Business
Jaguar Mining Reports Financial Results for the First Quarter 2022
TORONTO, ON / ACCESSWIRE / May 12, 2022 / Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX...
About this update from Jaguar Mining Inc.
[{"type":"text","content":"Jaguar Mining Reports Financial Results for the First Quarter 2022TORONTO, ON / ACCESSWIRE / May 12, 2022 / Jaguar Mining Inc. (\"Jaguar\" or the \"Company\") (TSX:JAG)(OTCQX:JAGGF) today announced financial results for the first quarter (\"Q1 2022\") ended March 31, 2022. All figures are in US Dollars, unless otherwise expressed.Q1 2022 Financial HighlightsRevenue for Q1 2022 decreased 3% to $30.6 million, compared with $31.7 million in Q1 2021, mainly due to reduction in ounces produced, which resulted in lower ounces of gold sold of 16,507 in Q1 2022 as compared to 17,677 ounces in Q1 2021.Operating costs totaled $19.6 million in Q1 2022 compared to $14.8 million in Q1 2021. The 33% increase in operating costs was mainly due to inflation in the past twelve months, with labour costs increasing by approximately 10%, mining materials by approximately 28%, and plant consumables increasing by approximately 42%. This was combined with increased secondary development, which is fully expensed as operating costs, from 1,138 metres in Q1 2021 to 1,247 metres in Q1 2022. Also due to valuation of the Brazilian Real versus the US dollar, with the average exchange rate during Q1 2022 being R$5.23 per US dollar compared to R$5.48 per US dollar in Q1 2021.Net loss was $6 million in Q1 2022 compared to net income of $6.1 million in Q1 2021 resulting in a decrease of $12.1 million. This loss was mainly due to the foreign exchange loss of $4.6 million and $4.9 million increase in operating costs as discussed above. The exchange rate averaged R$5.23 during Q1 2022 per US dollar (R$5.48 during Q1 2021) and closed at R$4.74 per US dollar on March 31, 2022, (R$5.70 per US dollar on March 31, 2021).Cash operating costs1 per ounce sold increased 42% to $1,188 per ounce of gold in Q1 2022 from $835 in Q1 2021 as a result of the 33% increase in the operating costs, mainly due to inflationary pressure on consumables and labour, combined with an 7% decrease in ounces of gold sold in Q1 2022 with 16,507 ounces, compared to 17,677 ounces in Q1 2021, and the valuation of the Brazilian Real versus the US dollar, with a 5% increase in the average exchange rate during Q1 2022 being R$5.23 per US dollar compared to R$5.48 per US dollar in Q1 2021Free cash flow1 was $2.7 million for Q1 2022 based on operating cash flow plus asset retirement obligation expenditur...