Aris Gold Corporation (TSX: ARIS) (OTCQX: ALLXF) reports financial and operating results for the three and six months ended June 30, 2021 (Q2 2021 and H1 2021, respectively). All amounts are in US dollars, unless otherwise indicated.
Q2 2021 Highlights
During Q2 2021 Aris Gold continued to advance the Lower Mine project at the Marmato mine in Colombia, with notable developments including:
In addition, Aris Gold launched an initial 10,000-metre drill program at the Juby project in Q2 2021. Juby is an advanced exploration stage gold project in the Abitibi greenstone belt of Ontario, Canada. The objective of the drill program is to expand the known open pit mineral resources and test areas that may host higher-grade zones. Two rigs are currently on site and the drilling program is expected to be completed by the end of August 2021.
Q2 2021 and H1 2021 Financial and Operating Highlights
In Q2 and H1 2021, Aris Gold recorded net earnings of $5.3 million and a net loss of $3.1 million, respectively. H1 2021 revenue was $24.9 million, 47% higher than the same period in 2020, primarily driven by a 31% increase in gold ounces sold to 13,505 ounces. Similarly, for Q2 2021, revenue was $11.2 million, 75% higher than Q2 2020, primarily driven by a 63% increase in gold ounces sold to 6,093 ounces.
Financial and operating highlights
|Three months ended June 30,||Six months ended June 30,|
|Gold produced (ounces)||5,958||3,851||12,601||9,752|
|Gold sold (ounces)||6,093||3,737||13,505||10,278|
|Average realized gold price ($/ounce sold)||1,811||1,691||1,806||1,625|
|Cash costs ($/ounce sold) 1||1,560||1,209||1,514||1,125|
|AISC ($/ounce sold) 1||1,960||1,718||1,913||1,464|
|Financial data ($000s, except per share amounts)|
|Earnings (loss) from mining operations||(295)||546||(129)||2,666|
|Net earnings (loss)||5,302||(6,936)||(3,060)||(24,498)|
|Net earnings (loss) per share – basic and diluted||0.04||(0.14)||(0.02)||(0.56)|
|Adjusted (loss)/earnings 1||(1,905)||(229)||(3,492)||1,552|
|Balance sheet, as at ($000s)||June 30, 2021||Dec 31, 2020|
|Cash and cash equivalents||162,710||32,007|
|Cash in escrow||7,100||142,096|
|Total long-term debt||84,154||83,258|
|(1) See “Non-IFRS Measures” on pages 9 to 11 of the Q2 2021 MD&A for full details on cash costs, AISC and Adjusted (loss)/earnings calculations. The Company has changed its methodology of calculating cash costs and AISC, and therefore amounts for the three and six months ended June 30, 2020 have been updated for the purposes of comparison.|
Aris Gold’s Q2 2021 financial statements and related MD&A are available on SEDAR and in the Investors section of Aris Gold’s website here.
Management is planning and implementing several activities for the remainder of 2021 focused on performance optimization in the Marmato Upper Mine, while also completing several early work projects in preparation for Lower Mine construction. Highlights of the 2021 optimization program include:
About Aris Gold
Aris Gold is a Canadian mining company listed on the TSX and on the OTCQX. The Company is led by an executive team with a demonstrated track record of creating value through building globally relevant gold mining companies. Aris Gold operates the Marmato mine in Colombia, where a modernization and expansion program is under way, and the Juby project, an advanced exploration stage gold project in the Abitibi greenstone belt of Ontario, Canada. Aris Gold plans to pursue acquisition and other growth opportunities to unlock value creation from scale and diversification.
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We acknowledge the [financial] support of the Government of Canada.