Business
Jaguar Mining Reports Financial Results for the First Quarter 2023
TORONTO, ON / ACCESSWIRE / May 10, 2023 / Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX:JAG...
About this update from Jaguar Mining Inc.
[{"type":"text","content":"Jaguar Mining Reports Financial Results for the First Quarter 2023TORONTO, ON / ACCESSWIRE / May 10, 2023 / Jaguar Mining Inc. (\"Jaguar\" or the \"Company\") (TSX:JAG), (OTCQX:JAGGF) today announced financial results for the first quarter (\"Q1 2023\") ended March 31, 2023. All figures are in US Dollars, unless otherwise expressed.First Quarter HighlightsRevenue increased 17% to $35.8 million compared with $30.6 million in the first quarter of 2022, due to an increase in ounces produced which resulted in higher ounces sold of 19,008 ounces as compared to 16,507 ounces in the first quarter of 2022, combined with an increase in the average realized gold price of $1,886 per ounce compared to $1,855 per ounce in the first quarter of 2022.Gold production increased by 9% to 18,156 ounces, compared to 16,663 ounces in the first quarter of 2022, reflecting an increase of 12% in tonnes of ore processed, partially offset by 3% decrease in the average recovery rate.Operating costs totaled $20.6 million, an increase of 5% compared to $19.6 million in the first quarter of 2022. The increase in operating costs were predominantly the result of the increase in ounces of gold produced compared to the first quarter of 2022.Cash operating costs¹ decreased 9% to $1,084 per ounce of gold sold compared to $1,188 per ounce of gold sold in the first quarter of 2022 due to the increase in ounces of gold sold, partially offset by 5% increase in operating costs.All-in sustaining costs¹ decreased to $1,575 per ounce of gold sold, compared to $1,680 in the first quarter of 2022 due to the cash cost decrease as explained above, partially offset by higher sustaining capital expenditures resulting from a 41% increase in primary development in the quarter of 1,259 metres compared to 895 metres in the first quarter of 2022.Net income for Q1 2023 increased to $2.5 million, compared with a net loss of $6 million in Q1 2022. Major variances included a $5.2 million increase in revenue, a $3.6 million reduction on foreign exchange loss, a $0.5 million income tax expense reduction and a $0.2 million reduction on other operating expenses, offset by $1 million increase in operating costs.Free cash flow¹ in the first quarter of 2023 was $3.3 million and was based on operating cash flow plus asset retirement obligation expenditures, less capital expenditur...