SilverCrest Metals Inc. (TSXV: SIL.V; OTCQX: SVCMF) is a Canadian precious metals exploration company headquartered in Vancouver, BC , that is focused on new discoveries, value-added acquisitions and targeting production in Mexico's historic precious metal districts. The Company is led by a proven management team in all aspects of the precious metal mining sector, including the pioneering of a responsible "phased approach" business model taking projects from discovery, finance, on time and on budget construction, and production with subsequent increased value to shareholders.
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LONDON, May 21, 2018 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ:GSM), the world’s leading producer of silicon metal, and a leading silicon- and manganese-based specialty alloys producer, today announced results for the first quarter of 2018.
In Q1 2018, Ferroglobe posted a net profit of $35.6 million, or $0.21 per share on a fully diluted basis. On an adjusted basis, Q1 2018 net profit was $33.3 million, or $0.19 per share on a fully diluted basis.
Q1 2018 reported EBITDA was $93.5 million, up from $22.2 million in the prior quarter. On an adjusted basis, Q1 2018 EBITDA was $89.6 million, up 66.9% from Q4 2017 adjusted EBITDA of $53.7 million. The Company reported adjusted EBITDA margins of 16.0% for Q1 2018, compared to adjusted EBITDA margins of 11.5% for Q4 2017.
Sales in Q1 2018 totaled $560.7 million, up 19.8% from $468.2 million in Q4 2017. Selling prices for Ferroglobe’s key products continued to improve over the course of the quarter across both the U.S. and Europe:
In addition to improved pricing, the Company saw solid demand across its key products. In terms of sales volumes, silicon metal experienced a 9.3% increase quarter-over-quarter, silicon-based alloys experienced a 8.4% increase quarter-over-quarter, while manganese-based alloys experienced a 1.7% decrease quarter-over-quarter. Note that the acquisition of the two manganese-based alloys production plants (at Dunkirk and Mo i Rana) was completed on February 1, 2018. All inventory of finished product at that date was retained by the party from whom the plants were acquired; sales and volumes of product produced after that date will be shown in the Company’s results for the second quarter of 2018.
“First quarter results reflect the strong fundamentals of our Company and of the markets we are serving. We have significantly increased volumes in most of our products and the newly acquired assets will start to contribute to our shipment volumes and financials in Q2. All of our end markets are showing strong demand and high capacity utilizations,” said Pedro Larrea, CEO of Ferroglobe. “Prices in all of our products have continued to increase, and supply/demand dynamics in our industry provide a good support for continued healthy pricing levels.”
Cash flow generation affected by acquisition of new assets
Working capital increased by $57.5 million during the period. The new assets acquired from Glencore AG on February 1, 2018 have contributed $55.5 million to this working capital increase.
Ferroglobe continued to generate positive cash flows. During the first quarter, cash flows used for operations was $20.4 million. Excluding the cash flows related to Glencore AG, the Company generated operating cash flows of $35.5 million.
Ferroglobe’s net debt was $449.3 million as of March 31, 2018, up from $386.9 million as of December 31, 2017. The increase in net debt is mainly due to the $55.5 million working capital increase from the acquisition of the new assets from Glencore AG on February 1, 2018, including the build-up of inventories of raw materials (mostly manganese ore) and finished goods (ferromanganese and silicomanganese) of the new plants. Excluding the impact of the Glencore AG acquisition, net debt increased by $6.6 million as compared to December 31, 2017. Net of one-off items, the Company generated over $35 million of cash during Q1.
The Company has decided to reinstate a dividend payment
The Board of Ferroglobe has decided to declare an interim dividend of $0.06 per share, reflecting the confidence in the underlying strength of the business and the Company’s long-term outlook. The dividend will have a record date of June 8, 2018 and a payment date of June 29, 2018.
About the Board’s decision, Javier López Madrid, Executive Chairman of Ferroglobe, said, “As we balance our capital allocation alternatives, we believe this level of dividend is an effective way of returning value to shareholders, while continuing to focus on strengthening our balance sheet.”
Adjusted profit (loss) attributable to Ferroglobe:
Adjusted diluted profit (loss) per share:
Ferroglobe will review the first quarter results of 2018 during a conference call at 9:00 a.m. Eastern Time on Tuesday, May 22, 2018.
The dial-in number for the call for participants in the United States is 877‑293‑5491 (conference ID 7495697). International callers should dial +1 914‑495‑8526 (conference ID 7495697). Please dial in at least five minutes prior to the call to register. The call may also be accessed via an audio webcast available at https://edge.media-server.com/m6/p/8pjs2qum
Ferroglobe PLC is one of the world’s leading suppliers of silicon metal, silicon-based specialty alloys, and ferroalloys serving a customer base across the globe in dynamic and fast-growing end markets, such as solar, automotive, consumer products, construction and energy. The Company is based in London. For more information, visit http://investor.ferroglobe.com.
This release contains "forward-looking statements" within the meaning of U.S. securities laws. Forward-looking statements are not historical facts but are based on certain assumptions of management and describe the Company’s future plans, strategies and expectations. Forward-looking statements often use forward-looking terminology, including words such as "anticipate", "believe", "could", "estimate", "expect", "forecast", "guidance", "intends", "likely", "may", "plan", "potential", "predicts", "seek", "will" and words of similar meaning or the negative thereof.
Forward-looking statements contained in this press release are based on information currently available to the Company and assumptions that management believe to be reasonable, but are inherently uncertain. As a result, Ferroglobe’s actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements, which are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company’s control.
Forward-looking financial information and other metrics presented herein represent the Company’s goals and are not intended as guidance or projections for the periods presented herein or any future periods.
All information in this press release is as of the date of its release. Ferroglobe does not undertake any obligation to update publicly any of the forward-looking statements contained herein to reflect new information, events or circumstances arising after the date of this press release. You should not place undue reliance on any forward-looking statements, which are made only as of the date of this press release.
EBITDA, adjusted EBITDA, adjusted diluted profit (loss) per ordinary share and adjusted profit (loss) attributable to the parent are, we believe, pertinent non-IFRS financial metrics that Ferroglobe utilizes to measure its success.
Ferroglobe has included these financial metrics to provide supplemental measures of its performance. The Company believes these metrics are important because they eliminate items that have less bearing on the Company’s current and future operating performance and highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS financial measures.
Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration
Goldplat plc, the AIM listed gold producer with international gold recovery operations based in South Africa and Ghana and a gold mine in Kenya, is pleased to announce that following the successful installation and subsequent "Stage 2" expansion of a new processing plant at the Company's Kilimapesa Gold Mine in Kenya, the new plant is now processing at a rate of circa 5,000 tonnes per month and as a result, and in line with previously announced plans, the incumbent plant, Plant 1, will be closed. This major step forward will reduce overall production costs, allow gold recovery to be optimised and increase the life of the mine.
Without the economies of scale provided by Plant 2, the higher cost of production at Plant 1 requires a comparatively higher feed grade to make a contribution to the overall operation. The fine material currently being processed through Plant 1 will be sent to Plant 2, where it will be processed directly through the classifier and the cyclone, bypassing the milling process, and increasing throughput with an overall improvement in the margin per ounce recovered.
Further cost savings will also be achieved through the restructuring of labour, although the closure of Plant 1 will not result in a significant reduction in labour numbers as employees will be re-assigned to other positions at Plant 2 and at the mine where possible.
The previously reported planned Stage 3 expansion at Plant 2 will be undertaken on a modular basis, as and when finances allow. The planned Stage 3 expansion will include:
The closure of Plant 1 will initially result in a reduction in production during the last quarter with gold production for the year expected to be slightly below 5,000 ounces. Management however believe that the changes in production will positively impact profitability at Kilimapesa that will be reflected in the results for the quarter, due to the lower production costs per ounce at Plant 2.
These changes in Kilimapesa's production profile are not expected to have a material impact on market forecasts for the Company's profitability for the financial year to 30 June 2018.
Gerard Kisbey-Green, CEO of Goldplat plc, said: "Our commitment and focus at Kilimapesa and indeed our operations as a whole, is to build production output and profitability. Having successfully executed a phased development plan to improve operational efficiencies at the mine by installing a new processing plant, we are delighted that Plant 2 is now established enough that we can continue running this plant as our sole processing facility. This will have a positive effect on profitability and help ensure we operate a more robust operation moving forward."
** ENDS **
For further information visit www.goldplat.com, follow on Twitter @GoldPlatPlc or contact:
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
The Company's strategy is focussed on utilising cash flow generated from its flagship gold recovery and mining operations to self-fund the sustainable growth and expansion of its niche gold recovery business model internationally. The Company is also committed to increasing its primary mining production output through acquisition / gaining interests in producing or near-production assets, preferably in Africa. Goldplat retains exposure to a small exploration project in Ghana, in which Ashanti Gold Corp. is earning an interest via an earn-in option agreement.
COEUR D'ALENE, Idaho, May 21, 2018 (GLOBE NEWSWIRE) -- New Jersey Mining Company (OTCQB:NJMC) (“NJMC” or the “Company”) announced today that it has sold its Toboggan project to Hecla Silver Valley, a wholly-owned subsidiary of Hecla Mining Company (NYSE:HL) (“Hecla”) for $3-million cash.
New Jersey’s Toboggan property sold to Hecla Silver Valley was comprised of the surface rights to the Little Baldy patented claims and 106 unpatented mining claims totaling more than 2,100 acres along a northwest-trending lineament of gold in quartz vein prospects within North Idaho’s Murray Gold Belt. The property is located three miles north of NJMC’s Golden Chest Mine, which is currently producing gold from both open pit and underground operations.
The Toboggan project was a joint venture between Newmont Mining Company and NJMC for the 2008 through 2010 exploration seasons, during which Newmont explored and analyzed multiple prospects. The entire data base generated by Newmont and NJMC was included in the sale to Hecla Silver Valley.
In addition to the monetary consideration, the sale terms include the establishment of a defined “Area of Interest” surrounding the Toboggan project, and within the Toboggan Trend. NJMC also retains a 2-percent Net Smelter Returns (NSR) royalty on the Toboggan property, of which Hecla Silver Valley has the right to buy back 1-percent for $1-million.
Hecla also participated in a private placement, purchasing $500,000 of restricted NJMC common stock for $0.13 per unit, with a unit comprised of one share of common stock and a half warrant. Each full warrant allows for the purchase of one share of common stock for $0.22 per share and expires three years from the date of participation.
NJMC CEO and President John Swallow stated, “We view this transaction as a win-win not only for Hecla and New Jersey, but also for the Murray Gold Belt and the future of the district. This transaction is a testament to the long-term diligence of our team and the potential of the Murray Gold Belt. We welcome Hecla as a fellow regional landholder and as a NJMC shareholder.”
NJMC controls more than 3,500 acres along the Murray Gold Belt – including the producing Golden Chest Mine. Gold was first discovered in the Coeur d’Alene District within the Murray Gold Belt in 1879, but by 1888 mining declined as the center of activity shifted to the Silver Valley following the discovery of the Bunker Hill, Sunshine, Lucky Friday, and other iconic regional mines. The rebirth of the long-forgotten Murray Gold Belt has been led by NJMC and its redevelopment of the Golden Chest Mine.
About New Jersey Mining Company
New Jersey Mining Company is headquartered in North Idaho, where it is producing gold at its Golden Chest Mine. NJMC has established a high-quality, early to advanced-stage asset base in three historic mining districts of Idaho and Montana, developed with more than $50-million by NJMC and other companies. The Company’s objective is to use its considerable in-house skill sets to build a portfolio of mining and milling operations, with a longer-term vision of becoming a mid-tier producer. Management is shareholder focused and owns more than 17-percent of NJMC common stock.
The Company’s common stock trades on the OTC-QB Market under the symbol “NJMC.”
For more information on New Jersey Mining Company go to www.newjerseymining.com or call:
Monique Hayes, Corporate Secretary/Investor Relations
Forward Looking Statements
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended that are intended to be covered by the safe harbor created by such sections. Such statements are based on good faith assumptions that New Jersey Mining Company believes are reasonable but which are subject to a wide range of uncertainties and business risks that could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such factors include, among others, the potential of the Murray Gold Belt or the Company’s plans to expand future exploration and resource development, the risk that the mine plan changes due to rising costs or other operational details, the risks and hazards inherent in the mining business (including risks inherent in developing mining projects, environmental hazards, industrial accidents, weather or geologically related conditions), changes in the market prices of gold and silver and the potential impact on revenues from changes in the market price of gold and cash costs, a sustained lower price environment, as well as other uncertainties and risk factors. Actual results, developments and timetables could vary significantly from the estimates presented. Readers are cautioned not to put undue reliance on forward-looking statements. NJMC disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise
(UPM, Helsinki, 21 May 2018 at 15:30 EET) - UPM will arrange a Capital Markets Day for investors and analysts in London on Thursday, 31 May, 2018. Participants of the event will meet the members of UPM executive team and have the opportunity to hear their views and discuss UPM's strategy, business portfolio, performance, growth opportunities and innovation.
Participants are kindly asked to register for the event by email, address firstname.lastname@example.org.
Timetable of the Capital Markets Day (local time):
The venue of the event:
For further information, please contact:
UPM, Investor Relations
UPM, Media Relations
EL SEGUNDO, Calif., May 21, 2018 (GLOBE NEWSWIRE) -- A-Mark Precious Metals, Inc. (NASDAQ:AMRK), a full-service precious metals trading company and an official distributor for all the major sovereign mints, is scheduled to participate at the following financial conferences during May and June:
19th Annual B. Riley FBR Institutional Investor Conference
For additional information or to schedule a one-on-one meeting with A-Mark management, please contact Liolios Group at (949) 574-3860.
About A-Mark Precious Metals
In addition to wholesale and trading activity, A-Mark offers customers a variety of services, including financing, consignment and various customized financial programs. As a U.S. Mint-authorized purchaser of gold, silver and platinum coins, A-Mark purchases bullion products directly from the U.S. Mint for sale to customers. A-Mark also has distributorships with other sovereign mints, including in Australia, Austria, Canada, China, Mexico and South Africa. Customers of A-Mark include mints, manufacturers and fabricators, refiners, coin and metal dealers, banks and other financial institutions, jewelers, investors and collectors. For more information about A-Mark Precious Metals, visit www.amark.com.
Through its subsidiary Collateral Finance Corporation, a licensed California Finance Lender, the company offers loans collateralized by numismatic and semi-numismatic coins and bullion to coin and metal dealers, investors and collectors. Through its Transcontinental Depository Services subsidiary, it offers a variety of managed storage options for precious metals products to financial institutions, dealers, investors and collectors around the world. Through its A-M Global Logistics subsidiary, the company provides its customers an array of complementary services, including storage, shipping, handling, receiving, processing, and inventorying of precious metals and custom coins on a secure basis. Through its Goldline subsidiary, A-Mark sells precious metals directly to the global collector and investor community, while also acting as the exclusive supplier to Goldline. For more information, visit www.goldline.com.
A-Mark also holds a majority stake in a joint venture that owns the minting operations known as SilverTowne Mint. SilverTowne Mint is a leading producer of fabricated silver bullion and specialty products. For more information about SilverTowne Mint, please visit www.silvertownemint.com.
Investor Relations Contact:
Investorideas.com talks metals and mining with David Stein of Aerecura
Aerecura Capital Corp Discusses the Mining Sector and Alternative Financing Options for Juniors
"2016 was an oasis year in what has been a long desert for financing junior miners" - David Stein, MSc., CFA
37 Capital Inc. (CSE:JJJ) - Formerly High 5 Ventures Inc. - s a mineral exploration company. The Company is engaged primarily in the identification, acquisition, exploration and, if warranted, the development of natural resource properties.
49 North Resources Inc. (TSX:FNR.V) is a Saskatchewan focused resource investment company with strategic operations in financial, managerial and geological advisory services and merchant banking. Our diversified portfolio of assets includes direct project involvement in the resource sector, as well as investments in shares and other securities of junior and intermediate mineral and oil and gas exploration companies.
A-Cap Resources (ASX:ACB.AX) is a resources company operating in the investment friendly and low sovereign risk country of Botswana in Southern Africa, where it holds over 12,000km2 of licenses. The company is well funded with strong support from major shareholders, and is focused on advancing its significant uranium prospect
Abacus Mining & Exploration (TSX:AME.V) is a mineral exploration and mine development company with a 20% interest in the Ajax Project located at the historic Ajax-Afton site southwest of Kamloops, B.C. The Ajax Project is a proposed copper-gold open-pit mine currently in the submission stage of a provincial and federal environmental assessment process. Through KGHM Ajax Mining Inc., a joint venture company between Abacus (20%) and KGHM Polska Miedz S.A. (KGHM) (80%), the mine is being funded in large part by KGHM and operated by its wholly-owned subsidiary, KGHM International Ltd.
Abcourt Mines (TSX:ABI.V; OTC:ABMBF) is an exploration and development company with strategically located properties in northwestern Quebec, Canada. The Elder property has gold resources, the Abcourt-Barvue Project has silver-zinc ore reserves and resources and the Aldermac property has historical copper-zinc resources. The reported reserves and resources are considered as current mineral reserves and resources. Abcourt is now focused on the Elder and Abcourt-Barvue projects with Elder as the first priority. Reserves and resources are current.
Aberdeen International (TSX:AAB.TO; OTC:AABVF) is a private equity investor and advisor focusing on the global mining and natural resources industry. African Thunder Platinum, Aberdeen's premiere investment, is a lower-cost platinum group metals producer in South Africa's well known Bushveld Complex. Aberdeen will further enhance its mineral investment holdings with the acquisition of the lucrative Diablillos lithium project in Argentina.
Abitex Resources Inc. (TSX:ABE.V) is a Val-d'Or, Quebec, based exploration company focused on acquiring and advancing mineral properties in Quebec. ABE is focused on Uranium-Gold in Quebec's Otish Mountains but also has other assets such as the Jolin gold property near Val-d'Or and the St-Stephen Ni-Cu property in new Brunswick which both host historical resources.
ABM Resources Ltd (ASX:ABU.AX) is developing several gold discoveries in the Central Desert region of the Northern Territory of Australia. The Company has a multi-tiered approach to exploration and development with a combination of high-grade production scenarios such as the Old Pirate High-Grade Gold Project, large scale discoveries such as Buccaneer, and regional exploration discoveries such as the Hyperion Gold Project. In addition, ABM is committed to regional exploration programs throughout its extensive holdings including the alliance with Independence Group NL at the regional Lake Mackay Project.
Adamera Minerals Corp. (TSX:ADZ.V) is exploring for high-grade gold deposits within hauling distance of the operating Kettle River Mill in Northeastern Washington State. The company's strategy is to fast-track the discovery to production process by exploring close to a mill in need of ore. Adamera is exploring several projects with a goal to become the dominant mining/exploration company in the area through discovery.