- Revenues of $64.9 million
- Net earnings of $18.3 million, or $0.07 per share
- Adjusted net earnings (1) of $10.9 million, or $0.04 per share
- Production of 46,170 gold ounces (2)
- Cash costs of $635 per gold ounce (1)
- All-in cash costs of $985 per gold ounce (3)
- Operating cash flow before changes in working capital (1) of $20.1 million, or $0.08 per share
- Reaming of the second leg of the Young- Davidson shaft was completed in mid-April. The shaft now extends 900m from surface, providing vertical access to approximately 1.8 million ounces, or 50% of reserve ounces, the focus of the next 8 years of production. Construction activities continue to focus on the crushing and mid-shaft loading pocket infrastructure in preparation for commissioning during the third quarter.
- Commissioning of the MCM shaft at the Young- Davidson mine was completed in mid-February. The MCM shaft is currently being used to hoist waste to surface, which reduces congestion in the ramp system and improves overall productivities in the underground mine.
- Follow-up drilling on the three new areas of mineralization identified at El Chanate as part of the 2012 program has begun with one drill currently on site. These areas are all located along trend of the open pit and could increase resources and mine life.
- The Company's inaugural quarterly dividend of $0.04 per share was paid on April 18, 2013. In 2013, the Company will pay a dividend of $0.16 per share (payable quarterly) and subsequent to 2013, the Company's dividend will be linked to operating cash flow, whereby the Company intends to pay out 20% of the operating cash flow generated in the preceding quarter.
Young-Davidson El Chanate Total (in thousands, Quarter Quarter Quarter Quarter Quarter except ounces, Ended Ended Ended Ended Ended average realized March March March March March prices and total Quarter Ended 31, 31, 31, 31, 31, cash costs) March 31, 2013 2012 2013 2012 2013 2012 Gold ounces produced 20,552 - 17,889 19,093 38,441 19,093 Pre-production gold ounces produced(3) 7,729 - - - 7,729 - Total gold ounces produced 28,281 - 17,889 19,093 46,170 19,093 Total cash costs per gold ounce(1)(2)(3) $694 - $563 $416 $635 $416 Revenue from mining operations $36,765 - $28,120 $33,273 $64,885 $33,273 Average realized gold price per ounce $1,630 - $1,622 $1,723 $1,627 $1,723Financial Highlights - Continuing Operations
Quarter Ended Quarter Ended (in thousands, except per share amounts) March 31, 2013 March 31, 2012(2) Adjusted net earnings(1) $10,897 $10,090 Adjusted net earnings per share, basic(1) $0.04 $0.04 Net earnings / (loss) $18,274 ($13,598) Net earnings / (loss) per share, basic $0.07 ($0.05) Adjusted operating cash flow(1) $20,122 $5,878(1) See the tables at the end of this press release for a reconciliation of adjusted net earnings and adjusted operating cash flow and refer to the discussion of Non-GAAP measures below. (2) Certain comparative information has been restated as a result of the adoption of IFRIC 20, Stripping Costs in the Production Phase of a Surface Mine, which was applied prospectively to production stripping costs incurred on or after January 1, 2012. For further details, refer to the Critical Accounting Estimates, Policies and Changes section on page 16 in the Company's Management's Discussion & Analysis or note 3(a) to the Company's condensed consolidated financial statements for the three months ended March 31, 2013. (3) The Young-Davidson mine declared commercial production on September 1, 2012, and is therefore excluded from consolidated cash costs prior to this date. Pre-production ounces produced are excluded from consolidated ounces produced as these ounces are credited against capitalized project costs when sold. Adjusted Net Earnings Reconciliation
Quarter (in thousands, except per share metrics) Ended Quarter Ended March 31, March 31, 2013 2012 Net earnings / (loss) from continuing operations $18,274 ($13,598) Adjustments: Unrealized foreign exchange (gain)/loss (936) 9,822 (Gain) / loss on option component of convertible notes (6,869) 13,802 Unrealized gain on derivatives (2,194) (297) Unrealized loss on contingent consideration 2,789 - Other (167) 361 Adjusted net earnings from continuing operations $10,897 $10,090 Adjusted net earnings from continuing operations, per share $0.04 $0.04 Net earnings from discontinued operations - $14,813 Adjustments: Unrealized foreign exchange loss - 9,917 Impairment of Australian Operations - 22,857 Adjusted net earnings from discontinued operations - $47,587 Adjusted net earnings from discontinued operations, per share - $0.17 Adjusted net earnings $10,897 $57,677 Adjusted net earnings, per share $0.04 $0.20Adjusted Operating Cash Flow Reconciliation
Quarter Quarter (in thousands, except per share metrics) Ended Ended March 31, March 31, 2013 2012 Operating cash flow from continuing operations $13,099 $10,470 Add back: Non-cash change in operating working capital 7,023 (4,592) Adjusted operating cash flow from continuing operations $20,122 $5,878 Adjusted operating cash flow from continuing operations, per share $0.08 $0.02All-in Cash Costs All-in cash costs of $985 per ounce reported for the quarter are currently below full year guidance levels due to the timing of certain exploration and capital expenditures. The Company expects annual all-in cash costs to be within the previously disclosed full year guidance range of $1,100 to $1,200 per ounce. Non-GAAP Measures