JAGUAR MINING REPORTS FINANCIAL RESULTS FOR THE FOURTH QUARTER AND FULL YEAR 2020

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Overig advies 15/03/2021 18:05
Record Profitability and Operational Cash Flow in FY2020
FY 2020 COC Decreased by 20% to $647/oz Au and AISC Decreased 23% to $1,044/oz Au
Board Announces Quarterly Dividend of C$0.08 per share

Toronto, March 15, 2021 – Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX:JAG, OTCQX:JAGGF) today announced financial results for the fourth quarter (“Q4 2020”) and year (“FY 2020”) ended December 31, 2020. All figures are in US Dollars, unless otherwise expressed.

Q4 2020 Financial Highlights

Revenue for Q4 2020 increased 50% to $43.4 million, compared with $28.9 million in Q4 2019.
Consolidated gold production increased 13% with 22,533 ounces produced (228,000 tonnes milled, average grade of 3.50 g/t) compared to 20,029 ounces produced in Q4 2019.
Pilar production increased 20% with 12,353 ounces produced compared to 10,256 ounces in Q4 2019.
Turmalina production increased 4% to 10,180 ounces compared to 9,773 ounces produced in Q4 2019.
Primary development increased 29% to 1,871 meters compared to 1,453 meters completed in Q4 2019.
Sustaining capital expenditures of $9.8 million invested in mining equipment and development.
Consolidated Operating Cash costs ("COC") decreased 10% to $705 per ounce of gold sold in Q4 2020, compared to $780 during Q4 2019.
Consolidated all-in sustaining costs ("AISC") decreased 3% to $1,200 per ounce of gold sold in Q4 2020, compared to $1,239 during Q4 2019.
Board announces quarterly dividend of C$0.08 per share.
FY 2020 Financial Highlights

Gross profit increased 269% to $85.7 million compared to $23.2 million in FY 2019.
Increased profitability in FY 2020 reflects higher operating production quarter-over-quarter, and also an increase in the average realized gold price of $1,745/oz in FY 2020 compared to $1,316/oz for FY 2019.
Consolidated gold production increased 23% with 91,118 ounces produced in 2020 compared to 74,084 ounces produced in FY 2019
COC decreased 20% to $647 per ounce of gold sold for FY 2020, compared to $806 during FY 2019.
AISC decreased 23% to $1,044 per ounce of gold sold in FY 2020, compared to $1,349 during FY 2019.
Operating cash flow of $78.7 million; adjusted EBITDA of $87.8 million.
Net income of $72.3 million, or net income per share of $1.00.
Free cash flow was $49.2 million for FY 2020 based on operating cash flow, less sustaining capital, compared to negative $7.4 million in FY 2019. Cash used in financing activities was $7.5 million including dividend payment, share buy back and repayment of debt.
Strong treasury at December 31, 2020, with cash of $38.9 million.
Vern Baker, President and CEO of Jaguar Mining stated, “In an exceptionally challenging year impacted by Covid-19, our positive operating and financial results came from a combination of strong shareholder support, determined effort of our workforce, and favorable gold price and exchange rate environment. Our efforts to reach a sustainable level of 100,000 ounces per annum was slightly impacted by the pandemic in the fourth quarter of 2020, but the resilience of our team and contingency planning still enabled us to end the year in the top half of our annual production guidance and at the low end of our annual AISC guidance.

Vern added, “We begin 2021 with a strong financial position and a resilient workforce. Covid-19 remains our key risk in reaching our 100,000 ounce per annum target. Unfortunately, year to date, the number of incidents and deaths in Brazil have reached new pandemic heights. As a result, we have been experiencing the highest number of cases occurring in our workforce. We continue to execute our contingency operating plans and are hopeful with the rapidly increasing numbers of vaccinations in Brazil, the worst of the pandemic will be behind the World, Brazil and our Company in the coming months. I remain steadfast in my belief that a sustainable production level of 100,000 ounces is achievable, along with a tremendous opportunity to invest in the organic growth of our existing infrastructure and exploration properties.

Q4 2020 Quarterly Dividend

The Company is also pleased to announce that its Board of Directors has declared a cash dividend of C$0.08 per common share of the Company, to be paid on March 30, 2021 to shareholders of record as of the close of business on March 22, 2021. This is the same amount as paid in the previous two quarters. The dividend qualifies as an eligible dividend for Canadian income tax purposes.
The Board of Directors intends to review, among other things, the Company's budget, cash flow forecast and existing market conditions on a quarterly basis in order to determine whether any additional dividends will be declared on Shares for subsequent quarters.
Cash Position and Use of Funds

Strong treasury as of December 31, 2020, with cash of $38.9 million in line with $39 million on September 30, 2020. Bank debt of $0.8 million was also paid down and $2.3 million of common shares were bought back through the Normal Course Issuer Bid. The Company also paid a dividend of $4.5 million during Q4 2020.
As at December 31, 2020, working capital was $29.2 million, compared to $9.4 million as at December 31, 2019, which includes $3.1 million in loans from Brazilian banks.
Q4 & FY 2020 Financial Results

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https://www.jaguarmining.com/en/investors/news-releases/2021/jaguar-mining-reports-financial-results-for-the-fourth-quarter-and-full-year-2020/



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