TORONTO, Nov. 09, 2021 (GLOBE NEWSWIRE) -- Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND, OTCQB: MNDJF) is pleased to announce its financial results for the quarter ended September 30, 2021.
The Company's condensed and consolidated interim financial results for the quarter ended September 30, 2021, together with its Management's Discussion and Analysis ("MD&A") for the corresponding period, can be accessed under the Company's profile on www.sedar.com and on the Company's website at www.mandalayresources.com. All currency references in this press release are in U.S. dollars except as otherwise indicated.
Third Quarter 2021 Highlights:
- Consolidated quarterly revenue of $52.6 million, second highest quarterly revenue since Q2 2016;
- Adjusted EBITDA of $25.1 million;
- Adjusted net income of $10.1 million ($0.11 or C$0.14 per share);
- Consolidated net income of $9.3 million ($0.10 or C$0.13 per share); and
- Costerfield cash cost of $546 per gold equivalent ounce produced, lowest since Q1 2016.
Dominic Duffy, President and CEO of Mandalay, commented:
"Mandalay Resources is pleased to have sustained the financial momentum generated during the first half of the year. We delivered another solid third quarter in 2021 – driven by strong adjusted EBITDA and profits. We are pleased with both sites' strong execution against their operational strategy, positioning the Company to achieve the upper limits of our production guidance and attaining our cost guidance set for 2021.
"During this quarter, the Company generated $52.6 million in consolidated revenue and $25.1 million in adjusted EBITDA, resulting in an EBITDA margin of 48% and year-to-date adjusted EBITDA of $74.3 million. Mandalay earned $10.1 million or $0.11 per share in adjusted net income during the third quarter, marking our seventh consecutive quarter of profitability. Moreover, due to COVID-19 shipping delays, approximately $5.5 million in revenue was delayed from the third quarter and will be accounted for during our fourth quarter results.
"Our operational efficiency was further reflected by the declining consolidated cash and all-in sustaining costs per saleable gold equivalent ounce during this quarter to $825 and $1,135, respectively, from $826 and $1,262 during the same period last year.
"The Company generated solid net cash flows from operating activities of $8.2 million in the quarter. However, due to the aforementioned COVID-19 shipping restrictions, there were delays in the receipt of funds from Costerfield's floatation concentrate, as well as sizable annual payments at Costerfield of $7.0 million in income tax and $2.7 million in royalties, which resulted in free cash flow of $1.3 million during the quarter.
"Also during the third quarter, the Company paid $5.0 million for reclamation costs at Lupin. Reclamation at Lupin will be ongoing and scheduled to be completed by the end of 2022. We are anticipating a release of $3.5 million during the fourth quarter through the progressive security reduction as part-compensation for work finalized over this year.
"Finally, the Company made another quarterly repayment of $3.8 million towards our Syndicated Facility, leaving $47.7 million owing. With quarter end closing cash of $29.8 million, our strong balance sheet gives the Company a significant amount of flexibility to explore exciting near-term growth opportunities and we anticipate significant growth in the cash position at year end 2021.
"With an approximate 30% increase in gold equivalent produced at Costerfield during Q3 2021 as compared to the same period last year, the site's per gold equivalent ounce metrics improved significantly to a cash and all-in sustaining costs of $546 and $837 respectively, from $657 and $1,088. This improved production also resulted in Costerfield generating $27.0 million in revenue and $18.5 million in adjusted EBITDA during Q3 2021.
"Björkdal generated stable production and sales resulting in $20.5 million and $6.8 million of revenue and adjusted EBITDA, respectively, during the third quarter of 2021. The underground mined tonnage ramp up continued as we mined approximately 796,000 tonnes during the first nine months of 2021, an approximate 5% increase as compared to the same period last year.
"Grade performance at Björkdal during this quarter was lower than previous quarters mainly due to excessive dilution in key stopes. Dilution control measures have been on going and we saw positive results in September. We anticipate further grade improvements for the rest of 2021 and beyond as dilution control measures continue to be implemented. September results displayed strong improvement as feed grade into the processing plant averaged 1.5 g/t gold – our highest monthly grade this year. However, lower than average grade for the full quarter, coupled with negative exchange rate movements, resulted in higher cash and all-in sustaining costs of $1,186 and $1,440, respectively, for the quarter.
Mr. Duffy concluded, "For the remainder of 2021, we are expecting to see our cash position grow significantly with the normalization in our payment obligations. We are pleased with the steps taken to strengthen our balance sheet, which will further improve with the upcoming sale of Cerro Bayo in the fourth quarter, and adding financial flexibility and look to continue with the Company's growth through the final quarter of 2021 and into 2022."
Third Quarter 2021 Financial Summary
The following table summarizes the Company's financial results for the three months and nine months ended September 30, 2021, and 2020:
| Three months ended September 30, 2021 | Three months ended September 30, 2020 | Nine months ended September 30, 2021 | Nine months ended September 30, 2020 |
$'000 | $'000 | $'000 | $'000 |
Revenue | 52,567 | 49,753 | 156,492 | 133,654 |
Cost of sales | 25,695 | 21,418 | 78,244 | 59,984 |
Adjusted EBITDA (1) | 25,115 | 26,727 | 74,312 | 68,901 |
Income from mine ops before depreciation, depletion | 26,872 | 28,335 | 78,248 | 73,670 |
Adjusted net income (1) | 10,090 | 9,823 | 27,211 | 22,640 |
Consolidated net income (loss) | 9,255 | 635 | 39,545 | (5,413) |
Capital expenditure | 12,449 | 12,083 | 38,053 | 32,684 |
Total assets | 301,269 | 283,379 | 301,269 | 283,379 |
Total liabilities | 136,561 | 173,281 | 136,561 | 173,281 |
Adjusted net income per share (1) | 0.11 | 0.11 | 0.30 | 0.25 |
Consolidated net income (loss) per share | 0.10 | 0.01 | 0.43 | (0.06) |
- Adjusted EBITDA, adjusted net income (loss) and adjusted net income (loss) per share are non-IFRS measures, defined at the end of this press release "Non-IFRS Measures".
In the third quarter of 2021, Mandalay generated consolidated revenue of $52.6 million, 6% higher than in the third quarter of 2020. This increase is attributable to Mandalay selling 3,508 more gold equivalent ounces combined in the third quarter of 2021 compared to the third quarter of 2020. The Company's realized gold price in the third quarter of 2021 decreased by 4% compared to the third quarter of 2020, and the realized price of antimony increased by 84%.
Consolidated cash cost per ounce of $825 was slightly lower in the third quarter of 2021 compared to $826 in the third quarter of 2020. Cost of sales during the third quarter of 2021 versus the third quarter of 2020 were $0.7 million lower at Costerfield and $1.5 million higher at Björkdal. Consolidated general and administrative costs were $0.2 million lower as compared to the prior year quarter.
Mandalay generated adjusted EBITDA of $25.1 million in the third quarter of 2021, 6% lower compared to the Company's adjusted EBITDA of $26.7 million in the year ago quarter. Adjusted net income was $10.1 million in the third quarter of 2021, which excludes the $0.6 million fair value loss related to the gold hedges associated with the Syndicated Facility and $0.2 million fair value loss related to mark to market adjustment, compared to an adjusted net income of $9.8 million in the third quarter of 2020. Consolidated net income was $9.3 million for the third quarter of 2021, versus $0.6 million in the third quarter of 2020. Mandalay ended the third quarter of 2021 with $29.8 million in cash and cash equivalents.
Third Quarter 2021 Operational Summary
The table below summarizes the Company's operations, capital expenditures and operational unit costs for the three months and nine months ended September 30, 2021 and 2020:
| Three months ended September 30, 2021 | Three months ended September 30, 2020 | Nine months ended September 30, 2021 | Nine months ended September 30, 2020 |
$'000 | $'000 | $'000 | $'000 |
Costerfield |
Gold produced (oz) | 13,315 | 11,749 | 34,356 | 32,722 |
Antimony produced (t) | 860 | 991 | 2,550 | 3,045 |
Gold equivalent produced (oz) | 18,946 | 14,620 | 49,222 | 43,049 |
Cash cost (1) per oz gold eq. produced ($) | 546 | 657 | 608 | 622 |
All-in sustaining cost (1) per oz gold eq. produced ($) | 837 | 1,088 | 920 | 987 |
Capital development | 2,925 | 3,956 | 9,011 | 10,632 |
Property, plant and equipment purchases | 1,648 | 1,568 | 3,578 | 3,065 |
Capitalized exploration | 1,536 | 1,241 | 4,343 | 3,308 |
Björkdal |
Gold produced (oz) | 11,250 | 11,044 | 34,046 | 33,044 |
Cash cost (1) per oz gold produced ($) | 1,186 | 1,051 | 1,235 | 1,061 |
All-in sustaining cost (1) per oz gold produced ($) | 1,440 | 1,337 | 1,578 | 1,368 |
Capital development | 2,092 | 2,525 | 7,212 | 7,004 |
Property, plant and equipment purchases | 3,461 | 2,414 | 11,583 | 7,193 |
Capitalized exploration | 566 | 359 | 1,624 | 1,343 |
Cerro Bayo |
Gold produced (oz) | 1,763 | - | 4,294 | - |
Silver produced (oz) | 85,279 | - | 216,040 | - |
Gold equivalent produced (oz) | 2,925 | - | 7,372 | - |
Cash cost (1) per oz gold eq. produced ($) | 1,243 | - | 1,136 | - |
All-in sustaining cost (1) per oz gold eq. produced ($) | 1,303 | - | 1,165 | - |
Consolidated |
Gold equivalent produced (oz) | 33,121 | 25,664 | 90,640 | 76,093 |
Cash cost(1) per oz gold eq. produced ($) | 825 | 826 | 886 | 812 |
All-in sustaining cost (1) per oz gold eq. produced ($) | 1,135 | 1,262 | 1,230 | 1,219 |
Capital development | 5,017 | 6,481 | 16,223 | 17,636 |
Property, plant and equipment purchases | 5,109 | 3,982 | 15,161 | 10,258 |
Capitalized exploration (2) | 2,323 | 1,620 | 6,669 | 4,790 |
- The Company has restated consolidated All-in sustaining costs to exclude care and maintenance expenses in the comparative periods. Cash cost and all-in sustaining cost are non-IFRS measures. See "Non-IFRS Measures" at the end of this press release.
- Includes capitalized exploration relating to other non-core assets.
Costerfield gold-antimony mine, Victoria, Australia
Costerfield produced 13,315 ounces of gold and 860 tonnes of antimony for 18,946 gold equivalent ounces in the third quarter of 2021. Cash and all-in sustaining costs at Costerfield of $546/oz and $837/oz, respectively, compared to cash and all-in sustaining costs of $657/oz and $1,088/oz, respectively, in the third quarter of 2020.
Björkdal gold mine, Skellefteå, Sweden
Björkdal produced 11,250 ounces of gold in the third quarter of 2021 with cash and all-in sustaining costs of $1,186/oz and $1,440/oz, respectively, compared to cash and all-in sustaining costs of $1,051/oz and $1,337/oz, respectively, in the third quarter of 2020.
Cerro Bayo silver-gold mine, Patagonia, Chile
In the third quarter of 2021, the Company spent nil on care and maintenance expenses at Cerro Bayo, compared to $0.5 million in the third quarter of 2020. Cerro Bayo was subject to a binding option agreement between the Company and Equus Mining ("Equus") pursuant to which Equus has exercised its option to acquire Cerro Bayo. For further information see the Company's October 8, 2019 and October 12, 2021 press releases.
During the third quarter of 2021, Cerro Bayo produced 1,763 ounces of gold and 85,279 ounces of silver for 2,985 gold equivalent ounces in the third quarter of 2021 at a cash cost of $1,243/oz.
Lupin, Nunavut, Canada
Care and maintenance spending at Lupin was $0.2 million during the third quarter of 2021, compared to less than $0.1 million in the third quarter of 2020. Reclamation spending at Lupin was $5.0 million during the third quarter of 2021 compared to $0.5 million during the third quarter of 2020. The full closure of Lupin will continue in the 2021 season funded by ongoing progressive security reductions held by CIRNA.
Challacollo, Chile
On April 19, 2021, Aftermath Silver Ltd. ("Aftermath Silver") paid C$1.5 million in cash and issued 2,054,794 common shares at fair value of C$0.73 per share to the Company on May 5, 2021, in satisfaction of a purchase price instalment. As at September 30, 2021, the Company is holding these shares for sale. Further information regarding the definitive agreement signed with Aftermath Silver for the sale of Challacollo can be found in the Company's November 12, 2019, press release.
La Quebrada, Chile
No work was carried out on the La Quebrada development property during Q3 2021.
COVID-19
The coronavirus ("COVID-19") pandemic is present in all countries in which the Company operates, with cases being reported in Canada, Australia, Sweden and Chile. At this time, the Company has activated business continuity practices across all sites. Management will continue to monitor developments across all jurisdictions and will adjust its planning as necessary.
The Company is not able to estimate the duration of the pandemic and potential impact on its business if disruptions or delays in our operations occur or our ability to transfer our products to market. In addition, a severe prolonged economic downturn could result in a variety of risks to the business, including a decreased ability to raise additional capital when needed on acceptable terms, if at all. As the situation continues to evolve, the Company will continue to closely monitor operating conditions in the countries we operate and respond accordingly. More details are included in the press release dated March 20, 2020, and on the Company's website.
Conference Call
Mandalay's management will be hosting a conference call for investors and analysts on November 10, 2021, at 8:00 AM (Toronto time).
Analysts and interested investors are invited to participate using the following dial-in numbers:
Participant Number (Toll free): | 800 582 0984 |
Participant Number: | 212 231 2912 |
Conference ID: | 13724968 |
A replay of the conference call will be available until 11:59 PM (Toronto time), November 24, 2021, and can be accessed using the following dial-in number:
Encore Toll Free Dial-in Number: | 877 660 6853 |
Encore ID: | 13724968 |
About Mandalay Resources Corporation:
Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia (Costerfield gold-antimony mine), Sweden (Björkdal gold mine) and Chile (Cerro Bayo gold-silver mine). The Company is focused on growing its production and reducing costs to generate significant positive cashflow.
Mandalay's mission is to create shareholder value through the profitable operation of both its Costerfield and Björkdal mines. Currently, the Company's main objective is to continue mining the high-grade Youle vein at Costerfield, which continues to supply high-grade ore, and to extend Youle's Mineral Reserves at depth and to the south, as well as continuing the regional exploration program. At Björkdal, the Company will aim to increase production from the Aurora zone and other higher-grade areas in the coming years, in order to maximize profit margins from the mine and continue exploration in near mine and regional.
Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of applicable securities laws, including statements regarding the Company's anticipated performance in 2021. Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, changes in commodity prices and general market and economic conditions. The factors identified above are not intended to represent a complete list of the factors that could affect Mandalay. A description of additional risks that could result in actual results and developments differing from those contemplated by forward-looking statements in this news release can be found under the heading "Risk Factors" in Mandalay's annual information form dated March 31, 2021, a copy of which is available under Mandalay's profile at www.sedar.com. In addition, there can be no assurance that any inferred resources that are discovered as a result of additional drilling will ever be upgraded to proven or probable reserves. Although Mandalay has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Non-IFRS Measures
This news release may contain references to adjusted EBITDA, adjusted net income, free cash flow, cash cost per saleable ounce of gold equivalent produced and all-in sustaining cost all of which are non-IFRS measures and do not have standardized meanings under IFRS. Therefore, these measures may not be comparable to similar measures presented by other issuers.
Management uses adjusted EBITDA and free cash flow as measures of operating performance to assist in assessing the Company's ability to generate liquidity through operating cash flow to fund future working capital needs and to fund future capital expenditures, as well as to assist in comparing financial performance from period to period on a consistent basis. Management uses adjusted net income in order to facilitate an understanding of the Company's financial performance prior to the impact of non-recurring or special items. The Company believes that these measures are used by and are useful to investors and other users of the Company's financial statements in evaluating the Company's operating and cash performance because they allow for analysis of its financial results without regard to special, non-cash and other non-core items, which can vary substantially from company to company and over different periods.
The Company defines adjusted EBITDA as income from mine operations, net of administration costs, and before interest, taxes, non-cash charges/(income), intercompany charges and finance costs. The Company defines adjusted net income as net income before special items. Special items are items of income and expense that are presented separately due to their nature and, in some cases, expected infrequency of the events giving rise to them. A reconciliation between adjusted EBITDA and adjusted net income, on the one hand, and consolidated net income, on the other hand, is included in the MD&A.
The Company defines free cash flow as a measure of the Corporation's ability to generate and manage liquidity. It is calculated starting with the net cash flows from operating activities (as per IFRS) and then subtracting capital expenditures and lease payments. Refer to Section 1.2 of MD&A for a reconciliation between free cash flow and net cash flows from operating activities.
For Costerfield, saleable equivalent gold ounces produced is calculated by adding to saleable gold ounces produced, the saleable antimony tonnes produced times the average antimony price in the period divided by the average gold price in the period. The total cash operating cost associated with the production of these saleable equivalent ounces produced in the period is then divided by the saleable equivalent gold ounces produced to yield the cash cost per saleable equivalent ounce produced. The cash cost excludes royalty expenses. Site all-in sustaining costs include total cash operating costs, sustaining mining capital, royalty expense, accretion and depletion. Sustaining capital reflects the capital required to maintain each site's current level of operations. The site's all-in sustaining cost per ounce of saleable gold equivalent in a period equals the all-in sustaining cost divided by the saleable equivalent gold ounces produced in the period.
For Cerro Bayo, saleable equivalent gold ounces produced is calculated by adding to saleable gold ounces produced, the saleable silver ounces produced times the average silver price in the period divided by the average gold price in the period. The total cash operating cost associated with the production of these saleable equivalent ounces produced in the period is then divided by the saleable equivalent gold ounces produced to yield the cash cost per saleable equivalent ounce produced. The cash cost excludes royalty expenses. Site all-in sustaining costs include total cash operating costs, sustaining mining capital, royalty expense, accretion and depletion. Sustaining capital reflects the capital required to maintain each site's current level of operations. The site's all-in sustaining cost per ounce of saleable gold equivalent in a period equals the all-in sustaining cost divided by the saleable equivalent gold ounces produced in the period.
For Björkdal, the total cash operating cost associated with the production of saleable gold ounces produced in the period is then divided by the saleable gold ounces produced to yield the cash cost per saleable gold ounce produced. The cash cost excludes royalty expenses. Site all-in costs include total cash operating costs, royalty expense, accretion, depletion, depreciation and amortization. Site all-in sustaining costs include total cash operating costs, sustaining mining capital, royalty expense, accretion and depletion. Sustaining capital reflects the capital required to maintain each site's current level of operations. The site's all-in sustaining cost per ounce of saleable gold equivalent in a period equals the all-in sustaining cost divided by the saleable equivalent gold ounces produced in the period.
For the Company as a whole, cash cost per saleable gold equivalent ounce is calculated by summing the gold equivalent ounces produced by each site and dividing the total by the sum of cash operating costs at the sites. Consolidated cash cost excludes royalty and corporate level general and administrative expenses. This definition was updated in the third quarter of 2020 to exclude corporate general and administrative expenses to better align with industry standard. All-in sustaining cost per saleable ounce gold equivalent in the period equals the sum of cash costs associated with the production of gold equivalent ounces at all operating sites in the period plus corporate overhead expense in the period plus sustaining mining capital, royalty expense, accretion, depletion, depreciation and amortization, divided by the total saleable gold equivalent ounces produced in the period. A reconciliation between cost of sales and cash costs, and also cash cost to all-in sustaining costs are included in the MD&A.
For Further Information:
Dominic Duffy
President and Chief Executive Officer
Edison Nguyen
Manager, Analytics and Investor Relations
Contact:
(647) 260-1566 ext. 1
多倫多,2021年11月9日(GLOBE NEWSWIRE)——曼德勒資源公司(“曼德勒” 或 “公司”)(多倫多證券交易所:MND,OTCQB:MNDJF)欣然宣佈其截至2021年9月30日的季度財務業績。
公司截至2021年9月30日的季度簡要合併中期財務業績以及同期管理層的討論與分析(“MD&A”)可在公司簡介下查閱,網址爲www.sedar.com和公司網站www.mandalayresources.com。除非另有說明,否則本新聞稿中所有提及的貨幣均以美元爲單位。
2021 年第三季度亮點:
- 合併季度收入爲5,260萬美元,是自2016年第二季度以來第二高的季度收入;
- 調整後的息稅折舊攤銷前利潤爲2,510萬美元;
- 調整後淨收益爲1,010萬美元(0.11美元或每股0.14加元);
- 合併淨收益爲930萬美元(0.10美元或每股0.13加元);以及
- 科斯特菲爾德生產的每盎司黃金當量現金成本爲546美元,爲2016年第一季度以來的最低水平。
曼德勒總裁兼首席執行官多米尼克·達菲評論說:
“曼德勒資源很高興能夠保持上半年產生的財務勢頭。在強勁的調整後息稅折舊攤銷前利潤和利潤的推動下,我們在2021年又實現了穩健的第三季度。我們對這兩個基地的強有力執行運營戰略感到滿意,這使公司能夠達到我們的生產指導的上限並實現我們設定的2021年成本指導。
“在本季度,公司創造了5,260萬美元的合併收入和2510萬美元的調整後息稅折舊攤銷前利潤,使息稅折舊攤銷前利潤率爲48%,年初至今調整後的息稅折舊攤銷前利潤爲7,430萬美元。曼德勒在第三季度的調整後淨收益爲1,010萬美元,合每股收益0.11美元,這是我們連續第七個季度實現盈利。此外,由於 COVID-19 的發貨延遲,大約550萬美元的收入從第三季度推遲了,將在我們的第四季度業績中予以考慮。
“本季度每可銷售黃金當量盎司的合併現金和總維持成本分別從去年同期的826美元和1,262美元下降至825美元和1,135美元,進一步反映了我們的運營效率。
“公司在本季度的經營活動中產生了穩健的淨現金流820萬美元。但是,由於前面提到的 COVID-19 運輸限制,延遲了從科斯特菲爾德的上市中心獲得資金,以及科斯特菲爾德每年支付的700萬美元所得稅和270萬美元的特許權使用費,這使該季度的自由現金流達到130萬美元。
“同樣在第三季度,該公司爲盧平支付了500萬美元的填海費用。盧平的填海工程將持續進行,計劃於2022年底之前完成。我們預計,通過逐步削減安全措施,將在第四季度發放350萬美元,作爲對今年完成的工作的部分補償。
“最後,公司又向我們的銀團貸款按季度償還了380萬美元,尚欠4,770萬美元。憑藉季度末的收盤現金爲2980萬美元,我們強勁的資產負債表爲公司提供了極大的靈活性,可以探索令人興奮的短期增長機會,我們預計到2021年底現金狀況將大幅增長。
“與去年同期相比,2021年第三季度Costerfield的黃金當量產量增長了約30%,該網站的每盎司黃金當量指標從657美元和1,088美元大幅提高到現金和總維持成本分別爲546美元和837美元。產量的提高還使科斯特菲爾德在2021年第三季度創造了2,700萬美元的收入和1,850萬美元的調整後息稅折舊攤銷前利潤。
“比約克達爾實現了穩定的產量和銷售,在2021年第三季度分別創造了2,050萬美元和680萬美元的收入和調整後的息稅折舊攤銷前利潤。地下開採噸位持續增加,我們在2021年前九個月開採了約79.6萬噸,與去年同期相比增長了約5%。
“Björkdal在本季度的評級表現低於前幾個季度,這主要是由於關鍵停靠點的過度稀釋。稀釋控制措施一直在進行中,我們在9月份看到了積極的結果。隨着稀釋控制措施的繼續實施,我們預計,2021年剩餘時間及以後的等級將進一步提高。9月份的業績顯示出強勁的改善,加工廠的黃金平均品位爲1.5 g/t,這是我們今年最高的月度品位。但是,整個季度的評級低於平均水平,加上匯率的負變動,導致該季度的現金和總維持成本分別上升至1,186美元和1,440美元。
達菲先生總結說:“在2021年的剩餘時間裏,隨着付款義務的正常化,我們預計我們的現金狀況將顯著增長。我們對爲加強資產負債表而採取的措施感到滿意,隨着即將在第四季度出售Cerro Bayo,資產負債表將進一步改善,並增加財務靈活性,並希望公司在2021年最後一個季度和2022年繼續增長。”
2021 年第三季度財務摘要
下表彙總了公司截至2021年9月30日和2020年9月30日的三個月和九個月的財務業績:
| 三個月結束 2021年9月30日 | 三個月結束 2020年9月30日 | 九個月結束 2021年9月30日 | 九個月結束 2020年9月30日 |
$'000 | $'000 | $'000 | $'000 |
收入 | 52,567 | 49753 | 156,492 | 133,654 |
銷售成本 | 25,695 | 21,418 | 78,244 | 59,984 |
調整後 EBITDA (1) | 25,115 | 26,727 | 74,312 | 68,901 |
折舊、損耗前的礦山運營收入 | 26,872 | 28,335 | 78,248 | 73,670 |
調整後淨收益 (1) | 10,090 | 9,823 | 27,211 | 22,640 |
合併淨收益(虧損) | 9,255 | 635 | 39,545 | (5,413) |
資本支出 | 12,449 | 12,083 | 38,053 | 32,684 |
總資產 | 301,269 | 283,379 | 301,269 | 283,379 |
負債總額 | 136,561 | 173,281 | 136,561 | 173,281 |
調整後的每股淨收益 (1) | 0.11 | 0.11 | 0.30 | 0.25 |
每股合併淨收益(虧損) | 0.10 | 0.01 | 0.43 | (0.06) |
- 調整後的息稅折舊攤銷前利潤、調整後的淨收益(虧損)和調整後的每股淨收益(虧損)均爲非國際財務報告準則指標,定義見本新聞稿 “非國際財務報告準則指標” 的末尾。
2021年第三季度,曼德勒的合併收入爲5,260萬美元,比2020年第三季度增長6%。這一增長歸因於曼德勒在2021年第三季度與2020年第三季度相比總銷售了3,508盎司的黃金當量盎司。該公司2021年第三季度的已實現黃金價格與2020年第三季度相比下降了4%,銻的已實現價格上漲了84%。
與2020年第三季度的826美元相比,2021年第三季度的每盎司合併現金成本爲825美元,略有下降。與2020年第三季度相比,科斯特菲爾德2021年第三季度的銷售成本下降了70萬美元,比約克達爾的銷售成本增加了150萬美元。與上一季度相比,合併的一般和管理成本減少了20萬美元。
曼德勒在2021年第三季度調整後的息稅折舊攤銷前利潤爲2510萬美元,與去年同期公司調整後的息稅折舊攤銷前利潤2670萬美元相比下降了6%。2021年第三季度調整後的淨收入爲1,010萬美元,其中不包括與銀團融資相關的黃金套期保值的60萬美元公允價值虧損以及與市場調整計值相關的20萬美元公允價值虧損,而2020年第三季度調整後的淨收入爲980萬美元。2021年第三季度的合併淨收入爲930萬美元,而2020年第三季度的合併淨收入爲60萬美元。曼德勒在2021年第三季度結束時擁有2980萬澳元的現金及現金等價物。
2021 年第三季度運營摘要
下表彙總了公司截至2021年9月30日和2020年9月30日的三個月和九個月的運營、資本支出和運營單位成本:
| 三個月結束 2021年9月30日 | 截至 2020 年 9 月 30 日的三個月 | 九個月結束 2021年9月30日 | 九個月結束 2020年9月30日 |
$'000 | $'000 | $'000 | $'000 |
科斯特菲爾德 |
黃金產量(盎司) | 13,315 | 11,749 | 34,356 | 32,722 |
產生的銻 (t) | 860 | 991 | 2,550 | 3,045 |
生產的黃金當量 (盎司) | 18,946 | 14,620 | 49,222 | 43,049 |
現金成本 (1) 每盎司黃金當量產量(美元) | 546 | 657 | 608 | 622 |
全額維持成本 (1) 每盎司黃金當量產量(美元) | 837 | 1,088 | 920 | 987 |
資本發展 | 2,925 | 3,956 | 9,011 | 10,632 |
不動產、廠房和設備採購 | 1,648 | 1,568 | 3,578 | 3,065 |
資本化勘探 | 1,536 | 1,241 | 4,343 | 3,308 |
比約克達爾 |
黃金產量(盎司) | 11,250 | 11,044 | 34,046 | 33,044 |
現金成本 (1) 每盎司黃金產量(美元) | 1,186 | 1,051 | 1,235 | 1,061 |
全方位維持成本 (1) 每盎司黃金產量(美元) | 1,440 | 1,337 | 1,578 | 1,368 |
資本發展 | 2,092 | 2,525 | 7,212 | 7,004 |
不動產、廠房和設備採購 | 3,461 | 2414 | 11,583 | 7,193 |
資本化勘探 | 566 | 359 | 1,624 | 1,343 |
塞羅·巴約 |
黃金產量(盎司) | 1,763 | - | 4,294 | - |
白銀產量(盎司) | 85,279 | - | 216,040 | - |
生產的黃金當量 (盎司) | 2,925 | - | 7,372 | - |
現金成本 (1) 每盎司黃金當量產量(美元) | 1,243 | - | 1,136 | - |
全額維持成本 (1) 每盎司黃金當量產量(美元) | 1,303 | - | 1,165 | - |
合併 |
生產的黃金當量 (盎司) | 33,121 | 25,664 | 90,640 | 76,093 |
現金成本(1) 每盎司黃金當量產量(美元) | 825 | 826 | 886 | 812 |
全額維持成本 (1) 每盎司黃金當量產量(美元) | 1,135 | 1,262 | 1,230 | 1,219 |
資本發展 | 5,017 | 6,481 | 16,223 | 17,636 |
不動產、廠房和設備採購 | 5,109 | 3,982 | 15,161 | 10,258 |
資本化勘探 (2) | 2,323 | 1,620 | 6,669 | 4,790 |
- 公司重報了合併後的總維持成本,不包括比較期間的護理和維護費用。現金成本和全部維持成本是非國際財務報告準則的衡量標準。參見本新聞稿末尾的 “非國際財務報告準則指標”。
- 包括與其他非核心資產相關的資本化勘探。
澳大利亞維多利亞州科斯特菲爾德金銻礦
2021年第三季度,科斯特菲爾德生產了13,315盎司的黃金和860噸銻,相當於18,946盎司的黃金當量盎司。科斯特菲爾德的現金和全額維持成本分別爲546美元/盎司和837美元/盎司,而2020年第三季度的現金和全額維持成本分別爲657美元/盎司和1,088美元/盎司。
比約克達爾金礦,謝萊夫特奧,瑞典
比約克達爾在2021年第三季度生產了11,250盎司黃金,現金和全押維持成本分別爲1,186美元/盎司和1,440美元/盎司,而2020年第三季度的現金和全額維持成本分別爲1,051美元和1,337美元/盎司。
Cerro Bayo 銀金礦,巴塔哥尼亞,智利
2021年第三季度,該公司在Cerro Bayo的護理和維護費用上爲零,而2020年第三季度爲50萬美元。塞羅·巴約受公司與Equus Mining(“Equus”)之間具有約束力的期權協議的約束,根據該協議,Equus行使了收購Cerro Bayo的選擇權。欲了解更多信息,請參閱該公司於2019年10月8日和2021年10月12日發佈的新聞稿。
在2021年第三季度,塞羅·巴約在2021年第三季度以2985盎司黃金當量盎司生產了1,763盎司黃金和85,279盎司白銀,現金成本爲1243美元/盎司。
盧平,努納武特,加拿大
2021年第三季度,盧平的護理和維護支出爲20萬美元,而2020年第三季度不到10萬美元。2021年第三季度,盧平的填海支出爲500萬美元,而2020年第三季度爲50萬美元。盧平的全面關閉將在2021賽季繼續進行,這要歸功於CIRNA持續進行的逐步安全削減。
查拉科洛,智利
2021年4月19日,Aftermath Silver Ltd.(“Aftermath Silver”)支付了150萬加元的現金,並於2021年5月5日以每股公允價值0.73加元向公司發行了2,054,794股普通股,以支付收購價分期付款。截至2021年9月30日,該公司持有這些股票待售。有關與Aftermath Silver簽署的出售Challacollo的最終協議的更多信息,可在該公司2019年11月12日的新聞稿中找到。
La Quebrada,智利
2021 年第三季度,La Quebrada 開發物業沒有進行任何施工。
新冠肺炎
公司運營的所有國家都存在冠狀病毒(“COVID-19”)疫情,加拿大、澳大利亞、瑞典和智利都報告了病例。目前,該公司已在所有地點啓動了業務連續性慣例。管理層將繼續監測所有司法管轄區的事態發展,並將根據需要調整規劃。
如果我們的運營出現中斷或延誤,或者我們有能力將產品轉移到市場,公司無法估計疫情的持續時間以及對其業務的潛在影響。此外,嚴重的長期經濟衰退可能給企業帶來各種風險,包括在需要時以可接受的條件(如果有的話)籌集額外資金的能力降低。隨着形勢的持續發展,公司將繼續密切關注我們運營所在國家的運營狀況,並做出相應的回應。更多細節包含在2020年3月20日的新聞稿和公司的網站上。
電話會議
曼德勒管理層將於2021年11月10日上午8點(多倫多時間)爲投資者和分析師舉行電話會議。
邀請分析師和感興趣的投資者使用以下撥號號碼參與:
參與者人數(免費電話): | 800 582 0984 |
參與者人數: | 212 231 2912 |
會議編號: | 13724968 |
電話會議的重播將持續到2021年11月24日晚上 11:59(多倫多時間),可以使用以下撥入號碼觀看:
Encore 免費撥入號碼: | 877 660 6853 |
再次 ID: | 13724968 |
關於曼德勒資源公司:
曼德勒資源是一家總部位於加拿大的自然資源公司,在澳大利亞(科斯特菲爾德金銻礦)、瑞典(比約克達爾金礦)和智利(塞羅巴約金銀礦)擁有生產資產。該公司專注於增加產量和降低成本,以產生可觀的正現金流。
曼德勒的使命是通過其科斯特菲爾德和比約克達爾礦山的盈利運營爲股東創造價值。目前,該公司的主要目標是繼續開採位於科斯特菲爾德的高品位尤勒礦脈,該礦脈繼續供應高品位的礦石,並將尤勒的礦產儲量擴展到深處和向南,並繼續開展區域勘探計劃。在比約克達爾,該公司的目標是在未來幾年內增加奧羅拉區和其他高品位地區的產量,以最大限度地提高該礦的利潤率,並繼續在礦山附近和該地區進行勘探。
前瞻性陳述
本新聞稿包含適用證券法所指的 “前瞻性陳述”,包括有關公司2021年預期業績的陳述。提醒讀者不要過分依賴前瞻性陳述。實際結果和發展可能與這些聲明所設想的結果和發展存在重大差異,這取決於大宗商品價格的變化以及總體市場和經濟狀況的變化。上述因素並非旨在代表可能影響曼德勒的因素的完整清單。有關可能導致實際業績和發展與本新聞稿中前瞻性陳述所設想的風險不同的其他風險的描述,可在曼德勒2021年3月31日的年度信息表的 “風險因素” 標題下找到,該表的副本可在曼德勒的個人資料下查閱,網址爲www.sedar.com。此外,無法保證通過額外鑽探而發現的任何推斷資源會升級爲已探明或可能的儲量。儘管曼德勒試圖確定可能導致實際行動、事件或結果與前瞻性陳述中描述的重大差異的重要因素,但可能還有其他因素導致行動、事件或結果不符合預期、估計或預期。無法保證前瞻性陳述會被證明是準確的,因爲實際結果和未來事件可能與此類陳述中的預期存在重大差異。因此,讀者不應過分依賴前瞻性陳述。
非國際財務報告準則指標
本新聞稿可能提及調整後的息稅折舊攤銷前利潤、調整後的淨收益、自由現金流、每可銷售盎司黃金當量的現金成本和全部維持成本,所有這些都是非國際財務報告準則的衡量標準,在國際財務報告準則下沒有標準化的含義。因此,這些措施可能無法與其他發行人提出的類似措施相提並論。
管理層使用調整後的息稅折舊攤銷前利潤和自由現金流作爲經營業績的衡量標準,以幫助評估公司通過運營現金流產生流動性的能力,爲未來的營運資本需求提供資金,爲未來的資本支出提供資金,並協助持續比較不同時期的財務業績。管理層使用調整後的淨收益來促進在非經常性或特殊項目影響之前了解公司的財務業績。公司認爲,這些衡量標準被投資者和公司財務報表的其他用戶在評估公司的運營和現金業績時使用,對他們很有用,因爲它們允許分析公司的財務業績,而不考慮特殊、非現金和其他非核心項目,這些項目可能因公司而異,在不同時期,這些項目可能存在很大差異。
公司將調整後的息稅折舊攤銷前利潤定義爲扣除管理成本後的礦山運營收入,以及扣除利息、稅項、非現金費用/(收入)、公司間費用和財務成本前的收入。公司將調整後的淨收入定義爲不計特殊項目的淨收益。特殊項目是指收入和支出項目,由於其性質以及在某些情況下,預計引起這些項目的事件很少發生,因此分開列報。一方面,調整後的息稅折舊攤銷前利潤和調整後淨收益與合併淨收入之間的對賬已包含在管理與分析中。
公司將自由現金流定義爲衡量公司產生和管理流動性能力的指標。計算方法首先是經營活動產生的淨現金流(根據國際財務報告準則),然後減去資本支出和租賃付款。有關自由現金流和經營活動淨現金流之間的對賬,請參閱 MD&A 第 1.2 節。
對於Costerfield而言,生產的可銷售當量黃金盎司的計算方法是,將可銷售的銻產量乘以該時期的平均銻價格除以該時期的平均黃金價格,再加上可銷售的黃金盎司。然後,與該期間生產的這些可銷售當量盎司相關的總現金運營成本除以產出的可銷售等值金盎司,得出每生產的可銷售當量盎司的現金成本。現金成本不包括特許權使用費支出。場地全部維持成本包括總現金運營成本、持續採礦資本、特許權使用費支出、增加和枯竭。維持資本反映了維持每個站點當前運營水平所需的資本。該場地在一段時間內每盎司可銷售黃金當量的總維持成本等於總維持成本除以該期間生產的可銷售當量黃金盎司。
對於Cerro Bayo而言,生產的可銷售當量黃金盎司的計算方法是,將產出的可銷售白銀盎司乘以該時期的平均白銀價格除以該期間的平均黃金價格,再加上該時期的平均黃金價格。然後,與該期間生產的這些可銷售當量盎司相關的總現金運營成本除以產出的可銷售等值金盎司,得出每生產的可銷售當量盎司的現金成本。現金成本不包括特許權使用費支出。場地全部維持成本包括總現金運營成本、持續採礦資本、特許權使用費支出、增加和枯竭。維持資本反映了維持每個站點當前運營水平所需的資本。該場地在一段時間內每盎司可銷售黃金當量的總維持成本等於總維持成本除以該期間生產的可銷售當量黃金盎司。
對於比約克達爾而言,與該期間生產的可銷售黃金盎司相關的總現金運營成本除以產出的可銷售黃金盎司,得出每生產的可銷售黃金盎司的現金成本。現金成本不包括特許權使用費支出。場地總成本包括總現金運營成本、特許權使用費支出、增加、損耗、折舊和攤銷。場地全部維持成本包括總現金運營成本、持續採礦資本、特許權使用費支出、增加和枯竭。維持資本反映了維持每個站點當前運營水平所需的資本。該場地在一段時間內每盎司可銷售黃金當量的總維持成本等於總維持成本除以該期間生產的可銷售當量黃金盎司。
就整個公司而言,每可銷售黃金當量盎司的現金成本的計算方法是將每個地點生產的黃金當量盎司相加,然後將總量除以這些地點的現金運營成本總和。合併現金成本不包括特許權使用費和公司層面的一般和管理費用。該定義在2020年第三季度進行了更新,將公司一般和管理費用排除在外,以更好地與行業標準保持一致。該期間每可銷售盎司黃金當量的全部維持成本等於該期間與所有運營場所生產黃金當量盎司相關的現金成本加上該期間的公司管理費用加上維持開採資本、特許權使用費、增量、耗盡、折舊和攤銷的總額除以該期間可銷售的黃金當量盎司總量。銷售成本和現金成本之間的對賬以及現金成本與總維持成本的對賬都包含在管理與分析中。
欲了解更多信息:
多米尼克·達菲
總裁兼首席執行官
Edison Nguyen
分析和投資者關係經理
聯繫人:
(647) 260-1566 分機 1