Latest news with #AISC
Yahoo
4 days ago
- General
- Yahoo
Bridge contest draws engineering students from across the country to Iowa State
AMES, Iowa — How well can a student-made bridge withstand 2,500 pounds? 43 college engineering groups from across the country are all gathered at Iowa State for the Student Steel Bridge Competition to find out. The Student Steel Bridge Competition was founded in Michigan in 1987 and eventually grew into a national competition that hosts engineering students and companies from around the world. The American Institute of Steel Construction, AISC, says it's a way for students to turn ideas into infrastructure. 'They're designing something on paper or on the computer, but then actually getting to put together the pieces and get to see how things fit up, how things interact. They get to also experience how a bridge and the structure performs under real-world loads,' said Christi Stattler, AISC Education Manager. Local team set to compete in Red Bull Soapbox Race Iowa and raise money for charity Following strict competition regulations, student groups must design, fabricate, and build a 20-foot bridge able to withstand 2,500 pounds. During the timed finale, students are judged on speed of construction, estimated cost, aesthetics, and durability. Iowa State is hosting the competition this year, so their 25-student group had to build a bridge and plan the competition. The group says they're excited to see a year's worth of work come to a close. 'We have a design team that goes in and designs the entire bridge. We use experience like from past years and then we go to these competitions and it's a great time to look around and get new ideas,' said Iowa State Senior, Sydney Hyzy. 'Then our fabrication team, then works with design later, and then they are the ones that are cutting steel, welding it all together, making the bridge.' 'For engineers, this is like the Friday Night Lights,' said Carson Fischer, 2025 Iowa State graduate. 'It's like the big, big moment to show exactly what you've done. Show all these other schools how good you are, how big your club is and it's a lot of pressure on the guys and gals' abilities, and they step up.' Iowa State will kick off the finals Saturday at 8 a.m. in the Lied Recreation Center. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Sharjah 24
21-05-2025
- Business
- Sharjah 24
SGCA dedicates 2 categories to excellence in smart communication
The University Challenge The University Challenge category of the SGCA involves a three-day creative competition in collaboration with the United Arab Emirates University (UAEU), inviting students from universities across the Gulf Cooperation Council (GCC) region to showcase innovative communication projects . AI Skills Camp The AISC, to be held in partnership with the Rubu' Qarn Life Skills Center in Sharjah, seeks to foster a creative environment to impart and boost practical skills in artificial intelligence, focusing on the production and management of government and media content using smart technologies . Her Excellency Alya Al Suwaidi, Director of the Sharjah Government Media Bureau, reaffirmed the SGCA's objective and keenness to support creative competition in smart communication, rewarding excellence and outstanding achievements in digital communication and effectively utilising modern technologies in interactive public engagement. This aligns with rapid technological advancements that have become a cornerstone of government communication processes, she added . The SGMB Director noted that the two categories recognise and encourage university students to innovate and support constructive ideas and strategies, contributing to the effective and enhanced quality of government communication. Such categories expand the award's scope and reach, enabling broader participation to serve the vital government communication sector at the national, regional, and global levels . The 12th edition of the prestigious SGCA boasts 23 categories across strategic sectors, including government entities, international organisations, the private sector, individual awards, the 'Best Innovators Competition in Smart Communication' award, jury awards, and partner awards . The SGCA Award is open for submissions across all its categories until July 24. Winners will be announced and awarded during the International Government Communication Forum (IGCF) on September . All details, terms and conditions, criteria, and submission methods for each category are available on the award's official website.
Cision Canada
12-05-2025
- Business
- Cision Canada
Orla Mining Reports First Quarter 2025 Financial Results and Provides Updated 2025 Guidance Inclusive of Musselwhite
Musselwhite Addition Increases Orla's Production to 280 – 300 koz in 2025; Aggressive Investment to Enhance Future Growth VANCOUVER, BC, May 12, 2025 /CNW/ - Orla Mining Ltd. (TSX: OLA) (NYSE: ORLA) ("Orla" or the "Company") today announces the results for the first quarter ended March 31, 2025. (All amounts expressed in U.S. dollars unless otherwise stated) First Quarter 2025 Highlights Record quarterly gold production of 47,759 ounces and total quarterly gold sold of 46,356 ounces (pre-released). First quarter all-in sustaining cost 1 ("AISC") was $845 per ounce of gold sold (Camino Rojo operations only). Acquisition of Musselwhite completed; integration process advancing. Updated 2025 production and AISC guidance, inclusive of Musselwhite, is 280,000 to 300,000 ounces of gold produced and $1,300 to $1,500 per ounce gold sold, respectively. 2 With first quarter production and costs, Orla is currently on plan to achieve full year guidance. Musselwhite investment of $115.0 million of exploration and capital to enhance future growth profile. Net loss for the first quarter was $69.8 million or $(0.22) per share, driven by the fair value adjustments on our financial instruments arising from the Musselwhite acquisition. Adjusted earnings 1 for the first quarter were $38.6 million or $0.12 per share. Cash flow from operating activities before changes in non-cash working capital during the first quarter was $401.2 million driven by the proceeds received from the gold prepayment 3. Exploration and project expenditure 1 was $15.8 million during the quarter, of which $6.9 million was capitalized and $8.9 million was expensed. The Company ended the period with a cash balance of $184.2 million and $450 million in debt. "We are proud of the continued consistency from our team in Mexico where the Camino Rojo Mine remains a strong cash flow generator. This quarter also marked a major milestone with the closing of the Musselwhite acquisition, expanding our presence in Canada, and increasing our annual gold production guidance to 280 – 300 thousand ounces. Over the next two quarters, our focus will be on integrating Musselwhite, laying the foundation for long-term success. Over the next 24 months and beyond, we plan to invest significantly in exploration and provide our new team with the resources to reshape Musselwhite beyond 2030. Our next step of growth will be driven by our U.S. team, where we continue to advance the South Railroad Project in Nevada through permitting and toward construction." Financial and Operations Update Table 1: Financial and Operating Highlights Operating Q1 2025 Consolidated Total Gold Produced oz 47,759 Total Gold Sold oz 46,356 Average Realized Gold Price 2 $/oz $ 2,915 Cash Cost per Ounce 2,3 $/oz $ 597 All-in Sustaining Cost per Ounce 2,3 $/oz $ 845 Camino Rojo, Mexico Ore Stacked tonnes 1,672,826 Stacked Ore Gold Grade g/t 0.78 Gold Produced oz 29,973 Gold Sold oz 30,512 Musselwhite, Canada 1 March'25 Ore Milled tonnes 104,287 Milled Ore Gold Head Grade g/t 5.55 Gold Produced oz 17,786 Gold Sold oz 15,845 Financial Revenue $m $ 140.7 Cost of Sales – Operating Cost $m $ 48.3 Net Income (Loss) $m $ (69.8) Adjusted Earnings 2 $m $ 38.6 Earnings per Share – basic $/sh $ (0.22) Adjusted Earnings per Share – basic 2 $/sh $ 0.12 Cash Flow from Operating Activities before Changes in Non-Cash Working Capital $m $ 401.2 Free Cash Flow 2 $m $ (404.1) Financial Position Mar 31, 2025 Cash and Cash Equivalents $m $ 184.2 Net Cash (Debt) 2 $m $ (265.8) 1 Orla completed the acquisition of Musselwhite on February 28, 2025. Operational figures are provided from March 1, 2025 onwards. 2 Non-GAAP measure. Refer to the "Non-GAAP Measures" section of this news release. 3 Cash cost and AISC for Q1 2025 does not include the operations of Musselwhite Mine, which was acquired on February 28, 2025. Refer to "Non-GAAP Measures" for further discussion. First Quarter 2025 Consolidated Summary Gold produced during the quarter totalled 47,759 ounces, with contributions from the Camino Rojo Oxide Mine and the Musselwhite Mine. While it was only a single month of production contribution from Musselwhite to Orla's account, this total represented a quarterly record for the Company. Gold sold during the quarter totalled 46,356 ounces, also a quarterly record. Cash costs and AISC totaled $597 and $845 per ounce of gold sold, respectively. Cash cost and AISC do not include the impact of Musselwhite. The closing of the Musselwhite transaction during the quarter resulted in one-time, non-cash accounting treatments impacting cost of sales and therefore cash cost and AISC calculation would not be representative of the performance of the mine for that period. Starting in the second quarter, and for the remainder of the year, Musselwhite will be included in the computation of cash cost and AISC. Camino Rojo Operations Summary The Camino Rojo Oxide Gold Mine produced 29,973 ounces of gold in the first quarter of 2025, in-line with plan. During the quarter, Camino Rojo mined nearly 1.9 million tonnes of ore and 2.8 million tonnes of waste, for an implied strip ratio of 1.48. The operations achieved a daily stacking rate of 18.6 thousand tonnes per day at an average gold grade of 0.78 g/t, in line with the mine plan. Gold sold during the first quarter 2025 totaled 30,512 ounces and sustaining capital during the first quarter of 2025 totaled $0.5 million. On November 11, 2024, the Company completed and resubmitted the environmental permit application for the Camino Rojo pit extensions and layback. Since then, Orla has maintained regular engagement with federal and state level stakeholders and continued to engage with employees and communities about the scope of the application. Musselwhite On November 18, 2024, Orla announced the acquisition of the Musselwhite Mine from Newmont Corporation for upfront cash consideration of $810 million and gold-linked contingent consideration of $40 million. The transaction closed on February 28, 2025, and operational figures are provided from March 1, 2025, onwards. During the month of March, Musselwhite mined 108,000 tonnes of ore and milled 104,000 tonnes at a mill head grade of 5.55 g/t gold. Gold recovery rates of 95.7% resulted in gold production of nearly 18,000 gold ounces. Mill throughput in March was 3,360 tonnes per day, a 10% improvement from average mill throughput in February. Project and Exploration Summary In the first quarter, exploration focused on drilling activities at Camino Rojo in Mexico and the South Carlin Complex (including the South Railroad Project) in Nevada. Exploration activities at Musselwhite were reactivated upon closing of the acquisition in March 2025. For the first quarter, a total of 11,008 metres were drilled, with 8,044 metres in Mexico, 549 metres in Nevada and 2,415 metres at Musslewhite. Camino Rojo, Mexico: In Mexico, the Company started the infill drill campaign at Zone 22, the extension of the Camino Rojo Sulphides. The 15,000-metre drill program is expected to be completed in the third quarter of 2025. Results from the current drill program will build on the initial Zone 22 inferred resource, which will be included as part of the upcoming Camino Rojo Mineral Resource update, expected in the second quarter of 2025. A drill campaign to test regional targets started in mid-April. South Railroad Project & South Carlin Complex, Nevada: The South Railroad Project is currently advancing under the guidance of the US Bureau of Land Management (BLM) in accordance with the National Environmental Policy Act (NEPA) for permitting. Orla is encouraged by the current US administration's momentum in advancing American mineral production. This includes the recent Executive Order supporting the development of critical minerals, which now includes gold. Gold is increasingly being recognized for its strategic role in economic resilience and national security. Orla has held constructive meetings with political appointees at the Department of the Interior and the Acting Director of the Bureau of Land Management. The Company appreciates their continued support as the project moves through the permitting process. Orla remains committed to following the proper regulatory pathways, while advocating for an efficient and timely review. The Notice of Intent (NOI) is expected to be published mid 2025, with the Company targeting a Record of Decision (final permitting decision) by mid-2026. Following this approval, construction on the South Railroad Project can advance to the earth movement stage, with first gold production anticipated in 2027. Orla's 2025 exploration program for the South Carlin Complex is focused on increasing near-deposit oxide resources at Pinion and Dark Star, advancing satellite deposits, and discovering new zones of oxide mineralization. Drilling was initiated in the first quarter but paused due to weather conditions and exploration drilling is expected to resume in May. Musselwhite, Ontario: At Musselwhite, underground exploration drilling to expand resources and reserves began in early March and is expected to continue through 2025. Beginning in the second quarter, Orla intends to launch an aggressive surface exploration program, including drilling aimed at confirming the down-plunge extension of the mine trend. This work is intended to expand the resource base and support technical studies for potential future mine expansions. A drill campaign testing near-mine targets with the goal of identifying shallow, near-mine open pit mill feed is planned to start mid-year. 2025 Guidance Summary (Updated) On January 16, 2025, the Company announced its full year 2025 annual guidance, which included the outlook for production, operating costs, capital costs, and exploration spending at Camino Rojo and South Railroad, but which excluded the Musselwhite Mine. On February 28, 2025, the Company completed the acquisition of Musselwhite. The following table provides updated guidance including 10 months of operations at the Musselwhite Mine. Cash cost and all-in sustaining cost guidance for Musselwhite is for 9 months from April to December 2025. The closing of the Musselwhite transaction during the quarter resulted in one-time, non-cash accounting treatments impacting cost of sales and therefore cash cost and AISC calculation would not be representative of the performance of the mine for that period. Therefore, we excluded Musselwhite from cash cost and AISC for the first quarter of 2025. Updated Guidance Preliminary Guidance Gold Production Camino Rojo 110 - 120 110 - 120 Musselwhite 170 - 180 - Total Gold Production Koz 280 - 300 110 - 120 Total Cash Cost 1 (net of by-product) Camino Rojo $625 – $725 $625 – $725 Musselwhite - April to December $1,000 - $1,200 - Total Cash Cost (Net of by-product) 1 – Consolidated $/oz sold $850 - $1,050 $625 – $725 AISC 1 – Consolidated Camino Rojo $700 – $800 - Musselwhite - April to December $1,550 - $1,750 - All-In Sustaining Costs 1 – Consolidated $/oz sold $1,300 - $1,500 $875 – $975 Capital Expenditures Camino Rojo Sustaining capital expenditures $5.0 $10.0 Non-sustaining – (Sulphides + capitalized exploration) $7.0 $7.0 Musselwhite Sustaining capital expenditures $90.0 - Non-sustaining – capitalized exploration $18.0 - South Carlin Complex Non-sustaining – capital projects $10.0 $10.0 Total Capital Expenditures $m $130.0 $27.0 Exploration and Project Development Expenses Camino Rojo - Exploration Expense $9.0 $9.0 Musselwhite - Exploration Expense $7.0 - South Carlin Complex - Exploration Expense $15.0 $15.0 South Carlin Complex - Project Development $12.0 $12.0 Total Exploration and Development Expenses $m $43.0 $36.0 Corporate G&A 2 Corporate General & Administrative Costs $27.0 - Share Based Compensation (non-cash) $6.0 - Total Corporate G&A $m $33.0 - 1 Cash cost and AISC include 9 months of production and costs from Musselwhite, and full year from Camino Rojo and Corporate G&A (inclusive of share-based compensation). Cash costs and AISC are non-GAAP measures. Please refer to the Non-GAAP section of this news release for further detail. 2 Corporate G&A costs include one-time costs associated with the closing of the Musselwhite transaction of approximately $10 million. These costs are excluded from the AISC calculation. Please refer to the Non-GAAP section of this news release for further detail. 3 Exchange rates used to forecast cost metrics include MXN/USD of 19.0 and CAD/USD of 1.35. A +/-1.0 change to the MXN/USD exchange rate would have an impact of +/-$21/oz on AISC. A 0.05 change to the USD /CAD (from 1.35 to 1.4) would have an impact of +/-$52/oz on AISC. Updated Guidance Commentary Orla's updated gold production guidance range includes the Musselwhite operation for the 10-month period under Orla ownership. The production guidance range is 280,000 to 300,000 ounces of gold. AISC guidance for 2025 is in the range of $1,300 to $1,500 per ounce of gold sold, which reflects consolidated production and costs from Camino Rojo, Musselwhite and includes corporate G&A. Camino Rojo & South Railroad The Company has revised the sustaining capital guidance for Camino Rojo to $5 million, down from the preliminary estimate of $10 million, reflecting a decision to expense, rather than capitalize, waste movement activities in alignment with the current operational approach. Otherwise, updated guidance for Camino Rojo and South Railroad remains consistent with preliminary guidance provided in January 2025. Musselwhite Operations Production guidance for Musselwhite is 170,000 to 180,000 ounces of gold. This includes production from March 1, 2025 following the closing of the acquisition. Cash cost and all-in sustaining cost guidance range is $1,000 to $1,200 and $1,550 to $1,750 per ounce of gold sold, respectively, for the nine-month period starting April 1, 2025. Sustaining capital expenditures guidance is $90 million with the majority of the investment relating to underground lateral development and underground mobile equipment in order to improve ore availability and efficiency for future years. Musselwhite Exploration and Evaluation As stated in Orla's April 1, 2025, press release, Orla has launched an aggressive $25 million drill program at Musselwhite for 2025. Of the $25 million, $18 million will be considered non-sustaining capital expenditures and $7 million will be expensed. The 2025 program is as follows: Underground drilling to replace and expand reserves and resources. Directional drilling from surface to prove the open down-plunge extension of the Mine Trend; the first surface program since 2020. Drill testing priority near-mine targets to identify potential new mill feed material. Corporate G&A Total corporate G&A includes regular costs, non-cash share-based compensation, and one-time transaction costs associated with the closing of the Musselwhite transaction which amount to approximately $10 million. Those transaction costs are excluded from the AISC calculation. Please refer to the non-GAAP section. Financial Statements Orla's unaudited financial statements and management's discussion and analysis for the quarter ended March 31, 2025, are available on the Company's website at and under the Company's profiles on SEDAR+ and EDGAR. Qualified Persons Statement The scientific and technical information in this news release was reviewed and approved by Mr. J. Andrew Cormier, P. Eng., Chief Operating Officer of the Company, and Mr. Sylvain Guerard, P. Geo., Senior Vice President, Exploration of the Company, who are the Qualified Persons as defined under NI 43-101 - Standards of Disclosure for Mineral Projects. First Quarter 2025 Conference Call Orla will host a conference call on Monday, May 12, 2025, at 10:00 AM, Eastern Time, to provide a corporate update following the release of its financial and operating results for the first quarter 2025: Dial-In Numbers / Webcast: About Orla Mining Ltd. Orla's corporate strategy is to acquire, develop, and operate mineral properties where the Company's expertise can substantially increase stakeholder value. The Company has three material projects, consisting of two operating mines and one development project, all 100% owned by the Company: (1) Camino Rojo, in Zacatecas State, Mexico, an operating gold and silver open-pit and heap leach mine. The property covers over 139,000 hectares which contains a large oxide and sulphide mineral resource, (2) Musselwhite Mine, in Northwestern Ontario, Canada, an underground gold mine that has been in operation for over 25 years and produced over 6 million ounces of gold, with a long history of resource growth and conversion, and (3) South Railroad, in Nevada, United States, a feasibility-stage, open pit, heap leach gold project located on the Carlin trend in Nevada. The technical reports for the Company's material projects are available on Orla's website at and on SEDAR+ and EDGAR under the Company's profile at and respectively. NON-GAAP MEASURES We have included herein certain performance measures ("non-GAAP measures") which are not specified, defined, or determined under generally accepted accounting principles ("GAAP"). These non-GAAP measures are common performance measures in the gold mining industry, but because they do not have any mandated standardized definitions, they may not be comparable to similar measures presented by other issuers. Accordingly, we use such measures to provide additional information, and you should not consider them in isolation or as a substitute for measures of performance prepared in accordance with GAAP. In this section, all currency figures in tables are in thousands, except per-share and per-ounce amounts. AVERAGE REALIZED GOLD PRICE Average realized gold price per ounce sold is calculated by dividing gold sales proceeds received by the Company for the relevant period by the ounces of gold sold. NET CASH (NET DEBT) Net cash (net debt) is calculated as cash and cash equivalents and short-term investments less total debt adjusted for unamortized deferred financing charges at the end of the reporting period. ADJUSTED EARNINGS AND ADJUSTED EARNINGS PER SHARE Adjusted earnings excludes unrealized foreign exchange, changes in fair values of financial instruments, impairments and reversals due to net realizable values, restructuring and severance, and other items which are significant but not reflective of the underlying operational performance of the Company. Companies may choose to expense or capitalize costs incurred while a project is in the exploration and evaluation phase. Our accounting policy is to expense these exploration costs. To assist readers in comparing against those companies which capitalize their exploration costs, we note that included within Orla's net income for each period are exploration costs which were expensed, as follows: FREE CASH FLOW Free Cash Flow is calculated as the sum of cash flow from operating activities and cash flow from investing activities, excluding certain unusual transactions. Included within the figures for Q1 2025 are $798,504,000 for the acquisition of Musselwhite Mine. CASH COST AND ALL-IN SUSTAINING COST Cash cost per ounce is calculated by dividing the sum of operating costs and royalty costs, net of by-product silver credits, by ounces of gold sold. All-in Sustaining Cost is intended to reflect all the expenditures that are required to produce an ounce of gold from operations. While there is no standardized meaning of the measure across the industry, the Company's definition conforms to the all-in sustaining cost definition as set out by the World Gold Council in its guidance. Because the Musselwhite Mine was acquired on February 28, 2025, and because accounting rules require metal inventory on hand at acquisition date (February 28, 2025) to have been valued on the books at net realizable value (roughly approximating spot, less costs to complete), rather than historical cost which is ordinarily the case, management concluded it could be misleading and therefore it would not be appropriate to report operating cost, cash costs and AISC for Musselwhite Mine for the one month period ended March 31, 2025. The following table excludes Musselwhite Mine. Excludes Musselwhite Mine Q1 2025 Q1 2024 Cash cost, as above $ 18,215 $ 18,467 General and administrative expenses 5,587 3,869 Share based payments 1,123 1,331 Accretion of site closure provisions 120 112 Amortization of site closure provisions 150 136 Sustaining capital 450 4,614 Sustaining capitalized exploration expenses — 413 Lease payments 138 199 ALL-IN SUSTAINING COST $ 25,783 $ 29,141 Ounces of gold sold 30,512 32,046 All-in sustaining cost per ounce sold $ 845 $ 909 EXPLORATION AND PROJECT DEVELOPMENT COSTS Exploration and project development costs are calculated as the sum of costs related to exploration and to project development. Some of these costs have been expensed, while some of these have been capitalized, in accordance with our accounting policies. Forward-looking Statements This news release contains certain "forward-looking information" and "forward-looking statements" within the meaning of Canadian securities legislation and within the meaning of Section 27A of the United States Securities Act of 1933, as amended, Section 21E of the United States Exchange Act of 1934, as amended, the United States Private Securities Litigation Reform Act of 1995, or in releases made by the United States Securities and Exchange Commission, all as may be amended from time to time, including, without limitation, statements regarding the Company's production and cost outlook, including expected production, AISC, processing throughputs, operating costs, sustaining and non-sustaining capital expenditures, exploration and development expenditures, and general corporate and administrative expenses; the Company's exploration program, including timing, expenditures, and the goals and results thereof; the timing of permitting, construction, and production at South Railroad; the updated mineral resource estimate for Camino Rojo; and the Company's goals and objectives. Forward-looking statements are statements that are not historical facts which address events, results, outcomes or developments that the Company expects to occur. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Certain material assumptions regarding such forward-looking statements were made, including without limitation, assumptions regarding: the future price of gold and silver; anticipated costs and the Company's ability to fund its programs; the Company's ability to carry on exploration, development, and mining activities; the Company's ability to successfully integrate the Musselwhite Mine; tonnage of ore to be mined and processed; ore grades and recoveries; decommissioning and reclamation estimates; currency exchange rates remaining as estimated; prices for energy inputs, labour, materials, supplies and services remaining as estimated; the Company's ability to secure and to meet obligations under property agreements, including the layback agreement with Fresnillo plc; that all conditions of the Company's credit facility will be met; the timing and results of drilling programs; mineral reserve and mineral resource estimates and the assumptions on which they are based; the discovery of mineral resources and mineral reserves on the Company's mineral properties; the obtaining of a subsequent agreement with Fresnillo to access the sulphide mineral resource at the Camino Rojo Project and develop the entire Camino Rojo Project mineral resources estimate; that political and legal developments will be consistent with current expectations; the timely receipt of required approvals and permits, including those approvals and permits required for successful project permitting, construction, and operation of projects; the timing of cash flows; the costs of operating and exploration expenditures; the Company's ability to operate in a safe, efficient, and effective manner; the Company's ability to obtain financing as and when required and on reasonable terms; that the Company's activities will be in accordance with the Company's public statements and stated goals; and that there will be no material adverse change or disruptions affecting the Company or its properties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements involve significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: uncertainty and variations in the estimation of mineral resources and mineral reserves; risks related to the Company's indebtedness and gold prepayment; risks related to exploration, development, and operation activities; foreign country and political risks, including risks relating to foreign operations; tailings risks; reclamation costs; delays in obtaining or failure to obtain governmental permits, or non-compliance with permits; environmental and other regulatory requirements; delays in or failures to enter into a subsequent agreement with Fresnillo with respect to accessing certain additional portions of the mineral resource at the Camino Rojo Project and to obtain the necessary regulatory approvals related thereto; the mineral resource estimations for the Camino Rojo Project being only estimates and relying on certain assumptions; loss of, delays in, or failure to get access from surface rights owners; uncertainties related to title to mineral properties; water rights; risks related to natural disasters, terrorist acts, health crises, and other disruptions and dislocations; financing risks and access to additional capital; risks related to guidance estimates and uncertainties inherent in the preparation of feasibility studies; uncertainty in estimates of production, capital, and operating costs and potential production and cost overruns; the fluctuating price of gold and silver; risks related to the Cerro Quema Project; unknown labilities in connection with acquisitions; global financial conditions; uninsured risks; climate change risks; competition from other companies and individuals; conflicts of interest; risks related to compliance with anti-corruption laws; volatility in the market price of the Company's securities; assessments by taxation authorities in multiple jurisdictions; foreign currency fluctuations; the Company's limited operating history; litigation risks; the Company's ability to identify, complete, and successfully integrate acquisitions; intervention by non-governmental organizations; outside contractor risks; risks related to historical data; the Company not having paid a dividend; risks related to the Company's foreign subsidiaries; risks related to the Company's accounting policies and internal controls; the Company's ability to satisfy the requirements of Sarbanes–Oxley Act of 2002; enforcement of civil liabilities; the Company's status as a passive foreign investment company (PFIC) for U.S. federal income tax purposes; information and cyber security; the Company's significant shareholders; gold industry concentration; shareholder activism; other risks associated with executing the Company's objectives and strategies; as well as those risk factors discussed in the Company's most recently filed management's discussion and analysis, as well as its annual information form dated March 18, 2025, which are available on and Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Past results are not indicative of future performance. SOURCE Orla Mining Ltd.
Yahoo
07-05-2025
- Business
- Yahoo
ARIS MINING REPORTS Q1 2025 RESULTS WITH RECORD ADJUSTED EARNINGS PER SHARE, OPERATIONAL STRENGTH, AND PROGRESS ON GROWTH PROJECTS
Total AISC increased to $1,570/oz (Q4 2024: $1,485; Q1 2024: $1,434), driven primarily by gold prices, which increased costs for purchased material from CMPs, as well as royalties and social contributions. Owner Mining AISC increased to $1,482/oz (Q4 2024: $1,386; Q1 2024: $1,553), towards the lower end of the Company's full-year 2025 guidance range of $1,450 to $1,600. Gold production totaled 54,763 oz , an increase of 8% from 50,767 oz in Q1 2024 and accounting for 22% of the mid-point of the FY 2025 production guidance range of 230 koz – 275 koz. Production rates are expected to progressively increase in H2 2025 following commissioning of the Segovia plant expansion in June 2025. The Company ended the quarter with a cash balance of $240 million and net debt 3 of $250 million , implying a net leverage ratio of 1.2x. Adjusted net earnings of $27.2 million or $0.16/share, up from $0.04/share in Q1 2024 and $0.14/share in Q4 2024. Record full quarterly adjusted EPS since Aris Mining was formed in September 2022. Adjusted EBITDA 1 of $66.6 million for Q1, and $201.3 million on a trailing 12-month basis, up 134% for the quarter from Q1 2024 and up 20% from Q4 2024. Gold revenue of $154.1 million , an increase of 47% over Q1 2024 and 4% over Q4 2024. Neil Woodyer, CEO, commented "Aris Mining had a strong start to 2025, driven by solid operational execution, higher gold prices, and continued progress on our growth initiatives. At Segovia, we maintained production and high margins while advancing the plant expansion, which remains on track for commissioning in June. At Marmato, we are making steady progress on the Lower Mine development, with construction spend ramping up and plant capacity now targeting 5,000 tonnes per day. At our Toroparu Project in Guyana, we have launched a new study to update the development plan, and we look forward to demonstrating the potential of this project." VANCOUVER, BC, May 7, 2025 /CNW/ - Aris Mining Corporation (Aris Mining or the Company) (TSX: ARIS) (NYSE-A: ARMN) announces its financial and operating results for the three months ended March 31, 2025 (Q1 2025), with a strong start to the year marked by record gold prices, solid production performance, and continued investments in growth. Adjusted earnings per share (EPS) of $0.16 is the highest full quarter result since Aris Mining was formed in September 2022. All amounts are expressed in U.S. dollars unless otherwise indicated. Story Continues Figure 1: Strong AISC Margin Growth ($ million) – Segovia (CNW Group/Aris Mining Corporation) Figure 2: Total AISC and Realized Gold Price Trends ($/oz) – Segovia (CNW Group/Aris Mining Corporation) Total Segovia Operating Information Q1 2025 Q4 2024 Q1 2024 Average realized gold price ($/ounce sold) $2,855 $2,642 $2,062 Tonnes milled (t) 167,150 167,649 154,425 Average tonnes milled per day (tpd) 1,966 1,949 1,817 Average gold grade processed (g/t) 9.37 9.84 9.42 Gold produced (ounces) 47,549 51,477 44,908 Gold sold (ounces) 47,390 50,409 45,288 AISC margin – $M 60.9 58.3 28.5 Segovia Operating Information by Segment Q1 2025 Q4 2024 Q1 2024 Owner Mining Gold sold (ounces) 26,963 28,149 22,445 Cash costs – ($/ounce sold) $1,123 $1,042 $1,191 AISC – ($/ounce sold) $1,482 $1,386 $1,553 AISC margin ($M) 37.0 35.3 11.4 CMPs Gold sold (ounces) 20,427 22,260 22,843 Cash costs – ($/ounce sold) $1,431 $1,399 $1,133 AISC – ($/ounce sold) $1,687 $1,610 $1,316 AISC sales margin (%) 41 % 39 % 36 % AISC margin ($M) 23.9 23.0 17.1 Total: Owner Mining & CMP AISC Margin ($M) 60.9 58.3 28.5 * Aris Mining operates its own mines and contracts with community-based mining partners, referred to as Contract Mining Partners (CMPs), to increase total gold production. Some partners work within Aris Mining's infrastructure, while others manage their own mining operations on Aris Mining's titles using their own infrastructure. In addition, Aris Mining purchases high grade mill feed from third-party contractors operating off-title, which further optimizes production and increases operating margins. Growth and Expansion Updates The Company invested $43.0 million in growth and expansion initiatives during the quarter, including: $29.7 million toward the Marmato Lower Mine development; and $6.4 million at Segovia to support plant expansion, underground development and exploration. In Q1 2025, our operations generated $40.0 million in cash flow after sustaining capital and income tax, enabling us to internally-fund the majority of our strategic growth and expansion investments. The Segovia expansion to 3,000 tonnes per day (tpd) is nearing completion, with the new ball mill to be installed in May and commissioning expected in June 2025. The Marmato Lower Mine construction is progressing well, with processing plant capacity increased from 4,000 tpd to a planned 5,000 tpd: decline development underway with 323 metres completed to the end of April 2025; earthworks completed for the main substation platform, and continued earthworks for the process plant platform; and continued arrival of equipment and materials on site, including tailings filters, cyclones and sump pumps. Soto Norte Project : the Company continues to advance the new Pre-Feasibility Study, with completion expected in Q3 2025. Toroparu Project: a new Preliminary Economic Assessment (PEA), prepared in accordance with National Instrument 43-101, has been commissioned to evaluate updated development options for the Toroparu project. Since updating the mineral resource estimate for Toroparu in March 2023, Aris Mining has also completed infrastructure optimization studies, strengthening the foundation for the development plan. Completion of the PEA is expected in Q3 2025. Capital Structure Update During Q1 2025 and through early May, Aris Mining continued to see strong participation in the exercise of its in-the-money TSX-listed warrants, which expire on July 29, 2025. Year-to-date, the Company has received over $19.4M in proceeds from these warrant exercises, further strengthening the balance sheet and supporting growth initiatives at Segovia and Marmato. As of May 6, 2025, Aris Mining has approximately 178.1 million common shares issued and outstanding, with 48.0 million warrants remaining outstanding, which if fully exercised would result in the issuance of 24.0 million new Aris Mining shares and additional proceeds to the Company of C$132 million (or $96 million). Following the expiry of the warrants on July 29, 2025, the Company will have no remaining convertible securities outstanding, other than stock options issued under its stock option plan. Since issuing its new $450 million senior unsecured bonds in October 2024, Aris Mining has steadily reduced both its total and net leverage ratios. As of March 31,2025, total leverage was 2.4x3 and net leverage was 1.2x3. Figure 3: Total and Net Leverage Ratios4 (CNW Group/Aris Mining Corporation) Endnotes 1 All references to adjusted earnings, EBITDA, adjusted EBITDA, adjusted (net) earnings, growth and expansion expenditures, cash flow after sustaining capital and income tax, cash costs and AISC are non-GAAP financial measures in this document. These measures do not have any standardized meaning prescribed under GAAP, and therefore may not be comparable to other issuers. Refer to the Non-GAAP Measures section in this document for a reconciliation of these measures to the most directly comparable financial measure disclosed in the Company's financial statements. 2 Net earnings represents net earnings attributable to owners of the company, as presented in the annual and interim financial statements for the relevant period. 3 Net debt is calculated as outstanding principal for the Senior Notes and the Gold-linked Notes, less cash. 4 Total and Net Leverage ratios are calculated by dividing total debt and net debt, respectively, by Adjusted EBITDA on a trailing 12-month basis. Q1 2025 Conference Call Details Management will host a conference call on Thursday, May 8, 2025, at 9:00 a.m. ET / 6:00 a.m. PT / 2:00 p.m. BST / 3:00 p.m. CEST to discuss the results. Participants may gain expedited access to the conference call by registering at Diamond Pass Registration ( Once registered, call in details will be displayed on screen which can be used to bypass the operator and avoid the call queue. Registration will remain open until the end of the live conference call. Webcast Conference Call Toll-free North America: +1-833-821-0197 International: +1-647-846-2328 Audio Recording After the call, an audio recording will be available via telephone until the end of day on May 15, 2025. Toll-free in the US and Canada: +1-855-669-9658 International: +1-412-317-0088; and using the access code: 3305587 A replay of the event will be archived at Events & Presentations - Aris Mining Corporation. Aris Mining's Condensed Consolidated Interim Financial Statements for the three months ended March 31, 2025 and 2024 and related MD&A are available on SEDAR+, in the Company's filings with the U.S. Securities and Exchange Commission (the SEC) and in the Financials section of Aris Mining's website here. Hard copies of the financial statements are available free of charge upon written request to info@ About Aris Mining Founded in September 2022, Aris Mining was established with a vision to build a leading Latin America-focused gold mining company. Our strategy blends current production and cashflow generation with transformational growth driven by expansions of our operating assets, exploration and development projects. Aris Mining is listed on the TSX (ARIS) and the NYSE-A (ARMN) and is led by an experienced team with a track record of value creation, operational excellence, financial discipline and good corporate governance in the gold mining industry. Aris Mining operates two underground gold mines in Colombia: the Segovia Operations and the Marmato Upper Mine, which together produced 210,955 ounces of gold in 2024. With expansions underway, Aris Mining is targeting an annual production rate of more than 500,000 ounces of gold following the ramp-up of the Segovia mill expansion, expected during the second half of 2025, and the new Marmato Mine, which is expected to start ramping up in H2 2026. In addition, Aris Mining operates the 51% owned Soto Norte joint venture, where studies are underway on a new, smaller scale development plan, with results expected by mid-2025. In Guyana, Aris Mining owns the Toroparu gold/copper project, where a new Preliminary Economic Assessment (PEA) has been commissioned. Colombia is rich in high-grade gold deposits and Aris Mining is actively pursuing partnerships with the Country's dynamic small-scale mining sector. With these partnerships, we enable safe, legal, and environmentally responsible operations that benefit both local communities and the industry. Aris Mining intends to pursue acquisitions and other growth opportunities to unlock value through scale and diversification. Additional information on Aris Mining can be found at and on Cautionary Language Non-GAAP Measures EBITDA, adjusted EBITDA, adjusted (net) earnings, cash cost, total leverage, net leverage and AISC are non-GAAP financial measures and non-GAAP ratios. These financial measures do not have any standardized meaning prescribed under IFRS or by Generally Accepted Accounting Principles (GAAP) in the United States, and therefore may not be comparable to other issuers. For full details on these measures and ratios refer to the "Non-GAAP Financial Measures" sections of the Company's Management's Discussion and Analysis for the three months ended March 31, 2025 and 2024 and years ended December 31, 2024 and 2023 (MD&As). The MD&As are incorporated by reference into this news release and are available at on the Company's profile on SEDAR+ at and in its filings with the SEC at We have presented total leverage and net leverage as non-GAAP ratios in this press release. Total leverage is calculated as the outstanding principal of the Company's debt instruments divided by trailing twelve-month adjusted EBITDA, and net leverage is calculated as net debt divided by trailing twelve-month adjusted EBITDA. We believe these ratios provide useful information to analysts, investors, and other stakeholders in assessing the Company's leverage and evaluating our balance sheet. The tables below reconcile the non-GAAP financial measures contained in this news release for the current and comparative periods to the most directly comparable financial measure disclosed in the Company's interim financial statements for the three months ended March 31, 2025 and 2024, and Company's annual financial statements for the three months and years ended December 31, 2024 and 2023. Quarterly cash-flow summary Three months ended, ($000's) Q1 2025 Q4 2024 Gold revenue $154,142 $148,381 Total cash cost1 (72,730) (73,688) Royalties (6,359) (5,748) Social contributions (4,334) (4,228) Sustaining capital (6,589) (6,357) Lease payments on sustaining capital (480) (567) All in sustaining cost (AISC)1 (90,492) (90,588) AISC margin 63,650 57,793 Taxes paid2 (5,121) (25,152) General and administration expense2 (4,106) (8,084) Decrease (increase) in VAT receivable (11,761) 18,906 Other changes in working capital (3,415) 8,650 Impact of foreign exchange losses on cash balances2 768 (2,699) After-tax adjusted sustaining margin3 40,015 49,414 Expansion and growth capital expenditure1 Marmato Lower Mine (29,661) (18,998) Segovia Operations (6,368) (21,041) Marmato Upper Mine — (5,369) Toroparu Project (2,411) (1,719) PSN (4,566) (3,604) Change in accrued capital expenditures and other additions (5,938) 9,204 Total expansion and growth capital (48,944) (41,527) Financing and other costs4 Proceeds from warrant and option exercises2 5,197 1,427 Principal repayment of Gold Notes2 (3,941) (3,695) Repayment of 2026 Senior Notes 2 — (305,157) Net proceeds from 2029 Senior Notes2 — 441,294 Precious metal stream deposit received2 — 40,016 Capitalized interest paid2 (5,031) (3,959) Interest (paid) received - net2 — (5,582) Total financing and other costs (3,775) 164,344 Net change in cash2 (12,704) 172,231 Opening cash balance at beginning of period2 252,535 80,304 Closing cash balance at end of period2 239,831 252,535 1. Refer to the Non-GAAP Financial Measures section for full details on cash costs ($ per oz sold), AISC ($ per oz sold), and additions to mining interests split by nature and site which are on an accrual basis. 2. As presented in the Financial Statements and notes for the respective periods. 3. After-tax adjusted sustaining margin is defined as operating cash flow adjusted for the receipt of the WPMI milestone payment, sustaining capital expenditures and sustaining lease payments. 4. Financing and other costs are defined as financing activities as presented in the Financial Statements adjusted for capitalized interest paid and receipt of the WPMI milestone payment. Cash costs per ounce Reconciliation of total cash costs by business unit at Segovia and Marmato to the cash costs as disclosed above. Three months ended Mar 31, 2025 Three months ended Dec 31, 2024 ($000s except per ounce amounts) Segovia Marmato Total Segovia Marmato Total Total gold sold (ounces) 47,390 6,891 54,281 50,409 5,925 56,334 Cost of sales1 67,091 15,384 82,475 68,078 15,111 83,189 Less: materials and supplies inventory provision — — — (965) (225) (1,190) Less: royalties1 (4,519) (1,840) (6,359) (4,342) (1,406) (5,748) Add: by-product revenue1 (3,073) (313) (3,386) (2,308) (255) (2,563) Total cash costs 59,499 13,231 72,730 60,463 13,225 73,688 Total cash costs ($ per oz gold sold) $1,256 $1,199 Total cash costs including royalties 64,018 64,805 Total cash costs including royalties ($ per oz gold sold) $1,351 $1,286 Three months ended Mar 31, 2024 ($000s except per ounce amounts) Segovia Marmato Total Total gold sold (ounces) 45,288 5,756 51,044 Cost of sales1 57,949 13,384 71,333 Less: materials and supplies inventory provision — — — Less: royalties1 (3,008) (1,084) (4,092) Add: by-product revenue1 (2,318) (112) (2,430) Total cash costs 52,623 12,188 64,811 Total cash costs ($ per oz gold sold) $1,162 Total cash costs including royalties 55,631 Total cash costs including royalties ($ per oz gold sold) $1,228 1 As presented in the Annual and Interim Financial Statements and notes thereto for the respective periods. Cash costs per ounce – Business Units (Segovia) Three months ended Mar 31, 2025 Three months ended Dec 31 2024 ($000s except per ounce amounts) Owner CMPs Total Owner CMPs Total Total gold sold (ounces) 26,963 20,427 47,390 28,149 22,260 50,409 Cost of sales1 34,799 32,292 67,091 34,518 33,560 68,078 Less: materials and supplies inventory provision — — — (717) (248) (965) Less: royalties1 (2,783) (1,736) (4,519) (2,754) (1,588) (4,342) Add: by-product revenue1 (1,748) (1,325) (3,073) (1,727) (581) (2,308) Total cash costs 30,268 29,231 59,499 29,320 31,143 60,463 Total cash costs ($ per oz gold sold) $1,123 $1,431 $1,256 $1,042 $1,399 $1,199 Three months ended Mar 31, 2024 ($000s except per ounce amounts) Owner CMPs Total Total gold sold (ounces) 22,445 22,843 45,288 Cost of sales1 30,085 27,864 57,949 Less: royalties1 (1,677) (1,331) (3,008) Add: by-product revenue1 (1,663) (655) (2,318) Total cash costs 26,745 25,878 52,623 Total cash costs ($ per oz gold sold) $1,192 $1,133 $1,162 1 As presented in the Annual and Interim Financial Statements and notes thereto for the respective periods. All-in sustaining costs (AISC) Reconciliation of total AISC by business unit at Segovia and Marmato to the AISC as disclosed above. Three months ended Mar 31, 2025 Three months ended Dec 31, 2024 ($000s except per ounce amounts) Segovia Marmato Total Segovia Marmato Total Total gold sold (ounces) 47,390 6,891 54,281 50,409 5,925 56,334 Total cash costs 59,499 13,231 72,730 60,463 13,225 73,688 Add: royalties1 4,519 1,840 6,359 4,342 1,406 5,748 Add: social programs1 4,061 273 4,334 4,063 165 4,228 Add: sustaining capital expenditures 5,856 733 6,589 5,426 931 6,357 Add: lease payments on sustaining capital 480 — 480 567 — 567 Total AISC 74,415 16,077 90,492 74,861 15,727 90,588 Total AISC ($ per oz gold sold) $1,570 $1,485 Three months ended Mar 31, 2024 ($000s except per ounce amounts) Segovia Marmato Total Total gold sold (ounces) 45,288 5,756 51,044 Total cash costs 52,623 12,188 64,811 Add: royalties1 3,008 1,084 4,092 Add: social programs1 2,289 1,166 3,455 Add: sustaining capital expenditures 6,496 824 7,320 Add: lease payments on sustaining capital 506 — 506 Total AISC 64,922 15,262 80,184 Total AISC ($ per oz gold sold) $1,434 1 As presented in the Annual and Interim Financial Statements and notes thereto for the respective periods. All-in sustaining costs (AISC) – Segovia by Business Unit Three months ended Mar 31, 2025 Three months ended Dec 31, 2024 ($000s except per ounce amounts) Owner CMPs Total Owner CMPs Total Total gold sold (ounces) 26,963 20,427 47,390 28,149 22,260 50,409 Total cash costs 30,268 29,231 59,499 29,320 31,143 60,463 Add: royalties1 2,783 1,736 4,519 2,754 1,588 4,342 Add: social programs1 2,501 1,560 4,061 2,558 1,505 4,063 Add: sustaining capital expenditures 3,917 1,939 5,856 3,819 1,607 5,426 Add: lease payments on sustaining capital 480 — 480 567 — 567 Total AISC 39,949 34,466 74,415 39,018 35,843 74,861 Total AISC ($ per oz gold sold) $1,482 $1,687 $1,570 $1,386 $1,610 $1,485 Three months ended Sep 30, 2024 Three months ended June 30, 2024 ($000s except per ounce amounts) Owner CMPs Total Owner CMPs Total Total gold sold (ounces) 22,952 25,107 48,059 20,183 23,183 43,366 Total cash costs 24,820 35,579 60,399 24,660 31,682 56,342 Add: royalties1 1,999 1,507 3,506 1,720 1,358 3,078 Add: social programs1 2,449 1,845 4,294 1,185 935 2,120 Add: sustaining capital expenditures 3,640 1,783 5,423 4,677 1,547 6,224 Add: lease payments on sustaining capital 389 — 389 364 — 364 Total AISC 33,297 40,714 74,011 32,606 35,522 68,128 Total AISC ($ per oz gold sold) $1,451 $1,622 $1,540 $1,616 $1,532 $1,571 Three months ended Mar 31, 2024 ($000s except per ounce amounts) Owner CMPs Total Total gold sold (ounces) 22,445 22,843 45,288 Total cash costs 26,745 25,878 52,623 Add: royalties1 1,677 1,331 3,008 Add: social programs1 1,276 1,013 2,289 Add: sustaining capital expenditures 4,659 1,837 6,496 Add: lease payments on sustaining capital 506 — 506 Total AISC 34,863 30,059 64,922 Total AISC ($ per oz gold sold) $1,553 $1,316 $1,434 1 as presented in the annual and interim financial statements and notes thereto for the respective periods. Additions to mineral interests, plant and equipment ($'000) Mar 31, 2025 Dec 31, 2024 Mar 31, 2024 Sustaining capital Segovia Operations 5,856 5,426 6,496 Marmato Upper Mine 733 931 824 Total 6,589 6,357 7,320 Non-sustaining capital Marmato Lower Mine 29,661 18,998 14,865 Segovia Operations 6,368 21,041 11,023 Soto Norte Project (PSN) 4,566 3,604 — Marmato Upper Mine — 5,369 2,278 Toroparu Project 2,411 1,719 1,939 Juby Project 4 34 3 Total 43,010 50,765 30,108 Corporate Assets — — — Additions to mining interest, plant and equipment1 49,599 57,122 37,428 Earnings before interest, taxes, depreciation, and amortization (EBITDA) and adjusted EBITDA Three months ended, ($000s) Mar 31, 2025 Dec 31, 2024 Sept 30, 2024 June 30, 2024 Mar 31, 2024 Earnings (loss) before tax1 21,220 37,513 13,603 17,904 10,310 Add back: Depreciation and depletion1 10,734 9,530 9,019 8,082 7,519 Finance income1 (2,336) (1,606) (1,351) (1,691) (2,246) Interest and accretion1 10,037 21,165 6,493 6,496 6,803 EBITDA 39,655 66,602 27,764 30,791 22,386 Add back: Share-based compensation1 3,784 (483) 2,533 1,373 1,842 (Income) loss from equity accounting in investee1 14 14 17 2,301 551 (Gain) loss on financial instruments1 16,628 (6,561) 12,842 6,144 3,742 Other (income) expense1 535 1,116 (428) 2,681 — Foreign exchange (gain) loss1 5,997 (5,113) 311 (7,211) (108) Adjusted EBITDA 66,613 55,575 43,039 36,079 28,413 presented in the Annual and Interim Financial Statements and notes for the respective periods. Earnings before interest, taxes, depreciation, and amortization (EBITDA) and adjusted EBITDA ($000s) Mar 31, 2024 Dec 31, 2023 Sept 30, 2023 June 30, 2023 Earnings (loss) before tax1 10,310 7,963 26,156 18,925 Add back: Depreciation and depletion1 7,519 7,535 10,938 8,825 Finance income1 (2,246) (2,580) (3,672) (2,358) Interest and accretion1 6,803 6,772 6,757 6,746 EBITDA 22,386 19,690 40,179 32,138 Add back: Share-based compensation1 1,842 2,977 528 459 Revaluation of investments (Denarius/Aris) — 536 — 10,023 (Income) loss from equity accounting in investee1 551 (3,667) (1,062) 1,428 (Gain) loss on financial instruments1 3,742 13,429 (374) (11,756) Other (income) expense1 — (1,442) 21 35 Foreign exchange (gain) loss1 (108) 6,685 2,285 7,237 Adjusted EBITDA 28,413 38,208 41,577 39,564 presented in the Annual and Interim Financial Statements and notes for the respective periods. Adjusted net earnings and adjusted net earnings per share Three months ended, ($000s except shares amount) Mar 31, 2025 Dec 31, 2024 Sept 30, 2024 June 30, 2024 Mar 31, 2024 Basic weighted average shares outstanding 171,622,649 170,900,890 169,873,924 151,474,859 138,381,653 Net earnings (loss)1 2,368 21,687 (2,074) 5,713 (744) Add back: Share-based compensation1 3,784 (483) 2,533 1,373 1,842 (Income) loss from equity accounting in investee1 14 14 17 2,301 551 (Gain) loss on financial instruments1 16,628 (6,561) 12,842 6,144 3,742 Other (income) expense1 535 1,116 (428) 2,681 — Loss on extinguishment of Senior Notes — 11,463 — — — Foreign exchange (gain) loss1 5,997 (5,113) 311 (7,211) (108) Income tax effect on adjustments (2,099) 2,536 (109) 1,738 78 Adjusted net (loss) / earnings 27,227 24,659 13,092 12,739 5,361 Per share – basic ($/share) 0.16 0.14 0.08 0.08 0.04 presented in the Annual and Interim Financial Statements and notes for the respective periods. Adjusted net earnings and adjusted net earnings per share ($000s except shares amount) Mar 31, 2024 Dec 31, 2023 Sept 30, 2023 June 30, 2023 Basic weighted average shares outstanding 138,381,653 137,313,095 137,192,545 136,229,686 Net earnings (loss)1 (744) (5,944) 13,833 9,899 Add back: Share-based compensation1 1,842 2,977 528 459 Revaluation of investments (Denarius/Aris) — 536 — 10,023 (Income) loss from equity accounting in investee1 551 (3,667) (1,062) 1,428 (Gain) loss on financial instruments1 3,742 13,429 (374) (11,756) Other (income) expense1 — (1,442) 21 35 Loss on extinguishment of Senior Notes — — — — Foreign exchange (gain) loss1 (108) 6,685 2,285 7,237 Income tax effect on adjustments 78 (2,221) (796) (2,453) Adjusted net (loss) / earnings 5,361 10,353 14,435 14,872 Per share – basic ($/share) 0.04 0.08 0.11 0.11 1. As presented in the Annual and Interim Financial Statements and notes for the respective periods. Qualified Person and Technical Information Pamela De Mark, Senior Vice President Geology and Exploration of Aris Mining, is a Qualified Person as defined by National Instrument 43-101 (NI 43-101), and has reviewed and approved the technical information contained in this news release. Forward-Looking Information This news release contains "forward-looking information" or forward-looking statements" within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, including, without limitation, statements relating to the Company's ability to deliver on its 2025 objectives, the completion timeline and expected benefit from the Sevogia expansion, the completion timeline and expected benefit from the Marmato Lower Mine construction, the expected completion date of the new pre-feasibility study for the Soto Norte Project, the completion date of the new preliminary economic assessment for the Toroparu Project, benefits to the Company from the exercise of its outstanding warrants and statements included in the "About Aris Mining" section of this news release relating to the Segovia Operations, Marmato Mine, Soto Norte Project and Toroparu Project are forward-looking. Generally, the forward-looking information and forward looking statements can be identified by the use of forward looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", "will continue" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". The material factors or assumptions used to develop forward looking information or statements are disclosed throughout this news release. Forward looking information and forward looking statements, while based on management's best estimates and assumptions, are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Aris Mining to be materially different from those expressed or implied by such forward-looking information or forward looking statements, including but not limited to those factors discussed in the section entitled "Risk Factors" in Aris Mining's annual information form dated March 12, 2025 which is available on SEDAR+ at and in the Company's filings with the SEC at Although Aris Mining has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information and forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information or statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information or statements. The Company has and continues to disclose in its Management's Discussion and Analysis and other publicly filed documents, changes to material factors or assumptions underlying the forward-looking information and forward-looking statements and to the validity of the information, in the period the changes occur. The forward-looking statements and forward-looking information are made as of the date hereof and Aris Mining disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements or forward-looking information contained herein to reflect future results. Accordingly, readers should not place undue reliance on forward-looking statements and information. 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Business Wire
07-05-2025
- Business
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Sierra Metals Reports First Quarter 2025 Consolidated Financial Results
TORONTO--(BUSINESS WIRE)-- Sierra Metals Inc. (TSX: SMT | OTCQX: SMTSF | BVL: SMT) ('Sierra Metals' or the 'Company') reports consolidated financial results for the three months ending March 31, 2025 ('Q1 2025'). The information provided below are excerpts from the Company's Q1 2025 financial statements and Management's Discussion and Analysis ('MD&A'), which are available on the Company's website ( and on SEDAR+ ( under the Company's profile. Consolidated results include results from the Company's Yauricocha Mine ('Yauricocha') in Peru and the Bolivar Mine ('Bolivar') in Mexico. Q1 2025 Consolidated Operating and Financial Highlights (In thousands of dollars, except per share and cash cost amounts, consolidated figures unless noted otherwise) Q1 2025 Q4 2024 Q1 2024 Operating Ore Processed / Tonnes Milled 752,771 797,774 638,916 Copper Pounds Produced (000's) 12,783 13,533 11,247 Zinc Pounds Produced (000's) 10,831 12,301 10,132 Silver Ounces Produced (000's) 548 544 427 Gold Ounces Produced 4,014 4,009 4,505 Lead Pounds Produced (000's) 2,787 2,381 3,049 Cash Cost per CuEqLb (Yauricocha) 1,2,3 $ 2.32 $ 3.17 $ 3.55 AISC per CuEqLb (Yauricocha) 1,2,3 $ 2.82 $ 3.57 $ 3.97 Cash Cost per CuEqLb (Bolivar) 1,2 $ 2.51 $ 2.43 $ 2.34 AISC per CuEqLb (Bolivar) 1,2 $ 3.16 $ 3.06 $ 3.02 Financial Revenues $ 86,078 $ 81,036 $ 63,140 Net income (loss) - Continuing operations 3 $ 10,370 $ 8,153 $ 82 - Discontinued Operations $ - $ 1,351 $ (865 ) Net income (loss) attributable to shareholders, including discontinued operations 3 $ 7,942 $ 6,740 $ (389 ) Adjusted EBITDA 1,2 from continuing operations $ 33,911 $ 26,563 $ 15,826 Operating cash flows before movements in working capital $ 31,655 $ 16,004 $ 14,275 Adjusted net income (loss) attributable to shareholders 1 - Continuing operations 3 $ 10,808 $ 23,537 $ 3,750 - Discontinued Operations $ - $ 1,351 $ (865 ) Cash and cash equivalents $ 22,363 $ 19,826 $ 11,220 (1) This is a non-IFRS performance measure, see Non-IFRS Performance Measures section of this press release (2) Copper equivalent payable pounds used for the cash cost and AISC calculations were calculated at the following prices: Q1 2025 - $4.25/lb Cu, $1.29/lb Zn, $31.86/oz Ag, $0.90/lb Pb, $2,868/oz Au. Q4 2024 - $4.14/lb Cu, $1.38/lb Zn, $31.32/oz Ag, $0.91/lb Pb, $2,654/oz Au. Q1 2024 - $3.84/lb Cu, $1.12/lb Zn, $23.41/oz Ag, $0.94/lb Pb, $2,069/oz Au. (3) During Q4 2024, management identified certain inventory transactions that were incorrectly recorded starting in Q4 2023 and the previous quarters of 2024. Previously reported Q1 2024 results have been adjusted accordingly to correct these errors. The revised inventory balances impacted the related cost of sales and net income. Adjusted EBITDA and Adjusted net income (loss) attributable to shareholders are also revised to reflect the corresponding impacts. Expand Q1 2025 Consolidated Operating Highlights Consolidated ore throughput increased by 18% in Q1 2025 compared to Q1 2024, reflecting stronger performance at both Yauricocha and Bolivar. When compared to Q4 2024, consolidated throughput was lower due to adverse weather conditions and a planned two-day mill shutdown, which impacted Q1 2025 production at Bolivar. Consolidated copper production rose by 14% year-over-year, driven primarily by higher output at Yauricocha. Q1 2025 Consolidated Financial Highlights Consolidated revenue from metals payable amounted to $86.1 million in Q1 2025, which is a 36% increase from the $63.1 million recorded in Q1 2024, mainly driven by the increased metal production in Yauricocha and higher metal prices. Adjusted EBITDA(1) of $33.9 million for Q1 2025 was a 114% increase over Q1 2024 and a 28% increase over Q4 2024, mainly driven by the higher revenue and increased gross margins. Adjusted net income attributable to shareholders (1) of $10.8 million, or $0.05 per share, for Q1 2025 as compared to the adjusted net income of $3.8 million, or $0.01 per share for Q1 2024. Adjusted net income attributable to shareholders was lower than Q4 2024, as there was recognition of a deferred tax recovery of $22.5 million related to the loss of sale of discontinued operations in Q4 2024. Cash flow generated from operations before movements in working capital of $31.7 million for Q1 2025 increased compared to $14.3 million in Q1 2024. Cash and cash equivalents of $22.4 million as at March 31, 2025 compared to $19.8 million at the end of 2024. Cash and cash equivalents increased during Q1 2025 as a result of cash generated from operating activities of $27.2 million offset by cash used in investing activities of $20.1 million and cash used in financing activities of $4.6 million. NON-IFRS PERFORMANCE MEASURES The non-IFRS performance measures presented do not have any standardized meaning prescribed by IFRS and are therefore unlikely to be directly comparable to similar measures presented by other issuers. Non-IFRS reconciliation of adjusted EBITDA EBITDA is a non-IFRS measure that represents an indication of the Company's continuing capacity to generate earnings from operations before taking into account management's financing decisions and costs of consuming capital assets, which vary according to their vintage, technological currency, and management's estimate of their useful life. EBITDA comprises revenue less operating expenses before interest expense (income), property, plant and equipment amortization and depletion, and income taxes. Adjusted EBITDA has been included in this document. Under IFRS, entities must reflect in compensation expense the cost of share-based payments. In the Company's circumstances, share-based payments involve a significant accrual of amounts that will not be settled in cash but are settled by the issuance of shares in exchange for cash. As such, the Company has made an entity specific adjustment to EBITDA for these expenses. The Company has also made an entity-specific adjustment to the foreign currency exchange (gain)/loss. The Company considers cash flow before movements in working capital to be the IFRS performance measure that is most closely comparable to adjusted EBITDA. The following table provides a reconciliation of adjusted EBITDA to the condensed interim consolidated financial statements for the three months ended March 31, 2025 and 2024: Non-IFRS reconciliation of adjusted net income The Company has included the non-IFRS financial performance measure of adjusted net income, defined by management as the net income attributable to shareholders shown in the statement of earnings plus the non-cash depletion charge due to the acquisition of Corona and the corresponding deferred tax recovery and certain non-recurring or non-cash items such as share-based compensation and foreign currency exchange (gains) losses. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors may want to use this information to evaluate the Company's performance and ability to generate cash flows. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance in accordance with IFRS. The following table provides a reconciliation of adjusted net income to the condensed interim consolidated financial statements for the three months ended March 31, 2025 and 2024: Three months ended March 31, (In thousands of United States dollars) 2025 2024 (revised) (1) Net income (loss) attributable to shareholders $ 7,942 $ (389 ) Non-cash depletion charge on Corona's acquisition 804 1,045 Deferred tax recovery on Corona's acquisition depletion charge (282 ) (693 ) Reorganizational and other non-recurring expenses 355 124 Share-based compensation 158 634 Foreign currency exchange loss (gain) 1,831 2,164 Adjusted net income attributable to shareholders $ 10,808 $ 2,885 Less: Adjusted net loss from discontinued operations - (865 ) Adjusted net income from continuing operations 10,808 3,750 (1) During Q4 2024, management identified certain inventory transactions that were incorrectly recorded starting in Q4 2023 and the previous quarters of 2024. Previously reported Q1 2024 Adjusted net income has been adjusted accordingly to correct this error. Expand Cash cost per copper equivalent payable pound The Company uses the non-IFRS measure of cash cost per copper equivalent payable pound to manage and evaluate operating 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 flows. 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 Company considers cost of sales per copper equivalent payable pound to be the most comparable IFRS measure to cash cost per copper equivalent payable pound and has included calculations of this metric in the reconciliations within the applicable tables to follow. All-in sustaining cost per copper equivalent payable pound All‐In Sustaining Cost ('AISC') is a non‐IFRS measure and is calculated based on guidance provided by the World Gold Council ('WGC'). WGC is not a regulatory industry organization and does not have the authority to develop accounting standards for disclosure requirements. Other mining companies may calculate AISC differently as a result of differences in underlying accounting principles and policies applied, as well as differences in definitions of sustaining versus development capital expenditures. AISC is a more comprehensive measure than cash cost per pound for the Company's consolidated operating performance by providing greater visibility, comparability and representation of the total costs associated with producing copper from its current operations. The Company defines sustaining capital expenditures as, 'costs incurred to sustain and maintain existing assets at current productive capacity and constant planned levels of productive output without resulting in an increase in the life of assets, future earnings, or improvements in recovery or grade. Sustaining capital includes costs required to improve/enhance assets to minimum standards for reliability, environmental or safety requirements. Sustaining capital expenditures excludes all expenditures at the Company's new projects and certain expenditures at current operations which are deemed expansionary in nature.' Consolidated AISC includes total production cash costs incurred at the Company's mining operations, including treatment and refining charges and selling costs, which forms the basis of the Company's total cash costs. Additionally, the Company includes sustaining capital expenditures and corporate general and administrative expenses. AISC by mine does not include certain corporate and non‐cash items such as general and administrative expense and share-based payments. The Company believes that this measure represents the total sustainable costs of producing silver and copper from current operations and provides the Company and other stakeholders of the Company with additional information of the Company's operational performance and ability to generate cash flows. As the measure seeks to reflect the full cost of silver and copper production from current operations, new project capital and expansionary capital at current operations are not included. Certain other cash expenditures, including tax payments, dividends and financing costs are also not included. The following table provides a reconciliation of cash costs to cost of sales, as reported in the Company's condensed interim consolidated statement of income for the three months ended March 31, 2025 and 2024: The following table provides detailed information on Yauricocha's cash cost and all-in sustaining cost per copper equivalent payable pound for the three months ended March 31, 2025 and 2024: YAURICOCHA Three months ended (In thousand of US dollars, unless stated) March 31, 2025 March 31, 2024 (revised) (2) Cash Cost per copper equivalent payable pound Total Cash Cost 22,618 18,178 Variation in Finished inventory 1,041 1,906 Treatment and Refining Charges 2,831 5,625 Selling Costs 930 640 G&A Costs 2,049 1,520 Total Cash Cost of Sales 29,469 27,869 Sustaining Capital Expenditures 6,365 3,318 All-In Sustaining Cash Costs 35,834 31,187 Copper Equivalent Payable Pounds (000's) (1) 12,701 7,856 Cash Cost per Copper Equivalent Payable Pound (US$) 2.32 3.55 All-In Sustaining Cash Cost per Copper Equivalent Payable Pound (US$) 2.82 3.97 (1) Copper equivalent payable pounds were calculated at the following prices: Q1 2025 - $4.25/lb Cu, $1.29/lb Zn, $31.86/oz Ag, $0.90/lb Pb, $2,868/oz Au. Q1 2024 - $3.84/lb Cu, $1.12/lb Zn, $23.41/oz Ag, $0.94/lb Pb, $2,069/oz Au. (2) During Q4 2024, management identified certain inventory transactions that were incorrectly recorded starting in Q4 2023 and the previous quarters of 2024. Previously reported Q1 2024 cost of sales has been adjusted accordingly to correct this error. Expand The following table provides detailed information on Bolivar's cash cost, and all-in sustaining cost per copper equivalent payable pound for the three months ended March 31, 2025 and 2024: BOLIVAR Three months ended (In thousand of US dollars, unless stated) March 31, 2025 March 31, 2024 (revised) (2) Cash Cost per copper equivalent payable pound Total Cash Cost 17,335 18,765 Variation in Finished inventory (661 ) (326 ) Treatment and Refining Charges 1,925 2,854 Selling Costs 2,180 2,639 G&A Costs 1,538 1,557 Total Cash Cost of Sales 22,317 25,489 Sustaining Capital Expenditures 5,855 7,383 All-In Sustaining Cash Costs 28,172 32,872 Copper Equivalent Payable Pounds (000's) (1) 8,908 10,880 Cash Cost per Copper Equivalent Payable Pound (US$) 2.51 2.34 All-In Sustaining Cash Cost per Copper Equivalent Payable Pound (US$) 3.16 3.02 (1) Copper equivalent payable pounds were calculated at the following prices: Q1 2025 - $4.25/lb Cu, $1.29/lb Zn, $31.86/oz Ag, $0.90/lb Pb, $2,868/oz Au. Q1 2024 - $3.84/lb Cu, $1.12/lb Zn, $23.41/oz Ag, $0.94/lb Pb, $2,069/oz Au. (2) G&A costs updated to exclude corporate allocations for consistency with Yauricocha calculations. Expand Additional non-IFRS measures The Company uses other financial measures, the presentation of which is not meant to be a substitute for other subtotals or totals presented in accordance with IFRS, but rather should be evaluated in conjunction with such IFRS measures. The following other financial measures are used: Operating cash flows before movements in working capital - excludes the movement from period-to-period in working capital items including trade and other receivables, prepaid expenses, deposits, inventories, trade and other payables and the effects of foreign exchange rates on these items. The terms described above do not have a standardized meaning prescribed by IFRS, and therefore the Company's definitions are unlikely to be comparable to similar measures presented by other companies. The Company's management believes that their presentation provides useful information to investors because cash flows generated from operations before changes in working capital excludes the movement in working capital items. This, in management's view, provides useful information of the Company's cash flows from operations and are considered to be meaningful in evaluating the Company's past financial performance or its future prospects. The most comparable IFRS measure is cash flows from operating activities. About Sierra Metals Sierra Metals is a Canadian mining company focused on copper production with additional base and precious metals by-product credits at its Yauricocha Mine in Peru and Bolivar Mine in Mexico. The Company is intent on safely increasing production volume and growing mineral resources. Sierra Metals has recently had several new key discoveries and still has many more exciting brownfield exploration opportunities in Peru and Mexico that are within close proximity to the existing mines. Additionally, the Company has large land packages at each of its mines with several prospective regional targets providing longer-term exploration upside and mineral resource growth potential. For further information regarding Sierra Metals, please visit Forward-Looking Statements This press release contains forward-looking information within the meaning of Canadian securities legislation. Forward-looking information relates to future events or the anticipated performance of Sierra and reflect management's expectations or beliefs regarding such future events and anticipated performance based on an assumed set of economic conditions and courses of action. In certain cases, statements that contain forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur" or "be achieved" or the negative of these words or comparable terminology. By its very nature forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual performance of Sierra to be materially different from any anticipated performance expressed or implied by such forward-looking information. Forward-looking information is subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the risks described under the heading "Risk Factors" in the Company's annual information form dated March 26, 2025 for its fiscal year ended December 31, 2024 and other risks identified in the Company's filings with Canadian securities regulators, which are available at The risk factors referred to above are not an exhaustive list of the factors that may affect any of the Company's forward-looking information. Forward-looking information includes statements about the future and is inherently uncertain, and the Company's actual achievements or other future events or conditions may differ materially from those reflected in the forward-looking information due to a variety of risks, uncertainties and other factors. The Company's statements containing forward-looking information are based on the beliefs, expectations, and opinions of management on the date the statements are made, and the Company does not assume any obligation to update such forward-looking information if circumstances or management's beliefs, expectations or opinions should change, other than as required by applicable law. For the reasons set forth above, one should not place undue reliance on forward-looking information.
