Business
Jaguar Mining Reports First Quarter 2020 Financial Results, Free Cash Flow and Stronger Liquidity
TORONTO, ON / ACCESSWIRE / May 13, 2020 / Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX...
About this update from Jaguar Mining Inc.
[{"type":"text","content":"Jaguar Mining Reports First Quarter 2020 Financial Results, Free Cash Flow and Stronger LiquidityTORONTO, ON / ACCESSWIRE / May 13, 2020 / Jaguar Mining Inc. (\"Jaguar\" or the \"Company\") (TSX:JAG) today announced financial results for the first quarter (\"Q1 2020\") ended March 31, 2020. All figures are in US Dollars, unless otherwise expressed.Q1 2020 Financial HighlightsGold production increased 28% with 21,008 ounces compared to 16,365 ounces in Q1 2019;Consolidated Cash Operating Costs (\"COC\") decreased 20% to $693 per ounce mainly due to increase in head-grade and devaluation of the BRL currency;Consolidated All-in Sustaining Costs (\"AISC\") decreased 23% to $1,103 per ounce;Net Income of $12.3 million; cash generated from operating activities of $8.6 million;Sustaining capital expenditures of $6.6 million invested in development and mining equipment, with free cash flow of $2.1 million;Free cash flow was $2.1 million for Q1 2020, compared to negative $4.6 million in Q1 2019. Free cash flow was lower than expected due to approximately 2,000 ounces sold on March 31, 2020, for which the payment was received in April due to COVID-19 related logistics issues. Had the payment been received in March, the free cash flow would have been $5.3 million.Strong liquidity as at March 31, 2020, with a cash and sold bullion receivable of $15.6 million, as compared to $11.7 million of cash and unsold bullion on December 31, 2019;Delivered into all gold option contracts and is completely unhedged at the end of Q1 2020.Vern Baker, President and CEO of Jaguar Mining stated: \"During Q1 2020, we continued improving production numbers as we move toward our sustainable goal of 25,000 ounces per quarter. Q1 2020 is our second quarter in a row with positive free cash flow, and the fourth quarter in a row with increasing ounce production. With the fulfillment of the last option contracts Jaguar is unhedged. I would like to thank our team of miners in Brasil for their efforts and commitment. This is especially evident as we deal with the COVID-19 crisis. The team has maintained focus, operating safely and continuing to build the company´s capacity for sustainable production.While the COVID-19 issue remains a critical theme in operations, the team is committed to continuing our path toward 25,000 ounces per quarter. Coupled with the cu...