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Lol, for somebody to call nearly 400K ounces a year poor is laughable.
Even if production does not improve (I believe it will) Pretivm will be quite profitable. Then we eventually have the increase from the expansion. Just like any startup it does take time to reach maximum potential.
I believe it was because they did not hit production targets. A little over done though. Impatient investors and a few flippers that bought in the last few days to flip on good news and sold for a loss on not so good news. Just another hickup.
some folks on the yahoo thread seem to think PVG will put out lower production numbers in February like they did last Q. Definately gonna watch for a low if they do. PVG has been a pretty steady player going up and down a couple of bucks per Q
Scott....Until I see a reason I'm standing by
Heres the talk at Yahoo forum
https://finance.yahoo.com/quote/PVG/community?p=PVG
Yup, down a buck is a shiney opportunity, my concern is why the out of the blue drop? Last time PVG dropped was from reporting lowered mining activity.
I for one will not miss this opportunity again! In my hawk stance
I do not know, wshaw keeps up to date with PVG
was it dilution?
this was a huge plunge. 14 % from top to bottom.
I cant find any news about it either, buying opp when the bleed stops
What the heck caused todays plunge/1-9-2019
I cant find any news on it. It plunged down 95 cents in the second hour.
and continued to almost noon.
from 8.85 to 7.90
whats going on. massive plunge today
Pretivm Refinances Construction Credit Facility and Repurchases Stream
https://ih.advfn.com/stock-market/NYSE/pretium-resources-ordinary-shares-canada-PVG/stock-news/78913475/pretivm-refinances-construction-credit-facility-an
Excellent news. I just saw it in an article and came to make sure it was posted. This should help in both production and cost per ounce.
Pretium Resources Inc.: Brucejack Approved for Production Increase to 3,800 tonnes per day
Pretium Resources Inc. (TSX/NYSE:PVG) (“Pretivm” or the “Company”) is pleased to report that it has received the amended permits to increase the Brucejack Mine production rate to 3,800 tonnes per day from the BC Ministry of Energy, Mines and Petroleum Resources and the BC Ministry of Environment and Climate Change Strategy.
The amended permits allow for a production increase to an annual rate of 1.387 million tonnes from 0.99 million tonnes (daily average of 3,800 tonnes from 2,700 tonnes).
Minor mill upgrades (estimated to cost less than CAD$25 million) to support the production rate increase are required and will be completed during regularly scheduled mill shutdowns. A specific timeline for ramp-up to the 3,800 tonnes per day production rate along with an updated mine plan is expected in the first quarter of next year.
LOD $6.96, happy to see it, more lows coming this month, bargains galore!
Pretium Resources Inc.: Exploration and Resource Drilling Update
VANCOUVER, British Columbia, Dec. 06, 2018 (GLOBE NEWSWIRE) -- Pretium Resources Inc. (TSX/NYSE:PVG) (“Pretivm” or the “Company”) is pleased to provide an update on the progress from the 2018 exploration activities at the Valley of the Kings and the Bowser Claims along with plans for 2019.
2018 Regional Grass-roots Exploration Results
Results of the 8,000-meter regional exploration drill program conducted on the Bowser Claims confirm the presence of Brucejack style high-grade gold mineralization hosted in broad zones of low-grade stockwork, highlighting the potential for discovery of porphyry-related copper-gold mineralization and high-level epithermal mineralization on the property (see Table 1 below for select assays). Additional drilling is being planned to further evaluate these targets in 2019.
The wholly-owned, approximately 1,200-square-kilometer Bowser Claims, located east of the Brucejack Mine, include the American Creek, Bluffy, and Koopa Zones, along with the newly discovered Upper Kirkham Zone. A summary of results by zones follows. For a plan view of the 2018 program please see the following link: http://resource.globenewswire.com/Resource/Download/1163ad22-0e19-4143-83a7-23c2590750fa.
American Creek Zone
Several gold and silver epithermal targets were tested in the American Creek Zone, located approximately 25 kilometers southeast of the Brucejack Mine. Drilling successfully intersected broad zones of low-grade mineralization at the north end of the American Creek Zone (Lillianne showing) and an upper expression of a polymetallic epithermal vein system near the center of the American Creek Zone (Virginia K showing). At the south end of the American Creek Zone (Outlaw showing), vein-hosted copper mineralization was intersected which is interpreted as the upper expression of a porphyry system. A review of the strong alteration and metal zonation intersected in drill core will be conducted over the winter to focus future drilling on the higher grade segments of these mineralization systems.
Selected drill highlights from the American Creek Zone include:
Hole BR-001 intersected 1.82 grams per tonne gold over 6.60 meters, including 9.19 grams per tonne gold and 196.00 grams per tonne silver over 0.74 meters.
Hole BR-003 intersected 10.15 grams per tonne gold over 1.50 meters.
Hole BR-007 intersected 0.47 grams per tonne gold over 10.70 meters, including 3.16 grams per tonne gold over 1.00 meters.
Hole BR-016 intersected 41.54 grams per tonne silver, 0.56% lead and 2.12% zinc over 25.50 meters, including 230.00 grams per tonne silver, 1.00% lead and 7.55% zinc over 1.50 meters.
Bluffy Zone
The Bluffy Zone, located 30 kilometers south-southeast of the Brucejack Mine hosts disseminated sulphide mineralization in the Unuk River Formation of the Lower Hazelton Group, which also hosts the Valley of the Kings deposit. Drilling intersected broad zones of low-grade gold hosted in shear zones, which contain narrow veins of high grade gold and base metal values. This drilling has confirmed that a substantial mineral system was active at Bluffy and additional work is being planned to further delineate the higher grade mineralization.
Koopa Zone
The Koopa Zone, located approximately 30 kilometers east-southeast of the Brucejack Mine, is dominated by intensely quartz-sericite pyrite altered Salmon River Formation volcanics and Quock Formation sediments of the Upper Hazelton Group, which also hosts the Eskay Creek deposit. At Koopa, a structurally controlled epithermal system appears to be overprinting a VMS style alteration system. The stratigraphy, alteration, and broad halo of pathfinder elements are indicative of a potentially large mineralization system. Follow-up drilling in the Koopa Zone is planned in 2019.
Upper Kirkham Zone
The 2018 prospecting program successfully resulted in the discovery of the Upper Kirkham Zone, located four kilometers southwest of the Bowser Camp. Epithermal-style polymetallic veins with strong quartz-sericite pyrite alteration halos were intersected in an area recently exposed by the receding glacier. Prospecting samples collected across the Upper Kirkham Zone returned assays as high as 3.55 grams per tonne of gold, greater than 10,000 grams per tonne of silver, 4.71% copper, greater than 20% lead and 3.81% zinc. Follow-up drilling as well as additional prospecting is planned to resume in 2019.
2019 Regional Exploration
The regional exploration campaign was initiated in 2016 to identify mineralized zones similar to the Valley of the Kings and Eskay Creek deposits. In 2019, this work will continue with additional drilling planned in the areas tested this year, and continued expansion of the regional prospecting and mapping programs, with an emphasis on continued identification of Eskay Creek style VMS mineralization in the preserved Salmon River formation, and epithermal and porphyry related gold mineralization in the deeper parts of the stratigraphy. The comprehensive regional exploration program has included the collection of over 13,000 samples, regional mapping, prospecting, airborne geophysics, ground geophysics, hyperspectral mapping, and data compilation.
2019 Underground Exploration Drilling for Porphyry Source
Over the summer, a surface geophysical program was conducted to follow-up on the successful underground exploration drilling that demonstrated mineralization continuity between the Valley of the Kings and the Flow Dome Zone, an area approximately 1,000 meters east of the Brucejack Mine (see news release dated June 18, 2018). Two drill holes, both over 1,500-meters in length, drilled east from the Valley of the Kings intersected Brucejack-style mineralization throughout. In addition, the drilling intersected anomalous copper and molybdenum mineralization, which coupled with mineralogical indicators, suggest proximity to porphyry-style mineralization at depth.
Results from the follow-up geophysical program which included downhole and surface IP and reflection seismic surveys, are currently being processed. Mineral chemistry evaluation for porphyry vectoring and geochronology of porphyritic material at depth is currently underway. The drill results, along with the geophysics and mineral chemistry, will be integrated to refine targeting of this zone for subsequent drilling. Preliminary plans are to drill three to four targeted holes to further test the porphyry potential below the Flow Dome Zone.
Valley of the Kings Resource Definition and Expansion Drilling
Zones at depth, to the east, west and north-east of the Valley of the Kings resource will be drilled as part of an approximately 70,000 meter drill program planned for 2019. The purpose of the drilling is to expand the current mineral resource and reserve to the east and at depth and to improve resource definition ahead of mining.
The area to the north-east of the currently defined mineral resource is considered highly prospective for additional resource expansion. A re-interpretation of previous drill results indicates the presence of a repetition, through faulting, of the key stratigraphy that hosts high-grade gold mineralization in the Valley of the Kings.
11/27/18 Presentation https://www.pretivm.com/Investors/Presentations/default.aspx
Keep the powder dry another month or two. Its been taking the markets longer to shed off the previous year. Dec Jan normally hectic will present lower opportunities then load the boat.
PVG's always been good for a $2.00-$3.00 swing
With these tariffs, everything is being challenged, hiccups in most cases, whats the world to convert to, hardened plastics, No
Does PVG have any Lithium leases? The other one just came online,
Bargains galore in December
That would be fine with me. I would pick up some more, but not there yet.
Scotttrader....I'm Waiting
Doesnt much matter what they put out, the market is tanking taking PVG with it, those upper $6.00's arent too far away now
Pretium Resources Inc.: Pretivm Reports Third Quarter 2018 Results
Brucejack Mine delivers profitability; significant cash build VANCOUVER, British Columbia, Nov. 08, 2018 (GLOBE NEWSWIRE) -- Pretium Resources Inc. (TSX/NYSE:PVG) ('Pretivm' or the 'Company') is pleased to report financial and operating results for the third quarter and first nine months of 2018. All amounts are in US dollars unless otherwise noted. This release should be read in conjunction with the Company's Financial Statements and Management's Discussion and Analysis ('MD&A') available on the Company's website and on SEDAR and EDGAR. 'Brucejack delivered another profitable quarter in a declining gold price environment, which speaks to the robust economics of the mine,' said Joseph Ovsenek, President & CEO of Pretivm. 'We have generated significant earnings from mine operations every quarter since achieving commercial production, and have built a cash balance of over $190 million. We remain on track to refinance our construction debt facility and repurchase the precious metals stream by year-end without issuing equity.’
Third Quarter 2018 Summary
Production of 92,641 ounces of gold at a mill feed grade of 12.4 grams per tonne gold.
Revenue of $110.1 million on 94,458 ounces of gold sold.
Total cost of sales $72.5 million or $767 per ounce of gold sold1.
All-in Sustaining Cost ('AISC')1 of $709 per ounce of gold sold.
Net earnings of $10.7 million ($0.06 per share).
Adjusted earnings1 of $26.3 million ($0.14 per share).
Generated $52.4 million cash from operating activities.
Cash and cash equivalents balance of $190.3 million as at September 30, 2018.
Notice was delivered to repurchase 100% of the gold and silver stream that was sold as part of the construction financing package.
Subsequent to the end of the quarter, a commitment letter for a fully underwritten $480.0 million debt facility to refinance the existing construction credit facility was executed. 1Refer to the 'Non-IFRS Financial Performance Measures' section at the end of this news release.
Third Quarter Production Overview
Production totaled 92,641 ounces of gold and 95,741 ounces of silver compared to 82,203 ounces of gold and 83,233 ounces of silver in the third quarter 2017. Year to date 2018 production totaled 279,670 ounces of gold and 308,676 ounces of silver.
Mill feed grade averaged 12.4 grams per tonne gold compared to 10.5 grams per tonne gold in the third quarter 2017. Year to date 2018 mill feed grade averaged 12.0 grams per tonne gold.
Gold recoveries averaged 97.4% compared to 96.5% in the third quarter 2017. Year to date 2018 recoveries averaged 97.4%.
Process plant throughput averaged 2,610 tonnes per day for a total of 240,122 tonnes of ore compared to 2,840 tonnes per day for a total of 261,262 tonnes of ore in the third quarter 2017. Year to date 2018 process plant throughput averaged 2,705 tonnes per day for a total of 738,555 tonnes of ore.
Mine development remained at a rate of approximately 700 meters per month during the quarter.
The sequence of the mine plan and the availability of stopes for optimal blending are the main drivers of our gold production. We anticipate narrowing the range of grade variability as development advances.
Operating Results
Three months ended September 30, Nine months ended September 30,
2018 2017 2018 2017(1)
Ore mined t 255,227 271,534 772,072 271,534
Mining rate tpd 2,774 2,951 2,828 2,951
Ore milled t 240,122 261,262 738,555 261,262
Head grade g/t Au 12.4 10.5 12.0 10.5
Recovery % 97.4 96.5 97.4 96.5
Mill throughput tpd 2,610 2,840 2,705 2,840
Gold ounces produced oz 92,641 82,203 279,670 82,203
Silver ounces produced oz 95,741 83,233 308,676 83,233
Gold ounces sold oz 94,458 55,413 278,417 55,413
Silver ounces sold oz 87,110 19,846 289,710 19,846
The following abbreviations were used above: t (tonnes), tpd (tonnes per day), g/t (grams per tonne), Au (gold) and oz (ounces).
(1) Data for the nine months ended September 30, 2017 covers the period commencing from July 1, 2017, the date the Brucejack Mine achieved commercial production, to September 30, 2017. Third Quarter Financial Overview
Revenue of $110.1 million compared to revenue of $70.9 million in the third quarter 2017. Revenue includes a loss on trade receivables at fair value related to provisional pricing adjustments of $1.6 million. The comparable period is the third quarter 2017 which was the Company's first quarter of production after commercial production was achieved on July 1, 2017. Year to date 2018, the Company generated revenue of $346.0 million.
The Company sold 94,458 ounces of gold at an average realized price of $1,169 per ounce generating $110.4 million in revenue. Treatment costs and refining charges associated with concentrate sales, in the amount of $4.3 million, were included within concentrate revenue. The average London Bullion Market Association AM and PM market price over the quarter ended September 30, 2018 was $1,213 per ounce. In the comparable period, the sale of 55,413 ounces of gold contributed $71.0 million at an average realized price of $1,281 per ounce. Year to date 2018, the Company sold 278,417 ounces of gold generating $345.1 million in revenue.
Total cost of sales was $72.5 million or $767 per ounce of gold sold. In the third quarter 2017, total cost of sales was $44.9 million or $810 per ounce of gold sold. Total cost of sales includes production costs, depreciation and depletion, royalties and selling costs. Year to date 2018 total cost of sales was $231.4 million or $831 per ounce.
Total cash cost1 was $568 per ounce of gold sold and AISC was $709 per ounce of gold sold. In the third quarter 2017, total cash cost was $656 per ounce of gold sold and AISC was $788 per ounce of gold sold. Year to date total cash cost was $627 per ounce of gold sold and AISC was $758 per ounce of gold sold.
Sustaining capital expenditures amounted to $5.2 million compared to $3.5 million in the third quarter 2017. Year to date 2018 sustaining capital incurred was $12.8 million.
Earnings from mine operations1 were $37.6 million compared to $26.0 million in the third quarter 2017. Year to date 2018 earnings from mine operations were $114.5 million.
Net earnings were $10.7 million compared to a net loss of $7.0 million in the third quarter 2017. Year to date 2018 net earnings were $33.8 million.
Adjusted earnings were $26.3 million compared to $14.0 million in the third quarter 2017. Year to date 2018 adjusted earnings were $79.2 million.
Cash generated from operating activities was $52.4 million compared to $47.5 million in the third quarter 2017. Year to date 2018 cash generated from operations was $154.4 million.
Cash and cash equivalents were $190.3 million as at September 30, 2018 increasing $134.0 million from $56.3 million at December 31, 2017.
On September 24, 2018, the Company provided notice of its intention to repurchase 100% of the callable 8% precious metals stream for $237.0 million. The stream was sold by Pretivm as part of the construction financing package for the Brucejack Mine.
Subsequent to September 30, 2018, the Company signed a commitment letter for a fully underwritten $480.0 million debt facility to be drawn to refinance the existing construction credit facility of approximately $423.8 million due on December 31, 2018, for the construction of the Brucejack Mine. The debt facility will be available by way of a $250.0 million secured amortizing non-revolving credit facility and a $230.0 million senior secured revolving credit facility. Funds from the revolving facility will also be available for general corporate purposes including, if necessary, to support the repurchase of 100% of the precious metals stream. (See news release dated October 4, 2018.)
Upon completion of the debt settlement and refinancing transactions in the fourth quarter of 2018, the Company expects that future operating and debt settlement requirements will be satisfied from operating cash flow.
Financial Results
In thousands of USD, Three months ended September 30, Nine months ended September 30,
except for per ounce data 2018 2017 2018 2017(1)
Revenue $ 110,060 70,875 345,960 70,875
Earnings from mine operations (2) $ 37,608 25,963 114,512 25,963
Net earnings (loss) for the period $ 10,734 (6,975 ) 33,773 (13,733 )
Per share - basic $/share 0.06 (0.04 ) 0.19 (0.08 )
Per share - diluted $/share 0.06 (0.04 ) 0.19 (0.08 )
Adjusted earnings (2) $ 26,327 13,951 79,172 4,684
Per share - basic (2) $/share 0.14 0.08 0.43 0.03
Total cash and cash equivalents $ 190,318 53,774 190,318 53,774
Cash generated from operating activities 52,364 47,470 154,358 39,913
Total assets $ 1,771,543 1,673,601 1,771,543 1,673,601
Long-term debt (3) $ 59,610 639,975 59,610 639,975
Total cash costs (2) $/oz 568 656 627 656
All-in sustaining costs (2) $/oz 709 788 758 -
Average realized price (2) $/oz 1,169 1,281 1,239 1,281
Average realized cash margin (2) $/oz 601 625 612 625
(1) Data for the nine months ended September 30, 2017 covers the period commencing from July 1, 2017, the date the Brucejack Mine achieved commercial production, to September 30, 2017.
(2) Refer to the 'Non-IFRS Financial Performance Measures' section for a reconciliation of these amounts.
(3) Long-term debt does not include the current portion of the Company's senior secured Credit Facility and the Stream Obligation in the amount of $641,468 as at September 30, 2018. Second Half 2018 Outlook
H2 2018 production guidance Gold production at the Brucejack Mine for the second half of 2018 is expected in the range of 200,000 to 220,000 ounces, for total 2018 gold production of 387,000 to 407,000 ounces. With our production of 92,641 ounces of gold in the third quarter, we are on track to meet the lower end of our H2 2018 production guidance. H2 2018 financial guidance All-in sustaining costs for the second half of 2018 are expected to range from $710 to $770 per ounce gold sold. With our AISC of $709 per ounce gold sold in the third quarter, we are on track to meet our H2 2018 AISC guidance. As production has reached steady state at the Brucejack Mine, an increased focus has been placed on operational efficiency to reduce costs. Stream Repurchase and Debt Refinancing We remain on track to repurchase 100% of the precious metals stream and refinance the existing construction credit facility during the fourth quarter without issuing equity. Organic Growth Opportunities Application to increase production rate On December 20, 2017, the Company submitted an application to the BC Ministry of Energy, Mines and Petroleum Resources and the BC Ministry of Environment and Climate Change Strategy to increase the Brucejack Mine production rate to 3,800 tonnes per day. The increase would result in an annual average production rate of 1.387 million tonnes, up from 0.99 million tonnes (a daily average of 3,800 tonnes from 2,700 tonnes). Based on preliminary engineering, the capital cost to increase the mill capacity is estimated to be less than $25 million which is expected to be incurred in 2019. The approval process is expected to be completed by year end.
Lyle Morgenthaler, B.A.Sc., P.Eng., Chief Mine Engineer, Pretium Resources Inc. is the Qualified Person ('QP') responsible for Brucejack Mine development. Warwick Board, Ph.D., P.Geo, Pr.Sci.Nat., Vice President, Geology and Chief Geologist, Pretium Resources Inc. is the QP responsible for the Brucejack Mine grade control program and the Brucejack Mine exploration drilling. Regional grass-roots exploration The 2018 regional grass-roots exploration program, which includes geophysical studies, continued regional prospecting and mapping and diamond drilling on several high priority gold targets with respect to the Bowser Claims, is substantially complete. The 2018 program follows up on the comprehensive regional exploration that has previously been completed on the 1,250-square-kilometer, wholly-owned property. To date, the program has resulted in the identification of several distinct areas that have the potential to host mineralized zones similar to the Valley of the Kings and Eskay Creek deposits. An 8,240 meter regional exploration drill program which comprised 24 drill holes on five high-priority targets was completed through this year's field season. The drilling was completed on October 10, 2018. Assays and results from the program are anticipated later this year.
A private placement of 227,273 flow-through common shares of the Company at a price of C$13.20 per flow-through share was completed on July 25, 2018 for total gross proceeds of approximately C$3.0 million. The proceeds of the private placement of flow-through common shares were used to fund a portion of the 2018 grass-roots exploration program.
Kenneth C. McNaughton, M.A.Sc., P.Eng., Chief Exploration Officer, Pretium Resources Inc. is the QP responsible for the regional grass-roots exploration program.
Our unaudited condensed consolidated interim Financial Statements and Management's Discussion and Analysis for the three and nine months ended September 30, 2018 are filed on SEDAR and EDGAR and are available on our website at www.pretivm.com. Webcast and Conference Call The webcast and conference call to discuss the third quarter 2018 operational and financial results will take place Friday, November 9th, 2018 at 8:00 am PT (11:00 am ET).
Webcast and conference call details:
Friday, November 9, 2018 at 8:00 am PT (11:00 am ET)
Webcast www.pretivm.com
Toll Free (North America) 1-800-319-4610
International and Vancouver 604-638-5340
A recorded playback will be available until November 24, 2018:
Toll Free (North America) 1-800-319-6413
Access Code 2560
About Pretivm Pretivm is emerging as the premier low-cost intermediate gold producer with production at the high-grade underground Brucejack Mine in northern British Columbia now at steady state.
For further information contact:
Joseph Ovsenek
President & CEO
Troy Shultz
Manager, Investor Relations &
Corporate Communications
Pretium Resources Inc.
Suite 2300, Four Bentall Centre, 1055 Dunsmuir Street
PO Box 49334 Vancouver, BC V7X 1L4
(604) 558-1784
invest@pretivm.com
(SEDAR filings: Pretium Resources Inc.) Non-IFRS Financial Performance Measures The Company has included certain non-IFRS measures in this new release. Refer to the Company's MD&A for an explanation and discussion of non-IFRS measures. The Company believes that these measures, in addition to measures prepared in accordance with IFRS, provide investors an improved ability to evaluate the underlying performance of the Company and to compare it to information reported by other companies. The non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with International Financial Reporting IFRS. These measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to similar measures presented by other issuers. Total cost of sales and cash costs Total cash costs is a common financial performance measure in the gold mining industry but has no standard meaning. The Company reports total cash costs on a gold ounce sold basis. The Company believes that, in addition to measures prepared in accordance with IFRS, such as revenue, certain investors can use this information to evaluate the Company's performance and ability to generate operating earnings and cash flow from its mining operations. Management uses this metric as an important tool to monitor operating cost performance.
Total cash costs include cost of sales such as mining, processing, maintenance and site administration, royalties and selling costs and changes in inventories less non-cash depreciation and depletion, site share-based compensation and silver revenue divided by gold ounces sold to arrive at total cash costs per ounce of gold sold. Other companies may calculate this measure differently.
The following table reconciles these non-IFRS measures to the most directly comparable IFRS measure disclosed in the financial statements.
For the three months ended For the nine months ended
In thousands of USD,
except for per ounce data September 30,
2018 September 30,
2017 September 30,
2018 September 30,
2017(1)
Gold ounces sold 94,458 55,413 278,417 55,413
Cost of sales per ounce sold reconciliation
Cost of sales $ 72,452 $ 44,912 $ 231,448 $ 44,912
Cost of sales per ounce of gold sold $ 767 $ 810 $ 831 $ 810
Total cash costs reconciliation
Cost of sales $ 72,452 $ 44,912 $ 231,448 $ 44,912
Less: Depreciation and depletion (16,949 ) (8,106 ) (50,816 ) (8,106 )
Less: Site share-based compensation (569 ) (124 ) (1,809 ) (124 )
Less: Silver revenue (1,251 ) (324 ) (4,212 ) (324 )
Total cash costs $ 53,683 $ 36,358 $ 174,611 $ 36,358
Total cash costs per ounce of gold sold $ 568 $ 656 $ 627 $ 656
(1) Data for the nine months ended September 30, 2017 covers the period commencing from July 1, 2017, the date the Brucejack Mine achieved commercial production, to September 30, 2017.
All-in sustaining costs
The Company believes that AISC more fully defines the total costs associated with producing gold. The Company calculates AISC as the sum of total cash costs (as described above), sustaining capital expenditures (excluding expansion capital related to the 3,800 tonne per day expansion project), accretion on decommissioning and restoration provision, treatment and refinery charges netted against concentrate revenue, site share-based compensation, and corporate administrative costs, all divided by the gold ounces sold to arrive at a per ounce amount.
Other companies may calculate this measure differently as a result of differences in underlying principles and policies applied. Differences may also arise due to a different definition of sustaining versus non-sustaining capital.
The following table reconciles these non-IFRS measures to the most directly comparable IFRS measures disclosed in the financial statements.
For the three months ended For the nine months ended
In thousands of USD,
except for per ounce data September 30,
2018 September 30,
2017 September 30,
2018 September 30,
2017(1)
Gold ounces sold 94,458 55,413 278,417 -
All-in sustaining costs reconciliation
Total cash costs $ 53,683 $ 36,358 $ 174,611 $ -
Sustaining capital expenditures(2) 5,189 3,526 12,813 -
Accretion on decommissioning and restoration provision 136 146 432 -
Treatment and refinery charges 4,267 1,044 12,387 -
Site share-based compensation 569 124 1,809 -
Corporate administrative costs(3) 3,110 2,484 8,934 -
Total all-in sustaining costs $ 66,954 $ 43,682 $ 210,986 $ -
All-in sustaining costs per ounce of gold sold $ 709 $ 788 $ 758 $ -
(1) AISC for the nine-months ended September 30, 2017 was not disclosed as commercial production results only commenced on July 1, 2017.
(2) Sustaining capital expenditures includes deferred development costs.
(3) Includes the sum of corporate administrative costs per the statement of earnings (loss) and comprehensive earnings (loss), excluding depreciation within those figures. Total cash costs and AISC reconciliation
Total cash costs and AISC are calculated based on the definitions published by the World Gold Council ('WGC') (a market development organization for the gold industry comprised of and funded by 18 gold mining companies from around the world). The WGC is not a regulatory organization. Average realized price and average realized cash margin Average realized price and average realized cash margin per ounce sold are used by management and investors to better understand the gold price and cash margin realized throughout a period.
Average realized price is calculated as revenue from contracts with customers less silver revenue divided by gold ounces sold. Average realized cash margin represents average realized price per gold ounce sold less total cash costs per ounce sold.
The following table reconciles these non-IFRS measures to the most directly comparable IFRS measures disclosed in the financial statements.
For the three months ended For the nine months ended
In thousands of USD,
except for per ounce data September 30,
2018 September 30,
2017 September 30,
2018 September 30,
2017(1)
Revenue from contracts with customers(2) $ 111,658 $ 71,323 $ 349,304 $ 71,323
Less: Silver revenue (1,251 ) (324 ) (4,212 ) (324 )
Gold revenue(3) $ 110,407 $ 70,999 $ 345,092 $ 70,999
Gold ounces sold 94,458 55,413 278,417 55,413
Average realized price $ 1,169 $ 1,281 $ 1,239 $ 1,281
Less: Total cash costs per ounce of sold (568 ) (656 ) (627 ) (656 )
Average realized cash margin per ounce of gold sold $ 601 $ 625 $ 612 $ 625
(1) Data for the nine months ended September 30, 2017 covers the period commencing from July 1, 2017, the date the Brucejack Mine achieved commercial production, to September 30, 2017.
(2) Revenue from contracts with customers is recognized net of treatment costs and refinery charges on revenue generated from concentrate sales in the amount of $4,327 (2017 - $1,044) and $12,600 (2017 - $1,044) for the three and nine months ended September 30, 2018, respectively. The portion of these treatment costs and refinery charges related to gold concentrate sales were $4,267 (2017 - $1,026) and $12,387 (2017 - $1,026) for the three and nine months ended September 30, 2018, respectively.
(3) Gold revenue excludes the loss on trade receivables at fair value related to provisional pricing adjustments in the amount of $1,598 (2017 - $448) and $3,344 (2017 - $448) for the three and nine months ended September 30, 2018, respectively. Adjusted earnings and adjusted basic earnings per share Adjusted earnings and adjusted basic earnings per share are used by management and investors to measure the underlying operating performance of the Company. Presenting these measures helps management and investors evaluate earning trends more readily in comparison with results from prior periods.
Adjusted earnings is defined as net earnings adjusted to exclude specific items that are significant, but not reflective of the underlying operations of the Company, including: (gain) loss on financial instruments at fair value, amortization of discount on senior secured term credit facility, accretion on convertible notes, impairment provisions and reversals and deferred income tax expense (recovery). Adjusted basic earnings per share is calculated using the weighted average number of shares outstanding under the basic method of earnings per share as determined under IFRS.
The following table reconciles these non-IFRS measures to the most directly comparable IFRS measures disclosed in the financial statements.
For the three months ended For the nine months ended
In thousands of USD,
except for per ounce data September 30,
2018 September 30,
2017 September 30,
2018 September 30,
2017
Basic weighted average shares outstanding 183,069,568 181,317,140 182,634,260 180,943,434
Adjusted earnings and adjusted basic earnings per share reconciliation
Net earnings (loss) for the period $ 10,734 $ (6,975 ) $ 33,773 $ (13,733 )
Adjusted for:
Loss on financial instruments at fair value 7,321 14,210 6,377 17,970
Amortization of discount on senior secured term credit facility 7,143 5,657 20,051 5,657
Accretion on convertible notes 1,404 1,404 4,165 1,404
Deferred income tax expense (recovery) (275 ) (345 ) 14,806 (6,614 )
Adjusted earnings $ 26,327 $ 13,951 $ 79,172 $ 4,684
Adjusted basic earnings per share $ 0.14 $ 0.08 $ 0.43 $ 0.03
Earnings from mine operations Earnings from mine operations provides useful information to management and investors as an indication of the Company's principal business activities before consideration of how those activities are financed, sustaining capital expenditures, corporate administrative costs, foreign exchange gains (losses), gains (losses) on financial instruments at fair value, interest and finance income and expense and taxation.
The following table reconciles this non-IFRS measure to the most directly comparable IFRS measures disclosed in the financial statements.
For the three months ended For the nine months ended
In thousands of USD September 30,
2018 September 30,
2017 September 30,
2018 September 30,
2017(1)
Revenue $ 110,160 70,875 345,960 70,875
Cost of sales 72,452 $ 44,912 $ 231,448 $ 44,912
Earnings from mine operations $ 37,608 $ 25,963 $ 114,512 $ 25,963
(1) Data for the nine months ended September 30, 2017 covers the period commencing from July 1, 2017, the date the Brucejack Mine achieved commercial production, to September 30, 2017. Forward-Looking Statements This news release contains 'forward-looking information', 'forward looking statements', 'future oriented financial information' and/or 'financial outlooks' within the meaning of applicable Canadian and United States securities legislation (collectively herein referred to as 'forward-looking statements' or 'forward-looking information'). The purpose of disclosing future oriented financial information and financial outlooks is to provide a general overview of management's expectations regarding the anticipated results of operations and costs thereof and readers are cautioned that future oriented financial information and financial outlook may not be appropriate for other purposes. Wherever possible, words such as 'plans', 'expects', 'guidance', 'projects', 'assumes', 'budget', 'strategy', 'scheduled', 'estimates', 'forecasts', 'anticipates', 'believes', 'intends', 'modeled', 'targets' and similar expressions or statements that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved, or the negative forms of any of these terms and similar expressions, have been used to identify forward-looking statements and information. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be forward-looking statements. Forward-looking information may include, but is not limited to, information with respect to: production and cost guidance; the refinancing of the Company's construction debt facility, including the terms of such refinancing, the intended use of proceeds and the timing thereof; the repurchase of the Company's precious metals stream, including the timing thereof and the source of funds; anticipated results of our operations; source of funds for future operating and debt settlement requirements; our planned mining, exploration and development activities; our operational grade control program, including plans with respect to our infill drill program and our local grade control model; capital and operating cost estimates; production and processing estimates; the future price of gold and silver; our liquidity and the adequacy of our financial resources; our intentions with respect to our capital resources; our financing activities, including plans for the use of proceeds thereof; the estimation of mineral reserves and resources including the 2016 Valley of the Kings Mineral Resource estimate and the Brucejack Mineral Reserve estimate; realization of mineral reserve and resource estimates; timing of further development of our Brucejack Mine; costs and timing of future exploration and development; results of future exploration and drilling; timelines and similar statements relating to the economic viability of the Brucejack Mine, including mine life, total tonnes mined and processed and mining operations; timing, receipt, and anticipated effects of, and anticipated capital costs in connection with approvals, consents and permits under applicable legislation; our executive compensation approach and practice; our relationship with community stakeholders; litigation matters; environmental matters; our effective tax rate and the recognition of our previously unrecognized income tax attributes; new accounting standards applicable to the Company, including the effects of adoption of such standards; and statements regarding USD cash flows, currency fluctuations and the recurrence of foreign currency translation adjustments. Statements concerning mineral resource estimates may also be deemed to constitute forward-looking statements to the extent that they involve estimates of the mineralization that will be encountered if the property is developed. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to materially differ from those expressed or implied by the forward-looking statements, including, without limitation, those related to: the accuracy of our mineral resource and reserve estimates (including with respect to size, grade and recoverability) and the geological, operational and price assumptions on which they are based; uncertainties relating to inferred mineral resources being converted into measured or indicated mineral resources; commodity price fluctuations, including gold price volatility; general economic conditions; the inherent risk in the mining industry; significant governmental regulations; currency fluctuations, and such other risks as are identified in Pretivm's Annual Information Form dated March 28, 2018, Form 40-F dated March 28, 2018, MD&A and other disclosure documents as filed in Canada on SEDAR at www.sedar.com and in the United States through EDGAR at the SEC's website at www.sec.gov (collectively, the 'Pretivm Disclosure Documents'). Our forward-looking statements are based on the assumptions, beliefs, expectations and opinions of management on the date the statements are made, many of which may be difficult to predict and beyond our control. In connection with the forward-looking statements contained in this news release, we have made certain assumptions about our business, including about our exploration, development and production activities, and the results, costs and timing thereof; timing and receipt of approvals, consents and permits under applicable legislation; the geopolitical, economic, permitting and legal climate that we operate in; the price of gold and other commodities; exchange rates; market competition; the adequacy of our financial resources, and such other material assumptions as are identified in the other Pretivm Disclosure Documents. We have also assumed that no significant events will occur outside of our normal course of business. Although we believe that the assumptions inherent in the forward-looking statements are reasonable as of the date of this news release, forward-looking statements are not guarantees of future performance and, accordingly, undue reliance should not be put on such statements due to the inherent uncertainty therein. We do not assume any obligation to update forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by applicable law. For the reasons set forth above, prospective investors should not place undue reliance on forward-looking statements. Neither the TSX nor the NYSE has approved or disapproved of the information contained herein.
Source: Pretium Resources Inc
https://www.twst.com/update/pretium-resources-inc-pretivm-reports-third-quarter-2018-results/
I guess that is why the analysts are raising their ratings. As for the production being down, does the following ring a bell?
" H2 2018 Production and Cost Guidance
We continue to refine and update the grade control model with the benefit of data from ongoing production. To date, the updated grade control model is reconciling well to mill production. As a result, the Company anticipates meeting production guidance of 200,000 to 220,000 ounces of gold and all-in sustaining cost1 guidance of $710 to $770 per ounce gold sold for the second half of 2018, with production weighted more heavily in the fourth quarter than the third quarter."
IMHO, PVG will be just fine.
Wont be long before PVG shows those upper $6.00's again. The last bout from $6.97 to $8.68 was a nice swing. The only thing that would be better would be if PVG paid a dividend but since production is down, it'll be a long while before that happens
Thanks, appreciate you keeping everyone updated.
Alvie
MotleyFool Now Is the Time to Acquire This Precious Metals Streamer
https://www.msn.com/en-us/finance/news/now-is-the-time-to-acquire-this-precious-metals-streamer/ar-BBOebJM
Pretium Resources (NYSE:PVG) Upgraded at ValuEngine
Pretium Resources (NYSE:PVG) Given a $15.00 Price Target by HC Wainwright Analysts
Pretium Resources (PVG) Stock Rating Upgraded by Zacks Investment Research
https://www.themarketsdaily.com/2018/10/12/pretium-resources-pvg-stock-rating-upgraded-by-zacks-investment-research.html
https://theenterpriseleader.com/2018/10/12/pretium-resources-pvg-given-a-15-00-price-target-at-hc-wainwright.html
https://theenterpriseleader.com/2018/10/11/pretium-resources-pvg-rating-increased-to-hold-at-valuengine.html
I think shareholders are jumpy because of the garbage recycled by Viceroy. The production was about what I expected because of the (weighted to the fourth quarter) statement by management. The following article about sums it up. https://seekingalpha.com/article/4210803-pretium-resources-panic-clearly-overdone
Lol, I guess there is nothing wrong with dreaming. Good luck with that.
Looks like a Buying Op under $5.00 may be had in the coming weeks
What do you think disappointed investors in today's report - the gold production being less than 100k oz or the grade (related, of course)? Don't think institutional investors are bailing based on volume.
10/04/2018 Pretivm to Refinance Construction Credit Facility; Secures Commitment Letter for US$480 Millionhttps://ih.advfn.com/p.php?pid=nmona&article=78396789
Happy to see this is happening as i hoped. Combined with increased volume permitting should really improve the numbers next yesr.
Pretivm to Repurchase Precious Metals Stream
https://www.nasdaq.com/press-release/pretivm-to-repurchase-precious-metals-stream-20180924-00034
It is hilarious to watch the ambulance chasers jumping on board again and filing suits and the same Seekingalpha contributor trashing PVG. This was nothing but a shorter rehashing old news to take the stock down and benefit financially. Dejavu all over again.
It is not legal. Thus " It’s also become the subject of scrutiny itself and is facing a probe by German prosecutors for a March report on broadcaster ProSiebenSat.1 Media SE".
It's amazing to me that its legal to profit from slander.
About the shorters that put out the negative report on Pretivm
Viceroy, which has targeted companies from Australia to the US including Steinhoff, MiMedx Group Inc and Capitec Bank Holdings Ltd, has had mixed success. It’s also become the subject of scrutiny itself and is facing a probe by German prosecutors for a March report on broadcaster ProSiebenSat.1 Media SE.
Analysts remain bullish on Pretium, with eight rating it a buy and two a hold, according to data compiled by Bloomberg. The average price target of C$16.49 implies a 62% return on the stock. Short interest makes up 1.3% of the stock’s float, down from a high of 4.3% on September 22, according to financial analytics firm S3 Partners.
A mining company making false claims???
https://ih.advfn.com/p.php?pid=nmona&article=78219553
Sounds like another outfit I know except they havent mined anything besides shareholders pockets
Looks like short seller was successful his technique. Used the same BS.
"Viceroy Research said it’s shorting Pretium Resources, arguing the company has artificially inflated the value of its Canadian gold mine, which risks being taken over by creditors in coming months".
* * $PVG Video Chart 08-10-18 * *
Link to Video - click here to watch the technical chart video
Aug 10, 2018 Second Quarter 2018 Financial Results Webcast and Conference Call https://www.pretivm.com/investors/presentations/default.aspx
Look at the action after the PR.
VANCOUVER, British Columbia, Aug. 09, 2018 (GLOBE NEWSWIRE) -- Pretium Resources Inc. (TSX/NYSE:PVG) (“Pretivm” or the “Company”) is pleased to report financial and operating results for the second quarter and first half of 2018.
“Our cash balance increased by more than $72 million through the quarter to $142.5 million as a result of our improved production at lower costs,” said Joseph Ovsenek, President & CEO of Pretivm. “In the first half of the year, we’ve reached steady state production, fully implemented our grade control program and met our production guidance. We intend to build on this positive momentum for the remainder of the year, firmly establishing Pretivm as a premier high-grade gold producer.”
Second Quarter 2018 Summary
Production of 111,340 ounces of gold.
Revenue of $146.5 million on 115,309 ounces of gold sold.
Total cost of sales $86.4 million or $749 per ounce of gold sold1.
AISC1 of $648 per ounce of gold sold.
Net earnings of $31.1 million ($0.17 per share).
Adjusted earnings1 of $47.0 million ($0.26 per share).
Cash and cash equivalents of $142.5 million as at June 30, 2018.
Achieved first half 2018 guidance with a total of 187,029 ounces of gold produced at an AISC of $783 per ounce of gold sold.
Second Quarter Production Overview
Production totaled 111,340 ounces of gold and 118,205 ounces of silver.
Mill feed grade averaged 14.9 grams per tonne gold for the quarter.
Gold recoveries averaged 97.7%.
Process plant throughput averaged 2,604 tonnes per day for total of 236,990 tonnes of ore.
Mine development averaged over 740 meters per month during the quarter to prepare additional stopes which will allow for optimization of ore grades feeding the mill.
Gold production from March throughout the second quarter reflected the full integration of the operational grade control program. Grade control is critical for grade prediction and the refinement of stope shapes, which results in reduced dilution and optimized grade to the mill.
Second Quarter Financial Overview
Revenue of $146.5 million was generated from mine operations.
The Company sold 115,309 ounces of gold at an average realized price1 of $1,278 per ounce generating $147.4 million in revenue. The Company sold 118,366 ounces of silver generating $1.6 million in revenue.
Treatment costs and refining charges associated with concentrate sales, in the amount of $4.3 million, were included within concentrate revenue. The average London Bullion Market Association AM and PM market price over the quarter ended June 30, 2018 was $1,306 per ounce.
Total cost of sales was $86.4 million or $749 per ounce of gold sold.
Total cash cost was $548 per ounce of gold sold and AISC was $648 per ounce of gold sold.
Sustaining capital expenditures amounted to $3.2 million (including $1.1 million deferred development costs incurred during production).
Earnings from mine operations were $60.1 million.
Net earnings were $31.1 million or $0.17 per share.
Adjusted earnings1 were $47.0 million or $0.26 per share.
Cash generated from operating activities was $77.3 million.
Cash and cash equivalents were $142.5 million as at June 30, 2018 increasing $86.2 million from $56.3 million at December 31, 2017. The Company has working capital of $133.2 million excluding the current portion of long-term debt as at June 30, 2018 compared to $40.6 million as at December 31, 2017.
Application to increase production rate
On December 20, 2017, the Company submitted an application to the BC Ministry of Energy, Mines and Petroleum Resources and the BC Ministry of Environment and Climate Change Strategy to increase the Brucejack Mine production rate to 3,800 tonnes per day. The increase would result in an annual average production rate of 1.387 million tonnes, up from 0.99 million tonnes (a daily average of 3,800 tonnes from 2,700 tonnes). Based on preliminary engineering, the capital cost to increase the mill capacity is estimated to be less than $25 million. The approval process is expected to be completed by year end.
Metals Exploration Budgets are Slated to Grow Globally
BY PR Newswire
— 9:00 AM ET 08/09/2018
Pretivm Resources Inc. is emerging as the premier low-cost intermediate gold producer with production at the high-grade underground Brucejack Mine in northern British Columbia now at steady state. Last month, the Company reported second-quarter gold production results and provide guidance for the second half of 2018 for the Brucejack Mine. Gold production from March throughout the second quarter has reflected the full integration of the operational grade control program which comprises drilling, sampling and local modeling. Grade control is critical for grade prediction and the refinement of stope shapes, which results in reduced dilution and optimized grade to the mill. Gold production at Brucejack for the second half of 2018 is expected in the range of 200,000 ounces to 220,000 ounces, for total 2018 gold production of 387,000 ounces to 407,000 ounces.
Very true " Isn't helping that gold price is mired in the low 1200's". They do however finally "have the show on the road" IMHO
Don't have any more loose pennies to buy more so I'm ready for them to get the show on the road. Isn't helping that gold price is mired in the low 1200's.
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PRETIVM’S BRUCEJACK IS THE HIGHEST-GRADING UNDEVELOPED LARGE-SCALE GOLD PROJECT. LOCATED IN NORTHERN BRITISH COLUMBIA, IT IS BEING ADVANCED AS AN UNDERGROUND GOLD MINE WITH COMMERCIAL PRODUCTION TARGETED FOR 2017.
Pretium Resources Inc. TSX/NYSE:PVG
BRUCEJACK PROJECT
High-Grade Gold Reserves
Proven and Probable Mineral Reserves for Valley of the Kings (at June 2014): • 6.9 Million ounces gold (13.6 Mt @ 15.7 g/t gold)
Brucejack Project Milestones
2014: Plans: Advance permitting; plan and implement underground exploration program; planning excavation of 1,000 tonnes of high-grade ore.
2014: Filed Environmental Assessment Certificate application and updated Feasibility Study (June 2014).
2013: Updated Valley of the Kings Mineral Resource estimate (December); completed Valley of the Kings 10,000-tonne bulk sample program and underground exploration drilling; completed Feasibility Study (June);
initiated permitting for an 2,700 tonnes per day underground mine.
2012: Updated high-grade Mineral Resource estimate; initiated Feasibility Study; initiated exploration decline from West Zone historic workings to Valley of the Kings; filed Project Description and completed access to Highway 37.
2011: Completed first Mineral Resource estimate for Brucejack and conducted a 72,144-meter drill program focused on the Valley of the Kings.
2010 Dec: Pretium Resources Inc. acquired Brucejack Project and Snowfield Project from Silver Standard Resources Inc. for C$450 million; Pretium IPO on TSX.
2009-2010: Exploration resumed, discovery of the Valley of the Kings.
1999-2000: Acquisition by Silver Standard Resources Inc.
1993: Mine Development Certificate issued.
1990: Feasibility Study completed for West Zone.
1986-1989: Underground development of West Zone (5,276 meters).
1980-1985: West Zone discovery by Newhawk/Granduc.
HIGHLIGHTS
Issued and Outstanding Shares: | 115,307,377 |
Options: | 10,351,950 |
Fully diluted | 125,659,327 |
Silver Standard Resources Inc. | 18.07% |
Royce & Associates | 6.71% |
Liberty Metals & Mining Holdings | 6.52% |
Sun Valley Gold, LLC | 4.29% |
Aristeia Capital, LLC | 3.45% |
Robert Quartermain | 2.72% |
Franklin Advisers, Inc. | 2.53% |
Norges Bank Investment | 2.34% |
TD Asset Management | 1.88% |
Sprott Asset Management | 1.69% |
Fidelity Management & Research Company | 1.35% |
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