Business
Jaguar Mining Reports Financial Results for the Fourth Quarter and Full Year 2022
TORONTO, ON / ACCESSWIRE / March 30, 2023 / Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX:J...
About this update from Jaguar Mining Inc.
[{"type":"text","content":"Jaguar Mining Reports Financial Results for the Fourth Quarter and Full Year 2022TORONTO, ON / ACCESSWIRE / March 30, 2023 / Jaguar Mining Inc. (\"Jaguar\" or the \"Company\") (TSX:JAG)(OTCQX:JAGGF) today announced financial results for the fourth quarter and full year ended December 31, 2022. All figures are in US Dollars, unless otherwise expressed.Fourth Quarter HighlightsRevenue decreased 15% to $36.1 million compared with $42.7 million in the fourth quarter of 2021. The decrease was due to a reduction in ounces sold (-10%) and a reduction in realized gold price (-5%), The Company produced 8% less ounces (21,116 vs. 22,903) and with sales of 20,940 ounces in Q4 2022 compared to 23,497 ounces in Q4 of 2021 the Company saw an increase in inventory rather than a decrease.Gold production decreased by 8% to 21,116 ounces compared to 22,903 ounces in the fourth quarter of 2021. The lower production rate was due to a reduction in tonnes of ore processed of 2% and a decrease in head grade of 5%.Operating costs totaled $21.4 million an increase of 14% compared to $18.8 million in the fourth quarter of 2021. The increase in operating costs came predominantly from a 29% increase in secondary development combined with the inflationary pressures of the first 6 months of the year.Cash operating costs1 increased to $1,024 per ounce of gold sold compared to $802 per ounce of gold sold in the fourth quarter of 2021 due to the higher operating costs and the reduction in ounces sold.All-in sustaining costs1 increased to $1,597 per ounce of gold sold compared to $1,127 per ounce of gold sold in the fourth quarter of 2021 due to the cash cost increase explained above, combined with higher sustaining capital expenditures including: additional primary development, rehabilitating a ventilation raise, and investing in a new fleet of trucks for Turmalina and Pilar which was received at the end of December.Net income for Q4 2022 increased to $11.5 million, compared with $3.5 million in Q4 2021, which includes an impairment reversal of $10.7 million in Q4 2022 due to the increase in inferred resources, compared with an impairment charge of $10.1 million in Q4 2021. Others major variances included a $6.6 million decline in revenue, $2.6 million increase in operating costs, $1.6 million reduction on foreign exchange gain, and an income tax expense increa...