Excellon Resources swings to Q1 profit despite lower grades, prices
TORONTO (miningweekly.com) – Mexico’s highest-grade silver miner Excellon Resources has reported a first-quarter profit despite lower grades at its flagship La Platosa mine, and lower realised prices.
The miner on Tuesday reported net income of $1.9-million, or $0.03 a share, compared with a net loss of $600 000, or $0.01/share in the same quarter last year.
For the three months ended March 31, revenue rose marginally to $10.5-million, compared with $10.1-million, based on sales of 624 953 silver-equivalent ounces against 476 281 silver-equivalent ounces in the first quarter of 2013.
The average realised silver price fell 29% year-on-year to $20.60/oz, compared with $29.04/oz.
Output for the period included 383 782 oz of silver, 2.48-million pounds of lead and 2.87-million pounds of zinc.
Excellon reported all-in sustaining cost per payable silver ounce of $17.28, 28% lower than the all-in costs of $24.06/oz a year earlier.
“With years of significantly higher grade resource ahead of us, we are well positioned to grow even in this subdued silver price environment,” president and CEO Brendan Cahill said.
The company said it would from the first quarter onwards report according to the World Gold Council's all-in sustaining cost standards, which would provide investors with a clearer perspective on its cash flow per payable ounce of silver.
The company’s TSX-listed stock rose 5.93% to C$1.43 apiece on Wednesday.
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