Scorpio Gold Corporation {TSX-V: SGN}
Announced its financial results for the first fiscal quarter (“Q1”) ended March 31, 2019.
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Vancouver, May 22, 2018 – Scorpio Gold Corporation (“Scorpio Gold” or the “Company”) (TSX-V: SGN) announces its financial results for the first fiscal quarter (“Q1”) ended March 31, 2019.
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This press release should be read in conjunction with the Company’s condensed interim consolidated financial statements for the three-months ended March 31, 2019 and Management’s Discussion & Analysis (“MD&A”) for the same period, available on the Company’s website at www.scorpiogold.com and under the Company’s SEDAR profile at www.sedar.com. All monetary amounts are expressed in US dollars unless otherwise specified.
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On April 15, 2019, the Company completed a 2 for 1 consolidation of its outstanding common shares. All share and per share amounts are shown on a post-consolidated basis retroactively throughout this news release.
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PERFORMANCE HIGHLIGHTS:
Q1 2019 |
Q1 2018 |
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$ |
$ |
|
Revenue (000’s) |
1,486 |
3,026 |
Mine operating earnings (000’s) |
111 |
1,111 |
Net earnings (000’s) |
3,425 |
144 |
Basic and diluted earnings (loss) per share |
0.05 |
(0.00) |
Adjusted net earnings(1) (000’s) |
100 |
435 |
Adjusted basic and diluted net (loss) earnings per share(1) |
(0.00) |
0.00 |
Adjusted EBIDTA(1)(000’s) |
259 |
690 |
Adjusted basic and diluted EBIDTA per share(1) |
0.00 |
0.01 |
Cash flow (used for) from operating activities (000’s) |
(205) |
828 |
Total cash cost per ounce of gold sold(1) |
1,129 |
832 |
Gold ounces produced |
1,216 |
2,833 |
Gold ounces sold |
1,211 |
2,300 |
HIGHLIGHTS FOR THE FIRST QUARTER (“Q1”) ENDED MARCH 31, 2019 AND SUBSEQUENT EVENTS
- 1,216 ounces of gold were produced at the Mineral Ridge mine, compared to 2,833 ounces produced during Q1 of 2018.
- Revenue of $1.5 million, compared to $3.0 million during Q1 of 2018.
- Total cash cost per ounce of gold sold(1) of $1,129, compared to $832 during Q1 of 2018.
- Mine operating earnings of $0.1 million, compared to $1.1 million during Q1 of 2018.
- Net earnings of $3.4 million ($0.05 basic and diluted per share), compared to a net loss of $0.1 million ($0.00 basic and diluted per share) during Q1 of 2018.
- Adjusted net earnings(1) of $0.1 million ($0.00 basic and diluted per share), compared to $0.4 million ($0.00 basic and diluted per share) during Q1 of 2018.
- Adjusted EBITDA(1) of $0.3 million ($0.00 basic and diluted per share), compared to $0.7 million ($0.01 basic and diluted per share) million during Q1 of 2018.
- Subsequent to March 31, 2019, the Company completed a $7 Million convertible debenture private placement financing, and the Company used part of the proceeds therefrom to extinguish certain debts and buy back the remaining 30% interest in Mineral Ridge (Refer to “Debenture Financing and Waterton Buyout” in the Company’s Management discussion & Analysis for the period ended March 31, 2019).
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(1)This is a non-IFRS measure; refer to Non-IFRS Measures section of this press release and the Company’s Management Discussion & Analysis for Q1 of 2019 for a complete definition and reconciliation to the Company’s financial statements for Q1 of 2019.
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Outlook
The Company’s main focus is to raise sufficient funds through financings to improve its financial position in order to proceed with the construction of a new processing facility at Mineral Ridge with a view to process heap leach materials and additional open-pit mineral reserves.
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