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Atico Mining Reports Financial Results for First Quarter of 2021
(All amounts expressed in US dollars, unless otherwise stated) VANCOUVER, British Columbia, May 18, 2021 (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 18, 2021 (GLOBE NEWSWIRE) -- Atico Mining Corporation (the “Company” or “Atico”) (TSX.V: ATY | OTC: ATCMF) today announced its financial results for the three months ended March 31, 2021 (“Q1-2021”), posting income from mining operations of $5.3 million and a net income of $1.2 million. Fernando E. Ganoza, CEO and Director, commented, \"This was a particularly challenging quarter given the operational setbacks resulting in loss production and an increase in cash cost, partially mitigated by higher realized metal prices leading to a cash margin of $2.38 per pound of payable copper. The Company closed the quarter showing a strong cash position of US$ 9.2 million and US$ 18 million in trade receivables, which were mostly realized in early April.” Mr. Ganoza continued,\" We anticipate that we will be able to make up for the lost production throughout the remainder of this year to meet the annual guidance and take full advantage of the higher metal price environment.” First Quarter Financial Highlights Net income for the three months ended March 31, 2021 (“Q1-2021”) amounted to $1.2 million, compared with a loss of $1.6 million for the comparative period (“Q1-2020”). Net income was significantly affected by a higher realized copper price, partially offset by higher production costs and a negative fair value adjustment on outstanding derivatives, as compared to Q1-2020. Sales for the period increased 155% to $19.3 million when compared with $7.6 million in Q1-2020. Copper (“Cu”) and gold (“Au”) accounted for 92% and 8% of the 10,125 (Q1-2020 – 8,588) dry metric tonnes (“DMT”) shipped and invoiced during Q1-2021. The average realized price per metal on invoicing was $4.05 (Q1-2020 - $2.18) per pound (“lbs”) of copper and $1,728 (Q1-2020 - $1,578) per ounce (“oz”) of gold. Working capital was $21.3 million (December 31, 2020 - $22.5 million), while the Company had $6.6 million (December 31, 2020 - $6.8 million) in long-term loans payable. Cash costs(1) were $125.24 per tonne of processed ore and $1.67 per pound of payable copper produced(2), which were increases of 23% and 48% over Q1-2020, respectively. The increase in the cash cost per pound of payable copper net of by products is primarily explained by a higher cost per processed tonne, a...