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http://www.stockhouse.com/news/press-releases/...-ebitda-at-the-point
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TORONTO, Jan. 8, 2016 /CNW/ - Anaconda Mining Inc. ("Anaconda" or the "Company") ? (TSX: ANX) is pleased to report its financial and operating results for the three and six months ended November 30, 2015. All amounts are expressed in Canadian Dollars unless otherwise noted. During the second quarter of fiscal 2016, the Company sold 4,605 ounces of gold resulting in $6,798,075 in revenue at an average sales price of $1,476 per ounce (USD$1,118). Cash cost per ounce sold at the Point Rousse Project for the three months ended November 30, 2015 was $913 (USD$691). Earnings before interest, taxes, depreciation and amortization and other non-cash expenses ("EBITDA") at the project level were $2,594,851. Net income for the three months ended November 30, 2015 was $766,040. As at November 30, 2015, the Company had cash and cash equivalents of $972,479 and net working capital of $2,473,693. President and CEO, Dustin Angelo, stated, "Anaconda had an exceptional second quarter, both operationally and financially, buoyed by a quarterly sales volume record of 4,605 ounces. The continued improvement of the Pine Cove mill has given us the ability to increase our throughput significantly compared to last year. The mining staff has done an excellent job at efficiently mucking and optimizing grade to supply the mill at the higher tonnage levels. The resulting upturn in our gold sales volume has helped us drive our cash cost per ounce sold below $1,000 per ounce for the quarter and year to date. Moving into the second half of the year, we are looking to gain further efficiencies through completing our mill automation project and making further upgrades to equipment in the mill." Highlights for the three months ended November 30, 2015 - As at November 30, 2015, the Company had cash and cash equivalents of $972,479 and net working capital of $2,473,693.
- For the three months ended November 30, 2015, the Company sold 4,605 ounces of gold, a quarterly sales volume record, and generated $6,798,075 in revenue at an average sales price of $1,476 per ounce.
- For the six months ended November 30, 2015, the Company sold 8,561 ounces of gold and generated $12,583,876 in revenue at an average sales price of $1,470 per ounce.
- Cash cost per ounce sold at the Pine Cove Project for the three and six months ended November 30, 2015 was $913 and $996 per ounce respectively.
- All-in sustaining cash cost per ounce sold ("AISC") (see Reconciliation of Non-GAAP Financial Measures), including corporate administration, capital expenditures and exploration costs for the three and six months ended November 30, 2015 was $1,364 and $1,424 per ounce respectively.
- The mill processed 1,181 tonnes of ore per operating day for the three months ended November 30, 2015.
- The overall recovery in the mill for the three and six months ended November 30, 2015 was 87%.
- At the Pine Cove Project, EBITDA (see Reconciliation of Non-GAAP Financial Measures) for the three and six months ended November 30, 2015 was $2,594,851 and $4,057,279 respectively.
- On a consolidated basis, EBITDA for the three and six months ended November 30, 2015 was $2,032,078 and $2,972,055, respectively.
- Net income for the three and six months ended November 30, 2015 was $766,040 and $581,121 respectively.
- Purchase of property, mill and equipment for the six months ended November 30, 2015 was $1,804,419. Key items included mill automation and equipment upgrades of $590,000, tailing expansion costs of $346,000, polishing pond construction of $221,000, construction of ore shed enclosure of $203,000 and development costs of $380,000.
- Production stripping assets for the six months ended November 30, 2015 include additions of $414,397 and amortization of $37,258.
- Approximately $814,000 was spent at the Point Rousse Project on exploration for the six months ended November 30, 2015. The Company's exploration initiatives included publishing a 43-101 Technical Report outlining mineral resources at the Stog'er Tight and Pine Cove deposits, a trenching program adjacent to the Stog'er Tight deposit to expose near surface mineralization, geological mapping and trenching program at the Argyle zone and drilling at the Pine Cove Pond area adjacent to the Pine Cove pit.
- On December 18, 2015, the Company entered into an agreement (the "Agreement") with Auramet International LLC ("Auramet") through which Auramet has paid USD$500,000 (USD$980 per ounce) (the "Prepayment Amount"), less fees, to Anaconda in exchange for 510 ounces of gold.
Operations overview During the three months ended November 30, 2015, the gold sales volume of 4,605 ounces represented a 34% increase over the same period in fiscal 2015, due to increased mill throughput, grade and recovery. Ore tonnes processed increased from 85,515 ore tonnes to 95,629, a 12% increase compared to the three months ended November 30, 2014. Grade for the three months ended November 30, 2015 was 1.66 g/t, a 4% increase from the same period in fiscal 2015. Recovery also increased from 85% to 87% period over period. Average sales price for the three months ended November 30, 2015 was $1,476 per ounce compared to $1,398 per ounce the same period in fiscal 2015. As a result of the higher sales volume, gross revenue for the three months ended November 30, 2015 of $6,798,075 was higher period over period by $1,999,896 or 42%. The following table summarizes the key operating metrics for the three and six months ended November 30, 2015 and 2014: ....... .... .
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