Business
Jaguar Mining Reports Fourth Quarter and Full Year 2019 Financial Results
Positioned for Free Cash Flow and Significantly Reduced Debt in 2020 TORONTO, ON / ACCE...
About this update from Jaguar Mining Inc.
[{"type":"text","content":"Jaguar Mining Reports Fourth Quarter and Full Year 2019 Financial ResultsPositioned for Free Cash Flow and Significantly Reduced Debt in 2020 TORONTO, ON / ACCESSWIRE / March 30, 2020 / Jaguar Mining Inc. (\"Jaguar\" or the \"Company\") (TSX: JAG) today announced financial results for the fourth quarter (\"Q4 2019\") and year (\"FY 2019\") ended December 31, 2019. All figures are in US Dollars, unless otherwise expressed.Q4 2019 Financial HighlightsGold production increased 18% with 20,029 ounces compared to 17,622 ounces in Q4 2018;Consolidated Cash Operating Costs (\"COC\") decreased 2% to $780 per ounce;Consolidated All-in Sustaining Costs (\"AISC\") decreased 3% to $1,239 per ounce;Net Income of $2.7 million; cash generated from operating activities of $9.7 million;Sustaining capital expenditures of $8.5 million invested in development and mining equipment, with free cash flow of $1.2 million;Strong liquidity as at December 31, 2019, with a cash and unsold bullion balance of $11.7 million, as compared to $12.1 million of cash and unsold bullion on September 30, 2019;Paid down 100% of outstanding gold loan to Auramet providing more liquidity to the balance sheet and cash flow for 2020; $1.1 million in finance payments were made in Q4 2019.FY 2019 Financial HighlightsGold production remained steady at 74,084 ounces compared to 75,048 ounces in FY 2018;Gross profit increased 9.8% to $23.2 million, reflecting increased average realized gold price per ounce;Sustaining capital expenditures of $31.8 million invested in mining equipment and development;AISC increased 8.4% to $1,349 per ounce, compared to $1,244 for FY2018 due to a 14% increase in sustaining capital;Operating cash flow increased 15% to $24.4 million; adjusted EBITDA increased 17.5% to $24.3 million.Vern Baker, President and CEO of Jaguar Mining stated: \"During Q4 2019, we continued to improve our production numbers and closed out the year with our best quarter. We are moving forward over time, building a sustainable production platform of 25,000 ounces per quarter. The improvement is reflected in a positive free cash flow for the first quarter since the end of 2017. With the completion of our financial hedges this year, the current trend of gold price, our improving production, and our decreasing AISC, we expect to see consistently stronger financials each quarter t...