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.