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Atico Mining Reports Financial Results for Third Quarter of 2021 and Provides Corporate Update
(All amounts expressed in US dollars, unless otherwise stated) VANCOUVER, British Columbia, Nov. 17, 2021 (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. 17, 2021 (GLOBE NEWSWIRE) -- Atico Mining Corporation (the “Company” or “Atico”) (TSX.V: ATY | OTCQX: ATCMF) today announced its financial results for the three months ended September 30, 2021 (“Q3-2021”), posting income from mining operations of $13.8 million and a net income of $7.6 million. Fernando E. Ganoza, CEO and Director, commented, \"During this quarter the operation improved most of the production metrics relative to the first half of the year, however we saw a slight increase in cash cost during this period mainly driven by a lower copper head grade and metal output. The costs were mostly mitigated by higher realized metal prices leading to a cash margin of $2.86 per pound of payable copper as the Company broke records in most financial metrics for a single quarter. We closed this period showing a good cash position of $14.3 million along with $15.0 million in trade receivables which should be realized in the following weeks.” Mr. Ganoza continued, “As we continue to take full advantage of the higher metal price environment, we are expecting to achieve record revenues and earnings for the year.” Third Quarter Financial Highlights Net income for the three months ended September 30, 2021 (“Q3-2021”) amounted to $7.6 million, compared with $1.9 million for the comparative period (“Q3-2020”). The significant increase in net income was due to increase of concentrate shipped and invoiced and a higher realized copper price, as compared to Q3-2020. Sales for the period increased 126% to $31.8 million when compared with $14.1 million in Q3-2020. Copper (“Cu”) and gold (“Au”) accounted for 85% and 15% of the 16,184 (Q3-2020 - 9,291) dry metric tonnes (“DMT”) shipped and invoiced during Q3-2021. The average realized price per metal on invoicing was $4.26 (Q3-2020 - $2.98) per pound (“lb”) of copper and $1,782 (Q3-2020 - $1,991) per ounce (“oz”) of gold. Working capital was $22.8 million (December 31, 2020 - $22.5 million), while the Company had $6.2 million (December 31, 2020 - $6.8 million) in long-term loans payable. Cash costs(1) were $111.49 per tonne of processed ore and $1.40 per pound of payable copper produced(2), which were a decrease of 2% and an increase of 24% over Q3-2020, respectively. The increase in the cash cost pe...