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Americas Silver Corporation Reports First Quarter 2019 Financial Results
TORONTO--(BUSINESS WIRE)--Americas Silver Corporation (TSX: USA) (NYSE American: USAS) (“Americas Silver” or the “Company”) today reported consolidated financia
About this update from Americas Gold And Silver Corporation
[{"type":"text","content":"TORONTO--(BUSINESS WIRE)--Americas Silver Corporation (TSX: USA) (NYSE American: USAS) (“Americas Silver” or the “Company”) today reported consolidated financial and operational results for the first quarter of 2019. This earnings release should be read in conjunction with the Company’s Management’s Discussion and Analysis, Financial Statements and Notes to Financial Statements for the corresponding period, which have been posted on the Americas Silver Corporation SEDAR profile at www.sedar.com, on its EDGAR profile at www.sec.gov, and are also available on the Company’s website at www.americassilvercorp.com. All figures are in U.S. dollars unless otherwise noted. First Quarter Highlights Production of 1.8 million consolidated silver equivalent ounces1, an increase of 9% year-over-year, including 0.4 million silver ounces. Revenue of $17.8 million and net loss of $2.8 million for the quarter or ($0.06) per share, a decrease of $2.6 million in revenue and an increase in the net loss of $3.3 million compared to Q1-2018 due primarily to lower metal prices and non-reoccurring expenses associated with the Pershing Gold acquisition. Consolidated by-product production totalling 11.3 million pounds of zinc and 8.2 million pounds of lead, representing increases of 54% and 8%, respectively. Cost of sales of $7.11/oz. equivalent silver, by-product cash cost2 of negative ($0.50)/oz. silver, and all-in sustaining cost2 (“AISC”) of $5.54/oz. silver for the quarter, representing year-over-year decreases of 13% and 10% in cost of sales per equivalent silver ounce and AISC per ounce, respectively, and an increase of 82% in by-product cash cost per ounce. The Company had a cash balance of $3.4 million and working capital balance of $5.2 million as at March 31, 2019. Subsequent to First Quarter Highlights Completion of the acquisition of Pershing Gold Corporation (“Pershing”) on April 3, 2019. Entered into financing agreements with Sandstorm Gold Ltd. (“Sandstorm”) for gross proceeds of approximately $42.5 million to fully fund the development of mining and heap leaching operations at the Relief Canyon Project (“Relief Canyon”). Board approval to commence construction of the Relief Canyon with first gold pour expected in late Q4-2019. Preliminary feasibility study and initial mineral reserve estimate for a combined operation at its 100% owned El C...