Atico Reports 2023 Fourth Quarter and Full Year Production
Results
Atico Mining Corporation (the “Company” or “Atico”) (TSX.V: ATY |
OTCQX: ATCMF) is pleased to announce operating results for the
three- and twelve-month periods ended December 31, 2023 from its El
Roble mine. Production totaled 4.37 million pounds of copper with
2,578 ounces of gold for the fourth quarter (“Q4 2023”) and 13.24
million pounds of copper with 10,149 ounces of gold in concentrates
for the full year 2023.
“Operationally the Company had a challenging
first half of the year. The team turned things around in the third
quarter and continued to improve all metrics to finish the year
delivering just under our production guidance. At the same time, we
saw very prospective drill results from our El Roble mine vicinity
drill program which could point towards an extension of the current
life of mine,” said Fernando E. Ganoza, CEO. “In the upcoming year,
we continue to have significant milestones ahead of us yet to
achieve. In the first half of the new year, our main focus will be
on the El Roble mine resource update, completion of the La Plata
Feasibility Study and delivering on all requirements to receive the
environmental permit for the La Plata project.”
Fourth Quarter and Full Year Operational
Highlights
Fourth Quarter
- Production of 4.37 million pounds
of copper contained in concentrates; an increase of 48% over Q4
2022.
- Production of 2,578 ounces of gold
contained in concentrates; a decrease of 15% over Q4 2022.
- Average processed tonnes per day of
853; an increase of 4% over Q4 2022.
- Copper and gold head grades of
2.89% and 1.75 grams per tonne; an increase of 28% for copper and a
decrease of 24% for gold over Q4 2022.
- Copper and gold recovery of 94.0%
and 62.7%; an increase of 4% for copper and 9% for gold over Q4
2022.
2023 Year-end
- Production of 13.24 million pounds
of copper contained in concentrates; a decrease of 12% over
2022.
- Production of 10,149 ounces of gold
contained in concentrates; a decrease of 9% over 2022.
- Average processed tonnes per day of
822; a decrease of 1% over 2022.
- Copper and gold head grades of
2.34% and 1.89 grams per tonne; a decrease of 22% for copper and
18% for gold over 2022.
- Copper and gold recovery of 92.1%
and 60.6%; no significant change for copper and gold over
2022.
Fourth Quarter and Full Year Operational
Details
|
Q1 Total |
Q2 Total |
Q3 Total |
Q4 Total |
2023 Total |
Production (Contained in Concentrates) |
|
|
|
|
|
Copper (000s pounds) |
2,310 |
2,803 |
3,762 |
4,367 |
13,242 |
Gold (ounces) |
2,553 |
2,313 |
2,705 |
2,578 |
10,149 |
Mine |
|
|
|
|
|
Tonnes of ore mined |
60,568 |
72,340 |
77,947 |
78,132 |
288,987 |
Mill |
|
|
|
|
|
Tonnes processed |
62,793 |
68,471 |
74,580 |
73,030 |
278,874 |
Tonnes processed per day |
748 |
800 |
888 |
853 |
822 |
Copper grade (%) |
1.87 |
2.05 |
2.46 |
2.89 |
2.34 |
Gold grade (g/t) |
2.23 |
1.80 |
1.83 |
1.75 |
1.89 |
Recoveries |
|
|
|
|
|
Copper (%) |
89.1 |
90.6 |
93.0 |
94.0 |
92.1 |
Gold (%) |
57.0 |
58.4 |
62.0 |
62.7 |
60.6 |
Concentrates |
|
|
|
|
|
Copper and gold concentrates (dmt) |
5,815 |
6,789 |
9,336 |
10,725 |
32,665 |
|
|
|
|
|
|
Payable copper produced (000s lbs) |
2,169 |
2,639 |
3,537 |
4,106 |
12,451 |
Note: Metal production figures are subject to
adjustments based on final settlement.
Concentrate Inventory
The number of shipments the Company can export
in any given quarter depends on several variables some of which the
Company does not control, hence there may be an inherent
variability in tonnes shipped quarter to quarter.
|
Q4 2023 |
Amounts in dry metric tonnes |
|
Opening inventory |
7,939 |
Production |
10,725 |
Sales |
-10,433 |
Number of shipments |
1 |
Adjustments |
-4 |
Closing inventory |
8,227 |
Note: Concentrate figures are subject to
adjustments based on final surveys and final settlement of
sales.
2024 Operating and Cost
Guidance
|
|
Copper (000s pounds) |
13,600 to 15,200 |
Gold (ounces) |
10,200 to 11,400 |
C1 Cash Cost ($US)(1) |
$1.97 to $2.18 |
Note: Please see “Non-GAAP Financial Measures”
at the end of this release. C1 cash cost per pound of payable
copper produced net of by-product credits and selling costs.
El Roble Mine
The El Roble mine is a high grade, underground
copper and gold mine with nominal processing plant capacity of
1,000 tonnes per day, located in the Department of Choco in
Colombia. Its commercial product is a copper-gold concentrate.
Since obtaining control of the mine on November
22, 2013, Atico has upgraded the operation from a historical
nominal capacity of 400 tonnes per day.
El Roble has Proven and Probable reserves of
1.00 million tonnes grading 3.02% copper and 1.76 g/t gold, at a
cut-off grade of 1.3% copper equivalent with an effective date of
September 30, 2020. Mineralization is open at depth and along
strike and the Company plans to further test the limits of the
deposit. On the larger land package, the Company has identified a
prospective stratigraphic contact between volcanic rocks and black
and grey pelagic sediments and cherts that has been traced by Atico
geologists for ten kilometers. This contact has been determined to
be an important control on VMS mineralization on which Atico has
identified numerous target areas prospective for VMS type
mineralization occurrence, which is the focus of the current
surface drill program at El Roble.
Qualified Person
Mr. Thomas Kelly (SME Registered Member
1696580), advisor to the Company and a qualified person under
National Instrument 43-101 standards, is responsible for ensuring
that the technical information contained in this news release is an
accurate summary of the original reports and data provided to or
developed by Atico.
About Atico Mining Corporation
Atico is a growth-oriented Company, focused on
exploring, developing and mining copper and gold projects in Latin
America. The Company operates the El Roble mine and is pursuing
additional acquisition opportunities. For more information, please
visit www.aticomining.com.
ON BEHALF OF THE BOARD
Fernando E. GanozaCEOAtico Mining
Corporation
Trading symbols: TSX.V: ATY | OTCQX: ATCMF
Investor RelationsIgor DutinaTel:
+1.604.633.9022
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
No securities regulatory authority has either
approved or disapproved of the contents of this news release. The
securities being offered have not been, and will not be, registered
under the United States Securities Act of 1933, as amended (the
‘‘U.S. Securities Act’’), or any state securities laws, and may not
be offered or sold in the United States, or to, or for the account
or benefit of, a "U.S. person" (as defined in Regulation S of the
U.S. Securities Act) unless pursuant to an exemption therefrom.
This press release is for information purposes only and does not
constitute an offer to sell or a solicitation of an offer to buy
any securities of the Company in any jurisdiction.
Cautionary Note Regarding Forward
Looking Statements
This announcement includes certain
“forward-looking statements” within the meaning of Canadian
securities legislation. All statements, other than statements of
historical fact, included herein, without limitation the use of net
proceeds, are forward-looking statements. Forward- looking
statements involve various risks and uncertainties and are based on
certain factors and assumptions. There can be no assurance that
such statements will prove to be accurate, and actual results and
future events could differ materially from those anticipated in
such statements. Important factors that could cause actual results
to differ materially from the Company’s expectations include
uncertainties relating to interpretation of drill results and the
geology, continuity and grade of mineral deposits; uncertainty of
estimates of capital and operating costs; the need to obtain
additional financing to maintain its interest in and/or explore and
develop the Company’s mineral projects; uncertainty of meeting
anticipated program milestones for the Company’s mineral projects;
the world-wide economic and social impact of COVID-19 is managed
and the duration and extent of the coronavirus pandemic is
minimized or not long-term; disruptions related to the COVID-19
pandemic or other health and safety issues, or the responses of
governments, communities, the Company and others to such pandemic
or other issues; and other risks and uncertainties disclosed under
the heading “Risk Factors” in the prospectus of the Company dated
March 2, 2012 filed with the Canadian securities regulatory
authorities on the SEDAR website at www.sedar.com
Non-GAAP Financial Measures
The items marked with a "(1)" are alternative
performance measures and readers should refer to Non-GAAP Financial
Measures in the Company's Management's Discussion and Analysis for
the six months ended June 30, 2023, as filed on SEDAR and as
available on the Company's website for further details.
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