TMAC announces Q3 2019 financial results

31 October 2019

TMAC Resources Inc. reports its third quarter 2019 financial results. 

Jason Neal, President and Chief Executive Officer of TMAC, stated, “TMAC reported a third quarter net profit of $0.07 per share on revenue of $72.8 million with an average realized gold price of US$1,469 per ounce. EBITDA improved to $35.1 million from $26.2 million in the previous quarter and cash flow from operations before working capital changes improved to $30.1 million from $19.9 million. Quarter-end cash balance was $76.8 million, including $47.4 million unrestricted.”

Jason Neal continued, “Although plant recoveries in the third quarter increased from 80% to 82%, quarterly production did not improve as plant feed grade was lower. Quarter over quarter, Cash Costs(1) were unchanged at US$729 per ounce, and AISC(1) increased to US$1,155 per ounce from US$1,081 per ounce in the second quarter and is attributed to an increase in sustaining capital per ounce from US$254 to US$343 related largely to annual sealift capital items.”

All amounts are in Canadian dollars unless otherwise indicated.