PR Newswire
Q4 2023 |
FY 2023 |
|
Gold Production |
61,052 ounces |
226,151 ounces |
Segovia Operations AISC/oz 1 |
$1,264 |
$1,173 |
EBITDA 1 |
$19.7M |
$112.1M |
Adjusted EBITDA 1 |
$39.7M |
$159.4M |
Net earnings (loss) |
($5.9M) or ($0.04)/share |
$11.4M or $0.08/share |
Adjusted earnings 1 |
$11.8M or $0.09/share |
$52.2M or $0.38/share |
Q4 2023 |
Q3 2023 |
FY 2023 |
|||
Tonnes milled (t) |
166,329 |
163,205 |
663,603 |
||
Average tonnes milled per day (tpd) |
1,934 |
1,898 |
1,858 |
||
Average gold grade processed (g/t) |
10.63 |
10.77 |
10.42 |
||
Gold produced (ounces) |
54,719 |
53,826 |
202,940 |
||
Cash costs ($/ounce sold) 1 |
997 |
954 |
928 |
||
AISC – owner operated mining ($/ounce sold) 1 |
1,267 |
1,108 |
1,120 |
||
AISC – partner operated mining ($/ounce sold) 1,2 |
1,261 |
1,308 |
1,242 |
||
AISC – total ($/ounce sold) 1 |
1,264 |
1,194 |
1,173 |
||
Q4 |
Q3 |
Q2 |
Q1 |
FY 2023 |
||||||
Gold sold (ounces) |
62,083 |
59,040 |
54,228 |
49,158 |
224,509 |
|||||
Gold produced (ounces) |
61,052 |
60,193 |
54,003 |
50,903 |
226,151 |
|||||
Average realized gold price ($/ounce sold) |
$1,980 |
$1,913 |
$1,959 |
$1,869 |
$1,933 |
|||||
Gold revenue |
$ 122.9 |
$ 113.0 |
$ 106.2 |
$ 91.9 |
$ 434.0 |
|||||
Total cash costs 1 , royalties & social contributions |
(75.5) |
(67.3) |
(62.5) |
(51.1) |
(256.4) |
|||||
Sustaining capital 1 – Segovia infill exploration program |
(1.3) |
(1.3) |
(0.3) |
(0.8) |
(4.6) |
|||||
Sustaining capital 1 – other |
(10.0) |
(7.4) |
(4.1) |
(7.7) |
(28.3) |
|||||
All in sustaining margin |
36.1 |
37.0 |
39.3 |
32.2 |
144.7 |
|||||
Taxes paid |
– |
– |
(52.4) |
– |
(52.4) |
|||||
General and administration expenses |
(7.5) |
(3.9) |
(4.1) |
(2.2) |
(17.8) |
|||||
Change in working capital, impact of foreign exchange |
(8.0) |
3.2 |
22.9 |
(17.0) |
1.0 |
|||||
Free cash flow from operations |
20.6 |
36.3 |
5.7 |
12.9 |
75.4 |
|||||
Expansion and growth capital 1 at: |
||||||||||
Marmato Upper Mine & Lower Mine |
(10.6) |
(14.2) |
(6.8) |
(4.6) |
(36.1) |
|||||
Segovia Operations – regional exploration program |
(6.0) |
(2.6) |
(2.9) |
(2.5) |
(14.0) |
|||||
Segovia Operations – other |
(10.3) |
(4.0) |
(4.7) |
(0.1) |
(19.1) |
|||||
Toroparu Project |
(1.7) |
(3.9) |
(4.6) |
(4.7) |
(14.9) |
|||||
Total expansion and growth capital |
(28.6) |
(24.6) |
(19.0) |
(11.9) |
(84.2) |
|||||
Free cashflow from operations after expansion capital |
(8.1) |
11.7 |
(13.4) |
1.0 |
(8.7) |
|||||
Proceeds from warrant/option exercises |
0.6 |
0.3 |
1.6 |
0.4 |
3.0 |
|||||
Soto Norte, deferred payment to Mubadala |
– |
– |
– |
(50.0) |
(50.0) |
|||||
Repayment of Gold-linked Notes |
(1.8) |
(1.8) |
(1.8) |
(1.8) |
(7.4) |
|||||
Contributions to investments in associates |
(1.4) |
(1.4) |
(1.2) |
(1.1) |
(5.1) |
|||||
Purchase of Denarius debentures and shares |
(3.6) |
– |
– |
(1.1) |
(4.7) |
|||||
Interest (paid), net of interest income |
(2.0) |
(12.3) |
(0.2) |
(17.5) |
(31.9) |
|||||
Net change in cash |
(16.2) |
(3.5) |
(15.0) |
(70.1) |
(104.8) |
|||||
Opening balance at the beginning of the period |
210.8 |
214.3 |
229.3 |
299.5 |
299.5 |
|||||
Closing balance at the end of the period |
$ 194.6 |
$ 210.8 |
$ 214.3 |
$ 229.3 |
$ 194.6 |
|||||
_____________________________________ |
|
1 |
AISC ($ per oz sold), EBITDA, adjusted EBITDA, adjusted earning, free cash flow, cash costs and sustaining capital are non-IFRS financial measures in this document. These measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers. Refer to the Non-IFRS Measures section and the table titled “Quarterly and YTD Cashflow generation” below for a reconciliation of these measures to the most directly comparable financial measure disclosed in the Company’s interim and audited financial statements. |
2 |
Partner-operating mining encompasses contractor workforce as well as the acquisition of mill-feed from artisanal and small-scale miner units. |
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Segovia Operations |
Total Operations |
|||||||
Quarter ended, |
Year ended, |
Quarter ended, |
Year ended, |
|||||
($000s except per ounce amounts) |
Dec 31, 2023 |
Sept 30, 2023 |
Dec 31, 2023 |
Dec 31, 2023 |
Sept 30, 2023 |
Dec 31, 2023 |
||
Total gold sold (ounces) |
55,736 |
52,627 |
201,652 |
62,083 |
59,040 |
224,509 |
||
Cost of sales 1 |
61,993 |
56,543 |
213,649 |
76,580 |
68,534 |
261,766 |
||
Less: materials and supplies provision |
(715) |
– |
(715) |
(1,211) |
(190) |
(1,401) |
||
Less: royalties 1 |
(3,434) |
(3,202) |
(12,784) |
(4,531) |
(4,189) |
(16,745) |
||
Add: by-product revenue 1 |
(2,297) |
(3,153) |
(13,081) |
(2,565) |
(3,514) |
(14,199) |
||
Less: other adjustments |
– |
– |
– |
– |
– |
77 |
||
Total cash costs |
55,547 |
50,188 |
187,069 |
68,273 |
60,641 |
229,498 |
||
Total cash costs ($ per oz gold sold) |
997 |
954 |
928 |
1,100 |
1,027 |
1,022 |
||
1. |
As presented in the interim and audited consolidated financial statements and notes for the respective periods. |
Segovia Operations |
Total Operations |
||||||||||
Quarter ended, |
Year ended, |
Quarter ended, |
Year ended, |
||||||||
($000s except per ounce amounts) |
Dec 31, 2023 |
Sept 30, 2023 |
Dec 31, 2023 |
Dec 31, 2023 |
Sept 30, 2023 |
Dec 31, 2023 |
|||||
Total gold sold (ounces) |
55,736 |
52,627 |
201,652 |
62,083 |
59,040 |
224,509 |
|||||
Total cash costs |
55,547 |
50,188 |
187,069 |
68,273 |
60,641 |
229,498 |
|||||
Add: royalties 1 |
3,434 |
3,202 |
12,784 |
4,531 |
4,189 |
16,745 |
|||||
Add: social programs 1 |
2,501 |
2,249 |
9,573 |
2,653 |
2,434 |
10,157 |
|||||
Add: sustaining capital expenditures |
8,669 |
6,685 |
25,136 |
11,020 |
8,143 |
30,842 |
|||||
Add: lease payments on sustaining capital |
324 |
507 |
2,073 |
324 |
507 |
2,073 |
|||||
Total AISC |
70,475 |
62,831 |
236,635 |
86,801 |
75,914 |
289,315 |
|||||
Total AISC ($ per oz gold sold) |
1,264 |
1,194 |
1,173 |
1,398 |
1,286 |
1,289 |
|||||
1. |
As presented in the interim and audited consolidated financial statements and notes for the respective periods. |
Quarter ended December 31, 2023 |
Year ended December 31, 2023 |
||||||||||
Owner Operated mining 1 |
Partner |
Total |
Owner Operated mining 1 |
Partner |
Total |
||||||
Operated mining 2 |
Segovia |
Operated mining 2 |
Segovia |
||||||||
Attributable gold sold (ounces) |
31,396 |
24,340 |
55,736 |
113,560 |
88,092 |
201,652 |
|||||
Total cash costs ($’000) 3 |
27,632 |
27,915 |
55,547 |
88,069 |
99,002 |
187,071 |
|||||
Cash cost per ounce sold ($/ounce) 3 |
$880 |
$1,147 |
$997 |
$776 |
$1,124 |
$928 |
|||||
All-in sustaining costs ($’000) 3 |
39,781 |
30,694 |
70,475 |
127,232 |
109,405 |
236,637 |
|||||
AISC cost per ounce sold ($/ounce) 3 |
$1,267 |
$1,261 |
$1,264 |
$1,120 |
$1,242 |
$1,173 |
|||||
Quarter ended September 30, 2023 |
|||||||||||
Owner Operated mining 1 |
Partner Operated mining 2 |
Total Segovia |
|||||||||
Attributable gold sold (ounces) |
30,030 |
22,597 |
52,627 |
||||||||
Total cash costs ($’000) 3 |
23,602 |
26,586 |
50,188 |
||||||||
Cash cost per ounce sold ($/ounce) 3 |
$786 |
$1,177 |
$954 |
||||||||
All-in sustaining costs ($’000) 3 |
33,279 |
29,553 |
62,831 |
||||||||
AISC cost per ounce sold ($/ounce) 3 |
$1,108 |
$1,308 |
$1,194 |
||||||||
1. |
Includes Company-operated areas within the mines, utilizing owner-managed labour. |
2. |
Comprises contractor-operated and other small-scale mining operations within and outside of the Company’s mining title that are operated by miners under contract to deliver the mill feed mined to the Company’s Maria Dama plant for processing. |
3. |
Refer to the Non-IFRS Measures section for full details on cash costs ($ per oz sold) and AISC ($ per oz sold). |
Quarter ended, |
Year ended, |
||||||||||
($’000) |
Dec 31, 2023 |
Sept 30, 2023 |
Dec 31, 2023 |
||||||||
Sustaining capital |
|||||||||||
Segovia Operations |
8,669 |
6,685 |
25,136 |
||||||||
Marmato Upper Mine |
2,351 |
1,457 |
5,706 |
||||||||
Total |
11,020 |
8,143 |
30,842 |
||||||||
Non-sustaining growth capital |
|||||||||||
Segovia Operations |
16,308 |
6,569 |
33,157 |
||||||||
Toroparu Project |
1,740 |
3,874 |
14,929 |
||||||||
Marmato Lower Mine |
9,394 |
8,413 |
27,814 |
||||||||
Marmato Upper Mine |
1,181 |
5,737 |
8,244 |
||||||||
Juby Project |
7 |
– |
40 |
||||||||
Total |
28,630 |
24,594 |
84,184 |
||||||||
Total Additions 1 |
39,650 |
32,736 |
115,026 |
||||||||
1. As presented in the interim and audited consolidated financial statements and notes for the respective periods. |
|||||||||||
Quarter ended, |
Year ended, |
|||||
($000s) |
Dec 31, 2023 |
Sept 30, 2023 |
Dec 31, 2023 |
|||
Earnings (loss) before tax 1 |
7,963 |
26,156 |
58,826 |
|||
Add back: |
||||||
Depreciation and depletion 1 |
7,535 |
10,938 |
34,944 |
|||
Finance income 1 |
(2,580) |
(3,672) |
(10,783) |
|||
Interest and accretion 1 |
6,772 |
6,757 |
29,156 |
|||
EBITDA |
19,690 |
40,179 |
112,143 |
|||
Add back: |
||||||
Share-based compensation 1 |
2,977 |
528 |
5,111 |
|||
Revaluation of investments (Denarius) 1 |
536 |
– |
10,559 |
|||
Loss from equity accounting in investee 1 |
(3,667) |
(1,062) |
(59) |
|||
(Gain) loss on financial instruments 1 |
13,429 |
(374) |
13,078 |
|||
Foreign exchange (gain) loss 1 |
6,685 |
2,285 |
18,550 |
|||
Adjusted EBITDA |
39,650 |
41,555 |
159,382 |
|||
1. |
As presented in the interim and audited consolidated financial statements and notes for the respective periods. |
Quarter ended, |
Year ended, |
|||||
($000s except shares amount) |
Dec 31, 2023 |
Sept 30, 2023 |
Dec 31, 2023 |
|||
Basic weighted average shares outstanding |
137,313,095 |
137,192,545 |
136,735,317 |
|||
Diluted weighted average shares outstanding |
137,313,095 |
137,484,041 |
137,062,505 |
|||
Net earnings (loss) 1 |
(5,944) |
13,833 |
11,419 |
|||
Add back: |
||||||
Share-based compensation 1 |
2,977 |
528 |
5,111 |
|||
Revaluation of investments (Aris Gold/Denarius) 1 |
536 |
– |
10,559 |
|||
(Income) loss from equity accounting in investee 1 |
(3,667) |
(1,062) |
(59) |
|||
(Gain) loss on financial instruments 1 |
13,429 |
(374) |
13,078 |
|||
Foreign exchange (gain) loss 1 |
6,685 |
2,285 |
18,550 |
|||
Income tax effect on adjustments |
(2,221) |
(796) |
(6,434) |
|||
Adjusted net (loss) / earnings |
11,795 |
14,414 |
52,224 |
|||
Per share – basic ($/share) |
0.09 |
0.11 |
0.38 |
|||
1. |
As presented in the interim and audited consolidated financial statements and notes for the respective periods. |
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SOURCE Aris Mining Corporation