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Santacruz Silver Reports Fourth Quarter / Year-End 2019 Financial Results
Vancouver, British Columbia--(Newsfile Corp. - June 17, 2020) - Santacruz Silver Mining Ltd. ...
About this update from Santacruz Silver Mining Ltd.
[{"type":"text","content":"Santacruz Silver Reports Fourth Quarter / Year-End 2019 Financial ResultsVancouver, British Columbia--(Newsfile Corp. - June 17, 2020) - Santacruz Silver Mining Ltd. (TSXV: SCZ) (the \"Company\" or \"Santacruz\") reports on its financial and operating results for the fourth quarter (\"Q4\") of 2019 and for the 2019 fiscal year. The full version of the financial statements and accompanying management discussion and analysis can be viewed on the Company's website at www.santacruzsilver.com or on SEDAR at www.sedar.com. All financial information is prepared in accordance with IFRS and all dollar amounts are expressed in thousands of US dollars, except per unit amounts, unless otherwise indicated.Mr Carlos Silva, CEO of the Company commented: \"This past year was a period of both challenges and successes. In October 2019 we completed a two-step process with the Company acquiring a 50% interest in Carrizal Mining at each step. This has allowed the Company to operate the low cost Zimapan mine in Q3 and Q4 under a lease agreement with Grupo Peñoles.\" Mr. Silva added; \"Fiscal 2020 is about the Company executing the mine plan at Zimapan to further improve mine performance, while commodity markets continue to rebound.\" Finally, Mr. Silva commented: \"Now with a strong and proven mine and a solid Team onboard, the Company is poised to become a significant producer and cash flow generator in 2020 and beyond\". Selected operating and financial information for the three months and years ended December 31, 2019 and 2018 is presented below:    Three months ended Dec 31, Years ended Dec 31,    20192018   2019 2018 Financial    Revenue – Mining Operations 9,964 1,258 27,140 5,134 Revenue – Mining Services - 1,466 1,971 8,017 Gross Loss (4) (1,550) (3,073) (1,711) (4,060) Impairment (12,202) (1,486)  (12,202) (1,486) Net Loss (16,017) (4,239) (20,432) (4,637) Net Loss Per Share – Basic ($/share) (0.08) (0.03) (0.12) (0.03) Adjusted EBITDA (4) (3,442)  (2,404) (5,181)  (3,468) Operating         Material Processed (tonnes milled) 220,154 53,396 469,291 211,465 Silver Equivalent Produced (ounces) (1) 1,324,303 237,542 2,829,453 815,323 Silver Equivalent Sold (payable ounces) (2) 805,468 106,757 1,851,191 420,553 Production Cost per T...