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Atico Mining Reports Consolidated Financial Results for Second Quarter of 2024
(All amounts expressed in US dollars, unless otherwise stated) VANCOUVER, British Columbia, Aug. 20, 2024 (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. 20, 2024 (GLOBE NEWSWIRE) -- Atico Mining Corporation (the “Company” or “Atico”) (TSX.V: ATY | OTC: ATCMF) today announced its financial results for the three months ended June 30, 2024, posting income from mining operations of $2.6 million and a net loss of $0.4 million. Production for the period at Atico’s El Roble mine totaled 3.7 million pounds (“lbs”) of copper and 2,850 ounces (“oz”) of gold in concentrate at a cash cost(1) of $1.48 per payable pound of copper(2). Fernando E. Ganoza, CEO and Director, commented, “this period we had improvements in almost all operational metrics when compared to the previous quarter and same period last year. However, these improvements are not reflected in this period’s revenue and income as a material portion of the concentrate shipped will be recognized as revenue in the third quarter due to shipping delays caused by poor weather conditions. We therefore anticipate strong revenues in the third quarter which will make up for this quarter’s results.” Mr. Ganoza continued, “for the second half of the year we will be focused on achieving production guidelines and cost efficiencies at El Roble, continue advancing the La Plata project engineering and permitting, and executing the near-mine drill program at El Roble aimed at replacing resources and further extending the life of mine.” Second Quarter Financial Highlights Net loss for the quarter amounted to $0.4 million, compared with $0.1 million net income for the comparative quarter. The loss was primarily due to lower sales and a net realized loss on the settlements of its derivative instruments. Sales for the quarter decreased 11% to $10.9 million when compared with $12.2 million in Q2-2023. The decrease was primarily due to weather conditions which caused delays at the Port of Loading. Copper (“Cu”) and gold (“Au”) accounted for 76% and 24% of the 5,603 (Q2-2023 – 6,597) dry metric tonnes (“DMT”) sold during Q2-2024. The average realized price per metal was $4.34 (Q2-2023 - $3.92) per pound of copper and $2,303 (Q2-2023 - $1,938) per ounce of gold. Ending working capital was negative $4.3 million (December 31, 2023 – $2.1 million), while the Company had $6.1 million (December 31, 2023 – $6.0 million) in long-term loans payable. Cash costs(1) w...