Business
Jaguar Mining Reports Second Quarter 2023 Results and Provides Corporate Update
TORONTO, ON / ACCESSWIRE / August 10, 2023 / Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX:...
About this update from Jaguar Mining Inc.
[{"type":"text","content":"Jaguar Mining Reports Second Quarter 2023 Results and Provides Corporate UpdateTORONTO, ON / ACCESSWIRE / August 10, 2023 / Jaguar Mining Inc. (\"Jaguar\" or the \"Company\") (TSX:JAG)(OTCQX:JAGGF) today announced financial and operating results for the second quarter ended June 30, 2023. All figures are in US Dollars, unless otherwise expressed.Second Quarter HighlightsOperating cash flow was $10 million, compared to $9.4 million in the second quarter of 2022, mainly due to an increase of 6% in the average realized gold price1, combined with an 8% decrease in operating costs, and lower cash income taxes paid of $1.9 million, compared to $2.4 million in the second quarter of 2022. This was partially offset by a 17% decrease in ounces of gold sold from 20,482 ounces the second quarter of 2022 to 16,917 ounces in the second quarter of 2023.Free cash flow¹ of $2.4 million and was based on operating cash flow plus asset retirement obligation expenditures, less capital expenditures, compared to $5.5 million in Free Cash Flow in the second quarter of 2022. Free cash flow was $141 per ounce of gold sold compared to $270 per ounce of gold sold in the second quarter of 2022.Total capital expenditures were 4% or $0.43 million higher in the second quarter compared to the same period in 2022 with sustaining capital expenditures $3.7 million higher offset by non-sustaining capital expenditures which were $3.3 million lower. Sustaining capital expenditures of $8.3 million in the quarter consisted of $5.5 million in primary development, $2.2 million in equipment, $0.5 million in brownfield exploration, and $0.1 million of other sustaining capital.Revenue decreased 12% to $33.2 million compared with $37.9 million in the second quarter of 2022, mainly due to a decrease in ounces produced, which resulted in lower ounces of gold sold of 16,917 ounces as compared to 20,482 ounces in the second quarter of 2022, partially offset by an increase in the average realized gold price of $1,962 per ounce compared to $1,852 per ounce in the second quarter of 2022.Gold production decreased 24% to 16,750 ounces compared to 22,028 ounces in the second quarter of 2022, due to a 15% decrease in the average head grade, combined with an 11% decrease in tonnes of ore processed.Operating costs decreased 8% to $19.5 million compared to $21.1 million in the second...