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Andean Precious Metals Reports Q1 2023 Results
Reaffirms 2023 guidance Toronto, Ontario--(Newsfile Corp. - May 24, 2023) - Andean Precious Met...
About this update from Andean Precious Metals Corp
[{"type":"text","content":"Andean Precious Metals Reports Q1 2023 ResultsReaffirms 2023 guidanceToronto, Ontario--(Newsfile Corp. - May 24, 2023) - Andean Precious Metals Corp. (TSXV: APM) (OTCQX: ANPMF) (\"Andean\" or the \"Company\") reported its operating and financial results for the three months ended March 31, 2023. All amounts are expressed in United States dollars, unless otherwise noted (C$ refers to Canadian dollars).Q1 2023 HighlightsThree months ended March 31, 2023 vs. three months ended March 31, 2022The Company achieved zero lost time injuries (\"LTI\") and achieved a significant safety milestone of 1.158 million operating hours with no LTI.Produced 1.0 million silver equivalent ounces1 compared with 1.2 million silver equivalent ounces1.Revenue decreased by 23% to $23.0 million due to an 18% decline in production volume and a 6% reduction in the average realized price of silver per ounce.Cost of sales of $21.2 million increased by 3% from $20.6 million.Income from mine operations was $0.4 million compared with $6.4 million.Net income was $0.2 million compared with net income of $2.3 million in the prior year.Earnings before interest, taxes, depreciation and amortization(\"EBITDA\")2 and adjusted earnings before interest, taxes, depreciation and amortization (\"Adjusted EBITDA\")2 of $1.5 million and $1.4 million, respectively, compared with $8.1 million and $6.6 million, respectively, in Q1 2022.All-in sustaining costs (\"AISC\")2 per silver ounce sold of $24.27 compared to full year 2023 guidance of $19.50 to $20.30 per ounce. Planned production increases anticipated for the second half of 2023 are expected to decrease average AISC during 2023.The Company continues to expect silver equivalent production for 2023 to be between 4.8 million and 5.2 million ounces at a total average AISC2 of $19.50 to $20.30 per ounce.Debt-free balance sheet with cash and cash equivalents of $75.8 million and marketable securities of $6.1 million.Net cash flow used in operating activities for Q1 2023 was $4.3 million, primarily due to the working capital movements arising from timing of some vendor payments. During Q1 2023, pursuant to its normal course issuer bid, the Company repurchased and cancelled 627,100 shares totaling $0.4 million.The Company continues to advance the silver recovery project at its fines disposal facility.The Company recently...