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Brio Gold Reports Net Loss In Fourth Quarter

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Brio Gold Inc. (TSX: BRIO), which has agreed to be bought by Leagold Mining Corp., reports a net loss of $8.9 million in the fourth quarter that was narrower than a $22.1 million loss in the year-ago period. The adjusted loss was $4.6 million, compared to $28.9 million. Gold production in the October-December period was 40,350 ounces, down 20% year-on-year. For full-year 2017, the net loss was $21 million, or 18 cents per share, compared to a net loss of $16.9 million, or 37 cents, for 2016. The adjusted loss for 2017 was $9.5 million, compared to $17.9 million in 2016, as the decrease in revenues from mining operations was offset by lower depletion, depreciation and amortization expense, the company says. Output last year fell by 6% to 178,025 gold ounces due to lower production at the Fazenda Brasileiro and Pilar mines, partially offset by higher production at RDM, Brio reports. Brio Gold is expected to produce 205,000 to 235,000 ounces of gold in 2018. Ata full run rate, the company is expected to produce approximately 400,000 ounces of gold in 2019.

By Allen Sykora of Kitco News; asykora@kitco.com

 

Primero Shareholders Approve Acquisition By First Majestic Silver

Wednesday March 14, 2018 08:10

Shareholders of Primero Mining Corp. (TSX: P) have voted in favor of a takeover by First Majestic Silver Corp. (TSX: FR; NYSE: AG), the companies report. The all-stock deal, announced early in the year, was valued at $320 million. The next step is approval by the Supreme Court of British Columbia. The transaction is expected to close before the end of April, subject to applicable regulatory approvals, including anti-trust clearance in Mexico, officials say. Primero’s main asset is the San Dimas gold-silver mine in Mexico. "The acquisition of Primero adds one of Mexico’s largest and richest precious metals mines to our portfolio and further enhances our growth profile,” says Keith Neumeyer, president and chief executive officer of First Majestic.

By Allen Sykora of Kitco News; asykora@kitco.com

 

Superior Posts Fourth-Quarter Net Loss

Wednesday March 14, 2018 08:10

Superior Gold Inc. (TSXV: SGI), which operates the Plutonic gold mine in Australia and is listing its first full year of results, reports a net loss of $2.3 million, or 2 cents per share, for the fourth quarter. The adjusted loss was $2.1 million, also 2 cents. Gold production of 20,197 ounces was down from 21,621 in the third quarter. For full-year 2017, the net loss was $3.1 million, or 4 cents, while the company lists adjusted income of 2 million, or 2 cents. Full-year output was 80,143 ounces. “We are pleased to be reporting our first full year of financial and operating results for 2017. Production of over 80,000 ounces from the Plutonic gold mine exceeded our annual guidance of 75-80,000 ounces of gold, and recoveries increased to 84% by year end,” says Chris Bradbrook, president and chief executive officer. The company is aiming for annual output of at least 100,000 ounces from the Plutonic mine.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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