Bobby EXN.T I posted before the financial came out. Yes they had a bad quarter, but they are still CF positive for the year and the bad Q was due to an generator failure and lower grade Mantos. I had spoken with IR about a week ago and they are into the higher grade Mantos and equipment is repaired. The expected bad Q plus, equipment failure created a buying opportunity IMO. Humm LSG plus 50% to $1.32 or EXN up 50% to $1.26 Thats tough I like them both
The Company's adjusted net loss of $2.4 million during the third quarter was primarily due to low production during September (and consequent lower production during the quarter of 455,150 AgEq ounces), which resulted from a transformer failure in the Guadalupe South Manto and associated increased water management in the Guadalupe South and 6A mantos.
Lower net revenues of $7.2 million compared to $11.6 million during Q3 2013 resulted from (i) lower production of payable silver ounces relative Q3 2013, (ii) lower silver grade of 550 g/t Ag in Q3 2014 vs. 975 g/t Ag in Q3 2013, though consistent with estimates for the Platosa mineral resources mined during the period, and (iii) lower silver prices of $19.00 in Q3 2014 vs. $22.54 in Q3 2013.
Exploration expenses increased during the quarter to $1.3 million, as the Company carried out a 2D seismic reflection survey at its Platosa property in Mexico and drilled nine diamond drill holes totaling 4,328 metres. The seismic survey provided significant structural data and the Company is continuing its analysis of the results while considering future plans to use this effective structural mapping tool in conjunction with other geophysical data. The Company expects to monitor and incur exploration expenses in the fourth quarter and into 2015 relative to silver prices and the Company's production profile.
The Company spent $1.0 million in capital expenditures for mine development in Q3 2014 compared to $0.8 million in Q3 2013. Mine development continues to be a priority for the remainder of 2014 and early 2015 as the Company prepares to access the higher grade Rodilla and 623 mantos, the latter of which hosts mineral resources of 83,000 tonnes at 1,232 g/t Ag (1,777 g/t AgEq).
Total cash cost per silver ounce payable was $15.52 during the quarter versus $6.17 in the third quarter of 2013 and $9.03 in the second quarter of 2014. All-in sustaining cost ("AISC") per silver ounce payable was $25.77 during the quarter compared to $11.50 in the third quarter of 2013, primarily as a result of lower silver ounce production. Excluding non-cash components of AISC (share based compensation and amortized reclamation costs), all-in sustaining costs during the third quarter of 2014 were $24.97 per silver ounce payable and $17.50 per silver ounce payable year-to-date.
Excellon defines AISC per silver ounce as the sum of total cash costs (including treatment charges and net of byproduct credits), capital expenditures that are sustaining in nature, corporate general and administrative costs (including non-cash share-based compensation), capitalized and expensed exploration that is sustaining in nature, and (non-cash) environmental reclamation costs, all divided by the total payable silver ounces sold during the period to arrive at a per ounce figure.
The Company believes that further decreases in production costs per ounce remain attainable in the near term through further reducing water inflows into the mine, managing electricity usage and accessing higher grade mantos in late 2014 and into 2015. The Company increased capital expenditure in the second half of 2014 and may also conduct further exploration, both of which may contribute to increases in AISC per ounce
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