Executives
Lenic Rodriguez – President & CEO
Salvador Huerta – CFO
Catalin Chiloflischi – Director, Corporate Communications
Analysts
Brian Post Roth Capital Partners
Dan Rollins – RBC Capital Markets
Christos Doulis – Stonecap Securities
Phil Juskowicz – Casimir Capital
John Tumazos – John Tumazos Very Independent Research
Marshall Berol – Encompass Fund
Joseph Furmanski – Janus Capital Group
Dave Kupka – Manor Financial
Aurcana Corp. (AUNFF.PK) Q4 2012 Earnings Conference Call April 12, 2013 1:30 PM ET
Operator
Good morning and good afternoon ladies and gentlemen. Welcome to Aurcana Corporation 2012 Year-End webcast and Conference Call for Friday April 12, 2013. Please be advised that this call is being recorded.
Id now like to turn the call over to Mr. Catalin Chiloflischi, Corporate Communications Director, Aurcana Corporation who will introduce you todays speaker. Please go ahead Mr. Chiloflischi.
Catalin Chiloflischi – Director, Corporate CommunicationsWelcome everyone to Aurcanas 2012 year-end and operational update conference call and thank you very much for taking the time to be with us today. Todays conference call will be presented by Mr. Lenic Rodriguez, President and CEO of Aurcana Corporation who will be providing investors with an overview of our 2012 year-end results as well as an update on La Negra and Shafter. After that we will following about 30 minutes of questions.
For those of you who have joined us today on the webcast, we have included a number of slides to support today’s discussion. If you would like to ask live questions to our presenters, you would have to dial in to the conference. Questions asked on the webcast will be responded individually after the event. While we will be making every effort to answer all questions today, I would like to encourage everyone who will not have their questions answered to contact us by email or telephone after the teleconference.
As a reminder, in todays call we will be making forward-looking statements and will be discussing forward-looking information that involves unique risks concerning the business operation and financial performance of Aurcana Corporation. Please refer to the webcast slides for a complete forward-looking statement disclosure.
With that, Id now like to turn the floor over to Mr. Lenic Rodriguez, President and CEO of Aurcana Corporation. Please go ahead Mr. Rodriguez.
Lenic Rodriguez – President & CEOHello everyone and welcome to our call today. Id like to take this opportunity and provide you with an update of our 2012 year-end results and our plans to grow the Company into a senior silver producer.
Let me start by telling you that Aurcana generated record revenues again, last year of about $57 million, while producing 45% more silver equivalent than within 2011. Aurcanas total silver equivalent production for 2012 was over 2.5 million ounces compared to 1.7 million ounces in 2011. The increase in production was achieved by milling 37% more ore than one year-ago to a total of 671,000 tons ore milled in 2012.
As production increased Aurcana add $25 million from mining operations and have an operating cash flow of $21.5 million in 2012, up 10% from $19.5 million in 2011. Aurcana net income in 2012 was $10 million, up 30% from $7.5 million in 2011. With an increasing production at cost per mill ton decreased by 6% to $37.16. In the end, our total cash cost per silver ounce net of byproduct decreased by 16% to a low $6.43. These low cash cost is an important strategic advantage for Aurcana especially in these markets.
The 2013 our focus will be on ramping up production with Shafter and increasing mill throughput at La Negra mine. Based on a well defined action at Shafter and with the mill expansion to 3,000 tons per day at La Negra now complete, we feel confident that Aurcana is now on a position to grow organically for three years with just the support of our budget at sustaining capital.
With that, let me provide you with a deep update on La Negra followed by Shafter. La Negra mine, let me start by saying that La Negra successfully completed its third consecutive mill expansion to 3,000 tons per day on time and on budget. For the first time ever the mill is processing close to the new capacity since March 28, 2013. As a follow-up to recent discoveries of significant gold are (indiscernible) with strong silver, zinc and lead mineralization in the mill areas. As said, if 5,000 meter drilling program has been initialized and results are expected to become available around the fall of this year. (Indiscernible) assays of the gold samples amounted in 2013 on the way and initial results are starting to confirm the original findings.
While historically gold production has not been a major source of revenue at La Negra. The exploration program is aimed to revaluate the potential economic significance of those results and we remain optimistic about the prospects. This year Aurcana will commence studies on how to best capitalize on the large resource base at La Negra and define our next growth objectives. Im also proud to say that La Negra mine operation in Mexico has been recently awarded for the 2013 environmental and social responsible company award by the Mexican Center for Philanthropy. This is an important recognition for efforts and commitment to environmental and social responsibility as we consider it an integral part of our corporate strategy.
Now moving on to Shafter. The underground mining at Shafter is making progress. The main ramp continues to advance down deep at the rate of about 600 feet per month. The average ore grade currently being mined is over five ounces per ton at the ramp, so ramp continues to advance down deep. The grades are expected to increasingly be more in line with the average grade of our existing reserve. The Company however still have its challenges during the commissioning efforts to-date at Shafter.
While the mine development has been progressing, the Shafter mill has experienced a number of unanticipated technical issues with some pieces of the equipment in the mill and plant that have in turn slowdown the ramp up efforts. As a result, Shafter mill has not yet reached its initial target of 600 tons per day on a continuous basis. While the mill is operating and is producing silver, that progress is definite dependent on the delivery times for additional pieces of equipment that are required to streamline the operations.
However, in order to achieve full production capacity during 2013, a number of improvements to original plant design are necessary. Having been identified an plan has been developed by using outside consultants as well as in-house expertise. And that has been finalized and set in motion to gradually move to full production.
Management has taken a number of key options in order to achieve the plant production during 2013, including additional filter pressers have been ordered and are scaled for delivery during the second quarter and to become operational during the third quarter. The installation of CCD circuit that will resort in an increasing the overall recovery, rate is on the way and will be completed gradually during 2013.
In order to meet the plant level of production the addition of a second drying open and a new partners in the refinery is currently being designed, and will be completed then in the third quarter. The engineering and construction work inside the site (indiscernible) budget that Shafter is being engineered and built by connect Engineering and Construction Company.
SGS/Metcon, a leading inspection verification testing and certification company, has been retained to review and recommend processing permits that I am as a (indiscernible) matching metallurgical performance in the Shafter plant. Construction has been completed in the foundations and still work of one additional thickener with a second one in progress. These tanks has been built as part of the project to achieve plant capacity. Staff hiring and training has continued to strengthen the production team at Shafter.
Additional people have been trained and will be added with the gradual increasing production to 1500 tons per day. While the mill is operating and silver is being produced, with all improvements in place a (indiscernible) a gradual increase in silver output during 2013 at Shafter.
In closing, I want to affirm that the Company is now in a position to grow organically for three-years with just the support of our budget to sustaining capital and we remain strategically positioned to become a senior silver producer. Thank you for your support and confident in organic operation.
We would like now to open the floor for questions. But before we begin, please keep in mind that Mr. Salvador Huerta, our CFO is also in the room with us today and is available to ask any financial related questions. Operator?
Question-and-Answer Session
Operator
Thank you. We will now take questions from the telephone line. (Operator Instructions) The first question is from Brian Post with Roth Capital Partners. Please go ahead.
Brian Post – Roth Capital PartnersGood morning Lenics. Thanks for taking my question. Looking at Shafter and how we think about the ramp up of production in 2013. Looking at this quarter it says you’re running you say you are running below the 600 ton per day run rate. How materially below that number are you running? And then as the quarters progress, you say that there is gradual improvement. How fast is that ramp? Does it go from 600 to 800 ton or is it relatively slow and then have a big jump once all the equipment is in place?
Lenic Rodriguez – President & CEOWell, we anticipate that were going to be operating at 600 ounce per day from the second quarter on. However, that ramp up at Shafter would progress at a rate of about 300 additional tons per quarter. So we expect to do about 900 in the third quarter and then about just 100 by the fourth quarter or better, were trying to of course accelerate those process of Shaft.
Brian Post – Roth Capital PartnersOkay. And then with all this equipment improvement, whats your total CapEx budget for the furnaces, the presses, the CCD circuit?
Lenic Rodriguez – President & CEOWell, weve already been budgeted last year, a sustaining capital. But those are same capital which by the way is ongoing its about $8 million to $10 million.
Brian Post – Roth Capital PartnersOkay. And then one question on the La Negra, if I may. You it sounds like the expansion is going well and are we expect to get to that 3,000 ton per day pretty much immediately and be able to sustain after the year?
Lenic Rodriguez – President & CEOWe have already started mining and milling of 3,000 tons per day, since March of 28. And we expect to carry on that production for the balance of the year.
Brian Post – Roth Capital PartnersAll right. Thank you. I will turn back in line.
Lenic Rodriguez – President & CEOThank you, Brian.
Operator
Thank you. The next question is from Dan Rollins will RBC Capital Markets. Please go ahead.
Dan Rollins – RBC Capital MarketsThanks very much. Lenic, can you just give a little color, the underground, how is whats this throughput currently running in the underground.
Lenic Rodriguez – President & CEOThe throughput running on the ramp today is around 500 to 600 tons per day, values by date.
Dan Rollins – RBC Capital MarketsOkay. And how is that how to get it to to get it up to say the match, the mill, your expected mill throughput of $900 for Q3, $1200 through Q4 what type how much more staff do you require?
Lenic Rodriguez – President & CEOWell, maybe around 15 people, the critical factor here to increase our production is to have equipment thats very suited to our underground conditions and for that I mean smarter equipment than one we now have, it turns out to be that we have areas of very high grade that have to be mined selectively. Im speaking about 10 to 20 ounces per ton and using the equipment we currently have would imply a much larger dilution that would be not economical.
Dan Rollins – RBC Capital MarketsOkay. And to bring in that new equipment is that included in your $8 million to $10 million for this year at Shafter spent.
Lenic Rodriguez – President & CEODefinitely.
Dan Rollins – RBC Capital MarketsOkay. And then with the CT — without the CCD circuit in where your recoveries are currently running at?
Lenic Rodriguez – President & CEOWithout the CCD our current recoveries are running above 50%, okay. Now that news — the good news is that we are ahead of the — what were trying to do in the CCD, and we expect to have a partial CCD circuit operational in about 45 days with two tanks and that should allows us also to increase the recoveries.
Dan Rollins – RBC Capital MarketsAre you still looking alternate recoveries in the mid-80 range?
Lenic Rodriguez – President & CEOYes.
Dan Rollins – RBC Capital MarketsOkay, perfect. Just going on more the larger picture, youve talked about organic growth was three years. Could you maybe give us a little color on where thats going to be coming from? Are you assuming constant production at La Negra 3000 ton a day with the benefit of higher grade? And at Shafter are you just assuming that it’s a constant 1500 ton a day with improving grade over the next one to two years or youre still looking at potential expansion scenario at Shafter?
Lenic Rodriguez – President & CEOWell look at La Negra we are going to be operating — were going to be operating at 3000 tons per day. We will be revealing whether to — whether and how to increase the production at La Negra. As far as Shafter is concerned if everything goes according to plan run rate by the end of the year for the company should be around 5 million to 6 million ounces of silver equivalent production. So we do expect to [decide proper to be faster than what — within that my own expectation, but of course our engineers are taking it with very cautiously and as they should. Okay.
Dan Rollins – RBC Capital MarketsYeah, and then one last question before I hand it off to anyone else, but the short-term facility provided either, I’m assuming by either Glencore or Traffic Era, what is the interest rate on that short-term facility?
Lenic Rodriguez – President & CEOThat just a very attractive interest rate and that will plus and thats the tough question that perhaps Salvador can answer to you later on.
Dan Rollins – RBC Capital MarketsOkay. Thanks.
Operator
Thank you. The next question is from Christos Doulis with Stonecap Securities. Please go ahead.
Christos Doulis – Stonecap SecuritiesThank you very much. Actually a few of these have been answered regarding credit facility and CapEx remaining at Shafter. I just want to confirm $8 million to $10 million at Shafter should get you all the way through to the CCD installed in everything and your finance with that facility at this point for this?
Lenic Rodriguez – President & CEOThats correct.
Christos Doulis – Stonecap SecuritiesOkay. And lets just touch very briefly on; I know you guys in the past have had some challenges at Shafter with regards to labor and finding skilled underground workers. How is that going? Where are you sourcing guys from, and is that still an issue for you guys?
Lenic Rodriguez – President & CEOWere still sourcing people — thats still an issue although it’s been solved mostly, but we still have a high turnover rates with miners. So, were planning on building housing for the people and to work closer to the mine. And were expecting that, that should help us with the high turnover rate that we have now. We bring miners from wherever we can find them from Nevada, Arizona et cetera, but the turnover is high.
Christos Doulis – Stonecap SecuritiesOkay. And my next question just, in terms of the grade at Shafter you say youre mining around 5 ounce. When do you expect it to get closer to 7 to 8 ounce? Is that a Q2 or Q3 event?
Lenic Rodriguez – President & CEOProbably the Q2, actually we have an open store at the 500 level that has much high grade than that, but we dont want to although promise we have challenges, so yeah more likely we will be at that rate probably in the second quarter of this year.
Christos Doulis – Stonecap SecuritiesThank you very much.
Operator
Thank you. The next question is from Phil Juskowicz with Casimir Capital. Please go ahead.
Phil Juskowicz – Casimir CapitalYes, hi; most of my questions have been answered too. But what is the overall capital budget including exploration for this year?
Lenic Rodriguez – President & CEOThe total capital expenditure is $8 million to $10 million for Shafter as I have mentioned. And our exploration budget is separate from the operational budget at the mine, and thats about $2 million for exploration this year at Shafter.
Phil Juskowicz – Casimir CapitalOkay-dokey. Thank you.
Operator
Thank you. The next question is from John Tumazos with John Tumazos Very Independent Research. Please go ahead.
John Tumazos – John Tumazos Very Independent ResearchHi, could you talk about the deliveries of machinery to improve the Shafter performance you made reference to mill technical issues without being specific as to the equipment et cetera.
Lenic Rodriguez – President & CEOYes, look one of our bottlenecks is filter presses, so we have scheduled delivery of filter presses in the second quarter operational in the third quarter. However weve been lucky enough to find a new filter press that probably will be delivered very shortly and most likely we will have it operational and very soon probably early in the second quarter that should also improve our other source.
John Tumazos – John Tumazos Very Independent ResearchThank you.
Operator
Thank you. The next question is from Marshall Berol with Encompass. Please go ahead.
Marshall Berol – Encompass FundHi, Leni and congratulations to you and your team on the continued advancement for both projects. Several questions. One, youve got a consolidation of the share count or reverse split coming up. What’s an update on the timing of that?
Lenic Rodriguez – President & CEOWe believe thats going to be happening in the third quarter of this year.
Catalin Chiloflischi – Director, Corporate CommunicationsNo, it’s April 30th, sorry April 30th.
Lenic Rodriguez – President & CEOApril 30th.
Catalin Chiloflischi – Director, Corporate CommunicationsYeah.
Marshall Berol – Encompass FundApril 30th.
Catalin Chiloflischi – Director, Corporate CommunicationsThats right. The affective data your capital index — affective date of the consolidation we just heard from the exchange because it’s up to the exchange to set the date and it looks like after the 30th there will be date that will be shares will be trading on a consolidated basis.
Marshall Berol – Encompass FundOkay. And what’s — any update on a U.S. listing on either the NYSE or NASDAQ?
Lenic Rodriguez – President & CEOThats something thats also being considered. If you were going to exacerbate first of all to TSX we have all the requirements and we will take it one step at a time and thats the position that fairly will be made on the third or fourth quarter of this year, Marshall.
Marshall Berol – Encompass FundOkay. And then are you presently hedging any of your production or is it needed to under the credit facility or expected to in light of the growth in your capital requirements and certainly also the market environment — the metals market environment?
Lenic Rodriguez – President & CEOYes, now we are not heading any for production, it’s not economic either on this great facility and yes the matter has been told nasty against the metals and the mining companies in general. I am hopeful that this will be short lived and by the end of the year probably well start see a recovery in the metal price especially silver.
Marshall Berol – Encompass FundOkay. Thank you very much.
Lenic Rodriguez – President & CEOThank you, Marshall.
Operator
Thank you. The next question is from Joe Furmanski with Janus Capital Group. Please go ahead.
Joseph Furmanski – Janus Capital GroupHi, thanks for taking my question. The first question I have is you mentioned that youre set up for three years organic growth. Can you also identify any and all potential for looking for acquisitions within the silver space?
Lenic Rodriguez – President & CEOWell, probably given the current market conditions there are a number of opportunities in the marketplace and we are reviewing several opportunities as the accretive to growth, but we have not really made any decisions at this point in time. We can grow organically without any capital expenditures just as any capital to probably 8 to 10 million ounces. So, that will give us a senior silver producer status and we dont have to rush or take any actions that really are not called forth. Well just be very intelligent in any transactions that we can do.
Joseph Furmanski – Janus Capital GroupI see. And now that youre coming closer to that 3000 tons per day at La Negra, what type of silver production could we expect in a normal quarter or in normal year at 3000 tons per day.
Lenic Rodriguez – President & CEOWell thats a forward looking statement that coming from La Negra probably over 3 million ounces silver equivalent.
Joseph Furmanski – Janus Capital GroupOkay. And then did I hear that you said that you’re targeting a 5 million to 6 million silver equivalent production over the next two years?
Lenic Rodriguez – President & CEOYes, correct. Well were actually; I think we should just be able to reach that next year, in the next 18 months.
Joseph Furmanski – Janus Capital GroupI see, great. And then finally youve mentioned $8 million to $10 million for Shafter, $2 million for exploration. What is your sustaining capital for La Negra?
Lenic Rodriguez – President & CEOIt’s also about $8 million.
Joseph Furmanski – Janus Capital GroupOkay. Thank you very much.
Operator
Thank you. The next question is from Brian Post with Roth Capital Partners. Please go ahead.
Brian Post – ROTH Capital PartnersYeah, a follow-up on La Negra I noticed that the grade profile dipped slightly in Q4. What again, maybe just directional guidance would be good for 2013 higher, lower, the same than what you ran in 2012 on a silver side?
Lenic Rodriguez – President & CEOOh no, we are definitely going to be high on the silver side coming from La Negra. Remember that even now 46% of what we mine comes from non-compliant resources. So this mine is a pretty large mine, it grows every week and the development carries on, thats for the good news. The bad news is sometimes it’s difficult to have perfect grade control. But overall I mean the operations at La Negra are improving and theyre ongoing.
Brian Post – ROTH Capital PartnersOkay. And then talking about the idea of gold at La Negra, I know maybe a bit early but what type of CapEx would be required to engineer that the processing plant to be able to capture a meaningful amount of that gold or can you handle it as it is right now?
Lenic Rodriguez – President & CEONo, I dont think that the mill could handle it as it’s right now. Firstly we have to do this and we havent started that drilling program there at La Negra its not just the gold. We have a spectacular scan of surface very close to the plant than those two are our main targets. We are also starting to think about the fourth consecutive expansion of La Negra probably to increase production since our current lack of mine is around 30 years now. So we can certainly afford to increase production there.
Brian Post – ROTH Capital PartnersOkay, then one last question on Shafter. It sounds like as you figure out the labor and now the focus has been kind of on the back end of the processing circuit whether it’s incremental recoveries and filter presses and such like that. Have you been able to assess how the front end of it works? Are you going to be able to handle the eventual mill feeds and making sure that the rock gets from underground to the processing facility?
Lenic Rodriguez – President & CEOYes, I mean as soon as we solve the milling issues which are in process now and that we have a very clear idea of what needs to be done, and we should not have over than the normal operational issues that you have in any running plant.
Brian Post – ROTH Capital PartnersOkay. Thanks.
Operator
Thank you. The next question is from Dave Kupka with Manor Financial. Please go ahead.
Dave Kupka – Manor FinancialHi; just a couple of questions. One; can you tell me when you might have an updated mineral resource report for the Northwest trend at La Negra and also for Shafter?
Lenic Rodriguez – President & CEOWell probably on the Northwest trend at La Negra we are keep on going with the development there. Weve got a vision using some of that all this year since its much higher grade silver grade. We have already engaged (indiscernible) again and were working on both updated resources to make them both at La Negra and Shafter and although I cannot tell you exactly because it’s not up to us, probably well make up one updated estimate on either one of the mines in the third quarter of this year and hopefully drilling resource on the exploration at La Negra in the second quarter.
Dave Kupka – Manor FinancialAll right. And is there any way you could give us some indication of how much ore has been mined at Shafter to-date since last May?
Lenic Rodriguez – President & CEOWell, I dont have it handy excuse me, thats a question that you can go back later on with Salvador, I dont have it handy right now.
Dave Kupka – Manor FinancialOkay. And one last question just to clarify the understanding of sustaining capital. If I have got it right with the CapEx plan for La Negra and Shafter it sounds like in total about $20 million per year for 13 and 14 it doesnt appear as though theres any requirement for any additional equity or debt of any kind to fund that CapEx?
Lenic Rodriguez – President & CEOWe can carry on with our current resource and the cash that we have in hand.
Dave Kupka – Manor FinancialGreat. Thank you.
Operator
Thank you. (Operator Instructions) The next question is from Dan Rollins with RBC Capital Markets. Please go ahead.
Dan Rollins – RBC Capital MarketsYeah, thanks. Just a couple of more follow-up questions Lenic, one more of a housekeeping. You got the updated resource for La Negra are you planning to put together a reserve update for La Negra?
Lenic Rodriguez – President & CEOYes, we are working on that, (indiscernible) is working on that, remember this is quite time consuming and although we have probably altogether at both mines run 17 geologists and of course Peter Megaw is our Technical Advisor, when it takes time we have a need to support sometimes these type of goals at Shafter, so were using some of our resources at La Negra.
Dan Rollins – RBC Capital MarketsOkay, perfect. And then just on, it looks like youve changed the methodology used to calculate your cash cost on a silver basis net of the byproduct credit. Year-to-date through the first nine months of the year you had a negative cash cost of $0.21 on silver. For the full-year though the new one is $6.43. What is now being included in the cash cost that were excluded before?
Salvador L. Huerta
Basically, this is Salvador. Basically we just follow the after reading many cases in different companies and realize that of course every single company has its own way to calculate it. So we try to follow whatever is the standard. So before we didnt have — or we didnt include the this calculation on the [TCRC] regarding the silver itself. So thats why I was getting all negative impact in these cash costs, led by [both]. And now as I mentioned it’s calculated based on the average of the all the companies are reporting. We still are checking some of them that are deep in wait anyway. Its now were following the standard.
Dan Rollins – RBC Capital MarketsOkay. So if I’m correct, just so I can confirm, this would include operating costs, full TCRCs. Does this also include royalties?
Salvador L. Huerta
Yes.
Dan Rollins – RBC Capital MarketsOkay. And is your denominator production or sales?
Salvador L. Huerta
Excuse me let me see, let me just double check and the its the royalties I have just a yes, the royalties are part of the deduction of our revenues. But I will give you the full formula that were now using.
Dan Rollins – RBC Capital MarketsOkay, that would be great.
Lenic Rodriguez – President & CEOWe can follow you up later on Dan, if you wish; he can probably pull the numbers for you. One of the comments that we have from one of the senior analysts that work with Aurcana was we need a different methodology because showing a negative cash cost it can be very wrong, confusing and perhaps misleading. So this is an opinion of (indiscernible). So this is an opinion of (indiscernible) and analysts and our own opinion of better and (indiscernible) analysts and own opinion and much better (indiscernible) standard way of reporting these cash costs.
Dan Rollins – RBC Capital MarketsGreat. Well, that’s very helpful. Thank you very much.
Operator
Thank you. (Operator Instructions) With no further questions registered, this concludes todays conference call. However, the company would like to remind everyone that unanswered questions should be addressed by email or telephone at the contact information provided. Thank you and please disconnect your lines at this time. And we thank you for your participation.
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