Argonaut Gold Reports Lower Output for Q3

Argonaut Gold Inc. (TSX:AR) released its financial and operating results for the third quarter of 2015, commenting that it produced 28,876 gold equivalent ounces. For the first nine months of the year it put out 108,660 gold equivalent ounces. Respectively, that’s down 10 percent and up 18 percent from the year-ago period.
Other production highlights are as follows:

• Overall cash cost of $778 per gold ounce sold for the third quarter and $761 for the first nine months of 2015 (refer to Non-IFRS Measures section).
• All-in sustaining cost of $922 per gold ounce sold for the third quarter and $902 for the first nine months of 2015 (refer to Non-IFRS Measures section).

Key financial points are below:

• Revenue of $32.1 million from sales of 28,572 GEOs at an average price of $1,131 per gold ounce.
• Adjusted net loss of $2.0 million, after adjustments for a non-cash write-down of $4.6 million (net of tax) for lower net realizable value of the El Castillo pad inventory as a result of the decline in gold price as well as the foreign exchange effects of the weakening Mexican peso, which impacted income tax expense by way of an increase in deferred tax expense of $3.4 million and foreign exchange loss of $1.2 million (net of tax).  (Refer to Non-IFRS Measures section). Net loss was $11.2 million.
• Cash balance of $43.7 million as of the end of the third quarter, unchanged from the cash balance at the end of the second quarter.
• Cash flow from operations before changes in non-cash working capital of $6.7 million.
• Capital investments of $9.7 million (mineral properties, plant and equipment) during the quarter.

Click here to read the full Argonaut Gold Inc. (TSX:AR) press release.