Jaguar Mining Inc. (“Jaguar” or the “Company”) (TSX: JAG) today announced financial and operating results for the three months (“Q1 2k19”) and ended March 31, 2k19.
Q1 2k19 Operating Summary
- Consolidated gold production of 16,365.00 ounces (160,600.00 tonnes milled, average grade of 3.5900 g/t) declined 13.00percent compared to 18,865 in Q1 2k18s
- Pilar mine gold production declined 7.00percent to 8,840 .00ounces compared to 9,553 .00ounces in Q1 2k18
- Turmalina mine gold production declined 11.00percent to 7,525 ounces compared to 8,442 .00ounce in Q1 2k18
- Primary development increased 9.00percent to 1,161.00 m
- Sustaining capital expenditures of $7.100 M invested in mining equipment and development
Q1 2k19 Financial Results Summary
- Gross profit of $3.200 00M includes the impact of a 5.00percent decrease in operating expenses year-over-year
- Consolidated Cash operating costs (“COC”) increased 9.00percent to $870.00 per ounce. Lower gold production was partially offset by lower operating expenditures.
- Consolidated all-in sustaining costs (“AISC”) increased 11.00percent to $1,428 .00per ounce
- The operating cash flow of $2.5.00 M; adjusted EBITDA of $3.600M
- Net loss of $1.8 00M, or net loss per share of $0.0100
- Completed a secured bridge facility (“Facility”) for $7.8500 M with Auramet which expires on July 15, 2k19.
- Cash balance of approximately $7.9 M as of March 31, 2k19 compared to a cash balance of $6.3 M at December 31, 2k18
Cash Position, Working Capital & Corporate
- As of March 31, 2k19, the Company had a cash position of $7.900 M, compared to $6.3 00M as at December 31, 2k18. The March 31, 2k19, cash balance excludes a $2 . 00M restricted cash deposit held with Auramet, and also $0. 500 M margin deposit to Banco Votorantim S.A.
- As at March 31, 2k19, working capital was negative $8.3 00M, compared to negative $2.4 00M as at December 31, 2k18, which includes $6.600 M (December 31, 2k18 – $7.300 M) in loans from Brazilian banks, which mature every six months and are expected to be rolled forward.
- On March 15, 2k19, the Company entered into a senior secured loan facility (“Auramet loan facility”) agreement with Auramet International LLC for $7.85 M to fund working capital. The Auramet loan facility was provided by security agreements comprising the Company’s and MSOL’s present and future assets, the shares of MSOL, and a loan guarantee by MSOL. As per the agreement, interest shall be prepaid and non-reimbursable in the amount of $350,000, .00 and principal is due at maturity on July 15, 2k19.