All dollar amounts are stated in Canadian dollars, unless otherwise
indicated
(1) See non-GAAP section for an explanation of these non-GAAP measures
TORONTO, Feb. 13, 2014 /CNW/ – St Andrew Goldfields Ltd. (T-SAS), (“SAS” or the “Company”) incurred a net loss attributable to
shareholders for Q4 2013 of $4.4 million or $0.01 per share, compared
to net income of $12.6 million, or $0.03 per share in Q4 2012. Net
earnings in Q4 2013 were significantly impacted by a 26% or US$451 per
ounce decline in gold price when compared to the same period last year.
Operating cash flow in the quarter was $6.9 million or $0.02 per share,
compared to operating cash flow for Q4 2012 of $21.6 million, or $0.06
per share. In addition, there was an increase in non-cash depreciation
and depletion charge of $2.7 million in Q4 2013 compared to Q4 2012,
which also negatively impacted net earnings.
For FY 2013, SAS incurred a net loss attributable to shareholders of
$5.0 million or $0.01 per share as compared to net income of $26.0
million or $0.07 per share for FY 2012. SAS generated $36.5 million in
cash flow from operations, or $0.10 on a per share basis in FY 2013,
compared to $54.2 million or $0.15 per share in FY 2012.
The Holt, Holloway and Hislop mines produced a total of 99,548 ounces of
gold in FY 2013, at a mine cash cost of US$782 per ounce (excluding a
royalty cost of US$120 per ounce). For 2014, targeted annual production
is between 75,000 – 85,000 ounces of gold (excluding ounces from the
second bulk sample at Taylor), with a similar mine cash cost estimate
of between US$800-US$850 per ounce, before royalties. The reduced
production in the near-term is due to the decrease in mineral reserves
at the Holloway Mine and Hislop open pits. Through exploration and
technical work planned during 2014, the Company anticipates its gold
production profile will return to the 100,000 ounce level in 2015.
Despite the step down in production in 2014, SAS anticipates that cash
flow generation and its cash position will remain positive, which the
Company views as a more significant focus in light of the current lower
gold prices.
“2013 was a challenging year in the gold business, with gold price
declining 16% from 2012, said Duncan Middlemiss, President CEO of
SAS. “This sharp decline which started in April of 2013 caused the
Company to re-evaluate its capital programs and modify them
significantly. We cut our proposed expenditures in half and delayed the
advancement of the Taylor Project, which may likely be our next
producing asset. With the depletion of reserves at Holloway and the
Hislop open pits, both high cost operations, the Company’s production
guidance for this year is reduced. However, we expect to maintain
positive cash flow from our mine operations as our flagship asset, the
Holt Mine continues to expand.”
Conference Call Information
A conference call will be held Friday, February 14, 2014 at 10:00 a.m.
(EST) to discuss the fourth quarter and annual 2013 results.
Participants may access the webcast via the SAS website at www.sasgoldmines.com. A recorded playback of the call will also be available via the website
and will be posted within 24 hours of the call.
Q4 2013 and FY 2013 Overview
Q4 2013 Highlights
FY 2013 Achievements
Produced 24,300 ounces of gold from three operations (Holt, Holloway and
Hislop mines).
Produced 99,548 ounces of gold in FY 2013. Achieving the mid-range of
the Company’s 2013 production guidance.
Sold 23,985 ounces of gold at an average realized price per ounce of
gold sold (1) of US$1,259 per ounce for revenues of $31.7 million.
When compared to FY 2012, gold sales revenue decreased by $13.4 million
due to a US$259 per ounce decrease in the average realized price per
ounce of gold sold (1), partially offset by the increase in production and a stronger US
dollar relative to the Canadian dollar.
Mine cash costs of US$843 per ounce and a royalty cost of US$108 per
ounce, for a total cash cost per ounce of gold sold (1) of US$951 per ounce.
Mine cash cost per ounce of gold sold of US$782 per ounce for FY 2013
was below the Company’s guidance. Total cash cost per ounce of gold
sold (1) of US$902 per ounce for FY 2013 reduced by US$17 per ounceover FY 2012 due to the decrease in royalty cost.
All-in sustaining costs (1) were US$1,165 per ounce.
All-in sustaining cost per ounce of gold sold (1) for FY 2013 of US$1,173 per ounce, reduced by US$182 per ounce, when
compared to FY 2012.
The reduction was a result of a disciplined capital expenditure program
and a lower royalty cost in conjunction with a stronger US dollar for
2013.
Earned cash margin from mine operations (1) of $7.8 million and operating cash flow of $6.9 million or $0.02 per
share.
Both cash margin from mine operations (1) and operating cash flow remained positive, with net cash flow (1) generation of $9.2 million in FY 2013.
Holt Mine, Operations and Financial Review (see Operating and Financial Statistics – Holt Mine)
The Holt Mine (“Holt”) produced 13,579 ounces of gold in Q4 2013 from processing 81,791
tonnes of ore derived from Zone 4 and Zone 6, with an average head
grade of 5.42 g/t Au, which was above reserve grade for the mine. Mill
recoveries were at their expected levels of approximately 95%.
Gold sales revenue for the quarter decreased by 19% over Q3 2013 and 29%
over Q4 2012 due to the decrease in gold price and a 22% decrease in
throughput (9% over Q4 2012) due to the hoist motor and hoist drive
upgrades completed during the quarter.
Total cash cost per ounce of gold sold (1) increased by US$42 per ounce in Q4 2013 when compared to Q4 2012 due to
the use of cemented backfill during the quarter and the decrease in
throughput as mentioned above. Cemented backfill operations, which
added an additional $10 per tonne milled to the mine-site operating
cost in Q4 2013, are now fully integrated. This additional increase in
mine-site cost per tonne milled (1) is expected throughout 2014. For FY 2013, total cash cost per ounce of
gold sold (1) decreased by US$58 per ounce when compared to FY 2012 as the mining rate
at the mine increased year over year.
Cash margin from mine operations (1) in Q4 2013 decreased by $3.8 million over Q3 2013 and $7.6 million over
Q4 2012 due to the decrease in gold production and decline in gold
price. Holt contributed 89% of the total cash margin from mine
operations (1) earned during Q4 2013 compared to 80% for Q3 2013 and 68% for Q4 2012.
For FY 2013, this performance metric decreased by $2.9 million over FY
2012 due to the decline in gold price, partially offset by the increase
in throughput and a lower royalty cost. Holt contributed 76% of the
total cash margin from mine operations (1) earned during FY 2013 compared to 60% for FY 2012.
Holloway Mine, Operations and Financial Review (see Operating and Financial Statistics – Holloway Mine)
The Holloway Mine (“Holloway”) produced 5,654 ounces of gold from processing 47,960 tonnes of ore
with an average head grade of 4.13 g/t Au primarily from the Smoke Deep
Zone (“Smoke Deep“). Recoveries of approximately 89% and the production level for the
quarter were both in line with expectations.
Gold sales revenue during Q4 2013 decreased by 21% when compared Q4 2012
due to the decrease in gold price, offset partially by an 8% increase
in gold production which resulted from a 6% improvement in head grade.
Total cash cost per ounce of gold sold (1) increased by US$97 per ounce in Q4 2013 when compared to Q4 2012 mainly
due to the increase in operating mine development. For FY 2013, total
cash cost per ounce of gold sold (1) increased by US$89 per ounce when compared to FY 2012, due to the
increase in labour and energy costs, offset by a US$66 per ounce
decrease in royalty cost.
Cash margin from mine operations (1) in Q4 2013 decreased by $2.7 million over Q4 2012 and $7.1 million in
FY 2013 over the previous year, mainly as a result of the decrease in
the gold price and increase in costs. Holloway contributed 12% of the
total cash margin from mine operations (1) earned during FY 2013 as compared to 19% for FY 2012.
Hislop Mine, Operations and Financial Review (see Operating and Financial Statistics – Hislop Mine)
The Hislop Mine (“Hislop“) produced 5,068 ounces of gold during Q4 2013 from processing 98,293
tonnes of ore at a head grade of 1.96 g/t Au. When compared to Q3 2013,
production increased by 28% as a result of the increase in throughput.
Gold sales revenue in Q4 2013 decreased by 34% or $3.5 million when
compared to Q4 2012 due to the 15% decrease in gold production sold and
the decline in gold price.
Total cash cost per ounce of gold sold (1) increased by US$102 per ounce in Q4 2013 when compared to Q4 2012 and
increased by US$62 per ounce for FY 2013 when compared to FY 2012 as a
result of increased stripping costs as mining transitioned from the
East Pit to the West Pit during the quarter.
Cash margin from mine operations (1) in Q4 2013 decreased by $0.8 million when compared to Q3 2013 and
decreased by $3.4 million when compared to Q4 2012 as a result of the
lower gold price and increased costs. For FY 2013, cash margin from
mine operations (1) decreased by $8.6 million when compared to FY 2012 due to the 14%
decrease in throughput and lower gold price. Hislop contributed 12% of
the total cash margin from mine operations (1) earned during FY 2013 compared to 21% for FY 2012.
Advanced Exploration Program – Taylor Project (“Taylor”)
In Q4 2013, the Company conducted geological modelling and technical
work to update the resource model, as well as maintain the surface and
ramp infrastructure. Given the exploration potential available, a 1,500
m (7 hole) underground drill program commenced in late December to
potentially expand the 1004 lens mineralization further to the east and
at depth. In December 2013, the Company updated the mineral resources
and mineral reserves estimate at Taylor incorporating drill results
from the summer program.
Exploration Programs
Exploration activities during FY 2013 were focussed on the near mine
targets, specifically exploring for strike and depth extensions of the
known mineralized zones and also exploring for potential repetitions
and satellite zones situated near the operations. In 2013, SAS drilled
a total of 49,900 m of surface core and an additional 8,700 m of
underground drilling. The majority of surface drilling activities were
focused on the evaluation of Smoke Deep at Holloway, and the 147 and
Grey Fox zones and Hislop Pit Complex on the Hislop Property. The
majority of the underground drilling took place on the 550m Level at
Holloway to evaluate the potential of Smoke Deep and the 220m Level at
Taylor targeting the eastern extension of the 1004 lens of the West
Porphry Zone (“WPZ“).
More generative exploration targets were evaluated during the 2013 field
season with SAS exploration personnel conducting geochemical sampling,
trenching and mapping exercises. A number of field season generated
targets warrant drill follow-up in 2014.
Outlook for 2014
SAS produced 99,548 ounces of gold in FY 2013 meeting the mid-range of
its production guidance. SAS is forecasting 2014 annual production of
between 75,000 – 85,000 ounces of gold from its three operations with
similar mine cash cost estimates to 2013. In 2014, SAS plans to
continue its ramp development to depth of the WPZ at Taylor and to
extract the second bulk sample. Pending positive results from the
second bulk sample program, SAS estimates it will be able to bring
Taylor into production in the first half of 2015. Exploration in 2014
remains focused on the near-mine targets and key targets remain Zone 4
up-dip at Holt, the Ghost Zone, and several targets on the Hislop
Property. SAS is sufficiently funded to achieve its near-term
objectives.
Capital Resources
During FY 2013 SAS generated $9.2 million in net cash flow (1), despite significant declines in the gold price. Working capital at the
end of 2013 was $13.9 million compared to a working capital of $18.2
million as at December 31, 2012, which includes the classification of
US$9.0 million owing on the term credit facility as a current liability
at December 31, 2013. The Company’s financial position remains positive
at the end of FY 2013 with cash and cash equivalents of $33.7 million.
The Company has access to additional cash resources by way of a US$10.0
million revolving credit facility, and in conjunction with the expected
cash flow from operations, the Company is well positioned to finance
its planned capital programs for 2014, which include the advancement of
Taylor, and to fulfil its debt obligation.
Capital programs of $32.0 million for 2014 consist of the following:
The majority of the capital expenditures to be incurred at the producing
mines are sustaining capital (see “non-GAAP Measures – All-in
sustaining costs”). Expenditures at Taylor do not reflect expected
revenues from the processing of ore extracted from the second bulk
sample program. The $2.0 million expenditure planned at the Aquarius
Project includes completing an update of the 2003 Feasibility Study for
the project.
Mineral Resources and Mineral Reserves Update
Compared to the December 31, 2012, mineral resources estimate, the
December 31, 2013, mineral resources have increased by approximately
552,000 ounces of gold in the measured and indicated categories and
60,000 ounces of gold in the inferred category. These increases are
mainly due to the addition of indicated and inferred resources beneath
the East and West pits at Hislop, and inferred resources at Zone 4 at
Holt and the Deep Thunder Zone east of Holloway.
Compared to the December 31, 2012, mineral reserves estimate, the
December 31, 2013 mineral reserves estimate decreased from
approximately 735,000 ounces to approximately 668,000 ounces. The
decrease is a result of mining activities in FY 2013, which depleted
various zones at Holloway and Hislop, and as a result of a mine
re-design at Taylor following a geological re-interpretation. The
decrease was partially offset by an increase in mineral reserves at
Holt (Zone 4, Tousignant Zone, U-100 Zone) and Hislop (Thor Zone).
SAS – Mineral Resources Estimates (December 31, 2013)
a)
Mineral Resources are reported exclusive of Mineral Reserves effective
December 31, 2012;
b)
Mineral Resources were estimated by Management according to CIM
Definition Standards – November 2010;
c)
Mineral Resources for Holt, Holloway and Hislop used a US$1,400 per
ounce gold price and an exchange rate of C$1.03 = US$1.00;
d)
Mineral Resources for Holt, Holloway, and Hislop (Hislop Pit Complex
only) were estimated at a cut-off grade of 2.50 g/t Au;
e)
Mineral Resources were estimated using a block cut-off grade of 2.50 g/t
Au, a US$1,400 per ounce gold price and an exchange rate of C$1.03 =
US$1.00 for the WPZ. A block cut-off grade of 3.00 g/t Au, A US$1,200
per ounce gold price and an exchange rate of C$1.00 = US$0.98 was used
for Shoot Zone;
f)
Mineral Resources for Aquarius are as of the October 2, 2006, RPA
Technical Report. Mineral Resources were calculated using a long term
gold price of US$500 per ounce and an exchange rate of C$1.00 =
US$0.90. No cut-off grade was applied because of uncertainty about
selectivity within the deposit;
g)
Mineral Resources for the Clavos Joint Venture were estimated as of the
October 2012, RPA Technical Report. Mineral Resources were calculated
using a long term gold price of US$1,600 per ounce and an exchange rate
of C$1.00 = US$1.00. A cut-off grade of 2.75 g/t Au was applied.
h)
Mineral resources for Clavos noted in the table represents SAS’ 40%
share of the project resource.
i)
Tonnes and gold ounce information is rounded to the nearest thousands.
As a result, rows and columns may not add exactly due to rounding.
SAS – Mineral Reserves Estimates (December 31, 2013)
Qualified Person
Production at the Holt, Holloway and Hislop mines, processing at the
Holt Mill, and mine development and production activities at the
operations were being conducted under the supervision of Duncan
Middlemiss, P.Eng. Mr. Middlemiss was the Company’s Chief Operating
Officer and Vice-President of Operations, until his appointment as SAS’
President CEO on October 1, 2013. Subsequent to Mr. Middlemiss’
appointment, Marc-Andre Pelletier, P. Eng, was appointed General
Manager of Operations in Q4 2013, and is the qualified person
responsible for activities at the operations.
Exploration activities on the Company’s various mineral properties,
including the drilling program at Taylor, and the update of mineral
resources is under the supervision of Mr. Doug Cater P. Geo, the
Company’s Vice-President, Exploration.
Mineral reserves were updated under the supervision of Mr. Pierre
Rocque, P. Eng., the Company’s Vice-President, Engineering.
Messrs. Middlemiss, Pelletier, Cater and Rocque are qualified persons as
defined by NI 43-101, and have reviewed and approved this news release.
Non-GAAP Measures
The Company has included the following non-GAAP performance measures:
adjusted net earnings ; total cash cost per ounce of gold sold; all-in
sustaining cost per ounce of gold sold; mine-site cost per tonne
milled; cash margin from mine operations; average realized price per
ounce of gold sold; cash margin per ounce of gold sold; net cash flow;
and operating cash flow per share; and throughout this press release,
which do not have standardized meanings prescribed by International
Financial Reporting Standards (“IFRS”) and are not necessarily comparable to other similarly titled measures
of other companies due to potential inconsistencies in the method of
calculation. The Company believes that, in addition to conventional
measures prepared in accordance with IFRS, the Company and certain
investors use this information to evaluate the Company’s performance.
Accordingly, it is intended to provide additional information and
should not be considered in isolation or as a substitute for measures
of performance prepared in accordance with IFRS. Refer to the non-GAAP
section of this press release for a discussion and the reconciliation
of these non-GAAP measurements to the Company’s 2013 Annual Financial
Statements.
The unaudited Balance Sheets, Statements of Operations and Statements of
Cash Flows for the Company for the three and twelve months ended
December 31, 2013, can be found at the end of this release.
To review the complete 2013 Annual Financial Statements and the Annual
Management’s Discussion and Analysis for 2013, please see SAS’s SEDAR
filings under the Company’s profile at www.sedar.com or the Company’s website at www.sasgoldmines.com.
About SAS
SAS (operating as “SAS Goldmines”), is a gold mining and exploration
company with an extensive land package in the Timmins mining district,
north-eastern Ontario, which lies within the Abitibi greenstone belt,
the most important host of historical gold production in Canada.
SAS owns and operates the Holt, Holloway and Hislop mines and produced
approximately 100,000 ounces of gold in 2013. The Company is also
advancing the Taylor Project and is conducting aggressive exploration
across 120km of land straddling the Porcupine-Destor Fault Zone.
FORWARD-LOOKING INFORMATION
This news release contains forward-looking information and
forward-looking statements (collectively, “forward-looking
information”) under applicable securities laws, concerning the
Company’s business, operations, financial performance, condition and
prospects, as well as management’s objectives, strategies, beliefs and
intentions. Forward-looking information is frequently identified by
such words as “may”, “will”, “plan”, “expect”, “estimate”,
“anticipate”, “believe”, “intend” and similar words referring to future
events and results, including the Company’s production and cash cost
guidance for 2014; the increase in the Company’s production level in
2015; the continuation of advanced exploration at the Taylor Project
including the planned second bulk sample, and the commencement of
production at Taylor and the respective timing thereof; the extent of
the exploration programs in 2014; and the sufficiency of the Company’s
capital resources to carry out its planned objectives. In addition,
mineral resources and mineral reserves constitute forward-looking
information as they involve the assessment, based on certain estimates
and assumptions, that such mineral resources and mineral reserves can
be profitably produced in the future.
This forward-looking information is subject to known and unknown risks,
uncertainties and other factors that may cause actual results to differ
materially from those expressed or implied by the forward-looking
information. Factors that may cause actual results to vary materially
include, but are not limited to, uncertainties relating to the
interpretation of the geology, continuity, grade and size estimates of
the mineral reserves and resources; unanticipated operational or
technical difficulties which could escalate operating and/or capital
costs and reduce anticipated production levels; the Company’s
dependence on key employees and changes in the availability of
qualified personnel; fluctuations in gold prices and exchange rates;
insufficient funding or delays or inability to raise additional
financing on satisfactory terms if required; operational hazards and
risks, including the inability to insure against all risks; changes in
laws, regulations and the risks of obtaining necessary licenses and
permits; changes in general economic conditions and changes in
conditions in the financial markets. Such forward looking information
is based on a number of assumptions, including but not limited to the
level and volatility of the price of gold, the accuracy of reserve and
resource estimates and the assumptions on which such estimates are
based, the ability to achieve capital and operating cost estimates, the
ability of the Company to retain and attract qualified personnel, the
sufficiency of the Company’s cash reserves and operating cash flow to
complete planned development and exploration activities, the
availability of additional financing on acceptable terms if and as
required and the level of stability of general business and economic
conditions. Should one or more risks and uncertainties materialize or
should any assumptions prove incorrect, then actual results could vary
materially from those expressed or implied in the forward-looking
information and accordingly, readers are cautioned not to place undue
reliance on this forward-looking information. SAS does not assume the
obligation to revise or update this forward‐looking information after
the date of this release or to revise such information to reflect the
occurrence of future unanticipated events, except as may be required
under applicable securities laws. A description of these risks and
uncertainties are can also be found in the Company’s Annual Information
Form obtained on SEDAR at www.sedar.com.
NON-GAAP MEASURES
Adjusted net earnings (loss)
Adjusted net earnings (loss) is a non-GAAP performance measure and does
not constitute a measure recognized by IFRS and does not have a
standardized meaning defined by IFRS, as well it may not be comparable
to information in other gold producers’ reports and filings. Adjusted
net earnings (loss) is calculated by removing the gains and losses,
resulting from the mark-to-market revaluation of the Company’s
gold-linked liabilities and foreign currency derivative contracts,
one-time gains or losses on the disposition of non-core assets,
periodic adjustments to the Company’s asset retirement obligations, and
expenses, asset impairment gains or losses and significant tax
adjustments not related to current period’s earnings, as detailed in
the table below. The Company discloses this measure, which is based on
its Financial Statements, to assist in the understanding of the
Company’s operating results and financial position.
Total cash cost per ounce of gold sold
Total cash cost per ounce of gold sold is a non-GAAP performance measure
and does not constitute a measure recognized by IFRS and does not have
a standardized meaning defined by IFRS, as well it may not be
comparable to information in other gold producers’ reports and filings.
The Company has included this non-GAAP performance measure throughout
this document as the Company believes that this generally accepted
industry performance measure provides a useful indication of the
Company’s operational performance. The Company believes that, in
addition to conventional measures prepared in accordance with IFRS,
certain investors use this information to evaluate the Company’s
performance and ability to generate cash flow. Accordingly, it is
intended to provide additional information and should not be considered
in isolation or as a substitute for measures of performance prepared in
accordance with IFRS. The following table provides a reconciliation of
total cash costs per ounce of gold sold to production expenses per the
Financial Statements for Q4 2013, Q4 2012, FY 2013 and FY 2012:
All-in sustaining cost per ounce of gold sold
All-in sustaining cost per ounce of gold sold is a non-GAAP performance
measure and does not constitute a measure recognized by IFRS and does
not have a standardized meaning defined by IFRS, as well it may not be
comparable to information in other gold producers’ reports and filings.
The Company has included this non-GAAP performance measure throughout
this document as the Company believes that this generally accepted
industry performance measure provides a useful indication of the
Company’s operational performance. Effective Q3 2013, the Company has
adopted the all-in sustaining definition as set out in the guidance
note released by the World Gold Council on June 27, 2013. All-in
sustaining costs include mine-site operating costs and production
royalties incurred at the Company’s mining operations, sustaining
capital expenditures (which the Company defines as any capital
expenditures that are reinvested into the business to maintain the
current level of operations), corporate administration expense,
mine-site exploration costs, and reclamation cost accretion. The
Company believes that this measure represents the total costs of
producing gold from current operations, and provides the Company and
other stakeholders with additional information that illustrates the
Company’s operational performance and ability to generate cash flow.
This cost measure is reported on a consolidated level and on a per
ounce of gold sold basis. As the measure seeks to reflect the full cost
of gold production from current operations, new project capital is not
included. Certain other cash expenditures, including tax payments and
financing costs are also not included.
Mine-site cost per tonne milled
Mine-site cost per tonne milled is a non-GAAP performance measure and
does not constitute a measure recognized by IFRS and does not have a
standardized meaning defined by IFRS, as well it may not be comparable
to information in other gold producers’ reports and filings. As
illustrated in the table below, this measure is calculated by adjusting
Production Costs, as shown in the statements of operations for
inventory level changes and then dividing by tonnes processed through
the mill. Since total cash cost per ounce of gold sold data can be
affected by fluctuations in foreign currency exchange rates, Management
believes that mine-site cost per tonne milled provides additional
information regarding the performance of mining operations and allows
Management to monitor operating costs on a more consistent basis as the
per tonne milled measure reduces the cost variability associated with
varying production levels. Management also uses this measure to
determine the economic viability of mining blocks. As each mining block
is evaluated based on the net realizable value of each tonne mined, the
estimated revenue on a per tonne basis must be in excess of the
mine-site cost per tonne milled in order to be economically viable.
Management is aware that this per tonne milled measure is impacted by
fluctuations in throughput and thus uses this evaluation tool in
conjunction with production costs prepared in accordance with IFRS.
This measure supplements production cost information prepared in
accordance with IFRS and allows investors to distinguish between
changes in production costs resulting from changes in production versus
changes in operating performance.
Cash margin from mine operations
Cash margin from mine operations is a non-GAAP measure and does not
constitute a measure recognized by IFRS and does not have a
standardized meaning defined by IFRS, as well it may not be comparable
to information in other gold producers’ reports and filings. It is
calculated as the difference between gold sales and production costs
(comprised of mine-site operating costs and production royalties) per
the Company’s Financial Statements. The Company believes it illustrates
the performance of the Company’s operating mines and enables investors
to better understand the Company’s performance in comparison to other
gold producers who present results on a similar basis.
Average realized price per ounce of gold sold
Average realized price per ounce of gold sold is a non-GAAP measure and
does not constitute a measure recognized by IFRS and does not have a
standardized meaning defined by IFRS. It is calculated by dividing gold
sales proceeds received by the Company for the relevant period by the
ounces of gold sold. It may not be comparable to information in other
gold producers’ reports and filings.
Cash margin per ounce of gold sold
Cash margin per ounce of gold sold is a non-GAAP measure and does not
constitute a measure recognized by IFRS and does not have a
standardized meaning defined by IFRS. It is calculated by subtracting
the total cash cost per ounce of gold sold from the average realized
price per ounce of gold sold. It may not be comparable to information
in other gold producers’ reports and filings.
Net cash flow
Net cash flow is a non-GAAP measure and does not constitute a measure
recognized by IFRS and does not have a standardized meaning defined by
IFRS. It is calculated by taking cash flow from operating activities
less cash used in investing activities as reported in the Company’s
Financial Statements. It may not be comparable to information in other
gold producers’ reports and filings.
Operating cash flow per share
Operating cash flow per share is a non-GAAP measure and does not
constitute a measure recognized by IFRS and does not have a
standardized meaning defined by IFRS. It is calculated by dividing cash
flow from operating activities in the Company’s Financial Statements by
the weighted average number of shares outstanding for each year. It
may not be comparable to information in other gold producers’ reports
and filings.
Operating and Financial Statistics – Holt Mine
Operating and Financial Statistics – Holloway Mine
Operating and Financial Statistics – Hislop Mine
Statements of Operations (unaudited)
St Andrew Goldfields Ltd.
Expressed in thousands of Canadian dollars except per share information
Statements of Cash Flows (unaudited)
St Andrew Goldfields Ltd.
Expressed in thousands of Canadian dollars
Balance Sheets
St Andrew Goldfields Ltd.
Expressed in thousands of Canadian dollars
SOURCE St Andrew Goldfields Ltd.
