Silver Standard Reports First Quarter 2017 Results

- May 4th, 2017

Silver Standard Resources (NASDAQ: SSRI) (TSX: SSO) (“Silver Standard”) reports consolidated financial results for the first quarter ended March 31, 2017. Paul Benson, President and CEO commented:  “The first quarter of 2017 marks a strong start to the year as we produced nearly 98,000 gold equivalent ounces at all-in sustaining costs of $977 per payable … Continued

Silver Standard Resources (NASDAQ: SSRI) (TSX: SSO) (“Silver Standard”) reports consolidated financial results for the first quarter ended March 31, 2017.
Paul Benson, President and CEO commented:

 “The first quarter of 2017 marks a strong start to the year as we produced nearly 98,000 gold equivalent ounces at all-in sustaining costs of $977 per payable ounce sold. Our three cash-flowing mines generated $31 million of operating cash flow, supporting our continued investments in sustaining and growing our operations, while also adding to our cash balance which now totals $341 million. This marks the sixth quarter in a row we have added to our cash position.”

First Quarter 2017 Highlights:
(All figures are in U.S. dollars unless otherwise noted)

  • Strong financial performance: Achieved quarterly revenue of $117.9 million, net income of $15.0 million or $0.13 per share and adjusted net income of $19.7 million or $0.17 per share.
  • Increased cash balance: Quarter-end cash increased by $13.5 million to $340.6 million. Cash generated by operating activities totaled $30.6 million. Marketable securities increased by $41.7 million to $190.6 million.
  • Consistent production: Produced 97,851 gold equivalent ounces at cash costs of $646 and AISC of $977 per payable gold equivalent ounce.
  • Low cost gold production at Marigold: Produced 55,215 ounces of gold at cash costs of $585 and AISC of $799 per payable ounce of gold sold.
  • Robust gold production at Seabee: Achieved production of 21,023 ounces of gold as higher grade ore was sourced from the Santoy mine at cash costs of $574 and AISC of $986 per payable ounce of gold sold.
  • Strong operating fundamentals at Pirquitas: Concluded open pit mining in January and commenced stockpile processing for quarterly production of 1.5 million ounces of silver at cash costs of $12.68 and AISC of $14.82 per payable ounce of silver sold.
  • Exercised option on the Chinchillas project: Creates a joint venture to extend the Pirquitas operating life with the Chinchillas silver-lead-zinc deposit. Silver Standard will be the operator.
  • Resolved export duty claim: We entered into the tax moratorium system in Argentina, which resolves our export duty claim. We have agreed to pay approximately ARS 1 billion with 5% paid upon entry and the balance in installments over 60 months.

Click here to read the full text release. 

 

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