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Santacruz Silver Reports First Quarter 2020 Financial and Production Results
Vancouver, British Columbia--(Newsfile Corp. - July 14, 2020) - Santacruz Silver Mining Ltd. ...
About this update from Santacruz Silver Mining Ltd.
[{"type":"text","content":"Santacruz Silver Reports First Quarter 2020 Financial and Production ResultsVancouver, British Columbia--(Newsfile Corp. - July 14, 2020) - Santacruz Silver Mining Ltd. (TSXV: SCZ) (the \"Company\" or \"Santacruz\") reports on the operating and financial results from its Mexican mining operations for the first quarter of 2020. The full version of the financial statements and accompanying management's discussion and analysis can be viewed on the Company's website at www.santacruzsilver.com or on SEDAR at www.sedar.com. All amounts are in thousands of US dollars unless otherwise indicated.Q1 2020 HighlightsConsolidated mining operations generated a gross loss of $1,874 dollars including gross loss from Zimapan of $363, and gross losses from Rosario and Veta Grande of $433 and $1,078 respectively;Net loss after taxes of $87;Consolidated cash cost per silver equivalent ounce sold $18.60 and AISC of $20.39 Carlos Silva, CEO of Santacruz, stated, \"With the acquisition of Carrizal Mining now complete our focus has shifted to streamlining operations for improved efficiency. Our primary focus is to get the Zimapan operations back to historic throughput levels - a task that has been made more challenging by taking the necessary COVID-19 precautions at the beginning of March. Rosario's contribution to earnings is expected to increase as mining operations begin to access higher grade material and efforts are made to increase throughput. The one-time cost of shutting the Veta Grande operations increased our cost per ounce metrics in the current quarter, but with operations curtailed these costs are not forecast to flow through to future periods. The costs of managing an effective COVID prevention program will weigh on our Q2 results, but with improved silver prices we expect to have a strong Q3.\" Financial ResultsSelected consolidated financial information for the three-month periods ended March 31, 2020 and December 31 and March 31, 2019 is presented below:Q1 2020Q4 2019Q1 2019   Revenue - Mining Operations7,8169,9642,490Revenue - Mining Services--790Gross Profit (Loss) (1) (1,874)(1,550)(514)Impairment-(12,202)-Net Loss (87)(16,017)(1,846)Net Loss Per Share - Basic ($/share) (0.00)(0.08)(0.01)Adjusted EBITDA (1) (2,909)(3,442) (921) (1) The Company reports additional non-IFRS measures which include Gross Profit (Loss) and ...