Mr. Ganoza continued, “Loss of production, stand-by charges and expenses related to the illegal union blockade at the San Jose Mine and standby charges during the repair of the Armtec tunnel at the Yaramoko Mine, both weighed on the results and AISC for the second quarter. Despite these headwinds the Company generated positive free cash flow from ongoing operations of $9.5 million.”
“Our Q2 2023 results show the significant enhancement in the scale and quality of our portfolio following the strategic acquisition of Yamana. Production is up 55% for silver and 102% for gold compared with the prior quarter, while the addition of three new low-cost producers provided tangible benefits to the Company’s cost structure.”
“With the bulk of the multi-year expansion at Rochester now behind us, we look forward to beginning to deliver strong production growth and lower costs from Nevada’s largest primary silver mine,” said Mitchell J. Krebs, President and Chief Executive Officer.
Arturo Préstamo, Executive Chairman of Santacruz, commented, “During the quarter the Company maintained steady production levels, despite a temporary interruption in plant feed haulage at the Mexican operation. This was offset by higher grade ore sourced by San Lucas. In the first half of the year, Santacruz has produced just over 11 million silver equivalent ounces.”
The report summarizes work done to date which entails just over 27,000 meters of drilling in 135 holes, detailed and regional geologic mapping and sampling over five principal veins and numerous subsidiary veins.
Coeur has invested over $60 million in exploration and infill drilling at Palmarejo since 2018, which has led to strong reserve and resource growth with multiple new discoveries and meaningful extensions to its mine life,” said Mitchell J. Krebs, President and Chief Executive Officer.
The Company announced in June that it intends to restart mining operations at its Velardeña Properties, pending obtaining sufficient financing, which is still in progress. Velardeña is a silver-gold underground mine property located in Durango State, Mexico that Golden last operated in late 2015.
Heliostar CEO, Charles Funk, commented, “Drilling at Ana Paula continues to exceed our expectations and deliver impressive gold intercepts. The headline hole, AP-23-300, is a 480% increase to the current resource model prediction, at a >5 g/t gold cut-off grade.”
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