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MAG Silver (TSX:MAG,NYSE: MVG) announced their first quarter financial results, including a net loss of $1,658,07.
MAG Silver (TSX:MAG,NYSE: MVG) announced their first quarter financial results, including a net loss of $1,658,07.
As quoted in the press release:
The Company’s net loss for the three months ended March 31, 2013 amounted to $1,658,073 (March 31, 2012: $754,371). The prior period’s loss included a deferred tax recovery of $840,052 which did not apply this quarter. For the three months ended March 31, 2013 management and consulting fees increased to $616,890 (March 31, 2012: $390,398) primarily due to recruitment and placement fees and to an additional director compared to the prior year. The foreign exchange gain of $548,271 (March 31, 2012: $53,582) was a result of holding US$ in MAG corporately while the US$ strengthened against the C$. During the quarter ended March 31, 2013, the Company recorded $636,600 (March 31, 2012: $375,856) of share based payment expense (a non cash item) relating to stock options both granted and vesting to employees in the period. The Company also recognized a further impairment of $175,944 (March 31, 2012: Nil) on certain marketable securities held where the decrease in value was determined to be prolonged and significant.