Business
Andean Reports Q4 and FY2022 Results
2023 guidance for production and AISC per ounce Toronto, Ontario--(Newsfile Corp. - March 16, 20...
About this update from Andean Precious Metals Corp
[{"type":"text","content":"Andean Reports Q4 and FY2022 Results2023 guidance for production and AISC per ounceToronto, Ontario--(Newsfile Corp. - March 16, 2023) - Andean Precious Metals Corp. (TSXV: APM) (OTCQX: ANPMF) (\"Andean\" or the \"Company\") reported its operating and financial results for the three and twelve-month periods ended December 31, 2022. All amounts are expressed in United States dollars, unless otherwise noted (C$ refers to Canadian dollars).FY2022 HighlightsTwelve months ended December 31, 2022 vs. twelve months ended December 31, 2021Produced 5.0 million silver equivalent ounces1 in 2022 compared to 5.8 million in 2021.Revenue decreased by 25% to $108.1 million, as production declined by 14% and the average realized price of silver per ounce declined by 13%.Cost of sales decreased by 4% to $91.1 million.Operating cash costs (by-product)2 and all-in sustaining costs (by-product)2 each increased by 16% to $18.22 and $21.06 per Ag ounce sold, respectively.Income from mine operations of $9.7 million compared to $38.8 million in the prior year.Net cash used in operating activities of $2.7 million, negative free cash flow2 of $5.1 million and adjusted EBITDA2 of $3.5 million.Reported net loss of $10.1 million, or net loss per share of $0.06 (basic and diluted).Debt-free balance sheet with total liquidity of $90.2 million in cash & cash equivalents, marketable securities and VAT receivable certificates as at December 31, 2022.Pursuant to its previously announced normal course issuer bid, the Company purchased 322,000 shares in 2022 at an average price of C$0.82; since year end, the Company has purchased an additional 248,100 shares as of February 28, 2023 for a total of 570,100 shares purchased at an average price of C$0.86.In October, Andean announced management changes and a corporate reorganization, which together are expected to lead to a near-term reduction in corporate overhead.\"While last year's performance fell short of expectations, we believe we have implemented the necessary operational and team changes to stabilize results in 2023,\" stated Mr. Alberto Morales, CEO of Andean. \"While we do not control the price of silver, which was down by 13% year-over-year, we are focused on improving recoveries and controlling costs. We have leveraged our technical knowledge and believe that prior recovery issues are bei...