Excellon reports second-quarter profit
Mexico-focused Excellon Resources on Monday posted a net profit of $1.3-million, or $0.01 a share, in the second quarter, as the miner posted a strong operational and financial performance.
The net profit compares with a loss of $0.5-million, or $0.01 a share, in the June 2017 quarter.
Excellon increased production by 120% to 637 205 silver equivalent ounces in the June quarter, compared with 289 566 oz in the prior year quarter. Sales increased from 249 733 oz of silver equivalent to 568 370 oz, boosting revenue by 177% to $9.9-million.
“We saw strong improvements in all areas of operational and financial performance during the second quarter,” Excellon president and CEO Brendan Cahill said.
“Most importantly, we realised AISC per silver ounce payable of less than $10, greatly improved cash flow and added cash to our balance sheet while internally funding exploration programmes on both of our projects.”
All-in sustaining costs (AISC) for each ounce of silver decreased to $9.75, compared to $37.87 in the prior-year quarter.
Net working capital totalled $15.8-million at June 30, with $15.7-million in cash and cash equivalents.
“During the second half of the year, we’re looking forward to increasing exploration, increasing cash flow through our milling arrangement with Hecla and continuing to implement operational improvements at Platosa,” Cahill said.
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