Business
Jaguar Mining Reports Financial Results for the Second Quarter 2024
TORONTO, ON / ACCESSWIRE / August 7, 2024 / 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 Second Quarter 2024TORONTO, ON / ACCESSWIRE / August 7, 2024 / Jaguar Mining Inc. (\"Jaguar\" or the \"Company\") (TSX:JAG)(TCQX:JAGGF) announces financial results for the second quarter ended June 30, 2024. All figures are in US Dollars, unless otherwise expressed.Second Quarter HighlightsGold production was 16,829 ounces, marginally higher than the 16,750 ounces produced in the second quarter of 2023, reflecting a 21% increase in grade offset by a 16% reduction in ore tonnes processed.Gold sold was 19,022 ounces representing a 12% increase from the 16,917 ounces sold in the second quarter of 2023. Realized gold prices for the quarter were $2,354 per ounce, 20% higher than the $1,962 per ounce realized in the second quarter of 2023.Cash operating costs per ounce¹ decreased by 9% to $1,046 per ounce of gold sold from $1,150 per ounce of gold sold in the second quarter of 2023. All-in sustaining costs (AISC) per ounce¹ decreased by 15% to $1,517 per ounce of gold sold from $1,781 per ounce of gold sold in the second quarter of 2023. The decrease reflects the volume impact of 12% higher ounces sold and $2 million lower sustaining capital expenditures in the current quarter compared to the same quarter of 2023.Revenue for the quarter was $44.8 million, 35% higher than the $33.2 million in revenue for the second quarter of 2023 driven by higher ounces-sold volume and higher realized gold prices year-over-year.Operating costs for the quarter were $19.9 million compared to operating costs of $19.5 million in the second quarter of 2023.Net income for the quarter was $13.5 million ($0.17 per share) compared to a loss of $1.1 million (loss of $0.02 per share) in the second quarter of 2023.Free cash flow 1 for the quarter was $15.2 million, which represents a significant increase compared to free cash flow of $2.4 million in the second quarter of 2023. This is calculated as operating cash flow plus asset retirement obligation expenditures, less sustaining capital. Free cash flow per ounce 1 sold for the quarter was $801 per ounce of gold sold compared to $141 per ounce of gold sold in the second quarter of 2023.Cash position and working capital 1As of June 30, 2024, the Company had cash and cash equivalents of $37.4 million, compared to $22.0 million in cash and cash equivalents as...