SAS reports 2015 second quarter results - strong operating cash flow and operational performance at Holloway
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TORONTO, Aug. 12, 2015 /CNW/ - St Andrew Goldfields Ltd. (T-SAS), ("SAS" or the "Company") reports $9.2 million or $0.03 per share, in operating cash flow for Q2 2015. Net income attributable to shareholders for Q2 2015 was $3.5 million or $0.01 per share, as compared to net income of $0.6 million, or nil, on a per share basis, in Q2 2014. Excluding marked-to-market adjustments on derivative financial instruments, adjusted net earnings (1) for Q2 2015 was $3.3 million or $0.01 per share as compared to an adjusted net loss (1) of $0.2 million or nil, on a per share basis for Q2 2014.
Q2 2015 HIGHLIGHTS
Gold production – Produced 23,533 ounces of gold from Holt and Holloway (17% increase from Q2 2014 for the two mines); and on track to meet the top end of the Company's 2015 production guidance.
Gold sold - Sold 23,319 ounces of gold at an average realized price (1) of US$1,201 per ounce for revenues of $34.4 million (9% increase from Q2 2014).
Total cash cost per ounce of gold sold (1) – US$739 per ounce (15% decrease from Q2 2014). Mine site cash cost of US$641 (1) for Q2 2015 is 14% below the Company's mine cash cost guidance of between US$750 and US$800 per ounce.
All-in sustaining cost (AISC) (1) – US$966 per ounce of gold sold (12% or US$132 per ounce decrease from Q2 2014).
Cash margin from operations (1) - $13.2 million ($3.3 million or 33% increase from Q2 2014).
Operating cash flow - $9.2 million or $0.03 per share. For Q2 2015, SAS generated $1.8 million in net cash flow (1) as compared to a $2.6 million cash outflow in Q2 2014.
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