Sandstorm Gold To Buy Back 10% Of Shares
Royalty company Sandstorm Gold Ltd. (NYSE American: SAND, TSX: SSL) announcesthat its board of directors has approved the purchase of up to 18.3 commonshares by the end of 2019, subject to approval by the Toronto StockExchange. This would represent approximately 10% of Sandstorm’s current sharesoutstanding. The news comes one day after Sandstorm says net income fell to$2.1 million in the third quarter from $4.8 million in the same period a yearago, which the company says was due to certain non-recurring items, including a$3.4 million gain primarily resulting from the Bachelor Lake gold streamamendment. The decrease in net income was partially offset by a $0.7 milliondecrease in depletion expense and a $0.3 million reduction in theadministrative costs. Revenue dipped to $17.3 million from $17.9 million a yearago mainly due to a 4% decrease in the average realized selling price of gold.Gold-equivalent production was steady at 14,314 ounces, compared to 14,293 ayear ago. Based on existing royalties, Sandstorm says the number ofgold-equivalent ounces sold is expected to be between 56,000 and 60,000 for2018 and between 63,000 and 73,000 ounces in 2019. The company says it looksfor gold-equivalent production of 140,000 ounces in 2023.
By Allen Sykoraof Kitco News; asykora@kitco.com
Leagold Mining Trims Production Guidance
Thursday November 15, 2018 09:02
Leagold Mining Corp. (TSX: LMC) reports athird-quarter profit but has trimmed production guidance for 2018. The company,which acquired Brio Gold Inc. in spring, lists net income of $14.9 million, or 5 cents per share, on productionof 93,269 ounces of gold. However, the companysays it is trimming guidance due to an unplanned temporary shutdown of the RDMmine due to a drought, and the Los Filos mine experiencing an extended recoverycycle on the heap leach pads. Guidance is now listed at 295,000 to 305,000ounces, down from the previous range of between 325,000 and 350,000 ounces.This takes into account the restart of RDM in late November with a two-weekproduction ramp-up. Leagold looks for full-year all-in sustaining costs to besimilar to the nine months ended Sept. 30 of $979 per ounce. “Among our mines, Fazenda and Pilar bothperformed as expected in the quarter. Los Filos production was belowexpectations in Q3, mainly due to the significant increase in contained goldplaced on the pads that has caused recovery delays,” says Neil Woodyer, chiefexecutive officer. “With Los Filos production set to increase in the near term,the restart of RDM now scheduled for Nov. 20, and the expected cost savingsfrom optimizations in Brazil, we are looking forward to increased productionand cash flow in 2019.”
By Allen SykoraFor Kitco News
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asykora@kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication. |