Wednesday, May 03, 2017 7:24:29 PM
Revenue of $117.9M (+16.1% Y/Y) beats by $6.23M.
Shares +1.4% AH.
VANCOUVER, May 3, 2017 /CNW/ - Silver Standard Resources Inc. (NASDAQ: SSRI) (TSX: SSO) ("Silver Standard") reports consolidated financial results for the first quarter ended March 31, 2017.
Paul Benson, President and CEO said, "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."
"During the quarter, we secured an exciting future for our Pirquitas operation as the resolution of our export duty claim enabled us to exercise our option on the Chinchillas project which, once developed, will extend the Pirquitas operating life well into the next decade. Additionally, as a result of the strategic evolution of our Company, we announced a proposed name change to SSR Mining, which will come into effect later this year, following approval by our shareholders. Our focus remains on creating shareholder value through safe production, operational excellence and growth opportunities."
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.
Recent SSRM News
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 09/09/2024 10:56:28 PM
- SSR Mining Announces Precautionary Suspension of Operations at Seabee Due to Forest Fires • Business Wire • 08/21/2024 11:48:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/31/2024 08:12:22 PM
- SSR Mining Reports Second Quarter 2024 Results • Business Wire • 07/31/2024 08:10:00 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 07/31/2024 08:07:20 PM
- SSR Mining to Announce Second Quarter Consolidated Financial Results on July 31, 2024 • Business Wire • 07/09/2024 09:13:00 PM
- Nickel’s Bumpy Ride in 2023 Being Followed by Significant Rebound in 2024 • AllPennyStocks.com • 06/24/2024 09:01:00 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 06/06/2024 08:07:38 PM
- SSR Mining Provides Update on Çöpler Incident • Business Wire • 05/25/2024 12:30:00 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/23/2024 09:26:10 PM
- SSR Mining Announces Voting Results From 2024 Annual and Special Meeting of Shareholders • Business Wire • 05/23/2024 09:25:00 PM
- SSR Mining Announces Closing of Sale of San Luis Project to Highlander Silver • Business Wire • 05/23/2024 11:00:00 AM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 05/17/2024 02:59:04 PM
- SSR Mining Provides Update on Proxy Statement • Business Wire • 05/17/2024 10:20:00 AM
- Form DEFR14A - Revised definitive proxy soliciting materials • Edgar (US Regulatory) • 05/15/2024 09:23:38 PM
- SSR Mining Inc. Sued for Securities Law Violations - Contact The Gross Law Firm Before May 17, 2024 to Discuss Your Rights - SSRM • PR Newswire (US) • 05/14/2024 09:45:00 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/08/2024 08:12:46 PM
- SSR Mining Reports First Quarter 2024 Results • Business Wire • 05/08/2024 08:10:00 PM
- SSR Mining Inc. Sued for Securities Law Violations - Investors Should Contact The Gross Law Firm for More Information - SSRM • PR Newswire (US) • 05/07/2024 09:45:00 AM
- Shareholders that lost money on SSR Mining Inc.(SSRM) Urged to Join Class Action - Contact The Gross Law Firm to Learn More • PR Newswire (US) • 05/03/2024 05:32:00 PM
- Class Action Filed Against SSR Mining Inc. (SSRM) - May 17, 2024 Deadline to Join - Contact The Gross Law Firm • PR Newswire (US) • 04/26/2024 09:45:00 AM
- Shareholders that lost money on SSR Mining Inc.(SSRM) Urged to Join Class Action - Contact The Gross Law Firm to Learn More • PR Newswire (US) • 04/19/2024 09:45:00 AM
- SSR Mining to Announce First Quarter Consolidated Financial Results on May 8, 2024 • Business Wire • 04/17/2024 09:00:00 PM
- SSR Mining Inc. Securities Fraud Class Action Lawsuit Pending: Contact The Gross Law Firm Before May 17, 2024 to Discuss Your Rights - SSRM • PR Newswire (US) • 04/16/2024 09:45:00 AM
- The Gross Law Firm Reminds Shareholders of a Lead Plaintiff Deadline of May 17, 2024 in SSR Mining Lawsuit - SSRM • PR Newswire (US) • 04/12/2024 09:45:00 AM
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