Santacruz Silver Reports Second Quarter Financial Results

Santacruz Silver (TSXV:SCZ) has reported its financial and operating results for the second quarter of 2016.
As quoted in the press release:

Q2 HIGHLIGHTS:

• Silver equivalent payable ounces sold of 251,189
• Revenues of $3,375
• Gross Income from mining operations was $597
• Adjusted EBITDA of $670
• Cash operating cost per AgEq ounce sold was $11.57/oz
• All-in sustaining cash cost (AISC) per AgEq ounce sold was $14.60/oz
• Production cost per tonne of $79.26
• Subsequent to quarter end of June 30th, the Company raised Canadian $15 million in an equity offering to restructure senior debt and for working capital purposes.

“During the quarter we made significant progress on strengthening our balance sheet by advancing negotiations for a CAD $15 million equity raise which was closed subsequent to the quarter end. This allowed us to restructure our senior debt obligations into a new debt facility with a significantly lower principal balance, resulting in a substantial improvement of our capital structure,” said Arturo Préstamo, President and CEO. “From a production viewpoint, at the Rosario Mine operating income increased to $0.6 million, an increase of 29% over the prior quarter. Additionally, our operations at the Veta Grande Mine continue moving towards the commencement of commercial production following which we expect the mine to be a significant and complementary cash-flow generator to the Rosario Mine.”

Click here to read the full press release.