Fortuna reports record earnings for the third quarter of 2024
(All amounts are expressed in US dollars, tabular amounts in millions, unless otherwise stated)
VANCOUVER, British Columbia, Nov. 06, 2024 (GLOBE NEWSWIRE) -- Fortuna Mining Corp. (NYSE:FSM, TSX:FVI) ("Fortuna" or the "Company") today reported its financial and operating results for the third quarter of 2024.
"In the third quarter, a focus on cost discipline and safe operations allowed Fortuna to capture the benefit of rising metal prices and achieve record attributable earnings of $50.5 million and record operating cash flow before working capital changes of $119.3 million." said Jorge Ganoza, Fortuna's President and CEO. Mr. Ganoza continued, "Our mines delivered 110,820 ounces of gold equivalent production at a cash cost per ounce of $1,059 as we remain well positioned to finish the year within our cost and production guidance." Mr. Ganoza added, "The Company also achieved a key milestone with a positive net cash position at the end of the quarter and we recently renegotiated our credit facility reducing financial costs and providing additional financial flexibility."
Third Quarter 2024 highlights
Financial
Attributable net income of $50.5 million or $0.16 per share, compared to $40.6 million or $0.13 per share in Q2 2024
Adjusted attributable net income1 of $49.9 million or $0.16 per share, compared to $30.4 million or $0.10 per share in Q2 2024
Generated $119.3 million (or $0.38 per share) of cash flow from operations before working capital changes, and free cash flow from ongoing operations1 of $56.6 million, compared to $93.0 million (or $0.30 per share) and $38.6 million, respectively, in Q2 2024
As at the end of the quarter, the Company had a cash position of $180.6 million and achieved a positive net cash1 position of $8.0 million. Liquidity increased to $430.6 million from $355.6 million at the end of Q2 2024
Subsequent to the end of the quarter, the Company resized its revolving credit facility from $250.0 million to $150.0 million and increased the uncommitted accordion to $75.0 million from $50.0 million reducing its reliance on bank debt. The revolving debt facility remains fully undrawn2
1 Refer to Non-IFRS Financial Measures section at the end of this news release and to the MD&A accompanying the Company's financial statements filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures.2 Excluding letters of credit3 Au Eq includes gold, silver, lead and zinc and is calculated using the following metal prices: $2,490/oz Au, $29.4/oz Ag, $2,040/t Pb, and $2,782/t Zn for Q3 2024; $2,334/oz Au, $29.1/oz Ag, $2,157/t Pb and $2,835/t Zn or Au:Ag = 1:80.19, Au:Pb = 1:1.08, Au:Zn = 1:0.82 for Q2 2024. And the following metal prices for YTD Q3-2024 $2,307/oz Au, $27.1/oz Ag, $2,091/t Pb, and $2,692/t Zn
Operational
Gold equivalent3 production of 110,820 ounces, compared to 116,570 ounces in Q2 2024. Nine month gold equivalent production of 339,933 ounces, aligned to meet annual guidance of 457 to 497 koz. For full details refer to our News Release titled "Fortuna reports solid production of 110,820 gold equivalent ounces for the third quarter of 2024" dated October 10, 2024
Consolidated cash costs1 per ounce of gold equivalent sold of $1,059 for the quarter and $977 year to date remain largely aligned with annual guidance of $935 to $1,055; adjusting for San Jose, which is mining its last year of Mineral Reserves, consolidated cash costs were $935 for the quarter
Consolidated all-in sustaining cash costs (AISC)1 per ounce of gold equivalent sold of $1,696 for the quarter and $1,618 year to date, are tracking at the upper end of annual guidance of $1,485 to $1,640; adjusting for San Jose, consolidated AISC was $1,594. The leach-pad expansion for Lindero is a one-time $42 million capital project in 2024 set for completion in Q4 and weighs approximately $90 per ounce on our annual consolidated AISC
The Company recorded one lost time injury in the quarter and a year-to-date total recordable injury frequency rate of 1.37
Growth and Development
At the newly discovered Kingfisher prospect at the Séguéla Mine the Company intersected 14.2 g/t gold over 16.8 meters. For full details refer to our News Release titled "Fortuna intersects 14.2g/t Au over 16.8 meter at the Kingfisher prospects, Séguéla Mine, Côte d'Ivoire" dated September 10, 2024
Exploration continued at the Diamba Sud exploration project with an intersect of 6.9 g/t gold over 33.3 meters at the Western Splay prospect. For full details refer to our News Release titled "Fortuna intersects 6.9g/t Au over 33.3. meters at the Diamba Sud Project, Senegal" dated September 12, 2024
Third Quarter 2024 Consolidated Results
Three months ended September 30,
Nine months ended September 30,
(Expressed in millions)
2024
2023
% Change
2024
2023
% Change
Sales
274.9
243.1
13
%
759.8
577.1
32
%
Mine operating income
86.9
65.9
32
%
236.8
138.2
71
%
Operating income
72.7
45.4
60
%
175.2
77.0
128
%
Attributable net income
50.5
27.5
84
%
117.4
41.5
183
%
Attributable income per share - basic
0.16
0.09
78
%
0.38
0.14
171
%
Adjusted attributable net income1
49.9
29.6
69
%
107.3
44.3
142
%
Adjusted EBITDA1
131.3
104.6
26
%
339.1
214.0
58
%
Net cash provided by operating activities
92.9
106.5
(13
%)
215.4
191.8
12
%
Free cash flow from ongoing operations1
56.6
70.0
(19
%)
107.3
87.3
23
%
Cash cost ($/oz Au Eq)1
1,059
814
30
%
977
887
10
%
All-in sustaining cash cost ($/oz Au Eq)1
1,696
1,313
29
%
1,618
1,508
7
%
Capital expenditures2
Sustaining
38.4
27.2
41
%
94.1
89.3
5
%
Non-sustaining3
12.3
1.3
846
%
38.8
3.4
1,041
%
Séguéla construction
-
1.9
(100
%)
-
50.0
(100
%)
Brownfields
(0.5
)
3.3
(115
%)
9.0
10.7
(16
%)
As at
September 30, 2024
December 31, 2023
% Change
Cash and cash equivalents
180.6
128.1
41
%
Net liquidity position (excluding letters of credit)
430.6
213.1
102
%
Shareholder's equity attributable to Fortuna shareholders
1,420.4
1,238.4
15
%
1 Refer to Non-IFRS Financial Measures section at the end of this news release and to the MD&A accompanying the Company's financial statements filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures.
2 Capital expenditures are presented on a cash basis
3 Non-sustaining expenditures include greenfields exploration
Figures may not add due to rounding
Third Quarter 2024 Results
Cash Costs and AISCConsolidated cash cost per equivalent gold ounce was $1,059, compared to $814 in the third quarter of 2023. The increase in cash cost is explained mainly by lower stripping and mining costs during Séguéla's first quarter of operations in Q3 2023; lower head grades and throughput at San Jose in its last year of Mineral Reserves; higher cash costs per ounce at Yaramoko related to lower head grades and higher mining and indirect costs. Cash cost per ounce for the quarter and for the year remain largely aligned with annual guidance.
All-in sustaining costs per gold equivalent ounce was $1,696 for the third quarter of 2024 compared to $1,313 for the third quarter of 2023. The increase was primarily the result of higher sustaining capital at Lindero related to the expansion of the leach-pad, and higher cash cost per ounce as described above.
AISC Performance vs 2024 GuidanceAll-in sustaining costs per gold equivalent ounce sold for the nine months ending September 30, 2024 was $1,618 and is expected to be at the higher end of guidance for the year as a result of the following:
Real currency appreciation of the Argentine Peso increasing Lindero's cash costs by 9%
Increased sustaining capital costs to accelerate 2025 development at Yaramoko to access newly identified mineral resources
Lower production compared to plan at San Jose due to operational challenges in its last year of reserves
The Company has several continuous improvement initiatives in place. Some of the key ongoing projects are:
Séguéla process optimization: In Q3 2024 Séguéla achieved 35% higher throughput than nameplate capacity, and 20% higher than our 2024 mine plan. This increase already exceeds the capacity expansion scheduled in the technical report for 2026. The expansion has been achieved with minimal capex.
Lindero: Several productivity and cost reduction projects representing annual incremental profit of $16 million (pre-tax) consisting mainly of the following: increased gold recovery from grind size optimization, ADR plant incremental flow, haulage fleet optimization, and conversion from diesel power generation to solar.
Attributable Net Income and Adjusted Attributable Net IncomeNet income attributable to Fortuna for the quarter was $50.5 million compared to $27.5 million in Q3 2023. After adjusting for non-cash and non-recurring items, adjusted attributable net income for the quarter was $49.9 million compared to $29.6 million in Q3 2023.
The increase in net income and adjusted net income was explained mainly by higher realized gold and silver prices partially offset by lower gold sales volume and higher costs per ounce. The realized gold and silver prices were $2,490 and $29.4 per ounce respectively compared to $1,925 and $23.7 per ounce, respectively, for the comparable period in the prior year. The decrease in gold sales volume was primarily due to lower production at Yaramoko and San Jose as per the mine plans. The higher cost per ounce was primarily at Séguéla, San Jose and Yaramoko as described above.
Adjusted net income for the quarter also benefited from $3.4 million of foreign exchange gains related to the appreciation of the Euro during the quarter, $3.2 million of investment income related to cross-border, Argentine pesos denominated bond trades, and lower interest expenses.
Depreciation and DepletionDepreciation and depletion for the third quarter of 2024 was $59.3 million compared to $63.4 million in the comparable period. The decrease in depreciation and depletion was primarily the result of lower depreciation and depletion at San Jose due to an impairment charge in the fourth quarter of 2023 and lower depletion per ounce in the 55 Zone at Yaramoko, partially offset by higher depletion at Séguéla. Depletion at Séguéla in the quarter includes $16.8 million of the purchase price related to the acquisition of Roxgold Inc in 2021.
Cash FlowNet cash generated by operations for the quarter was $92.9 million compared to $106.5 million in Q3 2023. Excluding changes in working capital, net cash from operations was $119.3 million compared to $106.2 million in the comparative period. The increase of $13.1 million reflects higher adjusted EBITDA of $25.8 million offset mainly by higher taxes paid of $8.9 million mostly at Séguéla.
Negative working capital for the quarter of $26.4 million was due to an increase of $24.5 million in receivables primarily due to the timing of trade receivables and VAT collection. At the end of the quarter the balance of VAT receivables at Yaramoko was $45.0 million.
In the third quarter of 2024 capital expenditures on a cash basis amounted to $50.2 million consisting of $37.9 million of sustaining capital, including brownfields exploration, and $12.3 million of non-sustaining capital. Year to date capital expenditures were $141.9 million consisting of $103.1 million of sustaining capital and $38.8 million non-sustaining capital.
Free cash flow from ongoing operations for the quarter was $56.6 million, compared to $70.0 million in the comparable period. The decrease in free cash flow, despite higher metal prices in the quarter, is explained mainly by negative working capital of $26.4 million compared to $nil in the third quarter of 2023, capital expenditures for the Lindero leach pad expansion and higher taxes paid due to the third and final tax installment at Séguéla for 2023 taxes. The comparable period also had a number of one-time benefits that lowered the cost of production at Séguéla.
General and Administrative ExpensesGeneral and administrative expenses for the current quarter of $16.0 million were 10% higher than the same period in 2023 due mainly to higher share-based compensation expenses. G&A comprises the following items:
Three months ended September 30,
Nine months ended September 30,
(Expressed in millions)
2024
2023
% Change
2024
2023
% Change
Mine G&A
9.9
8.4
18
%
26.6
20.5
30
%
Corporate G&A
3.9
5.5
(29
%)
19.8
19.7
1
%
Share-based payments
2.1
0.5
320
%
10.1
3.8
166
%
Workers' participation
0.1
0.2
(50
%)
0.2
0.2
0
%
Total
16.0
14.6
10
%
56.7
44.2
28
%
Liquidity
The Company's total liquidity available as of September 30, 2024 was $430.6 million comprised of $180.6 million in cash and cash equivalents, and the fully undrawn $250.0 million revolving credit facility (excluding letters of credit). Effective October 31, 2024, the Company amended its credit facility reducing the amount of the facility to $150 million from $250 million (the facility would have stepped down to $175 million in November 2024), and increased the uncommitted accordion option from $50 million to $75 million. An improved pricing grid and covenant flexibility was negotiated under the amended facility.
Séguéla Mine, Côte d'Ivoire
Three months ended September 30,
Nine months ended September 30,
2024
2023
2024
2023
Mine Production
Tonnes milled
418,390
310,387
1,131,684
419,992
Average tonnes crushed per day
4,548
3,695
4,115
2,762
Gold
Grade (g/t)
2.69
3.83
2.94
3.28
Recovery (%)
92
93
93
94
Production (oz)
34,998
31,498
102,537
35,521
Metal sold (oz)
33,816
35,503
101,369
35,503
Realized price ($/oz)
2,494
1,927
2,305
1,927
Unit Costs
Cash cost ($/oz Au)1
655
397
559
397
All-in sustaining cash cost ($/oz Au)1
1,176
788
1,073
788
Capital Expenditures ($000's)2
Sustaining
5,992
3,147
14,827
3,147
Sustaining leases
2,332
3,044
7,034
3,044
Non-sustaining
4,797
-
14,437
-
Brownfields
187
-
6,273
-
1 Cash cost and All-in sustaining cash cost are non-IFRS financial measures. Refer to Non-IFRS Financial Measures.
2 Capital expenditures are presented on a cash basis
During the third quarter of 2024, mine production totaled 484,050 tonnes of ore, averaging 2.48 g/t Au, and containing an estimated 38,661 ounces of gold from the Antenna, Ancien and Koula pits. Movement of waste during the quarter totaled 2,935,335 tonnes, for a strip ratio of 6:1. Production was mainly focused from the Antenna pit which produced 412,063 tonnes of ore, with the balance of production sourced from the Koula and Ancien pits.
In the third quarter of 2024, Séguéla processed 418,390 tonnes, producing 34,998 ounces of gold, at an average head grade of 2.69 g/t Au, an 11% increase and 30% decrease, respectively, compared to the third quarter in 2023. The decrease in gold grade is in line with the planned mining sequence. Plant throughput for the quarter averaged 208 tonnes per hour (tph), 35% higher than name plate design capacity of 154 tph. The power outages that were experienced in the second quarter did not affect processing plant operations in the third quarter and enabled an increase in the tonnes processed. However, a failure of the drive shaft of the main apron feeder in early July required a repair which reduced throughput rates while the repairs were completed. Throughput rates were subsequently increased, averaging 216 tph in September.
The cash cost per gold ounce sold was $655 for the quarter ended September 30, 2024, compared to $397 in the same period of 2023. The increase is explained by the higher head grade and low-cost production associated with Séguéla´s first quarter of operations in the comparative period. The lower cost of production was mostly related to low-strip mining, shorter haulage, and lower maintenance costs.
The all-in sustaining cash cost per gold ounce sold was $1,176 for the quarter ending September 30, 2024, an increase from $788 for the same period in 2023. This increase is due to increased cash costs and increased sustaining capital expenditures in 2024 for stripping activities.
Looking forward into 2025, the Séguéla mine plans to operate at approximately 35 percent higher throughput rate compared to nameplate design, and at a stripping ratio closer to the Mineral Reserve average of 13:1 compared to 6:1 year to date. The higher throughput achieved through optimization initiatives in 2024 has not required any material capital expenditures. As a result of sustained higher production rates, the mine will correspondingly face an acceleration of infrastructure requirements in the approximate amount of $10 million above 2024 infrastructure capex figures. These capital projects are primarily related to the early expansion of the tailings storage facility, relocation of the Sunbird communications tower for development of the Sunbird pit, and land access to new mineral deposits and related compensation payments. Management anticipates that advancing these infrastructure projects will unlock annual target production rates of between 140k to 200k ounces in our life of mine plans.
Yaramoko Mine, Burkina Faso
Three months ended September 30,
Nine months ended September 30,
2024
2023
2024
2023
Mine Production
Tonnes milled
123,754
137,281
352,864
421,133
Gold
Grade (g/t)
6.71
7.72
7.92
6.52
Recovery (%)
98
99
98
98
Production (oz)
28,006
34,036
86,630
89,476
Metal sold (oz)
27,995
33,971
86,621
89,448
Realized price ($/oz)
2,474
1,932
2,304
1,932
Unit Costs
Cash cost ($/oz Au)1
974
753
876
764
All-in sustaining cash cost ($/oz Au)1
1,373
1,213
1,379
1,429
Capital Expenditures ($000's)2
Sustaining
5,381
9,451
20,112
37,318
Sustaining leases
1,002
1,161
3,069
3,681
Non-sustaining
2,463
–
4,005
–
Brownfields
(1,217
)
1,447
1,543
3,656
1 Cash cost and All-in sustaining cash cost are non-IFRS financial measures; refer to non-IFRS financial measures section at the end of this news release and to the MD&A accompanying the Company's financial statements filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures.
2 Capital expenditures are presented on a cash basis.
In the third quarter of 2024, 123,754 tonnes of ore were treated at an average head grade of 6.71 g/t Au, producing 28,006 ounces of gold. This represents a 13% decrease in grade and an 18% decrease in production, when compared to the same period in 2023. The gold grade was lower than predicted in the mine plan due to continuing development operations providing lower grade ore and the milling of supplementary low-grade stockpiles.
During the quarter, 80,740 tonnes of ore were mined averaging 7.41 g/t Au from the 55 Zone, and 21,905 tonnes of ore averaging 9.02 g/t Au from QV Prime, totaling 102,645 tonnes averaging 7.75 g/t Au.
The cash cost per ounce of gold sold for the quarter ended September 30, 2024, was $974, compared to $753 in the same period in 2023. The increase for the quarter is mainly attributed to higher mining and indirect costs and lower volume of ounces sold due to lower grades.
The all-in sustaining cash cost per gold ounce sold was $1,373 for the quarter ended September 30, 2024, compared to $1,213 in the same period of 2023. The increase in the quarter was primarily due to higher cash costs described above, and a change in the royalty regime in Burkina Faso which increased the royalty rate from 5% to 7% when the gold price is over $2,000 per ounce. This was partially offset by lower sustaining capital expenditure in 2024.
Lindero Mine, Argentina
Three months ended September 30,
Nine months ended September 30,
2024
2023
2024
2023
Mine Production
Tonnes placed on the leach pad
1,654,101
1,467,578
4,610,215
4,449,049
Gold
Grade (g/t)
0.66
0.62
0.62
0.65
Production (oz)
24,345
20,933
70,481
71,647
Metal sold (oz)
26,655
22,242
69,886
74,194
Realized price ($/oz)
2,503
1,910
2,316
1,923
Unit Costs
Cash cost ($/oz Au)1
1,042
987
1,047
915
All-in sustaining cash cost ($/oz Au)1
1,962
1,609
1,881
1,568
Capital Expenditures ($000's)2
Sustaining
20,678
7,669
46,636
28,751
Sustaining leases
586
598
1,771
1,795
Non-sustaining
219
353
568
676
1 Cash cost and All-in sustaining cash cost are non-IFRS financial measures; refer to non-IFRS financial measures section at the end of this news release and to the MD&A accompanying the Company's financial statements filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures.
2 Capital expenditures are presented on a cash basis.
Quarterly Operating and Financial Highlights
During the third quarter of 2024, 2.1 million tonnes of ore were mined, with a stripping ratio of 1:1. A total of 1,654,101 tonnes of ore was placed on the heap leach pad at an average gold grade of 0.66 g/t, containing an estimated 34,925 ounces of gold. The 13% increase in tonnes placed on the leach pad, when compared to the third quarter of 2023, is mainly due to mine sequencing.
Lindero's total gold production for the quarter was 24,345 ounces of gold, comprised of 22,569 ounces in doré bars, 1,754 ounces contained in rich fine carbon, and 21 ounces contained in copper precipitate. The 16% increase from the third quarter of 2023, is due to an increase in tonnes placed on the leach pad and higher gold grade in the third quarter of 2024.
The cash cost per ounce of gold for the quarter ended September 30, 2024 was $1,042 compared to $987 in the same period of 2023. The increase in cash cost per ounce of gold was related to increased mine costs as a result of additional heavy equipment rentals and labour costs.
The all-in sustaining cash cost per gold ounce sold during Q3 2024 was $1,962, an increase from $1,609 in the third quarter of 2023. The increase for the quarter was primarily due to higher cash costs as described above and higher sustaining capital expenditures to support the expansion of the heap leach pad which accounted for $580 per ounce in the quarter.
As of September 30, 2024, the $51.8 million leach pad expansion project ($41.7 million capital investment in 2024) was approximately 76% complete and tracking on budget. Procurement is complete, with items onsite. Liner installation is approximately 44% complete. In October of 2024, the Company started placing ore on the leach pad expansion and practical completion is expected by year-end. Minor construction activities and contractor demobilization are planned for early 2025. San Jose Mine, Mexico
Three months ended September 30,
Nine months ended September 30,
2024
2023
2024
2023
Mine Production
Tonnes milled
188,212
247,542
545,529
689,165
Average tonnes milled per day
2,163
2,845
2,106
2,790
Silver
Grade (g/t)
99
189
128
180
Recovery (%)
86
91
87
91
Production (oz)
510,741
1,372,530
1,954,028
3,633,107
Metal sold (oz)
533,812
1,347,719
1,946,637
3,618,723
Realized price ($/oz)
29.45
23.65
27.12
23.37
Gold
Grade (g/t)
0.74
1.14
0.90
1.11
Recovery (%)
85
91
86
90
Production (oz)
3,771
8,205
13,573
22,215
Metal sold (oz)
3,941
8,068
13,411
22,118
Realized price ($/oz)
2,484
1,932
2,296
1,930
Unit Costs
Cash cost ($/oz Ag Eq)1,2
29.40
13.73
25.01
13.37
All-in sustaining cash cost ($/oz Ag Eq)1,2
32.65
18.04
27.67
18.66
Capital Expenditures ($000's)3
Sustaining
–
3,462
–
10,828
Sustaining leases
198
256
675
632
Non-sustaining
2,535
385
8,325
1,178
Brownfields
–
1,082
–
2,958
1 Cash cost per ounce of silver equivalent and All-in sustaining cash cost per ounce of silver equivalent are calculated using realized metal prices for each period respectively.2 Cash cost per ounce of silver equivalent, and all-in sustaining cash cost per ounce of silver equivalent are non-IFRS financial measures, refer to non-IFRS financial measures section at the end of this news release and to the MD&A accompanying the Company's financial statements filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures.3 Capital expenditures are presented on a cash basis
In the third quarter of 2024, San Jose produced 510,741 ounces of silver and 3,771 ounces of gold, 63% and 54% decreases respectively, at average head grades for silver and gold of 99 g/t and 0.74 g/t, a 48% decrease and 35% decrease respectively, when compared to the same period in 2023. During the third quarter the mine plan included areas near old workings at the upper level of the mine which have a higher level of geological uncertainty. These areas accounted for 46% of quarterly production and returned 36% lower head grades and 28% lower tonnage than expected. The mine plan for the fourth quarter continues to encompass areas of high geologic uncertainty.
The processing plant milled 188,212 tonnes averaging 2,163 tonnes per day. Metallurgical recoveries were impacted by higher iron oxide material from upper levels mined during the period.
The cash cost per silver equivalent ounce for the three months ending September 30, 2024, was $29.40, an increase from $13.73 in the same period of 2023. The higher cost per ounce was primarily the result of lower production and silver equivalent ounces sold as described above and the impact of fixed costs being spread across fewer ounces sold.
The all-in sustaining cash cost per payable silver equivalent ounce for the three months ended September 30, 2024, increased by 81% to $32.65 from $18.04 for the same period in 2023. These increases were mainly driven by higher cash costs and lower production, which was partially offset by lower capital expenditures.
Following Management's evaluation of the options available for San Jose, the Company is planning to initiate the progressive closure of the San Jose mine starting in the first quarter of 2025. A comprehensive multi-year closure and monitoring plan and budget are expected to be completed in the fourth quarter of 2024. The plan considers concurrent closure activities with reduced mining operations, which may continue for up to eighteen months at rates of under 1,000 tonnes per day in selected portions of the remaining Mineral Resources in the underground mine. Management expects production income can offset a significant portion of closure costs in the initial years.
Caylloma Mine, Peru
Three months ended September 30,
Nine months ended September 30,
2024
2023
2024
2023
Mine Production
Tonnes milled
138,030
140,077
411,669
403,076
Average tonnes milled per day
1,551
1,556
1,548
1,515
Silver
Grade (g/t)
82
83
84
84
Recovery (%)
84
82
83
82
Production (oz)
305,446
308,221
927,304
896,583
Metal sold (oz)
338,768
275,708
931,820
