TMAC Resources announces record low cash costs and AISC and its first positive earnings in q1-2019

1 May 2019

TMAC Resources Inc. is pleased to report first quarter 2019 financial results. All amounts are in Canadian dollars unless otherwise indicated.
Jason Neal, President and Chief Executive Officer of TMAC, stated, “TMAC continues to grow our cashflow with record revenue of $67.9 million and record low AISC(1) and Cash Costs(1) of US$992 per ounce and US$658 per ounce respectively. The Company is also very pleased to report our first ever positive earnings, which for the first quarter was $0.06 per share. With the strengthening of operations, subsequent to quarter-end, TMAC and Sprott amended the terms of our credit agreement to provide additional financial flexibility through elimination of certain covenants and all principal repayments until April 2020, which eliminates US$26 million of principal amortization in this period, and thereafter amortization has been reduced to US$2.5 million per quarter commencing on April 1, 2020, less than half the previous amortization amount.”
FIRST QUARTER 2019 FINANCIAL HIGHLIGHTS

  • Gold production and sales 40,050 ounces produced, 39,200 ounces sold
  • Gross revenues $67.9 million
  • Average realized gold price $1,731 per ounce (US$1,302 per ounce)
  • Cash Costs (1) US$658 per ounce of gold sold
  • Cost of sales (2) US$962 per ounce of gold sold
  • All-in Sustaining Costs (“AISC”) (1) US$992 per ounce of gold sold
  • Adjusted EBITDA (1) $28.6 million
  • Net profit $7.2 million
  • Net profit per share $0.06 per share on a basic and fully diluted basis
  • Cash flows from operations $35.4 million
  • Sustaining capex (1) $12.3 million
  • Expansion capex (1) $5.8 million

 

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