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Atico Mining Reports Consolidated Financial Results for Second Quarter of 2023
(All amounts expressed in US dollars, unless otherwise stated) VANCOUVER, British Columbia, Aug. 14, 2023 (GLOBE NEWSWIRE) -- Atico Mining Corporation (the “Com
About this update from Atico Mining Corporation
[{"type":"text","content":" (All amounts expressed in US dollars, unless otherwise stated) VANCOUVER, British Columbia, Aug. 14, 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 June 30, 2023, posting a net gain of $0.1 million. Production for the period at Atico’s El Roble mine totaled 2.8 million pounds (“lbs”) of copper and 2,294 ounces (“oz”) of gold in concentrate at a cash cost(1) of $2.22 per payable pound of copper(2). Fernando E. Ganoza, CEO and Director, commented, “As the overall production results improved over the previous quarter, the financial results followed the same trend. Now that the operation has again reached its intended steady state rate, we are anticipating further improvement in most financial metrics for the second half of the year” said Fernando E. Ganoza, CEO. “For the remainder of the year we will continue to put tremendous emphasis on the drill campaign at El Roble mine vicinity while at the same time working on the mine plan to access these same areas.” Second Quarter Financial Highlights Net income for the quarter amounted to $0.1 million, compared with net loss of $2.7 million for the comparative quarter. The increase was primarily due to higher sales. Sales for the quarter increased 124% to $12.2 million when compared with $5.5 million in Q2-2022. Copper (“Cu”) and gold (“Au”) accounted for 79% and 21% of the 6,597 (Q2-2022 – 4,472) dry metric tonnes (“DMT”) sold during Q2-2023. The average realized price per metal was $3.92 per pound of copper and $1,938 per ounce of gold. Ending working capital was $13.3 million and the Company had $15.8 million in long-term loans payable. Cash costs (1) were $125.05 per tonne of processed ore (Q2-2022 - $138.39) and $2.22 per pound of payable copper produced (Q2-2022 - $1.36). The increase in cash cost per pound of payable copper produced compared to the comparative period is due to lower copper production due to lower ore grade. Cash margin was $1.70 (Q2-2022 - $2.38) per pound of payable copper produced, which was a decrease of 29% over Q2-2022 due to lower copper price and higher cash cost per pound. All-in sustaining cash cost per payable pound of copper produced(1)(2) was $3.28 (Q2-2022 - $2.33). Second Quarter Summary of Financial Results Q22023 ...