TMAC reports operating and financial results for fourth quarter and 2017
23 February 2018
TMAC Resources Inc. has filed its annual financial statements, management’s discussion and analysis and the annual information form for the year ended December 31, 2017.
Highlights include:
- Net loss totalled $25.3 million (Q4-2017: $12.5 million), or $0.30 per share (Q4-2017: $0.14 per share) on a basic and fully diluted basis.
- 46,990 ounces of gold were sold during the year ended December 31, 2017 for proceeds of $76.9 million (US$59.7 million). 17,350 ounces of gold were sold in the three months ended December 31, 2017 for proceeds of $28.2 million (US$22.1 million).
- Realized an average price for gold sold of $1,636 (US$1,270) per ounce during the year ended December 31, 2017 and $1,622 (US$1,275) per ounce during the three months ended December 31, 2017.
- Cash costs and all-in sustaining costs per ounce of gold sold were $1,658 (US$1,288) and $2,418 (US$1,870), respectively, during the year ended December 31, 2017 and $1,568 (US$1,228) and $2,138 (US$1,683), respectively, during the three months ended December 31, 2017.
- Cash and cash equivalents were $42.0 million and restricted cash was $43.9 million at December 31, 2017.
“While progress is being made, as discussed in our January 16, 2018 news release, TMAC had a challenging fourth quarter, capping a difficult 2017. Though the mine has been performing well, the processing plant has had material ramp up issues and a number of important initiatives are underway to drive improvements. As a result, financial results for Q4 were weak, but performance is expected to improve as 2018 continues assuming our expectations are met from ongoing investment and attention on processing improvements," said Jason Neal, President and Chief Executive Officer of TMAC.View Details
