Business
Jaguar Mining Reports Strong Third Quarter 2020 Financial Results
Gross Profit Increased to $25.8M, AISC Decreased 27% to $1,011/oz Au Free Cash Flow...
About this update from Jaguar Mining Inc.
[{"type":"text","content":"Jaguar Mining Reports Strong Third Quarter 2020 Financial ResultsGross Profit Increased to $25.8M, AISC Decreased 27% to $1,011/oz Au Free Cash Flow of $14.9M, $39M TreasuryBoard Announces Quarterly Dividend of C$0.08 per shareTORONTO / ACCESSWIRE / November 9, 2020 / Jaguar Mining Inc. (\"Jaguar\" or the \"Company\") (TSX:JAG)(OTC PINK:JAGGF) today announced financial and operating results for the three months (\"Q3 2020\") and nine months ended September 30, 2020. All figures are in US Dollars, unless otherwise expressed.Q3 2020 Operating Results Summary Consolidated gold production increased 25% with 24,094 ounces produced (192,000 tonnes milled, average grade of 4.40 g/t) compared to 19,324 ounces produced in Q3 2019.Pilar production increased 24% with 13,724 ounces produced compared to 11,044 ounces produced in Q3 2019. Turmalina production increased 25% to 10,370 ounces compared to 8,280 ounces produced in Q3 2019.Primary development increased 36% to 2,068 meters compared to 1,516 meters completed in Q3 2019.Sustaining capital expenditures of $7 million invested in mining equipment and development.Jaguar started ramping up exploration programs in Q3, 2020 with $1.1 million capitalized exploration and $0.4 million expensed exploration.Q3 2020 Financial Results SummaryGross profit increased 355% to $25.8 million compared to $5.7 million in Q3 2019, reflecting higher production quarter-over-quarter, and an increase in the average realized gold price.Cash operating costs decreased 23% to $614 per ounce sold for Q3 2020, compared to $798 during Q3 2019.All-in sustaining costs (\"AISC\") decreased 27% to $1,011 per ounce sold in Q3 2020, compared to $1,389 during Q3 2019.Operating cash flow of $21.9 million; adjusted EBITDA of $26.1 million.Net income of $16.5 million, or net income per share of $0.23.Free cash flow was $14.9 million for Q3 2020 compared to negative $3.2 million in Q3 2019. Cash used in financing activities was $6.5 million including dividend payment, share buy back and repayment of debt.Board announces quarterly dividend of C$0.08 per share.Strong treasury on September 30, 2020, with cash of $39 million compared to $30.2 million on June 30, 2020.Vern Baker, President and CEO of Jaguar Mining stated: \"These strong third quarter results continue to reflect our steady progression to reach our goal of sustainable ...