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Atico Mining Reports Consolidated Financial Results for First Quarter of 2023
(All amounts expressed in US dollars, unless otherwise stated) VANCOUVER, British Columbia, May 16, 2023 (GLOBE NEWSWIRE) -- Atico Mining Corporation (the “Comp
About this update from Atico Mining Corporation
[{"type":"text","content":" (All amounts expressed in US dollars, unless otherwise stated) VANCOUVER, British Columbia, May 16, 2023 (GLOBE NEWSWIRE) -- Atico Mining Corporation (the “Company” or “Atico”) (TSX.V: ATY | OTCQX: ATCMF) today announced its financial results for the three months ended March 31, 2023, posting a net loss of $0.5 million. Production for the period at Atico’s El Roble mine totaled 2.3 million pounds (“lbs”) of copper and 2,553 ounces (“oz”) of gold in concentrate at a cash cost(1) of $2.20 per payable pound of copper(2). Fernando E. Ganoza, CEO and Director, commented, “Lower grade and throughput than planned for this period impacted our financials for the quarter. The mechanical failures experienced during the fourth quarter of last year which carried through to this quarter have been resolved and we have now moved back into higher grade zones. These should be reflected in the El Roble production results for the second quarter as we anticipate we will be able to make up for the slow start of the year throughout the remaining quarters” said Fernando E. Ganoza, CEO. “In parallel we will focus on the on-going drill program at El Roble mine vicinity aimed at replacing ore and extending the life of mine.” First Quarter Financial Highlights Net loss for the quarter amounted to $0.5 million, compared with income of $3.9 million for the comparative quarter. The decrease was primarily due to lower sales, and a higher cost per pound of copper, impacting income from mining operations. Sales for the quarter decreased 38% to $12.8 million when compared with $20.6 million in Q1-2022. Copper (“Cu”) and gold (“Au”) accounted for 84% and 16% of the 6,475 (Q1-2022 – 9,568) dry metric tonnes (“DMT”) sold during Q1-2023. Sales during the quarter were impacted by lower quantities sold and at a lower copper price compared to Q1-2022. The average realized price per metal was $4.15 per pound of copper and $2,139 per ounce of gold. Ending working capital was $15.0 million and the Company had $15.7 million in long-term loans payable. Cash costs (1) were $127.33 per tonne of processed ore and $2.20 per pound of payable copper produced, which were an increase of 2% and a 71% over Q1-2022, respectively. Cash margin was $1.95 (Q1-2022 - $3.36) per pound of payable copper produced, which was a decrease of 42% over Q1-2022 due to lower copper price and hi...