Orvana Reports Third Quarter Results For FY2020

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Algemeen advies 13/08/2020 05:43
- All Amounts in US Dollars Unless Otherwise Stated
TORONTO, Aug. 12, 2020 /CNW/ - Orvana Minerals Corp. (TSX: ORV) (the "Company" or "Orvana") announced today financial and operational results for the third quarter of fiscal 2020 ("Q3 2020").

Q3 2020 Highlights:
•Consolidated production of 14,565 gold equivalent ounces (12,046 gold ounces, 1.5 million copper pounds and 38,861 silver ounces).
•Revenue of $18 million. Average realized gold price per ounce of $1,543, impacted by the settlement of the derivative instruments.
•EBITDA of $0.9 million deficit, impacted by $1.3 million derivative instruments loss. All the outstanding derivative instruments mature in fourth quarter of fiscal 2020.
•Cash balance of $8 million as of June 30, 2020.
•Consolidated Cash Operating Costs ("COC") and All in Sustaining Costs ("AISC") of $1,367 and $1,719.

Juan Gavidia, the Chief Executive Officer of Orvana stated, "Current levels of steady production, coupled with strong precious metal prices position OroValle for a strong cash generation scenario; all while keeping our workforce virus-free and safe in Spain. With respect to the Gold-Copper Oxides Stockpile Project at EMIPA, the company continues to refine and advance the project with detailed engineering, which is expected to be complete by year-end, providing an important foundation for the continuity of operations in Bolivia for years to come." Mr. Gavidia added that, "New work on the company's Taguas project in Argentina is commencing as we explore the best ways to advance this project."

OROVALLE:
•Quarterly 11,822 ounces of gold production, 3% lower than previous quarter due to lower ore grade, partially off-set by higher throughput.
•Copper production was 1.5 million pounds, 7% higher than previous quarter.
•Revenue of $18 million.
•OroValle COC & AISC of $1,242 and $1,455.

EMIPA:
•Oxides Stockpile Project (OSP): Metallurgical testing and optimization restarted in June, but at a much slower pace due to the global pandemic. Subject to the favorable completion of technical, economic and funding analysis, the OSP is expected to require approximately twelve months of development to start commercial production late in 2021.
•The Company continues to compile historical exploration data and the re-evaluation of geophysical data in order to prioritize the exploration of EMIPA's targets within its 58,325 hectares of mining concessions.

Selected Q3 2020 Consolidated Operational and Financial Information
Q3 2020 Q2 2020 Q3 2019 YTD 2020 YTD 2019
Operating Performance
Gold
Grade (g/t) 2.43 2.74 2.08 2.51 2.39

see & read more on

https://www.orvana.com/English/news/news-details/2020/Orvana-Reports-Third-Quarter-Results-For-FY2020/default.aspx

Earnings before interest, taxes, depreciation and amortization ("EBITDA"), free cash flow, cash operating costs, all-in sustaining costs and all-in costs are non-IFRS performance measures.
• Capital expenditures are presented in the consolidated cash flows in the Audited Financials on a cash basis.


About Orvana Minerals
Orvana is a multi-mine gold-copper-silver company. Orvana's assets consist of the producing El Valle and Carlés gold-copper-silver mines in northern Spain and the Don Mario gold-silver property in Bolivia, currently in care and maintenance. Additional information is available at Orvana's website (www.orvana.com).



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