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Andean Precious Metals Reports Q3 2022 Results and Updates Guidance
Toronto, Ontario--(Newsfile Corp. - November 9, 2022) - Andean Precious Metals Corp. (TSXV: ...
About this update from Andean Precious Metals Corp
[{"type":"text","content":"Andean Precious Metals Reports Q3 2022 Results and Updates GuidanceToronto, Ontario--(Newsfile Corp. - November 9, 2022) - Andean Precious Metals Corp. (TSXV: APM) (OTCQX: ANPMF) (\"Andean\" or the \"Company\") reports its operational and financial results for the three and nine months ended September 30, 2022. All amounts are expressed in United States dollars, unless otherwise noted.This news release should be read together with Andean's management's discussion and analysis (the \"MD&A\") and condensed interim consolidated financial statements (the \"Financial Statements\") for the three and nine months ended September 30, 2022, which are available under Andean's profile on SEDAR (www.sedar.com).Q3 2022 Highlights Silver equivalent production1 of 1.2 million ounces.Revenues of $23.6 million, with average quarterly silver prices declining by 21% year-over-year to $19.23 per ounce.Cash operating costs (\"COC\") (by-product)2 of $18.76 per Ag ounce sold and all-in sustaining costs (\"AISC\") (by-product)2 of $21.72 per Ag ounce sold.Operating cash flow of $(2.5) million and free cash flow (\"FCF\")2 of $(3.3) million in Q3 2022.Reported net loss of $2.8 million, or $0.02 per share, with adjusted earnings before income tax, depreciation and amortization (\"Adjusted EBITDA\")2, of $(3.1) million.Cash and cash equivalents of $84.7 million and $4.4 in marketable securities as at September 30, 2022.Company GuidanceAndean continues to seek improvements to metallurgical performance at San Bartolomé, despite improving recoveries since Q2 and achieving 80% recoveries in August. New production contract signed for La Bolsa oxides adjacent to San Bartolomé with production beginning in Q4.Revised production guidance for FY2022 of 5.0 to 5.3 million AgEq1 ounces, adjusted down from our original guidance as a result of our metallurgical challenges. Revised AISC2 guidance of $18.75 to $20.00 per Ag ounce sold (by-product), adjusted down from our original guidance as a result of our lower production.GrowthAndean remains active in evaluating and pursuing potential accretive transactions, leveraging its balance sheet strength.The expansion study at San Bartolomé is now considering the dry-stack tailings (\"DSF\") in addition to the fines disposal facility (\"FDF\") as a potential extractive source of both silver and tin. The DSF ...