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Atico Mining Reports Consolidated Financial Results for Third Quarter of 2024
VANCOUVER, British Columbia, Nov. 19, 2024 (GLOBE NEWSWIRE) -- Atico Mining Corporation (the “Company” or “Atico”) (TSX.V: ATY | OTC: ATCMF) today announced its
About this update from Atico Mining Corporation
[{"type":"text","content":" VANCOUVER, British Columbia, Nov. 19, 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 September 30, 2024, posting income from mining operations of $5.8 million and net income of $1.2 million for the quarter. Production for the quarter at Atico’s El Roble mine totaled 2.9 million pounds (“lbs”) of copper and 2,072 ounces (“oz”) of gold in concentrate at a cash cost(1) of $2.44 per payable pound of copper(2). Fernando E. Ganoza, CEO and Director, commented, “During this period, the mine's operational metrics aligned with our expectations, despite being lower compared to both the previous quarter and the same period last year. Nonetheless, we still delivered strong financial results, as we recognized revenue from the planned concentrate shipment, in addition to a portion of the shipment that was scheduled for the prior quarter.” Mr. Ganoza continued, “For the remainder of the year, our focus will be on meeting production targets and enhancing cost efficiencies at El Roble. We will also continue to advance the engineering and permitting of the La Plata project, while executing the near-mine drilling program at El Roble, which aims to replace resources and extend the life of mine.” Third Quarter Financial Highlights Net income for the quarter amounted to $1.2 million, compared with $1.1 million net loss for the comparative quarter of last year. Income for the period was primarily due to higher sales. Sales for the quarter increased 61% to $24.6 million when compared with $15.3 million in Q3-2023. Copper (“Cu”) and gold (“Au”) accounted for 78% and 22% of the 11,936 (Q3-2023 – 8,325) dry metric tonnes (“DMT”) sold during Q3-2024. The average realized price per metal was $4.30 (Q3-2023 - $3.87) per pound of copper and $2,574 (Q3-2023 - $1,936) per ounce of gold. Ending working capital was $6.9 million (December 31, 2023 – $2.1 million deficit), while the Company had $14.1 million (December 31, 2023 – $6.0 million) in long-term loans payable. Cash costs(1) were $145.34 per tonne of processed ore and $2.44 per pound of payable copper produced, which was an increase of 10% and 24% over Q3-2023, respectively. The increase in cash costs per pound of payable copper produced is due to lower copper output due to lower g...