Cash & Cash Equivalent Balance Grows to CA$147.3 Million -
May 10th, 2017
https://www.premiergoldmines.com/news/press-releases/premier-gold-mines-reports-2017-first-quarter-results
Unless otherwise stated, all amounts discussed herein are denominated in
Canadian dollars.
Please refer to the Foreign Exchange Assumptions at the end of this
press release for US$ conversions.
PREMIER GOLD MINES LIMITED (TSX:PG)
(“Premier”, “the Company”) is pleased to announce its operational and
financial results for the three months ended March 31, 2017.
The Company previously released its gold production results for the
first quarter of 50,979 ounces of gold (see news release
dated April 18, 2017).
2017 First Quarter Consolidated Highlights
Production of 50,979 ounces of gold and 88,572 ounces of silver
Gold sales of 51,593 ounces at an average realized price(i) of
CA$1,621 (US$1,224) per ounce
Co-product cash costs(i) of US$385 per ounce of gold
Co-product all-in sustaining costs (“AISC”)(i) of US$432 per ounce of gold
Revenue of CA$85.3 million (US$64.4 million)
Operating income of CA$28.4 million (US$21.5 million)
Net income of CA$6.7 million (US$5.1 million)
Quarter end cash balance of CA$147.3 million (US$110.7 million)
Cash flow from operating activities of CA$37.9 million (US$28.6 million) or CA$0.18/share (US$0.14/share)
Free cash flow of CA$27.6 million (US$20.7 million) or CA$0.13/share (US$0.10/share), after investing CA$9.2 million (US$ 7.0 million) in exploration and pre-development programs.
(i) See “Non-IFRS Measures” section. A cautionary note and further information regarding Non-IFRS financial metrics is included in the “Non-IFRS Measures” section of the Q1- 2017 Management’s Discussion and Analysis
Consolidated Financial Highlights - For the three months ended March 31, 2017
Strong operating results for the quarter contributed to an EBITDA of
CA$44.6 million (US$33.7 million) and net income of CA$6.7 million
(US$5.1 million) or CA$0.033/share (US$0.025/share).
Production costs at Mercedes were under budget as a result of cost-
cutting initiatives implemented at the mine.
The Company remains on track to meet production guidance of 125,000-
135,000 ounces of gold in 2017.
These positive results contributed to the Company’s strong financial
position with a CA$27.6 million (US$20.7 million) increase in cash and
equivalents to CA$147.3 million (US$110.7 million) and precious metals
inventories of 22,772 ounces of gold and 55,230 ounces of silver as at
March 31, 2017.
Capital expenditures during the quarter were CA$6.0 million
(US$4.5 million) and exploration, evaluation and pre-development costs
were CA$9.2 million (US$7.0 million). Debt principal and interest paid
during the quarter was CA$4.4 million (US$3.3 million).
https://www.premiergoldmines.com/news/press-releases/premier-gold-mines-reports-2017-first-quarter-results
https://www.premiergoldmines.com/news/press-releases/premier-gold-mines-reports-2017-first-quarter-results
https://www.premiergoldmines.com
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