"Subsequent to quarter end, we added a gold stream with Hudbay on the Constancia project, which is on schedule to start production in late 2014. We remain exceptionally busy on the corporate development front but will always maintain our focus on high-quality, tangible opportunities that will allow us to further grow our portfolio of world-class assets."
Revenues Revenue was $166.4 million in the third quarter of 2013, on silver equivalent sales of 7.8 million ounces (5.7 million ounces of silver and 35,300 ounces of gold). This represents a 3% increase from the $161.3 million of revenue generated in the third quarter of 2012, due primarily to a 52% increase in the number of silver equivalent ounces sold, partially offset by a 32% decrease in the average realized silver equivalent price ($21.26 in Q3 2013 compared to $31.36 in Q3 2012). Costs and Expenses Average cash costs in the third quarter of 2013 were $4.73 per silver equivalent ounce, compared with $4.16 during the comparable period of 2012. Cash costs rose year over year primarily due to an increase in gold sales (35,300 ounces in Q3 2013 compared to 6,900 ounces in Q3 2012) associated with Hudbay's 777 mine and Vale S.A.'s ("Vale") Sudbury and Salobo mines. The average cash cost per gold ounce was $386, or $6.30 per silver equivalent ounce. This resulted in a cash operating margin of $16.53 per silver equivalent ounce, a reduction of 39% as compared to the third quarter of 2012. The decrease in the cash operating margin was largely due to a 32% decrease in the silver equivalent price realized in the third quarter of 2013 compared to the third quarter of 2012, as well as increased cash costs, as noted above. Earnings and Operating Cash Flows Net earnings and cash flow from operations in the third quarter of 2013 were $77.1 million ($0.22 per share) and $118.7 million ($0.33 per share), compared with $119.7 million ($0.34 per share) and $128.7 million ($0.36 per share) for the same period in 2012, a decrease of 36% and 8%, respectively. Earnings and cash flow were impacted by lower gold and silver prices, as well as increased costs due to an increase in gold sales, as noted above. Balance Sheet At September 30, 2013, the Company had approximately $62.0 million of cash on hand. The combination of cash and ongoing operating cash flows, combined with the credit available under the Company's $1 billion Revolving Facility, positions the Company well to fund all outstanding commitments as well as provide flexibility to acquire additional accretive precious metal stream interests.
 Please refer to non-IFRS measures at the end of this press release.  Cash cost per silver equivalent ounce calculated using a gold to silver ratio of 61.3 based on either (i) the ratio of the average silver price received to the average gold price received during the period from the assets that produce both gold and silver; or (ii) the ratio of the price of silver to the price of gold on the date of sale as per the London Bullion Metal Exchange for the assets which produce only gold.
Operational and Development Highlights