Ascendant Resources Reports Record Metal Production With Third Quarter 2018 Results

- November 8th, 2018

Earnings for the quarter were primarily impacted by persistent low metal prices as the company generated revenue of US$13.36 million and reported a net loss of US$3.85 million or a loss per share of US$0.05.

Ascendant Resources (TSX:ASND) has reported its third quarter 2018 results, highlighted by contained metal production of 23.9 million zinc equivalent pounds at an average head grade of 6.7 percent, representing the company’s strongest quarter of operating performance at the El Mochito mine in Honduras.

Earnings for the quarter were primarily impacted by persistent low metal prices as the company generated revenue of US$13.36 million and reported a net loss of US$3.85 million or a loss per share of US$0.05.

President and CEO of Ascendant, Chris Buncic said:

“We are extremely pleased to announce yet another record operational quarter with El Mochito continuing to demonstrate its ability to maintain higher levels of production and improved zinc equivalent grades…metal prices continued to be severely under pressure this quarter, the lowest since Ascendant took ownership of the mine, which impacted our profitability due to lower than anticipated revenues in the quarter and provisional price adjustments on previous shipments. In our view, these results do not reflect the dramatic operational improvements made to date. Despite these difficult external market factors, we continue to strive to unlock the full potential for El Mochito. The preliminary economic assessment that we announced in October is focused on the expansion and optimization of El Mochito and demonstrates our dedication to deliver long-term profitability at the mine.”

Click here to read the full Ascendant Resources (TSX:ASND) press release.

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