Mining results roundup: Sierra, Aura, Avino, Excellon

Friday, November 10, 2017

Sierra Metals reported a US$6.52mn net loss attributable to shareholders for Q3, compared to net income of US$1.37mn in the same period last year.

Revenue increased to US$50.9mn from US$40.8mn, due to higher copper, lead and zinc prices and increased copper and zinc production, partly offset by lower silver and gold prices and reduced silver, lead and gold output.

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All-in sustaining costs (AISC) fell to US$13.11/oz silver equivalent from US$13.90/oz. Adjusted net income, which excludes certain non-cash items, was US$4.99mn, compared to US$5.00mn in 3Q16.

Sierra has the Yauricocha mine in Peru and Bolívar and Cusi in Mexico.


Aura Minerals' profits grew in Q3 despite lower gold prices.

Net income was US$4.59mn, up from US$734,000 in 3Q16. Revenue slipped to US$39.8mn from US$40.0mn on lower gold prices, partly offset by higher gold volumes sold.

Aura produced 34,189oz gold, up from 33,457oz, at cash operating costs of US$902/oz, up from US$881/oz.

The company has the San Andrés mine in Honduras, which produced 18,479oz gold, down from 21,350oz, and gold mines in Brazil, which generated 15,711oz, up from 12,106oz.


Avino Silver & Gold Mines slipped to a US$715,774 net loss in Q3, compared to US$847,263 net income in the same period last year.

Revenue fell to US$8.44mn from US$10.0mn on a 4% decline in silver equivalent ounces sold and lower silver and gold prices, partly offset by a 31% increase in copper prices.

Results were also affected by non-cash expenses including share-based payments and depreciation and depletion.

AISCs increased to US$11.25/oz silver equivalent from US$10.60/oz. The company has the San Gonzalo and Avino mines in Mexico.


Excellon Resources recorded a US$5.91mn net loss for Q3, compared to a net loss of US$7.01mn in the same period last year.

Results were impacted by a US$5.6mn fair value adjustment loss. Adjusted net loss, which excludes non-cash items, was US$0.35mn, compared to an adjusted net loss of US$1.03mn in 3Q16.

Revenue increased to US$7.10mn from US$4.01mn on sales of 443,921oz silver equivalent, up from 228,172oz.

AISCs fell to US$11.62/oz silver from US$40.85/oz, following completion of an optimization project to tackle water issues at the La Platosa silver-lead-zinc mine in Mexico, Excellon's sole producing asset.