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Andean Precious Metals Reports Solid Q2 2023 Results Supported by Strong Production and Improving Costs
Reaffirms 2023 production guidance; adjusts AISC and capex guidance Toronto, Ontario--(Newsfile ...
About this update from Andean Precious Metals Corp
[{"type":"text","content":"Andean Precious Metals Reports Solid Q2 2023 Results Supported by Strong Production and Improving CostsReaffirms 2023 production guidance; adjusts AISC and capex guidanceToronto, Ontario--(Newsfile Corp. - August 15, 2023) - Andean Precious Metals Corp. (TSXV: APM) (OTCQX: ANPMF) (\"Andean\" or the \"Company\") reported its operating highlights and unaudited condensed interim financial results for the three and six months ended June 30, 2023 (the \"Financials\"). All amounts are expressed in United States dollars (\"U.S. dollars\"), unless otherwise noted (C$ refers to Canadian dollars). This news release should be read together with Andean's Financials, which are available under the Company's profile on SEDAR+ (www.sedarplus.ca).Q2 2023 Highlights Three months ended June 30, 2023 vs. three months ended March 31, 2023Produced 1.2 million silver equivalent ounces (\"AgEq oz\")1, an increase of 22%. The Company is reaffirming its full year 2023 production guidance of 4.8-5.2 million AgEq oz.Recovery rates improved with an average of 79% in each of the first two quarters of 2023. For the first half of 2023 compared to the first half of 2022, the average recovery rate improved from 76% to 79%. Of the 1.2 million ounces produced, 0.6 million AgEq oz were sold at an average realized price of $24.65 per ounce for Q2 2023 revenue of $15.3 million. The 38% decrease in ounces sold in Q2 2023 vs. Q1 2023 was due to the sales deferral of approximately 540,000 AgEq oz, which was classified as inventory and valued at $11.3 million. Subsequent to June 30, 2023, the bullion was sold for total revenue of $13.3 million based on an average realized price of $24.70 per ounce. Cost of sales decreased by 45% to $11.8 million predominantly due to lower ounces sold and a decrease of $1.2 million in mining and material purchasing costs.Operating cash costs (\"OCC\")2 per ounce of silver produced, net of by-product credits, was $19.15, a decrease of 11%.All-in sustaining costs (\"AISC\")2 per silver ounce sold, net of by-product credits, was $23.69, a decrease of only 2% despite lower ounces sold. General and administrative (\"G&A\") expenses of $3.1 million were $0.7 million higher quarter-over-quarter due to increased corporate development activities as well as a stronger Mexican peso relative to the U.S. dollar. G&A decreased by $0.4 million a...