12 May 2020
TMAC Resources Inc. reports its financial results for the fourth quarter and full year 2019. All amounts are in Canadian dollars unless otherwise indicated.
Jason Neal, President and Chief Executive Officer of TMAC, stated, “During the fourth quarter TMAC generated revenues of $48.0 million from sales of 24,650 ounces of gold at a cash cost of US$1,172 per ounce and an all-in sustaining cost of US$1,700 per ounce. These costs were higher than the previous quarter due to significantly lower production and sales volumes. TMAC recorded a non-cash impairment adjustment of $620.6 million, which does not affect our cash balances, liquidity or operating cash flows. The fair value used for the impairment adjustment is consistent with the value implicit in the Shandong Gold Mining transaction announced on May 8, 2020. We are, therefore, reporting a net loss of $5.46 per share on a basic and fully diluted basis. Without the impairment, we recorded a loss of 7 cents per share in the fourth quarter and a profit of 8 cents per share for the full year 2019. Even though our quarterly production had been lower, we were able to realize higher gold sales per ounce at a historically high average gold price of US$1,481 per ounce sold.”