Nov 14, 2016
Americas Silver Corporation Reports Third Quarter 2016 Financial Results
TORONTO, ONTARIO---November 14, 2016---Americas Silver Corporation (TSX: USA) (OTCQX: USAPF) (“Americas Silver” or the “Company”) today reported consolidated financial and operational results for the third quarter of 2016.
Third Quarter Highlights
“The third quarter was a strong financial and operational quarter for Americas Silver generating net income and operating cash flow, while continuing to reduce cash costs and all-in sustaining costs at the Company’s operations,” said Americas Silver Corporation President and CEO Darren Blasutti. “We are excited by the progress already made in less than two months at San Rafael. This Project will be a significant generator of operating cash flow going forward, fueling the Company’s earnings and cash flow growth in late 2017 and beyond.”
Consolidated Production and Operating Costs
Consolidated silver production for Q3, 2016 totalled 596,855 silver ounces which represents a decrease of 13% compared to Q3, 2015. Silver equivalent production totalled approximately 1.20 million ounces, a decrease of 6% year-over-year, while lead production increased by 22% year-over-year. Realized silver, zinc, and lead prices increased year-over-year by 33%, 29%, and 12%, respectively, while copper fell year-over-year by 9%. Consolidated cash costs improved 17% to $10.00 per silver ounce compared to Q3, 2015; while all-in sustaining costs improved 22% to $12.86 per silver ounce year-over-year.
Further information concerning the consolidated and individual mine operations are included in the Company’s third quarter Condensed Interim Consolidated Financial Statements for the three and nine months ended September 30, 2016 and Management’s Discussion and Analysis for the same period.
San Rafael Project Update
For more information:
1 Throughout this press release, silver equivalent production for 2016 is based on $14.50 per ounce silver, $0.75 per pound zinc, $0.80 per pound lead and $2.00 per pound copper; and silver equivalent production for 2015 is based on $17.00 per ounce silver, $0.95 per pound zinc, $0.90 per pound lead and $2.90 per pound copper.
2 Cash cost per ounce and all-in sustaining cost per ounce are non-IFRS performance measures with no standardized definition. For further information and detailed reconciliations, please refer to the Company’s 2015 year-end and quarter MD&A.
3 Please see Company press release dated September 13, 2016 for a discussion of the Project prefeasibility study published April 30, 2016 and subsequent updates and optimization.