Business
Jaguar Mining Reports Financial Results for the Third Quarter 2022
TORONTO, ON / ACCESSWIRE / November 9, 2022 / 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 2022TORONTO, ON / ACCESSWIRE / November 9, 2022 / Jaguar Mining Inc. (\"Jaguar\" or the \"Company\") (TSX:JAG, OTCQX:JAGGF) today announced financial results for the third quarter (\"Q3 2022\") ended September 30, 2022. All figures are in US Dollars, unless otherwise expressed.Q3 2022 Financial HighlightsRevenue for Q3 2022 decreased 7% to $37.8 million, compared with $40.7 million in Q3 2021, mainly due to a decrease in the average realized gold price of $1,711 per ounce in Q3 2022 compared to $1,753 per ounce in Q3 2021.Operating costs totaled $22.1 million in Q3 2022 compared to $19.4 million in Q3 2021. The 14% increase in operating costs was mainly due to inflation and head count increase in the past twelve months, with labour costs increasing by approximately 12%, mining materials by approximately 28%, and plant consumables increasing by approximately 4%.Net income for Q3 2022 decreased to $6.5 million, compared with $11.4 million in Q3 2021. Major variances included a $2.9 million decline in revenue, $2.7 million increase in operating costs, $0.7 million reduction on foreign exchange gain, and a $0.7 million increase in finance costs, offset by an income tax expense reduction of $2.5 million.Cash operating costs¹ increased 20% to $999 per ounce of gold in Q3 2022 compared to $833 in Q3 2021 due to a 14% increase in operating costs, attributed to inflationary pressure on mining materials and labour. All-in sustaining costs¹ increased to $1,331 per ounce of gold sold in Q3 2022, compared to $1,184 per ounce of gold sold in Q3 2021 due to the cash cost increase as explained above, partially offset by lower sustaining capital expenditures.Free cash flow¹ in Q3 2022 was $8.4 million and was based on operating cash flow plus asset retirement obligation expenditures, less sustaining capital expenditures, compared to $9.8 million in Q3 2021. Free cash flow was $378 per ounce of gold sold in Q3 2022 compared to $423 per ounce of gold sold in Q3 2021.Cash Position and Working Capital¹As of September 30, 2022, the Company had a cash and cash equivalents position of $29.9 million, compared to $40.4 million on December 31, 2021.As of September 30, 2022, working capital was $19.6 million, compared to $32 million on December 31, 2021. The decrease in worki...