Atico Reports Consolidated Financial Results for First Quarter of 2024

Atico Reports Consolidated Financial Results for First Quarter of 2024

 

Atico Mining Corporation (the "Company" or "Atico") (TSX.V: ATY | OTC: ATCMF) today announced its financial results for the three months ended March 31, 2024, posting income from mining operations of $2.8 million and a net loss of $0.4 million. Production for the period at Atico's El Roble mine totaled 3.3 million pounds ("lbs") of copper and 2,185 ounces ("oz") of gold in concentrate at a cash cost (1) of $2.57 per payable pound of copper (2) .

 

Fernando E. Ganoza, CEO and Director, commented, "the operational and financial results for this quarter were in line with Company expectations. We are already into development of the newly discovered reserves and have been making additional investments in preparation for ore extraction from these areas." Mr. Ganoza continued, "for the remainder of the year, we should start to see an improvement in our operating costs as we progressively gain access to mining the upper areas of the mine, while at the same time the recent increase in metals prices, particularly in copper should be positively reflected in our revenue and margin."

 

   First Quarter Financial Highlights   

 
  • Net loss for the quarter amounted to $0.4 million, compared with $0.5 million for the comparative quarter. The loss was primarily due to higher costs and lower average realized price per pound of payable copper which impacted income from mining operations, as well as an unrealized mark-to-market loss on gold hedges.
  •  
  • Sales for the quarter increased 39% to $17.8 million when compared with $12.8 million in Q1-2024. Copper ("Cu") and gold ("Au") accounted for 81% and 19% of the 9,383 (Q1-2023 – 6,475) dry metric tonnes ("DMT") sold during Q1-2024.
  •  
  • The average realized price per metal was $3.97 (Q1-2023 – $4.15) per pound of copper and $2,180 (Q1-2023 – $2,139) per ounce of gold.
  •  
  • Ending working capital was negative $1.8 million (December 31, 2023 – $2.1 million), while the Company had $6.0 million (December 31, 2023 – $6.0 million) in long-term loans payable.
  •  
  • Cash costs ( 1) were $160.10 per tonne of processed ore and $2.57 per pound of payable copper produced, which were an increase of 26% and 17% over Q1-2023, respectively.
  •  
  • Cash margin was $1.40 per pound of payable copper produced, which was a decrease of 28% over Q1-2023 due to the increase in cash cost per pound and the decrease in realized copper price.
  •  
  • All-in sustaining cash cost ( 1 ) per payable pound of copper produced was $3.41 (Q1-2023 – $3.34).
  •  

   First Quarter Summary of Financial Results   

 
                                                                                                                   
    Q1  
2024   
 
   Q1  
2023   
 
   %  
Change  
 
Revenue
  $
17,818,115
  $ 12,783,240   39
%
Cost of sales
   (15,016,252
)
  (10,702,409 ) 40
%
Income from mining operations
   2,801,863    2,080,831   35
%
  As a % of revenue  
    16    %     16    %   
General and administrative expenses
   (1,331,172 )   (1,466,716 ) (9
%)
Income from operations
   1,292,845
   573,062   126
%
  As a % of revenue  
    7  
  %  
   4    %   
Income (loss) before income taxes
   (257,271 )   197,191   (230
%)
Net loss
   (365,933 )   (499,670 ) (27
%)
  As a % of revenue  
    (2    %)     (4    %)   
Operating cash flow before changes in non-cash operating working capital items (1)
  $ 5,847,701   $ 2,039,380   187 %
 

   
First Quarter Operational Review
 
 

 

In Q1-2024, the Company produced 3.3 million lbs of copper, 2,185 oz of gold, and 8,174 oz of silver. When compared to the same period in 2023, production increased by 45% for copper and decreased 14% for gold, which was due to average copper head-grades increasing by 34% and gold head-grades decreasing by 25%. Tonnes of processed ore also increased by 7% compared to Q1-2023.

 

   First Quarter Consolidated Operational Details   

 
                                                                                                                                                                                                  
    Q1  
2024  
   Q1  
2023  
   %  
Change  
 
  Production (Contained metals) (3)       
Copper (000s lbs)   3,349   2,310   45 %
Gold (oz)   2,185   2,553   (14 %)
Silver (oz)   8,174   8,335   (2 %)
  Mine        
Tonnes of material mined   64,873   60,568   7 %
  Mill        
Tonnes processed   65,787   62,793   5 %
Tonnes processed per day   811   747   8 %
Copper grade (%)   2.52   1.87   34 %
Gold grade (g/t)   1.67   2.23   (25 %)
Silver grade (g/t)   8.49   11.20   (24 %)
  Recoveries        
Copper (%)   91.8   89.2   3 %
Gold (%)   61.7   57.0   8 %
Silver (%)   46.3   37.5   23 %
  Concentrates        
Copper Concentrates (DMT)   8,274   5,815   42 %
Copper (%)   18.4   18.0   2 %
Gold (g/t)   8.2   13.7   (40 %)
Silver (g/t)   30.7   44.8   (31 %)
       
Payable copper produced (000s lbs)   3,148   2,169   45 %
Cash cost per pound of payable copper ($/lbs) (1)(2)   2.57   2.20   17 %
 

 
The financial statements and MD&A are available on SEDAR and have also been posted on the company's website at http://www.aticomining.com/s/FinancialStatements.asp  

 

   El Roble Mine   

 

The El Roble mine is a high grade, underground copper and gold mine with nominal processing plant capacity of 1,000 tonnes per day, located in the Department of Choco in Colombia. Its commercial product is a copper-gold concentrate.

 

Since obtaining control of the mine on November 22, 2013, Atico has upgraded the operation from a historical nominal capacity of 400 tonnes per day.

 

El Roble's reserves estimate, with an effective date of March 12, 2024, includes Proven and Probable mineral reserves of 828 thousand tonnes averaging 2.49% Cu, 2.20 g/t Au and a life of mine until Q1-2027. A full NI 43-101 technical report will be available on SEDAR on or before June 14, 2024. For more information on the reserves estimate refer to the Company's press release dated April 30, 2024 which can be found on SEDAR and on the Company's website.

 

Mineralization is open at depth and along strike and the Company plans to further test the limits of the deposit. On the larger land package, the Company has identified a prospective stratigraphic contact between volcanic rocks and black and grey pelagic sediments and cherts that has been traced by Atico geologists for ten kilometers. This contact has been determined to be an important control on VMS mineralization on which Atico has identified numerous target areas prospective for VMS type mineralization occurrence, which is the focus of the current surface drill program at El Roble.

 

   La Plata Overview   

 

The La Plata project is a gold rich volcanogenic massive sulphide deposit that was the subject of small-scale mining from 1975-1981 by Outokumpu Finland. The project benefits from a modern drill and exploration database which was completed by Cambior Inc. from 1996-1999, Cornerstone Capital from 2006-2009 and Toachi from 2016-2019. In total, there is drill core and logs from more than 28,300 metres of drilling.

 

Historic resources based on drilling by Cambior and Cornerstone were estimated at 913,977 tonnes grading 8.01 grams gold per tonne, 88.3 grams silver per tonne, 5.01% copper, 6.71% zinc and 0.78% lead per tonne in the inferred category. More recently, Toachi Mining completed a PEA estimating an inferred resource of 1.85 million tonnes grading 4.10 grams gold per tonne, 50.0 grams silver per tonne, 3.30% copper, 4.60% zinc and 0.60% lead per tonne.

 

The La Plata project consists of two concessions covering a total area of 2,235 hectares along its 9-kilometer length, which contains known mineralization in two VMS lenses and nine priority exploration targets.

 

The Company is currently working on completing a Feasibility Study and obtaining the necessary permits and the environmental license to begin construction of the La Plata project.

 

In January 2024, the Company announced that the Government of Ecuador authorized the extension period for the La Plata mining concession until 2049.

 

   Qualified Person   

 

Mr. Thomas Kelly (SME Registered Member 1696580), advisor to the Company and a qualified person under National Instrument 43-101 standards, is responsible for ensuring that the technical information contained in this news release is an accurate summary of the original reports and data provided to or developed by Atico.

 

   About Atico Mining Corporation   

 

Atico is a growth-oriented Company, focused on exploring, developing and mining copper and gold projects in Latin America. The Company generates significant cash flow through the operation of the El Roble mine and is developing it's high-grade La Plata VMS project in Ecuador. The Company is also pursuing additional acquisition of advanced stage opportunities. For more information, please visit www.aticomining.com .

 

ON BEHALF OF THE BOARD

 

Fernando E. Ganoza
CEO
Atico Mining Corporation 

 

Trading symbols: TSX.V: ATY | OTC: ATCMF

 

Investor Relations
Igor Dutina
Tel: +1.604.633.9022

 

  Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.  

 

  No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the ‘‘U.S. Securities Act''), or any state securities laws, and may not be offered or sold in the United States, or to, or for the account or benefit of, a "U.S. person" (as defined in Regulation S of the U.S. Securities Act) unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.  

 

   Cautionary Note Regarding Forward Looking Statements   

 

  This announcement includes certain "forward-looking statements" within the meaning of Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation the use of net proceeds, are forward-looking statements. Forward- looking statements involve various risks and uncertainties and are based on certain factors and assumptions. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include uncertainties as to the timing and process for renewal of title to the El Roble claims; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs; the need to obtain additional financing to maintain its interest in and/or explore and develop the Company's mineral projects; uncertainty of meeting anticipated program milestones for the Company's mineral projects; and other risks and uncertainties disclosed under the heading "Risk Factors" in the Company's Management's Discussion and Analysis for the year ended December 31, 2023 as filed on SEDAR and as available on the Company's website for further details, and in the prospectus of the Company dated March 2, 2012 filed with the Canadian securities regulatory authorities on the SEDAR website at    www.sedar.com   .

 

   Non-GAAP Financial Measures   

 

  The items marked with a "(1)" are alternative performance measures and readers should refer to Non-GAAP Financial Measures in the Company's Management's Discussion and Analysis for the year ended December 31, 2023, as filed on SEDAR and as available on the Company's website for further details.  

 
 
  (1) Alternative performance measures; please refer to "Non-GAAP Financial Measures" at the end of this release.
(2) Net of by-product credits
(3) Subject to adjustments on final settlement
 

  Primary Logo 

 

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Atico Mining Corporation (the "Company" or "Atico") (TSX.V: ATY | OTC: ATCMF) is pleased to announce the results of the Definitive Feasibility Study (the "DFS" or the "Study") for its 100% owned La Plata Project ("La Plata") located in Ecuador. The DFS was prepared in accordance with the National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). Please note that all financial figures in this press release are in United States dollars, unless otherwise noted.

 

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

 

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Atico Reports Multiple High Grade Intercepts up to 20.70m of 5.76% Cu, 4.46 g/t Au and 11.50m of 8.16% Cu, 8.09 g/t Au and Continues to Extend the Ore Body at El Roble Mine in Colombia

 

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Finlay Minerals Ltd . (TSXV: FYL,OTC:FYMNF) (OTCQB: FYMNF), the "Company", is pleased to announce that the approved budget under the Earn-In Agreements with Freeport-McMoRan Mineral Properties Canada Inc. ("Freeport") 1 for both the PIL and ATTY Projects, has been increased to a total of $3.6 million .

 
 

  Finlay Minerals Ltd. logo (CNW Group/Finlay Minerals Ltd.) 

 

Both projects are situated in the highly prospective Toodoggone District of British Columbia , which continues to develop as an important copper-gold (Cu-Au) district with significant potential for further discoveries.

 

Initially, the 2025 budget was set at a minimum of $750,000 for the PIL property and $500,000 for the ATTY property. However, these amounts have now been revised to up to $2.6 million for the PIL project and up to $1.0 million for the ATTY project. Both programs are fully funded under the Earn-In Agreements with Freeport . According to these agreements, Freeport may earn an 80% interest in each property by investing a total of $35 million in exploration expenditures and making cash payments totaling $4.1 million over/up to six years.   2 Until the Finlay-Freeport Earn-In Agreements complete, Finlay owns 100% of both properties.

 

The PIL   Property lies in the heart of the Toodoggone region and features several porphyry copper-gold (Cu-Au) targets, along with associated epithermal gold-silver (Au-Ag) mineralization.  To date, 18 porphyry Cu ± Mo ± Au and porphyry-related low- and high-sulphidation epithermal Au-Ag occurrences have been outlined on the PIL Property. The PIL property is adjacent to Amarc Resources and Freeport-McMoRan's JOY Project, as well as TDG Gold Corp.'s Shasta/Baker and Sofia Properties. It is also situated 25 kilometres ("km") northwest of Centerra Gold's former Kemess South Mine and 15 km east of Thesis Gold's Lawyers Project.

 

The ATTY Property covers 3,875 hectares of sub-alpine terrain in the southern Toodoggone region, an area known for significant porphyry copper-gold (Cu-Au) and epithermal gold-silver (Au-Ag) deposits. It is located between Centerra Gold's Kemess Project and the JOY Project, held by Amarc Resources and Freeport-McMoRan. The KEM target on the ATTY Property resembles the Kemess North Trend, which is home to the Kemess Underground and Kemess East deposits. Exploration will focus on the Wrich target, located near the copper geochemical anomaly at the SWT target on the JOY Property. This anomaly extends over 2 km and continues onto the ATTY Property for an additional 1.2 km to the southeast.

 

  The 2025 programs at the PIL and ATTY are well underway with:  

 
  • Detailed property-wide, 100 metre line-spaced airborne magnetic surveys completed on both properties;

  •  
  • Detailed geological and alteration mapping and expanded rock and soil sampling on up to 8 target areas on the PIL underway, with the ATTY expected to start by the end of July;

  •  
  • 53 line-km of induced polarization ("IP") geophysical surveys planned on the PIL and 16 line-km on the ATTY, and

  •  
  • Finlay acting as the Operator on both properties.
  •  

Finlay's President and CEO, Ilona Lindsay , states :  

 

  "We are very pleased with the substantial increase in approved funding for both the PIL and the ATTY. This additional funding will allow us to identify and prioritize as many targets as possible for drilling in 2026."  

 

  References:  

 
  1. Freeport-McMoRan (FCX) is a leading international metals company focused on copper, with major operations in the Americas and Indonesia and significant reserves of copper, gold, and molybdenum.

  2.  
  3. Finlay news releases NR 03-25 dated April 17, 2025 entitled: "  Finlay Minerals Enters into Earn-In Agreements with Freeport for its PIL & ATTY Properties " and NR 05-25 dated May 2, 2025 and entitled: "  Finlay Minerals Receives TSX Venture Exchange Approval for PIL Earn-In Agreement. "
  4.  

  Qualified Person:  

 

  Wade Barnes , P. Geo. and Vice President, Exploration for Finlay Minerals and a qualified person as defined by National Instrument 43-101, has approved the technical content of this news release.

 

  About finlay minerals ltd.  

 

Finlay is a TSXV company focused on exploration for base and precious metal deposits with five properties in northern British Columbia :

 

Finlay trades under the symbol "FYL" on the TSXV and under the symbol "FYMNF" on the OTCQB. For further information and details, please visit the Company's website at www.finlayminerals.com   .  

 

  On behalf of the Board of Directors,  

 

  Robert F. Brown ,
Executive Chairman of the Board

 

  Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.  

 

   Forward-Looking Information:    This news release includes certain "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements.  Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking statements in this news release include statements regarding, among others, the exploration plans for the PIL & ATTY Properties. Although Finlay believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration successes, and continued availability of capital and financing and general economic, market or business conditions. These forward-looking statements are based on a number of assumptions including, among other things, assumptions regarding general business and economic conditions, the timing and receipt of regulatory and governmental approvals, the ability of Finlay and other parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for Finlay's proposed transactions and programs on reasonable terms, and the ability of third-party service providers to deliver services in a timely manner. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Finlay does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future or otherwise, except as required by applicable law.  

 

SOURCE finlay minerals ltd. 

 

 

 

 Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/July2025/17/c1585.html  

 
 

 

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