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2020-08-12

Atico Reports Financial Results for Second Quarter of 2020

(All amounts expressed in US dollars, unless otherwise stated)

VANCOUVER, British Columbia, Aug. 12, 2020 (GLOBE NEWSWIRE) -- Atico Mining Corporation (the “Company” or “Atico”) (TSX.V: ATY | OTC: ATCMF) today announced its financial results for the three months ended June 30, 2020 (“Q2-2020”), posting income from mining operations of $4.1 million and a net income of $1.2 million.

Fernando E. Ganoza, CEO and Director, commented, "The Company delivered strong financial results for the quarter even though we only sold one concentrate shipment for the period. For the second half of the year we anticipate three concentrate shipments and financial results reflecting the new metal price environment. At El Roble, the Company will continue to focus on the planned regional exploration program and maintaining the very competitive all-in sustaining cash cost of $1.34 achieved in the quarter. At La Plata, the focus will be on the ongoing drill program and advancing the feasibility study.” Mr. Ganoza continued, " we are pleased to report that to date we do not have any known COVID-19 cases at any of our operations. Health and safety of all of our employees is our first priority where we place tremendous emphasis as we continue to operate during these unprecedented times.”

Second Quarter Financial Highlights

  • Net income for the three months ended June 30, 2020 amounted to $1.2 million, compared with loss of $0.4 million for the same period last year (“Q2-2019”). Net income for the quarter was positively affected by an increase in concentrate shipped and invoiced with lower cost of sales per unit, partially offset by a lower realized copper price, as compared to Q2-2019.
     
  • Sales for the period increased 85% to $12.8 million when compared with $6.9 million in Q2-2019. Copper (“Cu”) and gold (“Au”) accounted for 82% and 18% of the 9,014 (Q2-2019 - 5,769) dry metric tonnes (“DMT”) shipped and invoiced during Q2-2020. The average realized price per metal on invoicing was $2.60 (Q2-2019 - $2.69) per pound (“lbs”) of copper and $1,726 (Q2-2019 - $1,410.62) per ounce (“oz”) of gold.
     
  • Working capital was $11.4 million (December 31, 2019 - $9.9 million), while the Company had $1.7 million (December 31, 2019 - $2.2 million) in long-term loans payable
  • Cash costs(1) were $94.21 per tonne of processed ore and $0.93 per pound of payable copper produced(2), which were decreases of 28% and 42% over Q2-2019, respectively. The decrease in the cash cost per pound of payable copper net of by products is primarily explained by a lower cost per processed tonne, along with higher by-product credit from gold.
     
  • Cash margin(1)(2) was $1.67 (Q2-2019 - $1.10) per pound of payable copper produced, which was an increase of 52% over Q2-2019.
     
  • All-in sustaining cash cost per payable pound of copper produced(1)(2) was $1.34 (Q2-2019 - $2.29).

Second Quarter Summary of Financial Results

 

 

 
 Q2
2020
Q2
2019
%
Change
Revenue
 $  12,826,237 $  6,936,341   85%
Cost of sales
    (8,715,230)   (6,684,378)  30%
Income from mining operations
    4,111,007    251,963   1,532%
As a % of revenue
    32%   4%  782%
General and administrative expenses
    942,560    1,017,817 

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