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Atico Mining Reports Consolidated Financial Results for Third Quarter of 2022
(All amounts expressed in US dollars, unless otherwise stated) VANCOUVER, British Columbia, Nov. 14, 2022 (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, Nov. 14, 2022 (GLOBE NEWSWIRE) -- Atico Mining Corporation (the “Company” or “Atico”) (TSX.V: ATY | OTC: ATCMF) today announced its financial results for the three months ended September 30, 2022, posting a net income of $0.3 million. Production for the period at Atico’s El Roble mine totaled 3.8 million pounds (“lbs”) of copper and 2,724 ounces (“oz”) of gold in concentrate at a cash cost(1) of $1.35 per payable pound of copper(2). Fernando E. Ganoza, CEO and Director, commented, “El Roble mine production results were only slightly below budget given a particularly challenging quarter caused by downtime of the SAG mill system due to repairs to the trunnion. The repairs were completed, and the SAG Mill is now working. During this period, we also saw a significant drop in the metal prices when compared to this time last year which had a negative impact on our sales. Despite all of these challenges, the Company showed a modest net profit for the period and continues to generate cash flow for the Company.” Mr. Ganoza continued, “the exploration work at both El Roble and La Plata restarted during the quarter with drilling intensifying towards the end of the year. The mine vicinity drilling at El Roble continues looking for continuity of mineralization at depth and along strike, while the regional program has begun testing new exciting target areas south of the mine.” Third Quarter Financial Highlights Net income for the quarter amounted to $0.3 million, compared with net income of $7.6 million for the same period last year. The decrease was primarily due to lower sales as explained below impacting income from mining operations. Sales for the quarter decreased 27% to $23.1 million when compared with $31.8 million in Q3-2021. Copper (“Cu”) and gold (“Au”) accounted for 81% and 19% of the 14,219 dry metric tonnes (“DMT”) sold during Q3-2022. Sales during the quarter were impacted by lower metal prices and quantities sold compared to Q3-2021. Working capital was $24.4 million, while the Company had $15.6 million in long-term loans payable. The average realized price per metal on provisional invoicing was $3.40 per pound of copper and $1,687 per ounce of gold. Cash costs(1) were $134.52 per tonne of processed ore and $1.35 per pound of payable co...