Business
Jaguar Mining Reports Financial Results for the Third Quarter 2021
TORONTO, ON / ACCESSWIRE / November 8, 2021 / Jaguar Mining Inc. ("Jaguar" or the "Company") ...
About this update from Jaguar Mining Inc.
[{"type":"text","content":"Jaguar Mining Reports Financial Results for the Third Quarter 2021TORONTO, ON / ACCESSWIRE / November 8, 2021 / Jaguar Mining Inc. (\"Jaguar\" or the \"Company\") (TSX:JAG)(OTCQX:JAGGF) today announced financial results for the Third quarter (\"Q3 2021\") ended September 30, 2021. All figures are in US Dollars, unless otherwise expressed.Q3 2021 Financial HighlightsRevenue for Q3 2021 decreased 6% to $40.7 million, compared with $43.5 million in Q3 2020, mainly due to a reduction in the average realized gold price of $1,753/oz. in Q3 2021 as compared to $1,896/oz. for Q3 2020.Operating production costs of $19.4 million in Q3 2021 as compared to $14.1M in Q3 2020. The increase in operating cost is primarily due to local inflationary pressure on wages, mining materials and plant consumables, higher tonnes processed and higher secondary development.Cash operating costs increased 36% to $833 per ounce of gold sold as a result of reduced ounces sold and increased production costs, while All-in Sustaining Costs increased to $1,184 per ounce of gold sold for Q3 2021, compared to $614 and $1,011 respectively per ounce of gold sold for the same period in 2020.Net income for Q3 2021 decreased to $11.4 million, compared with $16.5 million in Q3 2020. Major differences were a $2.7 million decline in revenue, $5.3 million increase in operating cost due to production costs increasing, and a $1.9 million increase in depreciation, offset by a foreign exchange gain of $1.9 million, income tax expense reduction of $2 million, and a decrease of $0.9 million in operating expenses.Free cash flow was $9.8 million for Q3 2021 based on operating cash flow minus capital expenditures, compared to $14.9 million in Q3 2020. Free cash flow was $423 per ounce sold in Q3 2021 compared to $651 per ounce sold in Q3 2020.Cash Position and Working CapitalAs of September 30, 2021, with cash of $38.1 million compared to $34.4 million on June 30, 2021.As of September 30, 2021, working capital was $33 million, compared to $29 million as at December 31, 2020, which includes $3 million in short term loans from Brazilian banks.A $3.7M net increase in cash represents (i) $16.4M in cash generated from operating activities, offset by (ii) $10.4M used in investing activities, and (iii) $2.3M cash used in financing activities for dividend payment.Q3 2021 Quarterly DividendTh...