDAR
at www.sedar.com, on EDGAR at www.sec.gov or on the Company’s
website at www.tahoeresources.com.
Although management has attempted to identify important factors
that could cause actual results to differ materially from those
contained in forward-looking statements, there may be other factors
that cause results not to be as anticipated, estimated or intended.
There can be no assurance that forward-looking statements will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such forward-looking
statements. Accordingly, readers should not place undue reliance on
forward-looking statements. Forward-looking statements are made as
of the date hereof and, accordingly, are subject to change after
such date. Except as otherwise indicated by the Company, these
statements do not reflect the potential impact of any non-recurring
or other special items or of any disposition, monetization, merger,
acquisition, other business combination or other transaction that
may be announced or that may occur after the date hereof.
Forward-looking statements are provided for the purpose of
providing information about management’s current expectations and
plans and allowing investors and others to get a better
understanding of the Company’s operating environment. The Company
does not intend or undertake to publicly update any forward-looking
statements that are included in this document, whether as a result
of new information, future events or otherwise, except as, and to
the extent required by, applicable securities laws.
CAUTIONARY NOTE TO INVESTORS IN THE UNITED STATES REGARDING
RESERVES AND RESOURCES
The Mineral Resource and Mineral Reserve estimates contained in
this news release have been prepared in accordance with the
requirements of the securities laws in effect in Canada, which
differ from the requirements of United States securities laws and
use terms that are not recognized by the United States Securities
and Exchange Commission (“SEC”). Canadian reporting requirements
for disclosure of mineral properties are governed by NI 43-101. The
definitions used in NI 43-101 are incorporated by reference from
the CIM Definition Standards adopted by CIM Council on May 10, 2014
(the “CIM Definition Standards”). U.S. reporting requirements are
governed by the SEC Industry Guide 7 (“Industry Guide 7”) under the
United States Securities Act of 1933, as amended. These reporting
standards have similar goals in terms of conveying an appropriate
level of confidence in the disclosures being reported, but embody
difference approaches and definitions. For example, the terms
“Mineral Reserve”, “Proven Mineral Reserve” and “Probable Mineral
Reserve” are Canadian mining terms as defined in NI 43-101, and
these definitions differ from the definitions in Industry Guide 7.
Under Industry Guide 7 standards, a “final” or “bankable”
feasibility study is required to report reserves and the primary
environmental analysis or report must be filed with the appropriate
governmental authority. Further, under Industry Guide 7,
mineralization may not be classified as "reserve" unless the
determination has been made that the mineralization could be
economically and legally produced or extracted at the time the
reserve determination is made.
While the terms “Mineral Resource”, “Measured Mineral Resource”,
“Indicated Mineral Resource” and “Inferred Mineral Resource” are
defined in and required to be disclosed by NI 43-101, these terms
are not defined terms under Industry Guide 7 and are normally not
permitted to be used in reports and registration statements filed
with the SEC. United States readers are cautioned not to assume
that any part or all of mineral deposits in these categories will
ever be converted into reserves. In addition, “Inferred Mineral
Resources” have a great amount of uncertainty as to their
existence, and great uncertainty as to their economic and legal
feasibility. A significant amount of exploration must be completed
in order to determine whether an Inferred Mineral Resource may be
upgraded to a higher category. Under Canadian regulations,
estimates of Inferred Mineral Resources may not form the basis of
feasibility or pre-feasibility studies, except in rare cases.
United States readers are cautioned not to assume that all or any
part of an Inferred Mineral Resource exists or is economically or
legally mineable. Disclosure of “contained ounces” in a resource is
permitted disclosure under Canadian regulations if such disclosure
includes the grade or quality and the quantity for each category of
Mineral Resource and Mineral Reserve; however, the SEC normally
only permits issuers to report mineralization that does not
constitute “reserves” by SEC standards as in place tonnage and
grade without reference to unit measures.
Accordingly, information contained in this news release
containing descriptions of the Tahoe’s mineral deposits may not be
comparable to similar information made public by United States
companies subject to the reporting and disclosure requirements
under the United States federal securities laws and the rules and
regulations thereunder.
SELECTED QUARTERLY CONSOLIDATED FINANCIAL RESULTS
Selected quarterly consolidated financial information from
continuing operations is as follows:
$ thousands unless
otherwise indicated
Q2 2018
Q2 2017
Q2 YTD 2018
Q2 YTD 2017
Metal Sold Silver (000’s
ozs)
35 4,289
74 9,855 Gold (000’s ozs)
97.5
110.3
202.9 231.4 Lead (000’s t)
— 2.0
— 4.2
Zinc (000’s t)
— 2.8
— 6.1
Realized Price
Silver in concentrate (per oz)
$ — $ 15.72
$
— $ 17.70 Gold in doré (per oz)
$ 1,303 $
1,248
$ 1,315 $ 1,281 Lead (per t)
$ —
$ 2,138
$ — $ 2,359 Zinc (per t)
$ — $
2,601
$ — $ 2,778
LBMA/LME Price(1)
Silver (per oz)
$ 16.53 $ 17.21
$ 16.65
$ 17.32 Gold (per oz)
$ 1,306 $ 1,257
$
1,318 $ 1,238 Lead (per t)
$ 2,388 $ 2,161
$ 2,456 $ 2,221 Zinc (per t)
$ 3,112 $
2,596
$ 3,268 $ 2,690
Revenues $
127,132 $ 209,576
$ 267,074 $ 460,622
Total
operating costs $ 113,855 $ 135,291
$
239,801 $ 282,168
Earnings from operations $
13,277 $ 74,285
$ 27,273 $ 178,454
Earnings
(loss) $ (15,553 ) $ 33,487
$
(22,415 ) $ 108,183
Earnings (loss) per common
share Basic $ (0.05 ) $ 0.11
$ (0.07 ) $ 0.35
Diluted $
(0.05 ) $ 0.11
$ (0.07 ) $ 0.35
Adjusted earnings (loss)(2) $ (15,107
) $ 33,846
$ (22,315 ) $ 108,918
Adjusted earnings (loss) per common share(2)
Basic $ (0.05 ) $ 0.11
$
(0.07 ) $ 0.35
Diluted $ (0.05
) $ 0.11
$ (0.07 ) $ 0.35
Weighted
average shares outstanding - Basic 313,253 312,787
313,222 312,430
Weighted average shares outstanding -
Diluted 313,253 312,869
313,222 312,510
Dividends paid $ — $ 18,740
$ —
$ 37,435
Cash flow provided by operating activities $
18,201 $
96,068
$
40,348
$
174,646
Cash flow provided by operating activities before changes in
working capital $ 31,842 $
99,446
$ 70,351 $
232,296
Cash and cash equivalents $ 69,744 $ 190,636
$ 69,744 $ 190,636
Total assets $
3,097,976 $ 3,129,228
$ 3,097,976 $ 3,129,228
Revolving Debt $ 75,000 $ —
$
75,000 $ —
Total long-term liabilities $
365,942 $ 316,510
$ 365,942 $ 316,510
Costs
per silver ounce produced(2) Total cash costs net of
by-product credits
$ — $ 6.73
$ — $
6.15 All-in sustaining costs per silver ounce net of by-product
credits
$ — $ 10.01
$ — $ 8.91
Costs
per gold ounce produced(2) Total cash costs net of
by-product credits
$ 708 $ 601
$ 748 $
587 All-in sustaining costs per gold ounce net of by-product
credits
$ 1,060 $ 925
$ 1,106 $ 892 (1)
London Bullion Market Association (LBMA)/London Metal
Exchange (LME) average closing prices for each quarter presented.
(2) Non-GAAP financial measures are described in the “Cautionary
Note on Non-GAAP Financial Measures” section of this news release
and include a reconciliation to total operating costs from the
Company’s interim financial statements. (3) Numbers may not
calculate due to rounding.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180801006030/en/
Tahoe ResourcesAlexandra Barrows, +1.775.448.5812Vice President
Investor Relationsinvestors@tahoeresources.com
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