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St Andrew Goldfields Ltd. (TSX:SAS) released its results for the third quarter of 2015, commenting that its net income attributable to shareholders came to $2.3 million, or $0.01 per share. That’s up from a net loss of $7.5 million, or $0.02 per share, in the year-ago period.
St Andrew Goldfields Ltd. (TSX:SAS) released its results for the third quarter of 2015, commenting that its net income attributable to shareholders came to $2.3 million, or $0.01 per share. That’s up from a net loss of $7.5 million, or $0.02 per share, in the year-ago period.
Other Q3 highlights include:
Gold production – Produced 23,317 ounces of gold from Holt and Holloway (10% increase from Q3 2014 for the two mines); and on track to meet the top end of the Company’s 2015 production guidance.
Gold sold – Sold 23,621 ounces of gold at an average realized price (1) of US$1,122 per ounce for revenues of $34.8 million (14% increase from Q3 2014).
Total cash cost per ounce of gold sold (1) – US$687 per ounce (20% decrease from Q3 2014). Mine site cash cost of US$591(1) per ounce for Q3 2015 and US$613 per ounce for year-to-date are 21% and 18% respectively, below the lower end of the Company’s mine cash cost guidance of betweenUS$750 and US$800 per ounce.
All-in sustaining cost (AISC) (1) – US$901 per ounce of gold sold (15% or US$159 per ounce decrease from Q3 2014).
Cash margin from operations (1) – $13.6 million ($3.5 million or 34% increase from Q3 2014).
Operating cash flow – $8.7 million or $0.02 per share, after a $5.3 million working capital adjustment for Taylor stockpile inventory, as compared to $8.4 million generated in Q3 2014.
The company’s release also includes its outlook for the remainder of 2015:
As a result of achieving commercial production at the Taylor Mine, the Company has revised its 2015 production guidance for Holt, Holloway, and Taylor to between 100,000 – 110,000 ounces of gold at a revised mine cash costs target of between US$630-US$680 per ounce of gold sold (1).
Throughout 2015, SAS has been focused on bringing Taylor into commercial production and is continuing its cost containment initiative at all of its operations, with the objective of maximizing cash margin from mine operations while exploration programs remain focused on the near-mine targets. SAS is sufficiently funded to achieve its near-term objectives.
Click here to read the full St Andrew Goldfields Ltd. (TSX:SAS) press release.