Sprott Resource Holdings today (May 10) announced its financial results for the three months ended March 31, 2018.
Sprott Resource Holdings Inc. (TSX:SRHI) today (May 10) announced its financial results for the three months ended March 31, 2018.
According to the press release, the company’s current principal operating business is its 70 percent equity interest in the Chilean producing copper mine Minera Tres Valles (MTV) that was acquired in October 2017. MTV’s main asset is the Tres Valles mining complex, in the Province of Choapa, Chile and includes fully integrated processing operations and two active mines. Mineralized material is extracted from the Don Gabriel open pit mine and the Papomono Massive underground mine, both of which are located approximately 10 kilometers north of Salamanca, Chile with the heap leach pads and solvent-extraction and electrowinning processing plant located approximately 7 kilometers north of Salamanca.
As highlighted in the press
MTV operating performance for two months ended March 31, 2018
- Mined a total of 38 thousand tonnes of ore at a grade of 0.65 percent copper from the Don Gabriel open pit
- Mined a total of 52 thousand tonnes of ore at a grade of 1.10 percent copper from the Papomono Massive underground deposit
- Revenue for the period of US$6.0 million was generated from the sale of 827 tonnes of copper and tolling charges for mineralized material supplied by Empresa Nacional de Mineria, a Chilean state-owned minerals company
- Gross profit for the period was US$254,000
- Cash cost per pound of copper produced for the period was US$2.43
- Realized price per pound of copper sold was US$3.14
- Total exploration and capital expenditures for the period totaled US$192,000 focused on engineering services for the technical reports and purchases of equipment
Company financial performance for the three months ended March 31, 2018
As at March 31, 2018, the Company had cash and cash equivalents of US$29.1 million and net working capital of US$44.8 million
Adjusted EBITDA from continuing operations was negative US$1.0 million and the unrealized loss on portfolio investments was $6.4 million
Net loss for the quarter was US$8.7 million or US$0.01 per share