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MAG Silver Corp. (TSX:MAG,NYSEMKT:MAG) released its unaudited financial results for Q3, as well as for the first nine months of the year. For Q3, the company reported a net loss of $1,987,852, or $0.03 per share.
MAG Silver Corp. (TSX:MAG,NYSEMKT:MAG) released its unaudited financial results for Q3, as well as for the first nine months of the year. For Q3, the company reported a net loss of $1,987,852, or $0.03 per share.
As quoted in the press release:
At September 30, 2015, the Company had working capital of $77,681,477 (compared to $89,571,472 at September 30, 2014), including cash of $77,368,632 (compared to $88,131,958 at September 30, 2014). The Company currently has no debt and has sufficient working capital to maintain all of its properties and currently planned programs extending beyond the next 12 months. The primary use of cash in the period ended September 30, 2015 was to fund operations. Advances to Minera Juanicipio S.A. de C.V. (“Minera Juanicipio”) combined with MAG’s Juanicipio expenditures on its own account, totaled $1,771,545 and $4,952,381 during the three and nine months ended September 30, 2015 respectively (September 30, 2014: $2,833,775 and $4,671,219 respectively). The Company also expended $495,701 and $1,287,219 respectively (September 30, 2014: $609,963 and $1,364,933 respectively) on its other exploration and evaluation properties, and $361,711 and $706,250 respectively (September 30, 2014: $295,851 and $2,840,962 respectively) on the Salamandra earn-in option.
Click here to read the full MAG Silver Corp. (TSX:MAG,NYSEMKT:MAG) press release.