COMPAÑÍA MINERA MILPO S.A.A. (now Nexa Resources Perú S.A.A.)
|
|
- Jemimah Harrington
- 5 years ago
- Views:
Transcription
1 Consolidated Earnings Release First Quarter 2018
2 This report analyzes the most important operating and financial results related to the development of Compañía Minera Milpo S.A.A. and its Subsidiaries (Nexa Resources Perú), based on accounting data included in the Individual and Consolidated Financial Statements for the First Quarter of 2018 ("1Q18"), according to International Financial Reporting Standards (IFRS). On Shareholder s Meeting held on December 18 th 2017, it was approved to change the name of the Company to Nexa Resources Perú S.A.A., change that is still on the process of being registered in the Peruvian Public Registry. Therefore, in the report we will refer to Milpo as the Company or Nexa Perú. Corporate Strategy Summary The operational and financial results obtained during the 1Q18 are a consequence of the execution of Nexa Resources (previously Votorantim Metais Holding) management strategy, which is mainly focused on achieving a sustainable and competitive growth in its operations, including those of Nexa Perú. The most important aspects of the strategy are based on three fundamental pillars: i) Growth, with a focus on zinc and copper mining guaranteeing the replacement of reserves and resources through sustainable, safe and efficient operations while leveraging on regional expertise; ii) Operational Excellence, to guarantee stability and promote ongoing costs and productivity improvements driven by technology and automation, through adequate risk management policies, logistics optimization and a financial structure that allows for proper project execution; and iii) Market Development, targeting local market leadership as well as a wider client network across international markets with the objective of building a solid global presence. 2
3 The Company updated information relating to mineral inventories of reserves and resources as of December 31 st, 2017, according to the mineral reserves and resources report presented by Nexa Resources S.A. using the National Instrument standard: Mineral Inventories of Reserves - Nexa Perú ( ) Mining Unit Cerro Lindo El Porvenir Atacocha (Underground mine) Atacocha (San Gerardo open pit) Reserves Million tons (Mt) Zinc (%) Lead (%) Grades Copper (%) Silver (g/t) Proven Probable Total Proven Probable Total Proven Probable Total Gold (g/t) Proven Probable Total Mineral Inventories of Resources - Nexa Perú ( ) Mining Unit Cerro Lindo El Porvenir Atacocha (Underground mine) Atacocha (San Gerardo open pit) Resources Million tons (Mt) Zinc (%) Lead (%) Grades Copper (%) Silver (g/t) Gold (g/t) Measured Indicated Subtotal Inferred Measured Indicated Subtotal Inferred Measured Indicated Subtotal Inferred Measured Indicated Subtotal Inferred
4 Consolidated inventories of reserves increased from 91.9 million tons, by June 2017, to 97.7 million tons by December 2017, which represents an increase of 5.8 million aggregate tons of zinc, lead, copper, silver and gold. The increase in Cerro Lindo of 3.3 million tons resulted from a successful exploration program combined with the improvement in operational conditions, such as mine recovery in Cerro Lindo. In the case of Atacocha, the reserves increase of 3.0 million tons resulted from the granting of permits in respect of our open pit operation (Tajo San Gerardo), which expanded the pit limits. Mining Operations and Brownfields: Meanwhile, both the Cerro Lindo and the Pasco Mining Complex continue to sustain measures to reinforce safety standards inside their underground mines, including an increase in the use of shotcrete. In the case of Cerro Lindo and El Porvenir, a new sustaining standard has been adopted, where cable bolting equipment is being implemented in intersections, chambers, and other locations inside the mine. The Pasco Mining Complex, which comprises El Porvenir and Atacocha units, continues with its operational integration process. In this way, after the first stage of the underground mines integration was completed in 2017, the next stages are being currently implemented. Additionally, labors for the deepening of the Winze shaft continue at El Porvenir. In addition, in order to ensure mineral resources in our mining units, more than 55.5 thousand meters of diamond drilling were carried out during the 1Q18. 4
5 Selected Operational, Economic and Financial Data Given that Compañia Minera Milpo s separated financial statements only include information regarding the Cerro Lindo Mining Unit and that of Lima s corporate office, this report contains data regarding Compañia Minera Milpo and its subsidiaries consolidated financial statements. The main highlights are as follows. Metal Unit 4Q17 1Q18 1Q17 Treated Ore ton 2,772,657 2,615,438 2,446,201 7% Zinc grade % bp Lead grade % bp Copper grade % bp Silver grade (oz/t) bp Gold grade (oz/t) bp Zinc Production fmt 62,388 47,247 52,540-10% Lead Production fmt 13,470 10,906 10,064 8% Copper Production fmt 10,895 10,657 9,401 13% Silver Contents oz 2,187,871 1,808,854 1,632,075 11% Gold Contents (Pasco) oz 6,798 6,511 6,921-6% Zn Eq production * kton % Cash Cost US$/t % Revenues US$ MM % EBITDA US$ MM % Net Profit US$ MM % EBITDA Margin % 50% 47% 40% CAPEX US$ MM % FCF US$ MM (269.2) 8.6 (40.7) n.a. Net Debt / EBITDA x times (0.45) (0.43) (1.18) ** Comparison between grades refers to a difference in basic points, while others refer to a percentual variation. 1Q18 vs. 1Q17 ** * Production in kton of Zinc Equivalent calculated by converting copper, lead, silver and gold contents to a zinc equivalent grade at 1Q18 average benchmark prices (Zn: US$/t 3,421; Cu: US$/t 6,960; Pb: US$/t 2,523; Ag: US$/oz 16.77; and Au: US$/oz 1,331). Highlights 1Q18 Revenues of US$ million and EBITDA of US$ million, higher by +19% and +39%, respectively than those in the 1Q17, mainly because of the higher metal prices on the LME (London Metal Exchange) and the higher copper, lead and silver fine production, that helped offset the lower zinc production. EBITDA margin of 47% in the 1Q18, higher than the 40% margin in the 1Q17. Consolidated Net Income of US$ 64.3 million in the 1Q18, +78% higher than that registered in the 1Q17, due to the higher EBITDA. 5
6 During the 1Q18, in terms of zinc equivalent, thousand tons were produced, -1% lower than those produced in the 1Q17, mainly due to the lower zinc production associated to the lower ore grades for this metal in Cerro Lindo. The lower levels of production for zinc were partially offset by an increase in fine production of copper and lead compared to that of the 1Q17 in +13% and +8% respectively, due to the higher ore grades and recovery levels of copper in Cerro Lindo, and higher recovery levels of lead in El Porvenir. Silver contents increased by +11%, mainly due to the higher lead concentrates production in the Pasco Complex with regards to the 1Q17, reaching 1.8 million ounces. Cash balance of US$ million by the end of March In terms of leverage, the Net Debt / EBITDA ratio remained negative at -0.43x by the end of March 2018 (- 0.45x by the end of December 2017). 1. General Aspects Market Overview Zinc The average LME 1 price for zinc during the 1Q18 was of US$3,421/ton, +23% higher than the average price in the same quarter of The price by the end of March 2018 was US$3,332/ton, +0.7% higher when compared to US$3,309/ton by the end of the 4Q17. Source: Bloomberg In March of this year, President Trump announced tariffs on US imports of aluminum (+10%), steel (+25%) and Chinese goods (+25%), thus creating speculation over a potential trade war. This decision served to strengthen the massive sell-off in zinc, which was already underway, due to the fear of further price decline. Also in March, 77 Kton of unexpected 1 The London Metal Exchange (LME) publishes a set of daily reference prices that are used by industrial and financial participants for referencing, hedging, physical settlement, contract negotiations, margining and portfolio evaluations. As they are based on some of the most liquid trading sessions of the day, we believe LME prices are good indicators of where the market is at any point in time. Source: LME. 6
7 metallic zinc entered LME stocks; according to market analysts, this also helped push down prices due to worries over a faster than expected rise in stocks. However, despite the fact that forecasts show an increase in concentrates production for 1H18, these shouldn t be enough to replace the reduction in concentrate and metal LME stocks seen in recent years. With regards to demand, China maintains good perspectives for 2018, while in the US, trade tariffs over imports bring a big question mark for the American market, as it s hard to set how zinc will be affected in this new dynamics. Copper The average LME price for copper during the 1Q18 was of US$6,960/ton, up +19% when compared to the same quarter of The price by the end of March 2018 was of US$6,685/ton, down by -6.6% when compared to US$7,157/ton by the end of the 4Q17. Source: Bloomberg The potential supply cuts given by the expectation of possible strikes, appear to be easing with new labor contracts being now agreed. Chilean labor talks, for instance, are progressing well, so the likelihood of significant tonnage disruption is diminishing, depressing prices further. At the same time, Chinese refined copper production rose by +10% YoY in the first two months of the year, reflecting fewer copper smelter maintenances so far in Consequently, since the start of the year, total LME stocks have risen significantly, by +93%. Another factor to consider is President Trump s announcement of across-the-board tariffs, which shrink expectations of solid global economic growth with the prospect of a wider trade war between China and the US that hits investor confidence. Nevertheless, during the 1Q18 the better-than-expected Chinese macro data lent support to LME prices. Industrial output recorded a faster-than-expected +7% increase compared to the same period a year earlier, partially offsetting the negative effects over LME prices. 7
8 Lead The average LME price for lead during the 1Q18 was of US$2,523/ton, +11% higher when compared to the same quarter of The price by the end of March 2018 was of US$2,411/ton, down by -3.4% when compared to US$2,495/ton by the end of the 4Q17. Source: Bloomberg The concerns over additional Chinese mine and smelter shutdowns due to further environmental inspections seem to be diminishing as Chinese mines are reopening after winter season, and other countries mining forecasts show production increases, therefore diminishing prices. However, during the 1Q18, LME stocks have shown a reduction of -9% since the start of the year, which helps partially offset negative effects over prices. Moreover, the better-than-expected Chinese industrial performance adds on to the positive effects and helps offset import tariffs imposed by the US president. Metal Prices Metal * Unit 4Q17 1Q18 1Q17 1Q18 vs. 1Q17 Zinc (US$ / t) 3,236 3,421 2,781 23% Copper (US$ / t) 6,808 6,960 5,834 19% Lead (US$ / t) 2,492 2,523 2,279 11% Silver (US$ / oz) % Gold (US$ / oz) 1,275 1,331 1,219 9% * Average LME (London Metal Exchange) prices - Settlement price 8
9 MACROECONOMIC FACTORS Exchange Rate The average exchange rate during the 1Q18 was S/ 3.24 per US$, which represents a 1.5% appreciation of the Peruvian Sol since the average S/ 3.29 per US$ rate in the 1Q17. The average rate for 2017 was S/ 3.26 per US$, showing a 0.6% appreciation regarding 1Q18. (Source: Bloomberg). It is worth mentioning that the Company maintains a low exposure to exchange rate fluctuations since its functional currency is the US$ Dollar. Additionally, much of its production costs and revenues are denominated in that currency, maintaining a proper fit with currencies in the balance sheet, income statement and cash flow. Inflation Inflation decreased to 1.18% as of February 2018, lower than registered at year end 2017, where it reached 2.24%. (Source: BCRP). Oil Brent oil price was situated at 70.3 US$/barrel at the end of the 1Q18, higher than the 66.4 US$/barrel registered towards the end of (Source: Bloomberg). 9
10 2. Consolidated Financial Performance Consolidated Income Statement US$ Million 4Q17 1Q18 1Q17 1Q18 vs. 1Q17 Revenues % Cost of Sales (115.3) (101.9) (101.4) 0% Depreciation (16.1) (16.5) (18.3) -10% Amortization (0.9) (0.8) (0.8) 1% Gross Profit % Selling Expenses (4.9) (0.1) (0.2) -26% Administrative Expenses (4.8) (8.8) (7.7) 15% Greenfields exploration (6.7) (2.8) (0.3) n.a. Other Operating Results, net (10.9) (7.9) (5.9) 35% Operational Profit % Financial Expenses, net (4.8) (4.2) (6.6) -36% Income Tax¹ (36.5) (22.6) (16.0) 41% Net Profit % EBITDA % EBITDA Margin (%) 50% 47% 40% (1) Includes all the mining taxes. (2) The 1Q18 shows reclassifications from Selling Expenses to Cost of Sales, as well as a reclassification of Worker's Participations from Cost of Sales to Administrative Expenses, which have been also done for the 1Q17 for comparative matters. REVENUES During the 1Q18, revenues increased to US$ million, +19% higher than those in the 1Q17 mainly associated to the higher LMEs and the higher lead and copper fine production, which compensated for lower production volumes of zinc fines due to lower ore grades of this metal in Cerro Lindo. During the first quarter, zinc represented 53% of total sales, followed by copper with 26%, silver with 9%, lead with 9%, and gold with 3%. On the other hand, as for the mining unit s sales breakdown, Cerro Lindo represented 64% of consolidated sales, followed by El Porvenir with 24% and Atacocha with 12%. Regarding commercial matters, Nexa Peru s main customer for zinc concentrates is Nexa Resources Cajamarquilla S.A. (formerly Votorantim Metais Cajamarquilla S.A.). As for the copper and lead production, the main customers are Glencore, Trafigura and Louis Dreyfus. Furthermore, all sales regarding zinc concentrates to Nexa Cajamarquilla zinc refinery are set upon regular market conditions, as in the case of transactions with other related parties. These transactions are subject to evaluation through transfer price studies regularly commissioned to external professional audits. 10
11 Revenues Breakdown 1Q18 REVENUES BY METAL REVENUES BY MINING UNIT Copper 9% Atacocha 12% Zinc 53% Gold 3% Silver 9% Lead 26% El Porvenir 24% Cerro Lindo 64% Consolidated Sales by Metal (FMT) Metal Unit 4Q17 1Q18 1Q17 1Q18 vs. 1Q17 Zinc fmt 62,412 46,754 53,352-12% Lead fmt 13,215 9,777 8,664 13% Copper fmt 11,069 10,641 9,429 13% Total Nexa Perú fmt 86,696 67,172 71,446-6% OPERATING COSTS During the 1Q18, the cost of sales rose obtaining a consolidated cash cost of US$/t 37.7, +5% higher than that obtained in the 1Q17 (US$/t 35.9). This increase was mainly associated with higher sustainment costs in El Porvenir, and chimney constructions in Cerro Lindo and Atacocha. Higher use of cement related to new sustaining standards and higher energy costs in Cerro Lindo, also impacted a consolidated cash cost. OPERATING EXPENSES During the 1Q18, operational expenses increased compared to those of the 1Q17 mainly as a result of higher investments destined to Greenfields exploration. At the same time, a higher Brownfield investment was registered, aligned to the reclassification of resources and exploration of new ore bodies to ensure our operation s sustainability. 11
12 PROFITABILITY During the 1Q18, an EBITDA of US$ million was obtained, +39% higher than 1Q17, as a result of the increase in base metal prices. In consolidated terms, a net income of US$ 64.3 million was obtained, +78% higher than registered on the same period of last year, mainly because of the higher EBITDA. INVESTMENTS Throughout the first quarter of 2018, investments totaled US$ 7.2 million, +22% higher than those in the 1Q17. Main investments include: (i) the expansion of the waste dam at Atacocha (US$ 1.8 MM), (ii) tunnel development related to the underground operational integration between El Porvenir and Atacocha (US$ 1.6 MM), (iii) the tailing dam elevation at El Porvenir (US$ 0.9 MM), and (iv) the deepening of the shaft at El Porvenir (US$ 0.7 MM). CAPEX US$ Million 4Q17 1Q18 1Q17 1Q18 vs. 1Q17 Expansion n.a. Sustaining and Others % Total Nexa Perú % LIQUIDITY AND CONSOLIDATED INDEBTEDNESS As of March 2018, the cash balance for the Company closed at US$ million. During the 1Q18, the free cash flow was positive at US$ 8.6 million due to the higher EBITDA that compensated for the investment on working capital. This investment was associated with an increase in accounts receivable due to higher metal prices and higher credit periods for the sales of zinc concentrates. Free Cash Flow Bridge 1Q18 12
13 At the end of the 1Q18, positive net cash was obtained, reaching US$ 189 million, maintaining a solid financial position. In terms of leverage, the Net Debt/EBITDA ratio remained negative at -0.43x as of March 2018 (-1.18x as of March 2017 and -0.45x as of December 2017), and the average maturity term of the financial debt was set at 5.1 years, having no relevant debt maturities in the short term. Regarding risk ratings, the Company sustained a credit risk rating of BBB- with stable outlook by Fitch Ratings, and BB+ with stable outlook granted by Standard & Poor s. Nexa Peru's credit rating is aligned to that of Nexa Resources S.A. (formerly Votorantim Metais Holding) and Votorantim S.A., which in turn reflect the Brazilian sovereign debt s rating. Both agencies highlight the Company s robust financial and liquidity position, which allow the Company to develop its future plans and adequately address the volatile environment of the metal prices. Liquidity and Indebtedness Position US$ Million March 2018 December 2017 Cash Financial Debt Net Debt/EBITDA (US$ million) 1Q17 2Q17 3Q17 4Q17 1Q (0.50) -0.45x -0.43x (1.50) -1.18x -1.20x -1.36x 13
14 3. Operational Performance Analysis by Unit CERRO LINDO MINING UNIT Production by Metal and Cash Cost Metal Unit 4Q17 1Q18 1Q17 Treated Ore ton 1,875,567 1,712,451 1,712,603 0% Zinc grade % bp Lead grade % bp Copper grade % bp Silver grade (oz/t) bp Zinc fmt 44,612 27,760 39,266-29% Lead fmt 4,756 2,683 3,801-29% Copper fmt 10,785 10,478 9,218 14% Silver Contents oz 1,023, , ,602-4% Zn Eq production * kton % Cash Cost US$/t % Revenues US$ MM % EBITDA US$ MM % Net Profit US$ MM % EBITDA Margin % 62% 56% 56% ** Comparison between grades refers to a difference in basic points, while others refer to a percentual variation. 1Q18 vs. 1Q17 ** * Production in kton of Zinc Equivalent calculated by converting copper, lead, silver and gold contents to a zinc equivalen grade at 1Q18 average benchmark prices (Zn: US$/t 3,421; Cu: US$/t 6,960; Pb: US$/t 2,523; Ag: US$/oz 16.77; and Au US$/oz 1,331). During the 1Q18, a lower production of zinc (-29%) and lead (-29%) fines was registered in comparison to that of 1Q17, mainly due to lower ore grades for these two metals, but was partially offset by a +14% increase in fine copper production associated to higher ore grades. In terms of zinc equivalent, 57.1 thousand tons were produced, -15% lower than those produced in the 1Q17, considering that the increase in copper partially offset the decrease in zinc production. The mining plan for Cerro Lindo already indicated a reduction in zinc grades, but it was intensified by a delay in reaching some higher grades areas that were planned to operate during 1Q18. The cash cost for the 1Q18 reached US$/t 30.9, higher by +6% than that of 1Q17 (US$/t 29.2), because of a higher use of cement for paste filling in the underground pits. Revenues and EBITDA reached US$ million and US$ 84.4 million each during the 1Q18, higher by +11% and +13%, accordingly, compared to those of 1Q17. Revenue growth is related to the higher metal prices, especially zinc and copper, which compensated for the lower production volumes mentioned before. Additionally, the EBITDA margin for the Cerro Lindo unit stood at 56% for the 1Q18, aligned with that of 1Q17. Regarding strategic exploration activities, 11,984 meters of diamond drilling were executed during the first quarter, focusing primarily on the identification of new Ore Bodies (OB s), 14
15 and secondarily on the reclassification and validation of mineral resources found in 2017, as well as for geo-metallurgical purposes. Cerro Lindo s estimated mineral reserves represent a life of mine of approximately eight years,, calculated according to the most recent mineral reserves and resources report as of December 31 st, 2017, using the National Instrument standard. In comparison with the last study, as of June 2017, mineral reserves were increased by 3.3 million aggregate tons, from 52.4 million tons to 55.6 million tons, mainly as a result of a successful exploration program combined with the improvement in operational conditions. PASCO MINING COMPLEX EL PORVENIR MINING UNIT Production by Metal and Cash Cost Metal Unit 4Q17 1Q18 1Q17 Treated Ore ton 515, , ,916 41% Zinc grade % bp Lead grade % bp Copper grade % bp Silver grade (oz/t) bp Zinc fmt 13,867 15,428 9,512 62% Lead fmt 4,298 4,149 2,814 47% Copper fmt % Silver Contents oz 670, , ,047 29% Zn Eq production * kton % Cash Cost US$/t % Revenues US$ MM % EBITDA US$ MM % Net Profit US$ MM n.a. EBITDA Margin % 33% 41% 29% ** Comparison between grades refers to a difference in basic points, while others refer to a percentual variation. 1Q18 vs. 1Q17 ** * Production in kton of Zinc Equivalent calculated by converting copper, lead, silver and gold contents to a zinc equivalent grade at 1Q18 average benchmark prices (Zn: US$/t 3,421; Cu: US$/t 6,960; Pb: US$/t 2,523; Ag: US$/oz 16.77; and Au: US$/oz 1,331). During the 1Q18, fine zinc and lead production increased compared to that of the 1Q17 by +62% and +47% respectively, mainly due to the higher treated ore (+41%), as well as higher head grades for the zinc. Regarding silver contents, these increased by +29% associated to a higher production of lead concentrates. In terms of zinc equivalent, 23.8 thousand tons were produced, +51% higher than those produced in the 1Q17 because of the higher zinc ore grades mentioned before. Cash cost placed at US$/t 53.4 for the 1Q18, decreasing by -9% with respect to the 1Q17 (US$/t 58.7), as a result of the higher treated ore. In the 1Q18, sales revenues and EBITDA reached US$ 55.2 million and US$ 22.6 million, increasing by +86% and +163%, respectively, in comparison to the same period of last year. 15
16 This was related to the higher metal prices and the increase in production mentioned before, as well the higher sales tonnage given that in the 1Q17 some of the production was kept as stocks due to the transportation difficulties caused by the heavy rains in the 1Q17. At the same time, the EBITDA margin resulted in 41%. Regarding strategic exploration activities, 20,823 meters of diamond drilling were executed during the first quarter, focusing primarily on the identification of new Ore Bodies and the reclassification of resources mainly toward the north with the objective of defining mineralization in the integration area between El Porvenir and Atacocha. Estimated mineral reserves in El Porvenir represent 22.1 million tons and a life of mine of approximately ten years, calculated according to the most recent mineral reserves and resources report as of December 31 st, 2017, using the National Instrument standard. ATACOCHA MINING UNIT Production by Metal and Cash Cost Metal Unit 4Q17 1Q18 1Q17 Treated Ore ton 381, , ,681 4% Zinc grade % bp Lead grade % bp Copper grade % bp Silver grade (oz/t) bp Gold grade (oz/t) bp Zinc fmt 3,908 4,058 3,763 8% Lead fmt 4,416 4,074 3,449 18% Copper fmt % Silver Contents oz 493, , ,427 20% Gold Contents oz 4,418 4,096 5,107-20% Zn Eq production * kton % Cash Cost US$ / t % Revenues US$ MM % EBITDA US$ MM % Utilidad Neta US$ MM n.a. EBITDA Margin % 28% 28% 18% ** Comparison between grades refers to a difference in basic points, while others refer to a percentual variation. 1Q18 vs. 1Q17 ** * Production in kton of Zinc Equivalent calculated by converting copper, lead, silver and gold contents to a zinc equivalent grade at 1Q18 average benchmark prices (Zn: US$/t 3,421; Cu: US$/t 6,960; Pb: US$/t 2,523; Ag: US$/oz 16.77; and Au: US$/oz 1,331). During the 1Q18, treated ore volumes increased by +4% with regards to the 1Q17, along with zinc (+8%) and lead (+18%) fines production, because of the higher ore grades for these two metals. Meanwhile, silver contents in the lead concentrates rose by +20% due to the higher production of lead concentrates and the higher silver ore grades. In terms of zinc equivalent, 11.6 thousand tons were produced, +7% higher than those produced in the 1Q17 due to the higher ore grades mentioned before. 16
17 In terms of the unit s cash cost, an increase of +7% was observed compared to 1Q17 (US$/t 46.6 vs US$/t 43.6) due to higher reagents, explosives and maintenance costs. Regarding obtained results, sales revenues reached US$ 28.1 million and EBITDA US$ 7.8 million, +35% and +114% higher, respectively, than those in the 1Q17. These increases come primarily from the higher metal prices, greater production, and higher payable value for lead and copper because of the higher silver contents. Regarding strategic exploration activities, 22,710 meters of diamond drilling were executed during the first quarter, focusing primarily on the identification of new Ore Bodies, the reclassification and validation of mineral resources found at level 3,300. Atacocha s estimated mineral reserves, considering both the underground mine and the open pit (Tajo San Gerardo), represent a life of mine of approximately twelve years, calculated according to the most recent mineral reserves and resources report as of December 31 st, 2017, using the National Instrument standard. In comparison with the last study, as of June 2017, mineral reserves were increased by 3.0 million aggregate tons, from 16.9 million tons to 19.9 million tons, mainly from the granting of permits in respect of our open pit operation, which expanded the pit limits. 4. Final Comments The Company starts the year with positive results along with higher production levels in the Pasco Complex, which helped compensate for the lower production in Cerro Lindo, mainly due to the higher treated ore and higher ore grades in El Porvenir and Atacocha when compared to the 1Q17. Simultaneously, it maintains an adequate financial position through its cash generation, high liquidity and low indebtedness, as well as taking advantage of the international price recovery in recent months, especially zinc and copper, supported by market fundamentals, and in turn setting a positive scenario for the development of its operations and projects. The Pasco Complex operational integration process and the stabilization of operations at Cerro Lindo continue, taking into account the strategic decision of reinforcing safety in the underground mines. These activities will be carried out all over 2018 with the objective of achieving a competitive growth through sustainable operations. San Borja, April 30th,
18 About Milpo (now Nexa Resources Peru) Compañía Minera Milpo S.A.A. (Nexa Peru) is a Peruvian mining company of regional scale dedicated to the exploration, extraction, processing and commercialization of zinc, copper and lead concentrates with contents of silver and gold, and is currently one of the main polymetallic producers in Peru. Nexa Peru develops its operations with a clear commitment to social and environmental responsibility. The Company belongs to Nexa Resources S.A. (formerly Votorantim Metais Holding), the metals and mining division of Votorantim S.A., a strong, private and diversified conglomerate that has over 100 years of history and a global presence in key sectors of the economy in more than 23 countries. Nexa Peru currently holds three underground polymetallic mining units in operation: Cerro Lindo (Ica), El Porvenir (Pasco) and Atacocha (Pasco). It also features a portfolio of polymetallic and copper Greenfield projects with advanced exploration. On December 2017, it was approved to change the name of the Company to Nexa Resources Perú S.A.A., change that is still on the process of being registered in the Peruvian Public Registry. For further information: Visit our website: or ri.milpo.com or us: milpoir@nexaresources.com About Nexa Resources S.A. Nexa Resources S.A. (NYSE: NEXA, TSX: NEXA) (formerly VM Holding S.A.) is a large scale company with zinc and copper integrated operations and more than 60 years of experience in the exploration, mining and refining business in Latin America. It currently holds 5 underground mines: 3 are located in Peru and 2 in Brazil. Two of them, Cerro Lindo in Peru and Vazante in Brazil, stand as part of the top 12 zinc mines in the world, in terms of production. Moreover, considering all of Nexa s operations, the Company stands in the top 5 zinc producers globally in Simultaneously, Nexa operates three refining units, two in Minas Gerais, Brazil, and one in Cajamarquilla, Peru. Nexa is born from the integration of Compañía Minera Milpo and Votorantim Metais, leading mining companies in Peru and Brazil. The new brand "Nexa" symbolizes the moment of expansion and integration of both companies, preserving both their legacy and good practices. Nexa holds the DNA, values and beliefs that have forged the identity of Milpo and Votorantim Metais. It was born as a zinc leader in Latin America and is ready to be one of the biggest competitors in the global market. We transform resources into value, managing sustainable mining with the best technology. For further information: Visit our website: 18
19 EXHIBIT I: 19
20 EXHIBIT II: 20
21 EXHIBIT III: 21
COMPAÑÍA MINERA MILPO S.A.A. (now Nexa Resources Perú S.A.A.)
Consolidated Earnings Release Fourth Quarter & Full Year 2017 This report analyzes the most important operating and financial results related to the development of Compañía Minera Milpo S.A.A. and its
More informationCONSOLIDATED EARNINGS RELEASE
COMPAÑIA MINERA MILPO CONSOLIDATED EARNINGS RELEASE THIRD QUARTER 2017 1 This report analyzes the most important operating and financial results related to the development of Compañía Minera Milpo SAA
More informationCONSOLIDATED EARNINGS RELEASE
COMPAÑIA MINERA MILPO EARNINGS RELEASE SECOND QUARTER 2017 This report analyzes the most important operating and financial results related to the development of Compañia Minera Milpo SAA and Subsidiaries,
More informationCONSOLIDATED EARNINGS RELEASE COMPAÑÍA MINERA MILPO S.A.A THIRD QUARTER
CONSOLIDATED EARNINGS RELEASE COMPAÑÍA MINERA MILPO S.A.A. 2016 THIRD QUARTER This report analyzes the most important operating and financial results related to the development of Compañía Minera Milpo
More informationCONSOLIDATED EARNINGS RELEASE COMPAÑÍA MINERA MILPO S.A.A FIRST QUARTER
CONSOLIDATED EARNINGS RELEASE COMPAÑÍA MINERA MILPO S.A.A. 2016 FIRST QUARTER This report analyzes the most important operating and financial results related to Companía Minera Milpo S.A.A. and Subsidiaries,
More informationCONSOLIDATED EARNINGS RELEASE COMPAÑÍA MINERA MILPO S.A.A SECOND QUARTER
CONSOLIDATED EARNINGS RELEASE COMPAÑÍA MINERA MILPO S.A.A. 2016 SECOND QUARTER. This report analyzes the most important operating and financial results related to Companía Minera Milpo S.A.A. and Subsidiaries,
More informationCOMPAÑÍA MINERA MILPO S.A.A. (now Nexa Resources Perú S.A.A.)
Consolidated Earnings Release Second Quarter 2018 This report analyzes the most important operating and financial results related to the development of Compañía Minera Milpo S.A.A. and its Subsidiaries
More informationCOMPAÑÍA MINERA MILPO S.A.A. 3Q15 CONSOLIDATED EARNINGS RELEASE
Lima. November 20, 2015. Compañía Minera Milpo S.A.A. (MILPO), a Peruvian mining company dedicated to the exploration, mining, processing, and marketing of zinc, copper, and lead concentrates with silver
More informationCOMPAÑÍA MINERA MILPO S.A.A. 4Q15 CONSOLIDATED EARNINGS RELEASE
Lima. March 18, 2016. Compañía Minera Milpo S.A.A. (MILPO), a Peruvian mining company dedicated to the exploration, mining, processing, and marketing of zinc, copper, and lead concentrates with silver
More informationCOMPAÑÍA MINERA MILPO S.A.A.
Lima, November 18 th, 2014, Compañía Minera Milpo S.A.A. (MILPO), a Peruvian mining company dedicated to the exploration, mining, processing and marketing of zinc, copper and lead concentrates with silver
More informationCORPORATE PRESENTATION 4Q13 RESULTS. March 2014 Lima
CORPORATE PRESENTATION RESULTS March 2014 Lima Disclaimer The information contained in this presentation concerning projections may be deemed to include statements which constitute forward-looking statements
More informationCORPORATE PRESENTATION Lima, February 2015 Q & A
CORPORATE PRESENTATION Lima, February 2015 Q & A Disclaimer The information contained in this presentation concerning projections may be deemed to include statements which constitute forward-looking statements
More informationCORPORATE PRESENTATION Lima, August 2015 Q & A
CORPORATE PRESENTATION Lima, August 2015 Q & A Disclaimer The information contained in this presentation concerning projections may be deemed to include statements which constitute forward-looking statements
More informationVOTORANTIM INDUSTRIAL 2013 EARNINGS RELEASE
São Paulo, March 11 th, 2014. Votorantim Industrial S.A. (VID), a company engaged in heavy building materials (cement, ready-mix concrete, aggregates and mortar), metals (aluminum, zinc and nickel), mining
More informationKarmin Exploration Inc.
Karmin Exploration Inc. n Aripuanã; 46 million tonne Zn-Pb-Cu-Ag-Au deposit n construction starts 2018 then production in 2020 n 24 + year mine life n 30% carried interest (until 1 year after feasibility;
More informationBuenaventura Announces Fourth Quarter and Full Year 2015 Results
Buenaventura Announces Fourth Quarter and Full Year 2015 Results Lima, Peru, February 25, 2016 Compañia de Minas Buenaventura S.A.A. ( Buenaventura or the Company ) (NYSE: BVN; Lima Stock Exchange: BUE.LM),
More informationBuenaventura Announces Fourth Quarter and Full Year 2014 Results
Buenaventura Announces Fourth Quarter and Full Year 2014 Results Lima, Peru, February 26, 2015 Compañia de Minas Buenaventura S.A.A. ( Buenaventura or the Company ) (NYSE: BVN; Lima Stock Exchange: BUE.LM),
More informationVOLCAN COMPAÑÍA MINERA S.A.A. AND SUBSIDIARIES 1 ST QUARTER 2013 MANAGEMENT S DISCUSSION AND ANALYSIS
VOLCAN COMPAÑÍA MINERA S.A.A. AND SUBSIDIARIES 1 ST QUARTER 2013 MANAGEMENT S DISCUSSION AND ANALYSIS US$ millions 2013 2012 Var (%) Sales 232.8 291.1-20.0% EBITDA 76.0 144.8-47.5% Net Profit 22.4 70.8-68.3%
More informationCORPORATE PRESENTATION 3Q13 RESULTS
CORPORATE PRESENTATION RESULTS November 2013 Disclaimer The information contained in this presentation concerning projections of Votorantim Industrial S.A. and its subsidiaries ( Votorantim ) may be deemed
More informationBuenaventura Announces Fourth Quarter and Full Year 2017 Results
Buenaventura Announces Fourth Quarter and Full Year 217 Results Lima, Peru, February 27, 218 Compañia de Minas Buenaventura S.A.A. ( Buenaventura or the Company ) (NYSE: BVN; Lima Stock Exchange: BUE.LM),
More informationBuenaventura Announces First Quarter 2017 Results
Buenaventura Announces First Quarter 2017 Results Lima, Peru, April 27, 2017 Compañia de Minas Buenaventura S.A.A. ( Buenaventura or the Company ) (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru s largest
More informationBuenaventura Announces Fourth Quarter and Twelve Month 2016 Results
Buenaventura Announces Fourth Quarter and Twelve Month 216 Results Lima, Peru, February 28, 217 Compañia de Minas Buenaventura S.A.A. ( Buenaventura or the Company ) (NYSE: BVN; Lima Stock Exchange: BUE.LM),
More informationCorporate Presentation 1Q16 Results. June 2016
Corporate Presentation Results June 2016 1 Disclaimer The information contained in this presentation concerning Votorantim S.A. and its subsidiaries ( Votorantim ) may be deemed to include statements which
More informationCorporate Presentation
Corporate Presentation 2012 Disclaimer 2 Some statements contained in this presentation or in documents referring to this presentation may contain inaccuracies. No reliance for any purpose whatsoever may
More informationMilpo. Equity Research. 1Q operationally robust led by Cerro Lindo
1Q operationally robust led by Cerro Lindo Ebitda and profit beat forecasts on cost cuts despite weak commodity prices Milpo reported 1Q16 net profit of US$17.7mn. This was flat YoY, but beat our estimate
More informationCorporate Presentation 2Q16 Results. August 2016
Corporate Presentation Results August 2016 1 Disclaimer The information contained in this presentation concerning Votorantim S.A. and its subsidiaries ( Votorantim ) may be deemed to include statements
More informationMANAGEMENT S DISCUSSION AND ANALYSIS FOR THE FIRST-QUARTER ENDED MARCH 31, 2014
MANAGEMENT S DISCUSSION AND ANALYSIS FOR THE FIRST-QUARTER ENDED MARCH 31, 2014 As at May 9, 2014 This management s discussion and analysis ( MD&A ) is intended to help the reader understand the significant
More informationMANAGEMENT S DISCUSSION AND ANALYSIS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2015
MANAGEMENT S DISCUSSION AND ANALYSIS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2015 As of November 9, 2015 Management s discussion and analysis ( MD&A ) is intended to help the reader understand the significant
More informationKarmin Exploration Inc.
Karmin Exploration Inc. n Aripuanã; 46 million tonne Zn-Pb-Cu-Ag-Au deposit n construction starts 2018 then production in 2020 n 24 + year mine life n 30% carried interest (until 1 year after feasibility;
More informationVOTORANTIM INDUSTRIAL 3Q15 EARNINGS RELEASE
São Paulo, November 23 rd, 2015. Votorantim Industrial S.A. (VID, Company), a company engaged in the basic building materials (cement, readymix concrete, aggregates and mortar), metals (aluminum, zinc
More informationBuenaventura Announces Fourth Quarter 2018 Production, Volume Sold per Metal Results and 2019 Guidance
Buenaventura Announces Fourth Quarter 2018 Production, Volume Sold per Metal Results and 2019 Guidance Lima, Peru, January 14, 2019 Compañia de Minas Buenaventura S.A.A. ( Buenaventura or the Company )
More informationCORPORATE PRESENTATION 3Q12 RESULTS
CORPORATE PRESENTATION 3Q12 RESULTS November 2012 1 Disclaimer The information contained in this presentation concerning projections of Votorantim Industrial S.A. and its subsidiaries ( Votorantim ) may
More informationAgenda. JOÃO MIRANDA CEO Votorantim S.A. Portfolio Management. LORIVAL LUZ CFO and IRO Votorantim Cimentos. MARIO BERTONCINI CFO Votorantim Metais
Agenda JOÃO MIRANDA CEO Votorantim S.A. Portfolio Management LORIVAL LUZ CFO and IRO Votorantim Cimentos MARIO BERTONCINI CFO Votorantim Metais SERGIO MALACRIDA Corporate Treasurer Officer and IRO Votorantim
More informationDriving Long-Term Value from Solid Foundations. Denver Gold Forum. Octavio Alvídrez. 19 September 2016
Driving Long-Term Value from Solid Foundations Denver Gold Forum Octavio Alvídrez 19 September 2016 Disclaimer This document includes statements that are, or may be deemed to be, forward-looking statements.
More informationSouthern Copper Corporation November, 2016
Southern Copper Corporation November, 2016 0 I. Introduction 1 Management Presenter Presenters Raul Jacob Title Vice President, Finance & CFO 2 Safe Harbor Statement This presentation contains certain
More informationFourth quarter 2016 results
Fourth quarter 2016 results Mexico City, February 24, 2017, Minera Frisco, S.A.B. de C.V. ( Frisco, BMV: FRISCO OTC: MSNFY) announces today its results for the fourth quarter 2016. MINERA FRISCO is a company
More informationCorporate Presentation March 1, 2017
Corporate Presentation March 1, 2017 DISCLAIMER This presentation contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking
More information2016 Results Highlights
1 2016 Highlights R$ million 4Q16 4Q15 4Q16 vs. 4Q15 Consolidated Net revenues amounted to R$26.7 billion, 9% lower than in 2015, mainly affected by the Brazilian operations. Adjusted EBITDA totaled R$4.3
More informationSILVER PRODUCER STRENGTH UPSIDE PRIMARY SILVER PRODUCER. Primary Silver Producer 57% Ag, 33% Au, 10% Pb-Zn
PRIMARY SILVER PRODUCER SILVER Primary Silver Producer 57% Ag, 33% Au, 10% Pb-Zn PRODUCER Two 100% owned mines in Mexico Unhedged Ag & Au; No Royalties STRENGTH Strong balance sheet; no LTD $21.3 M cash,
More informationGold Hawk Resources Inc.
Gold Hawk Resources Inc. Gold Hawk updates mineral resources and reserve estimates for the Coricancha Mine Vancouver, British Columbia, March 31, 2009 - Gold Hawk Resources Inc. ( Gold Hawk or the Company
More information2Q17 Corporate Presentation
2Q17 Corporate Presentation Cautionary Statement This presentation contains certain information that may constitute forward-looking information under applicable U.S. securities legislation, including but
More informationBUENAVENTURA MINING CO INC
BUENAVENTURA MINING CO INC FORM 20-F (Annual and Transition Report (foreign private issuer)) Filed 04/30/14 for the Period Ending 12/31/13 Telephone 5114192536 CIK 0001013131 Symbol BVN SIC Code 1000 -
More informationBuenaventura Announces First Quarter 2011 Results
Announces Lima, Peru, April 28, 2011 Compañia de Minas S.A.A. ( or the Company ) (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru s largest, publicly-traded precious metals mining company, announced today
More informationFortuna reports consolidated financial results for full year 2018 (All amounts expressed in US dollars, unless otherwise stated)
Fortuna reports consolidated financial results for full year 2018 (All amounts expressed in US dollars, unless otherwise stated) Vancouver, March 13, 2019: Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI)
More informationMilpo. Equity Research. Resuming with Buy TP PEN3.35: upside potential 27% Peru Metals & Mining Company Note 23 September 2014
Equity Research Milpo Resuming with Buy TP PEN3.35: upside potential 27% Careful modular growth, cost control, part of solid Votorantim group We resume coverage of Peruvian polymetallic miner Milpo with
More informationScotiabank Mining Conference. December 3, 2014
Scotiabank Mining Conference December 3, 2014 Cautionary Notes NON-GAAP MEASURE CASH COSTS PER OUNCE, NET OF BY-PRODUCT CREDITS THIS PRESENTATION PRESENTS INFORMATION ABOUT OUR CASH COSTS OF PRODUCTION
More informationQ May 2, 2013 HBM
Creating sustainable value through high quality, long-life deposits Q1 2013 May 2, 2013 HBM Forward-looking Information This presentation contains forward-looking statements and forward-looking information
More information2017 Actual Guidance Guidance Guidance
Total Gold Equivalent Production (oz.) (1,2) 1. 2. 2017 Actual 2018 2019 2020 892,006 1,013,000 1,084,000 1,149,000 The following table presents per unit cost expectations on a GEO basis for 2018. 2017
More informationQ Earnings Review
Q3 2018 Earnings Review 1 Cautionary Note Non-GAAP Measures This presentation of Pan American Silver Corp. and its subsidiaries (collectively, Pan American, Pan American Silver, the Company, we or our
More informationGold Stock Analyst - Annual Investor Day
Gold Stock Analyst - Annual Investor Day NYSE MKT: XPL TSX: SLR February 24, 2013 This presentation includes certain "Forward-Looking Statements" within the meaning of section 21E of the United States
More informationDate: 04/28/ :22 PM Vintage Project: v Form Type: 20-F Client: v464888_buenaventura MINING CO INC_20-F
Client: v464888_buenaventura MINING CO INC_20-F Submission Data File General Information Form Type* 20-F Contact Name Charlie Fink Contact Phone 866-683-5252 Filer Accelerated Status* Large Accelerated
More informationSILVER PRODUCER PROFITABLE GROWTH PROFITABLE PRIMARY SILVER PRODUCER. Primary Silver Producer 63% Ag, 27% Au, 10% Pb-Zn
PROFITABLE PRIMARY SILVER PRODUCER SILVER Primary Silver Producer 63% Ag, 27% Au, 10% Pb-Zn PRODUCER Two 100% owned mines in Mexico Unhedged Ag & Au; No Royalties PROFITABLE FY 2012 Net Income of $5.5
More informationHBM. Creating Sustainable Value through High Quality Long Life Deposits
HBM Creating Sustainable Value through High Quality Long Life Deposits Q1 2012 Conference Call, May 10, 2012 Forward Looking Information This presentation contains contains forward-looking statements and
More informationNEWS RELEASE. Coeur Reports Second Quarter 2014 Results
NEWS RELEASE Coeur Reports Second Quarter 2014 Results Cash flow from operating activities increased by $40 million; Rochester cash flow and production growth accelerates; Full-year cost guidance reduced
More informationFCX Conference Call to Discuss Revised Operating Plans
FCX Conference Call to Discuss Revised Operating Plans December 3, 2008 www.fcx.com Cautionary Statement Regarding Forward-Looking Statements This presentation contains forward-looking statements in which
More informationSILVER PRODUCER PROFITABLE GROWTH PROFITABLE PRIMARY SILVER PRODUCER. Primary Silver Producer 63% Ag, 31% Au, 6% Pb-Zn
PROFITABLE PRIMARY SILVER PRODUCER SILVER Primary Silver Producer 63% Ag, 31% Au, 6% Pb-Zn PRODUCER Two 100% owned mines in Mexico Unhedged Ag & Au; No Royalties PROFITABLE 9 months ended Sep 2012 Net
More informationMANAGEMENT S DISCUSSION AND ANALYSIS THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2018
MANAGEMENT S DISCUSSION AND ANALYSIS THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2018 As of November 7, 2018 (Monetary amounts expressed in US dollars, unless otherwise indicated) Table of Contents Page
More informationHudbay Announces 2016 Production Guidance and Capital and Exploration Expenditure Forecasts
Hudbay Announces 206 Production Guidance and Capital and Exploration Expenditure Forecasts Summary (all amounts are in US dollars, unless otherwise noted) 205 production of all key metals was within guidance
More informationQ Earnings Review
Q2 2018 Earnings Review 1 Cautionary Note Non-GAAP Measures This presentation of Pan American Silver Corp. and its subsidiaries (collectively, Pan American, Pan American Silver, the Company, we or our
More informationNEWS RELEASE GREAT PANTHER SILVER REPORTS POSITIVE PRELIMINARY ECONOMIC ASSESSMENT FOR THE CORICANCHA MINE
May 31, 2018 For Immediate Release NEWS RELEASE TSX: GPR NYSE AMERICAN: GPL GREAT PANTHER SILVER REPORTS POSITIVE PRELIMINARY ECONOMIC ASSESSMENT FOR THE CORICANCHA MINE Potential for Average Annual Production
More informationQ4 and Full Year 2017 Results & 2018 Outlook. February 16, 2018
Q4 and Full Year 2017 Results & 2018 Outlook February 16, 2018 Cautionary Note Regarding Forward-Looking Statements CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This presentation contains or incorporates
More informationManagement s Discussion and Analysis for the year ended December 31, 2015
Management s Discussion and Analysis for the year ended December 31, 2015 TABLE OF CONTENTS Introduction... 3 Core Business and Strategy... 4 2015 Highlights and Key Notes... 5 2016 Operating Outlook...
More informationNEWS RELEASE LUNDIN MINING FOURTH QUARTER AND FULL YEAR RESULTS
Corporate Office 150 King Street West, Suite 1500 P.O. Box 38 Toronto, ON M5H 1J9 Phone: +1 416 342 5560 Fax: +1 416 348 0303 UK Office Hayworthe House, Market Place Haywards Heath, West Sussex RH16 1DB
More informationPRUDENTAND DISCIPLINED
TSX: YRI NYSE: AUY PRUDENTAND DISCIPLINED TD Securities 2014 Mining Conference January 2014 2 Cautionary Note Regarding Forward-looking Statements CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:
More informationSouthern Copper Corporation Highlights. September 2008
Southern Copper Corporation Highlights September 2008 0 Safe Harbor Statement This presentation contains forward-looking statements, as defined by federal securities laws, with respect to our financial
More information2018 FIRST QUARTER RESULTS. May 3, 2018
2018 FIRST QUARTER RESULTS May 3, 2018 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS 2 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This presentation contains or incorporates by reference
More informationManagement s Discussion and Analysis. For the three and nine months ended September 30, 2018
Management s Discussion and Analysis For the three and nine months ended September 30, 2018 As of November 8, 2018 CONTENTS 1.0 THIRD QUARTER 2018 FINANCIAL AND OPERATING SUMMARY... 3 1.1 SELECTED QUARTERLY
More informationNYSE American USAS TSX USA
NYSE American USAS TSX USA Third Quarter 2018 Earnings Conference Call NOVEMBER 5, 2018 FORWARD-LOOKING STATEMENTS Safe Harbour and Other Disclosures Certain information in this presentation may contain
More informationCorporate Presentation
Corporate Presentation MAY 24, 2017 W W W. G R E A T P A N T H E R. C O M Disclaimer This presentation contains forward-looking statements within the meaning of the United States Private Securities Litigation
More informationBMO GLOBAL METALS AND MINING CONFERENCE. February 24-27, 2019
BMO GLOBAL METALS AND MINING CONFERENCE February 24-27, 2019 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS 2 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This presentation contains or incorporates
More information2014 Second Quarter Results
2014 Second Quarter Results July 31, 2014 TSX: YRI NYSE: AUY Cautionary Note Regarding Forwardlooking Statements CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This presentation contains forward-looking
More informationDenver Gold Forum. Strengthening our precious metals position. September 11, Octavio Alvídrez, CEO Fresnillo plc
Strengthening our precious metals position Denver Gold Forum September 11, 2012 Octavio Alvídrez, CEO Fresnillo plc LSE:Fres BMV:Fres www.fresnilloplc.com Disclaimer This document includes statements that
More informationThird Quarter 2014 Earnings Conference Call
SECOND THIRD QUARTER OVERVIEW FINANCIAL REVIEW OPERATIONS REVIEW EXPLORATION & PRE-DEVELOPMENT REVIEW Third Quarter 2014 Earnings Conference Call November 5, 2014 Cautionary Statements Cautionary Statement
More informationSouthern Copper Corporation Reports Second Quarter and Six Month 2010 Results
Southern Copper Corporation Reports Second Quarter and Six Month 2010 Results 11811 North Tatum Blvd., Suite 2500 - Phoenix, AZ 85028 Phone: Arizona: (602) 494-5328 - Fax: (602) 494-5317 July 28, 2010
More informationCorporate Presentation
Corporate Presentation JULY 3, 2017 W W W. G R E A T P A N T H E R. C O M Disclaimer This presentation contains forward-looking statements within the meaning of the United States Private Securities Litigation
More informationNew Drilling Results and Mineral Resource Update for Certej Deposit Gold Resources Increase by 1,570,000 ounces
NEWS RELEASE ELD No. 12-25 TSX: ELD NYSE: EGO October 25, 2012 New Drilling Results and Mineral Resource Update for Certej Deposit Gold Resources Increase by 1,570,000 ounces Vancouver, British Columbia
More informationSaleable production for the three months ended December 31, 2017:
Mandalay Resources Corporation Announces Production and Sales Results for the Fourth Quarter and Full Year, Provides Production and Cost Guidance for 2018 TORONTO, ON, January 15, 2018 Mandalay Resources
More informationSouthern Copper Corporation Highlights
Southern Copper Corporation Highlights ht Southern Copper Corporation Highlights March 2009 January 2009 0 Safe Harbor Statement This presentation contains forward-looking statements, as defined by federal
More informationManagement's Discussion and Analysis of Results of Operations and Financial Condition. For the three and six months ended June 30, 2018
Management's Discussion and Analysis of Results of Operations and Financial Condition For the three and six months ended June 30, 208 July 3, 208 TABLE OF CONTENTS Page Introduction... Our Business...
More informationGreat Panther Reports First Quarter 2019 Production Results
TSX: GPR NYSE American: GPL NEWS RELEASE April 9, 2019 For Immediate Release Great Panther Reports First Quarter 2019 Production Results GREAT PANTHER MINING LIMITED (TSX: GPR; NYSE American: GPL) ( Great
More informationBank of America Merrill Lynch 2014 Global Metals, Mining & Steel Conference
Bank of America Merrill Lynch 2014 Global Metals, Mining & Steel Conference TSX: YRI NYSE: AUY Cautionary Note Regarding Forwardlooking Statements CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:
More informationTrue Value Proposition. Bank of America Merrill Lynch: 21st Annual Canada Mining Conference September 10-11, 2015 TSX: YRI NYSE: AUY
True Value Proposition Bank of America Merrill Lynch: 21st Annual Canada Mining Conference September 10-11, 2015 TSX: YRI NYSE: AUY Cautionary Note Regarding Forward-looking Statement CAUTIONARY NOTE REGARDING
More informationSILVER PRODUCER STRENGTH UPSIDE PRIMARY SILVER PRODUCER. Primary Silver Producer 55% Ag, 36% Au, 9% Pb-Zn
PRIMARY SILVER PRODUCER SILVER Primary Silver Producer 55% Ag, 36% Au, 9% Pb-Zn PRODUCER Two 100% owned mines in Mexico Unhedged Ag & Au STRENGTH Strong balance sheet; no debt $21.8 M cash, $38.2 M working
More informationTrue Value Proposition. Corporate Summary. May 2015 TSX: YRI NYSE: AUY
True Value Proposition Corporate Summary May 215 TSX: YRI NYSE: AUY Cautionary Note Regarding Forward-looking Statement CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This presentation contains
More informationQ Results Webcast & Conference Call
TSX: SMT BVL: SMT NYSE American: SMTS sierrametals.com Q3 2018 Results Webcast & Conference Call November 13, 2018 Yauricocha Mine, Peru Bolivar Mine, Mexico Cusi Mine, Mexico Management Team Speakers
More informationManagement s Discussion and Analysis. For the three and six months ended June 30, 2018
Management s Discussion and Analysis For the three and six months ended June 30, 2018 As of August 8, 2018 CONTENTS 1.0 SECOND QUARTER 2018 FINANCIAL AND OPERATING SUMMARY... 3 1.1 SELECTED QUARTERLY INFORMATION...
More informationSILVER PRODUCER PROFITABLE GROWTH PROFITABLE PRIMARY SILVER PRODUCER. Primary Silver Producer 66% Ag, 28% Au, 6% Pb-Zn
PROFITABLE PRIMARY SILVER PRODUCER SILVER Primary Silver Producer 66% Ag, 28% Au, 6% Pb-Zn PRODUCER Two 100% owned mines in Mexico Unhedged Ag & Au; No Royalties PROFITABLE FY 2012 Net Income of $5.5 million
More informationEldorado Announces Preliminary 2015 Operational Results and 2016 Guidance
NEWS RELEASE 1/25/2016 Eldorado Announces Preliminary 2015 Operational Results and 2016 Guidance TSX: ELD NYSE: EGO VANCOUVER, Jan. 25, 2016 /CNW/ - Eldorado Gold Corporation, ("Eldorado" or "the Company")
More informationNEWS RELEASE LUNDIN MINING SECOND QUARTER RESULTS
Corporate Office 150 King Street West, Suite 1500 P.O. Box 38 Toronto, ON M5H 1J9 Phone: +1 416 342 5560 Fax: +1 416 348 0303 UK Office Hayworthe House, Market Place Haywards Heath, West Sussex RH16 1DB
More informationCorporate Update August 2016 TSX: LUN OMX: LUMI
Corporate Update August 2016 TSX: LUN OMX: LUMI Cautionary Statements Caution Regarding Forward-Looking Information and Non-GAAP Performance Measures This presentation contains forward-looking information,
More informationGoldman Sachs Basic Materials Conference
Goldman Sachs Basic Materials Conference Kathleen L. Quirk Executive Vice President & Chief Financial Officer June 4, 2009 www.fcx.com Cautionary Statement Regarding Forward-Looking Statements This presentation
More informationNovember 7, 2017 NYSE:HL. Third Quarter Earnings Conference Call
November 7, 2017 Third Quarter 2017 Earnings Conference Call Cautionary Statements Cautionary Statement Regarding Forward Looking Statements, This presentation contains forward-looking statements within
More informationCoeur Announces Initial Reserve Estimate and Reserve-Based Mine Plan for Silvertip Mine
Coeur Announces Initial Reserve Estimate and Reserve-Based Mine Plan for Silvertip Mine Chicago, Illinois December 27, 2018 Coeur Mining, Inc. ( Coeur or the Company ) (NYSE: CDE) today announced initial
More informationSILVER STANDARD RESOURCES INC.
SILVER STANDARD RESOURCES INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE FINANCIAL POSITION AND RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2017 1. FIRST QUARTER 2017 HIGHLIGHTS 2. OUTLOOK
More informationNEWS RELEASE Lundin Mining Second Quarter Results
Corporate Office 150 King Street West, Suite 2200 P.O. Box 38 Toronto, ON M5H 1J9 Phone: +1 416 342 5560 Fax: +1 416 348 0303 NEWS RELEASE Lundin Mining Second Quarter Results Toronto, July 25, 2018 (TSX:
More informationQ4 and FY 2018 Earnings Review
Q4 and FY 2018 Earnings Review 1 Cautionary Note Non-GAAP Measures This presentation of Pan American Silver Corp. and its subsidiaries (collectively, Pan American, Pan American Silver, the Company, we
More informationTrue Value Proposition Second Quarter Results. July 31, 2015 TSX: YRI NYSE: AUY
True Value Proposition 2015 Second Quarter Results July 31, 2015 TSX: YRI NYSE: AUY Cautionary Note Regarding Forward-looking Statement CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This presentation
More informationDENVER GOLD FORUM Tuesday 25 th Sept Octavio Alvídrez, CEO
DENVER GOLD FORUM Tuesday 25 th Sept 2018 Octavio Alvídrez, CEO DISCLAIMER 2 This document includes statements that are, or may be deemed to be, forward-looking statements. These forward-looking statements
More informationAGNICO-EAGLE MINES LIMITED. Corporate Update. May 2012
AGNICO-EAGLE MINES LIMITED Corporate Update May 2012 Forward Looking Statements The information in this document has been prepared as at May 16, 2012. Certain statements contained in this document constitute
More informationSILVERCORP REPORTS SIGNIFICANT GAIN IN MEASURED AND INDICATED MINERAL RESOURCES AT THE YING SILVER-LEAD-ZINC MINING DISTRICT, HENAN PROVINCE, CHINA
PRESS RELEASE Trading Symbol: TSX: SVM NYSE: SVM gust 19, 2014 SILVERCORP REPORTS SIGNIFICANT GAIN IN MEASURED AND INDICATED MINERAL RESOURCES AT THE YING SILVER-LEAD-ZINC MINING DISTRICT, HENAN PROVINCE,
More information