Excellon Reports Second Quarter 2016 Financial Results

http://www.juniorminingnetwork.com/junior-miner-news/press-releases/506-tsx/exn/23164-excellon-reports-second-quarter-2016-financial-results.html

TORONTO, ON–(Marketwired – August 08, 2016) – Excellon Resources Inc. (TSX: EXN)(TSX: EXN.WT)(OTC: EXLLF)(“Excellon” or the “Company”), Mexico’s highest grade silver producer, is pleased to report financial results for the three and six-month periods ended June 30, 2016.

Q2 2016 Financial Highlights

  • Revenue of $5.4 million (Q2 2015 – $4.0 million)
  • Sales of 334,549 silver equivalent ounces (“AgEq oz”) payable (Q2 2015 – 304,984 AgEq oz payable)
  • Mine operating earnings of $1.3 million (Q2 2015 – loss of $0.8 million)
  • Adjusted net income of $0.9 million or $0.01/share (Q2 2015 – adjusted net loss of $1.8 million or $0.03/share)
  • Production cost per tonne reduced by 13% relative to Q2 2015 and 24% during 6-mos 2016 relative to 6-mos 2015
  • Adjusted all-in sustaining cost (“AISC”) per silver ounce payable of $15.27, excluding the one- time sustaining capital expenditures associated with the Platosa Optimization Plan, demonstrating progress towards materially reduced costs per ounce at Platosa under dry mining conditions
  • Phases II and III of optimization program underway with increasingly dry mining conditions at Platosa and drawdown rates exceeding projections at current pumping rates, primarily from existing infrastructure
  • Cash, current account receivables and marketable securities totaled $7.5 million at June 30, 2016 (December 31, 2015 – $4.7 million), not including CAD$15.2 million bought deal financing completed in July 2016
  • Net working capital totaled $7.3 million at June 30, 2016 (December 31, 2015 – $5.5 million)

Leave a Reply