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Jaguar Mining Reports Second Quarter 2020 Financial Results
Consolidated Gold Production Increased 28% Gross Profit increased 312% Strong Tre...
About this update from Jaguar Mining Inc.
[{"type":"text","content":"Jaguar Mining Reports Second Quarter 2020 Financial ResultsConsolidated Gold Production Increased 28%Gross Profit increased 312%Strong Treasury Position of $30.2MCOC Decreased by 25% to $586/oz Au and AISC Decreased 35% to $882/oz AuTORONTO / ACCESSWIRE / August 6, 2020 / Jaguar Mining Inc. (\"Jaguar\" or the \"Company\") (TSX:JAG) today announced financial and operating results for the three months (\"Q2 2020\") and six months ended June 30, 2020. All figures are in US Dollars, unless otherwise expressed.Q2 2020 Operating Summary Consolidated gold production increased 43% with 23,483 ounces produced (208,000 tonnes milled, average grade of 4.00 g/t) in Q2 2020 compared to 16,365 ounces produced in Q1 2019 and 28% compared to 18,366 ounces produced in Q2 2019.Pilar mine gold production increased 17% with 13,452 ounces produced compared to 11,521 ounces produced in Q1 2020 and increased 28% compared to 10,543 ounces produced in Q2 2019.Turmalina mine gold production of increased 6% with 10,031 ounces produced compared to 9,487 ounces produced in Q1 2020 and increased 28% compared to 7,823 ounces produced in Q2 2019.Primary development increased 30% to 1,707 meters compared to 1,310 meters completed in Q2 2019.Sustaining capital expenditures of $6.1 million invested in mining equipment and development.Q2 2020 Financial Results SummaryGross profit increased 312% to $23.9 million compared to $5.8 million in Q2 2019.Increased profitability in Q2 2020 reflects higher operating production quarter-over-quarter, and also an increase in the average realized gold price of $1,703/oz in Q2 2020 compared to $1,286/oz for Q2 2019.Consolidated Cash operating costs (\"COC\") decreased 25% to $586 per ounce of gold sold for Q2 2020, compared to $786 during Q2 2019.Consolidated all-in sustaining costs (\"AISC\") decreased 35% to $882 per ounce of gold sold in Q2 2020, compared to $1,366 during Q2 2019.Decrease in costs is mainly due to increase in production, higher head-grade and devaluation of the BRL currency.Operating cash flow of $27.5 million; adjusted EBITDA of $27.2 million.Net income of $19.2 million, or net income per share of $0.03.Free cash flow was $21.4 million for Q2 2020 based on operating cash flow, less sustaining capital, compared to negative $0.9 million in Q2 2019. The free cash flow for the quarter includes approximately $3.2...