The company also set a quarterly production record at its Maracás Menchen mine where 2,563 tonnes of V2O5 was produced.
Largo Resources (TSX:LGO,OTCQX:LGORF) has released its Q3 financials which highlight record revenues of C$149.5 million. The company also set a quarterly production record at its Maracás Menchen mine where 2,563 tonnes of V2O5 was produced.
As quoted from the press release:
Q3 2018 Highlights
- Net income of C$71.4 million and basic earnings per share of C$0.14
- Revenues of C$149.5 million in Q3 2018, a 179 percent increase over Q3 2017 and a 45 percent increase over Q2 2018
- Cash provided before non-cash working capital items of C$127.5 million in Q3 2018, an increase of 64 percent over Q2 2018
- Cash operating costs of C$5.41 (US$4.14) in Q3 2018
- Record production of 2,563 tonnes of vanadium pentoxide (V2O5) in Q3 2018, a 4 percent increase over Q2 2018 and a 16 percent increase over Q1 2018
- Record overall V2O5 recovery rate of 82.2 percent achieved during the month of September
- Cash balance of C$128.1 million and net debt level of ~C$35 million as of September 30, 2018
- Average V2O5 price of ~US$19.66/lb V2O5 in Q3 2018
“Largo delivered robust financial performance as a result of record operational output from the Maracás Menchen Mine in the third quarter. The Company also reported the highest ever revenues and operating cash flows to date of C$149.5 million and C$113.4 million, respectively, and continues to strengthen its balance sheet every quarter. Production at the Maracás Menchen Mine continued to be strong delivering its best quarter of the year with record production of 2,563 tonnes of V2O5. We continue to advance the expansion project at the Maracás Menchen Mine and the Company remains on track to achieve its increased production guidance for 2018,” said CEO, Mark Smith.