Pretivm reports higher third-quarter net earnings despite higher costs
Canadian miner Pretivm produced 86 136 oz of gold and 130 975 oz of silver in the third quarter.
This compares with the 88 227 oz of gold and 124 958 oz of silver produced in the third quarter of 2019.
The company’s year-to-date production of 259 000 oz puts it on track to meet yearly guidance of between 325 000 oz and 365 000 oz from the Brucejack mine, in British Columbia.
A higher gold price helped to boost the company’s revenue to $153-million in the third quarter, from the sale of 81 068 oz at an average realised price of $1 935/oz.
This compares with revenue of $129-milllion generated in the third quarter of last year, from the sale of 90 713 oz at an average realised price of $1 486/oz.
However, all-in sustaining costs (AISC) were higher year-on-year, at $1 016/oz, compared with AISC of $878/oz in the third quarter of last year, owing to the company’s additional lateral development, definition drilling, the impact of Covid-19 safety protocols of $2.1-million, and higher depreciation and depletion expenses.
Pretivm’s net earnings in the quarter under review were $31.2-million, or $0.17 apiece, compared with the net earnings of $6.3-million, or $0.03 apiece, reported for the prior comparable quarter.
The company had cash on hand of about $175-million at the end of September, which was a $151-million increase compared with the cash on hand of $23-million as at December 2019.
Meanwhile, Pretivm continues to progress infill diamond drilling at the mine, particularly west toward the Brucejack Fault zone. The programme was intended to support mining in the first quarter of next year.
The company also started with resource expansion drilling during the third quarter, with 5 050 m of drilling having been completed north toward the West zone, targeting inferred resources.
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