{"id":768,"date":"2017-02-23T06:59:56","date_gmt":"2017-02-23T11:59:56","guid":{"rendered":"http:\/\/wawa-news.com\/?p=768"},"modified":"2017-02-23T07:03:00","modified_gmt":"2017-02-23T12:03:00","slug":"richmont-announces-4th-quarter-and-2016-financial-results","status":"publish","type":"post","link":"https:\/\/wawa-news.com\/index.php\/2017\/02\/23\/richmont-announces-4th-quarter-and-2016-financial-results\/","title":{"rendered":"Richmont Announces 4th Quarter and 2016 Financial Results"},"content":{"rendered":"
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Richmont Mines Inc. announces operating and financial results for the three and twelve months ended\u00a0December 31, 2016<\/span>, driven by solid results from the Island Gold Mine. The Corporation hosted a conference call and webcast on\u00a0Tuesday, February 21, 2017<\/span>, beginning at\u00a08:30 a.m. Eastern Time. This Conference call will be available for a short time<\/span>\u00a0(details below.)\u00a0(All amounts are in Canadian dollars, unless otherwise indicated.)<\/i><\/p>\n

Fourth Quarter and Annual Highlights<\/b><\/p>\n

    \n
  • Company-wide production for the quarter was 29,505 ounces of gold (27,759 ounces sold), a 32% increase over Q4 2015, which contributed to record annual production of 104,050 ounces of gold (102,660 ounces sold), a 6% increase over 2015, achieving the high end of revised production guidance for the year.<\/li>\n
  • The solid performance was driven by production from the cornerstone Island Gold Mine of 24,086 ounces of gold (22,422 ounces sold) for the quarter, a 70% increase over Q4 2015, and 83,323 ounces of gold (82,273 ounces sold) for 2016, a 51% increase over 2015, exceeding revised production guidance for the year.<\/li>\n
  • Richmont reported fourth quarter revenues of\u00a0$44.2 million<\/span>\u00a0(US$33.1 million<\/span>), a 39% increase over Q4 2015 and record annual revenues of\u00a0$168.7 million<\/span>\u00a0(US$127.3 million<\/span>), a 17% increase over 2015.<\/li>\n
  • Company-wide cash costs[1] for the quarter were\u00a0$952<\/span>\u00a0per ounce (US$714<\/span>\u00a0per ounce), a 7% decrease over Q4 2015 and\u00a0$908<\/span>\u00a0per ounce (US$685<\/span>\u00a0per ounce) for 2016, a 7% decrease over 2015 and in-line with revised cash cost guidance for the year.<\/li>\n
  • Cash costs for the Island Gold Mine were\u00a0$826<\/span>\u00a0per ounce (US$619<\/span>\u00a0per ounce) for the quarter, a 19% decrease over Q4 2015 and\u00a0$779<\/span>\u00a0per ounce (US$587<\/span>\u00a0per ounce) for 2016, a 24% decrease over 2015 and below revised guidance for the year.<\/li>\n
  • Company-wide All-In-Sustaining-Costs1\u00a0(“AISC”) for the quarter were\u00a0$1,229<\/span>\u00a0per ounce (US$922<\/span>\u00a0per ounce), a 26% decrease over Q4 2015 and\u00a0$1,272<\/span>\u00a0per ounce (US$960<\/span>\u00a0per ounce) for 2016, a 7% decrease over 2015 and in-line with revised AISC guidance for the year.<\/li>\n
  • AISC for the Island Gold Mine were\u00a0$912<\/span>\u00a0per ounce (US$683<\/span>\u00a0per ounce) for the quarter, a 42% decrease over Q4 2015 and\u00a0$988<\/span>\u00a0per ounce (US$745<\/span>\u00a0per ounce) for 2016, a 32% decrease over 2015 and below revised guidance for the year.<\/li>\n
  • Earnings for the quarter were\u00a0$1.1 million<\/span>\u00a0(US$0.8 million<\/span>), or\u00a0$0.02<\/span>\u00a0per share (US$0.01<\/span>\u00a0per share), a\u00a0$5.2 million<\/span>\u00a0improvement over the Q4 2015 loss of\u00a0$4.1 million<\/span>. Earnings for 2016 were\u00a0$12.5 million<\/span>\u00a0(US$9.4 million<\/span>), or\u00a0$0.20<\/span>\u00a0per share (US$0.15<\/span>\u00a0per share), an 84% increase over 2015.<\/li>\n
  • Operating cash flow2\u00a0for the quarter was\u00a0$12.6 million<\/span>\u00a0(US$9.5 million<\/span>), or\u00a0$0.20<\/span>\u00a0per share (US$0.15<\/span>\u00a0per share), an 86% increase over Q4 2015. Operating cash flow for 2016 was\u00a0$48.2 million<\/span>\u00a0(US$36.4 million<\/span>), or\u00a0$0.79<\/span>\u00a0per share (US$0.60<\/span>\u00a0per share), a 14% increase over 2015.<\/li>\n
  • Richmont ended the year with a strong cash balance of\u00a0$75.1 million<\/span>\u00a0(US$55.9 million<\/span>) that is expected to fully support the Corporation’s organic growth strategy.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n
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    ____________________________<\/p>\n

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    \n

    1<\/span><\/p>\n<\/td>\n

    		\n

    Non-IFRS performance measure. Refer to the Non-IFRS Performance Measures section contained in the 2016 Management’s Discussion and Analysis.<\/span><\/p>\n<\/td>\n<\/tr>\n

    \n

    2<\/span><\/p>\n<\/td>\n

    		\n

    Operating cash flow presented is after changes in non-cash working capital.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

    Recent Corporate Highlights<\/b><\/p>\n

      \n
    • On\u00a0February 2, 2017<\/span>, Richmont announced a projected increase of up to 15% in 2017 company-wide production guidance to between 110,000 and 120,000 gold ounces, including high-quality production growth from the Island Gold Mine to between 87,000 and 93,000 gold ounces. The increase in production is expected to drive a decrease of up to 8% in cash costs both company-wide and at the Island Gold Mine.<\/li>\n
    • On\u00a0January 31, 2017<\/span>, Richmont announced Mineral Reserves and Resources as of\u00a0December 31, 2016<\/span>. Mineral Reserves at the cornerstone Island Gold Mine increased by 34% (net of depletion) to 752,200 ounces of gold, at an increased grade of 9.17 g\/t gold. Inferred resources increased by 30% (net of conversion) to 995,700 gold ounces, at an increased grade of 10.18 g\/t, at an average discovery cost of less than\u00a0$35<\/span>\u00a0per ounce.<\/li>\n
    • On\u00a0January 25, 2017<\/span>, Richmont announced the appointment of Mr.\u00a0Rob Chausse<\/span>\u00a0as Chief Financial Officer effective\u00a0March 20, 2017<\/span>.<\/li>\n
    • On\u00a0December 19, 2016<\/span>, Richmont announced the receipt of the required permit amendments that allow for ore mining and processing rate increases to an average of 1,100 tonnes per day as contemplated in the Expansion Case Preliminary Economic Assessment (“Expansion Case PEA”) that is currently under review.<\/li>\n<\/ul>\n

      “We have reported a number of key milestones for 2016, including record company-wide production. The strong performance was driven by another consecutive year of solid results from the Island Gold Mine, which exceeded all annual production and cost guidance metrics,” stated\u00a0Renaud Adams<\/span>, CEO. He continued, “2016 was a pivotal year for Island Gold. During the year we completed a strategic underground mine and mill upgrade, advanced the accelerated underground development program and received the amended permits to increase mine and mill throughput rates to 1,100\u00a0tonnes per day. In 2017 we will continue to focus on positioning the Island Gold Mine for long-term success that drives shareholder value creation, which is supported by a solid balance sheet and a disciplined management team.”<\/p>\n

      Financial Highlights<\/b><\/p>\n

      \n
      \n
      \n\n\n\n\n\n\n\n\n\n\n\n\n\n
      \n

      (in thousands of $, except per share amounts)<\/i><\/span><\/p>\n<\/td>\n

      		\n

      Quarter ended
      \n<\/span>Dec. 31, 2016<\/span><\/p>\n<\/td>\n

      		\n

      Quarter ended
      \n<\/span>Dec. 31, 2015<\/span><\/p>\n<\/td>\n

      		\n

      Year ended
      \n<\/span>Dec. 31, 2016<\/span><\/p>\n<\/td>\n

      		\n

      Year ended
      \n<\/span>Dec. 31, 2015<\/span><\/p>\n<\/td>\n<\/tr>\n

      \n

      Revenue from mining operations<\/span><\/p>\n<\/td>\n

      		\n

      44,204<\/b><\/span><\/p>\n<\/td>\n

      		\n

      31,864<\/span><\/p>\n<\/td>\n

      		\n

      168,700<\/b><\/span><\/p>\n<\/td>\n

      		\n

      143,733<\/span><\/p>\n<\/td>\n<\/tr>\n

      \n

      Net earnings (loss) per share, basic<\/span><\/p>\n<\/td>\n

      		\n

      0.02<\/b><\/span><\/p>\n<\/td>\n

      		\n

      (0.07)<\/span><\/p>\n<\/td>\n

      		\n

      0.20<\/b><\/span><\/p>\n<\/td>\n

      		\n

      0.12<\/span><\/p>\n<\/td>\n<\/tr>\n

      \n

      Operating cash flow, per share<\/span><\/p>\n<\/td>\n

      		\n

      0.20<\/b><\/span><\/p>\n<\/td>\n

      		\n

      0.12<\/span><\/p>\n<\/td>\n

      		\n

      0.79<\/b><\/span><\/p>\n<\/td>\n

      		\n

      0.74<\/span><\/p>\n<\/td>\n<\/tr>\n

      \n

      Adj. operating cash flow, per share(1)(2)<\/span><\/p>\n<\/td>\n

      		\n

      0.17<\/b><\/span><\/p>\n<\/td>\n

      		\n

      0.04<\/span><\/p>\n<\/td>\n

      		\n

      0.80<\/b><\/span><\/p>\n<\/td>\n

      		\n

      0.60<\/span><\/p>\n<\/td>\n<\/tr>\n

      \n

      Net free cash flow, per share(2)<\/span><\/p>\n<\/td>\n

      		\n

      (0.05)<\/b><\/span><\/p>\n<\/td>\n

      		\n

      (0.27)<\/span><\/p>\n<\/td>\n

      		\n

      (0.25)<\/b><\/span><\/p>\n<\/td>\n

      		\n

      (0.17)<\/span><\/p>\n<\/td>\n<\/tr>\n

      \n

      Revenue from mining operations (US$)<\/span><\/p>\n<\/td>\n

      		\n

      33,134<\/b><\/span><\/p>\n<\/td>\n

      		\n

      23,861<\/span><\/p>\n<\/td>\n

      		\n

      127,340<\/b><\/span><\/p>\n<\/td>\n

      		\n

      112,406<\/span><\/p>\n<\/td>\n<\/tr>\n

      \n

      Net earnings (loss) per share, basic (US$)<\/span><\/p>\n<\/td>\n

      		\n

      0.01<\/b><\/span><\/p>\n<\/td>\n

      		\n

      (0.05)<\/span><\/p>\n<\/td>\n

      		\n

      0.15<\/b><\/span><\/p>\n<\/td>\n

      		\n

      0.09<\/span><\/p>\n<\/td>\n<\/tr>\n

      \n

      Operating cash flow, per share (US$)<\/span><\/p>\n<\/td>\n

      		\n

      0.15<\/b><\/span><\/p>\n<\/td>\n

      		\n

      0.09<\/span><\/p>\n<\/td>\n

      		\n

      0.60<\/b><\/span><\/p>\n<\/td>\n

      		\n

      0.58<\/span><\/p>\n<\/td>\n<\/tr>\n

      \n

      Adj. operating cash flow, per share(1)(2)\u00a0(US$)<\/span><\/p>\n<\/td>\n

      		\n

      0.13<\/b><\/span><\/p>\n<\/td>\n

      		\n

      0.03<\/span><\/p>\n<\/td>\n

      		\n

      0.61<\/b><\/span><\/p>\n<\/td>\n

      		\n

      0.47<\/span><\/p>\n<\/td>\n<\/tr>\n

      \n

      Net free cash flow, per share(2)\u00a0(US$)<\/span><\/p>\n<\/td>\n

      		\n

      (0.04)<\/b><\/span><\/p>\n<\/td>\n

      		\n

      (0.21)<\/span><\/p>\n<\/td>\n

      		\n

      (0.19)<\/b><\/span><\/p>\n<\/td>\n

      		\n

      (0.13)<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

      \n
      \n
      \n\n\n\n\n
      \n

      (1)<\/span><\/p>\n<\/td>\n

      		\n

      Before changes in non-cash working capital.<\/span><\/p>\n<\/td>\n<\/tr>\n

      \n

      (2)<\/span><\/p>\n<\/td>\n

      		\n

      Non-IFRS performance measure. Refer to the Non-IFRS performance measures section contained in the 2016 Management’s Discussion & Analysis.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

      Operational Highlights<\/b><\/p>\n

      \n
      \n
      \n\n\n\n\n\n\n\n\n\n\n\n
      \n

      Quarter ended
      \n<\/span>Dec. 31, 2016<\/span><\/p>\n<\/td>\n

      		\n

      Quarter ended
      \n<\/span>Dec. 31, 2015<\/span><\/p>\n<\/td>\n

      		\n

      Year ended
      \n<\/span>Dec. 31, 2016<\/span><\/p>\n<\/td>\n

      		\n

      Year ended
      \n<\/span>Dec. 31, 2015<\/span><\/p>\n<\/td>\n<\/tr>\n

      \n

      Gold produced (oz)<\/span><\/p>\n<\/td>\n

      		\n

      29,505<\/b><\/span><\/p>\n<\/td>\n

      		\n

      22,380<\/span><\/p>\n<\/td>\n

      		\n

      104,050<\/b><\/span><\/p>\n<\/td>\n

      		\n

      98,031<\/span><\/p>\n<\/td>\n<\/tr>\n

      \n

      Gold sold (oz)<\/span><\/p>\n<\/td>\n

      		\n

      27,759<\/b><\/span><\/p>\n<\/td>\n

      		\n

      21,576<\/span><\/p>\n<\/td>\n

      		\n

      102,660<\/b><\/span><\/p>\n<\/td>\n

      		\n

      96,895<\/span><\/p>\n<\/td>\n<\/tr>\n

      \n

      Average cash costs per ounce ($)(1)<\/span><\/p>\n<\/td>\n

      		\n

      952<\/b><\/span><\/p>\n<\/td>\n

      		\n

      1,028<\/span><\/p>\n<\/td>\n

      		\n

      908<\/b><\/span><\/p>\n<\/td>\n

      		\n

      972<\/span><\/p>\n<\/td>\n<\/tr>\n

      \n

      Average AISC per ounce ($)(1)<\/span><\/p>\n<\/td>\n

      		\n

      1,229<\/b><\/span><\/p>\n<\/td>\n

      		\n

      1,660<\/span><\/p>\n<\/td>\n

      		\n

      1,272<\/b><\/span><\/p>\n<\/td>\n

      		\n

      1,368<\/span><\/p>\n<\/td>\n<\/tr>\n

      \n

      Average realized gold price per ounce ($)<\/span><\/p>\n<\/td>\n

      		\n

      1,589<\/b><\/span><\/p>\n<\/td>\n

      		\n

      1,474<\/span><\/p>\n<\/td>\n

      		\n

      1,640<\/b><\/span><\/p>\n<\/td>\n

      		\n

      1,480<\/span><\/p>\n<\/td>\n<\/tr>\n

      \n

      Average cash costs per ounce (US$)(1)<\/span><\/p>\n<\/td>\n

      		\n

      714<\/b><\/span><\/p>\n<\/td>\n

      		\n

      770<\/span><\/p>\n<\/td>\n

      		\n

      685<\/b><\/span><\/p>\n<\/td>\n

      		\n

      760<\/span><\/p>\n<\/td>\n<\/tr>\n

      \n

      Average AISC per ounce (US$)(1)<\/span><\/p>\n<\/td>\n

      		\n

      922<\/b><\/span><\/p>\n<\/td>\n

      		\n

      1,243<\/span><\/p>\n<\/td>\n

      		\n

      960<\/b><\/span><\/p>\n<\/td>\n

      		\n

      1,070<\/span><\/p>\n<\/td>\n<\/tr>\n

      \n

      Average realized gold price per ounce (US$)<\/span><\/p>\n<\/td>\n

      		\n

      1,191<\/b><\/span><\/p>\n<\/td>\n

      		\n

      1,104<\/span><\/p>\n<\/td>\n

      		\n

      1,238<\/b><\/span><\/p>\n<\/td>\n

      		\n

      1,157<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

      \n
      \n
      \n\n\n\n
      \n

      (1)<\/span><\/p>\n<\/td>\n

      		\n

      Non-IFRS performance measure. Refer to the Non-IFRS performance measures section contained in the 2016 Management’s Discussion and Analysis.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

      Island Gold Mine Highlights<\/b><\/p>\n

      \n
      \n
      \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
      \n

      ISLAND GOLD MINE<\/b><\/span><\/p>\n<\/td>\n

      		\n

      Quarter ended\u00a0<\/span><\/p>\n

      Dec. 31, 2016\u00a0<\/span><\/p>\n<\/td>\n

      		\n

      Quarter ended\u00a0<\/span><\/p>\n

      Dec. 31, 2015\u00a0<\/span><\/p>\n<\/td>\n

      		\n

      Year ended\u00a0<\/span><\/p>\n

      Dec. 31, 2016\u00a0<\/span><\/p>\n<\/td>\n

      		\n

      Year ended\u00a0<\/span><\/p>\n

      Dec. 31, 2015\u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n

      \n

      Gold produced (oz)<\/span><\/p>\n<\/td>\n

      		\n

      24,086<\/b><\/span><\/p>\n<\/td>\n

      		\n

      14,203<\/span><\/p>\n<\/td>\n

      		\n

      83,323<\/b><\/span><\/p>\n<\/td>\n

      		\n

      55,040<\/span><\/p>\n<\/td>\n<\/tr>\n

      \n

      Gold sold (oz)<\/span><\/p>\n<\/td>\n

      		\n

      22,422<\/b><\/span><\/p>\n<\/td>\n

      		\n

      13,504<\/span><\/p>\n<\/td>\n

      		\n

      82,273<\/b><\/span><\/p>\n<\/td>\n

      		\n

      52,363<\/span><\/p>\n<\/td>\n<\/tr>\n

      \n

      Cash costs per ounce ($)(1)<\/span><\/p>\n<\/td>\n

      		\n

      826<\/b><\/span><\/p>\n<\/td>\n

      		\n

      1,019<\/span><\/p>\n<\/td>\n

      		\n

      779<\/b><\/span><\/p>\n<\/td>\n

      		\n

      1,027<\/span><\/p>\n<\/td>\n<\/tr>\n

      \n

      AISC per ounce ($)(1)<\/span><\/p>\n<\/td>\n

      		\n

      912<\/b><\/span><\/p>\n<\/td>\n

      		\n

      1,580<\/span><\/p>\n<\/td>\n

      		\n

      988<\/b><\/span><\/p>\n<\/td>\n

      		\n

      1,453<\/span><\/p>\n<\/td>\n<\/tr>\n

      \n

      Realized gold price per ounce ($)<\/span><\/p>\n<\/td>\n

      		\n

      1,592<\/b><\/span><\/p>\n<\/td>\n

      		\n

      1,476<\/span><\/p>\n<\/td>\n

      		\n

      1,639<\/b><\/span><\/p>\n<\/td>\n

      		\n

      1,481<\/span><\/p>\n<\/td>\n<\/tr>\n

      \n

      Cash costs per ounce (US$)(1)<\/span><\/p>\n<\/td>\n

      		\n

      619<\/b><\/span><\/p>\n<\/td>\n

      		\n

      763<\/span><\/p>\n<\/td>\n

      		\n

      587<\/b><\/span><\/p>\n<\/td>\n

      		\n

      803<\/span><\/p>\n<\/td>\n<\/tr>\n

      \n

      AISC per ounce (US$)(1)<\/span><\/p>\n<\/td>\n

      		\n

      683<\/b><\/span><\/p>\n<\/td>\n

      		\n

      1,183<\/span><\/p>\n<\/td>\n

      		\n

      745<\/b><\/span><\/p>\n<\/td>\n

      		\n

      1,136<\/span><\/p>\n<\/td>\n<\/tr>\n

      \n

      Realized gold price per ounce (US$)<\/span><\/p>\n<\/td>\n

      		\n

      1,193<\/b><\/span><\/p>\n<\/td>\n

      		\n

      1,105<\/span><\/p>\n<\/td>\n

      		\n

      1,237<\/b><\/span><\/p>\n<\/td>\n

      		\n

      1,158<\/span><\/p>\n<\/td>\n<\/tr>\n

      \n

      Underground tpd<\/span><\/p>\n<\/td>\n

      		\n

      977<\/b><\/span><\/p>\n<\/td>\n

      		\n

      657(2)<\/span><\/p>\n<\/td>\n

      		\n

      869(3)<\/b><\/span><\/p>\n<\/td>\n

      		\n

      659(2)<\/span><\/p>\n<\/td>\n<\/tr>\n

      \n

      Mill tonnes<\/span><\/p>\n<\/td>\n

      		\n

      83,091<\/b><\/span><\/p>\n<\/td>\n

      		\n

      60,352<\/span><\/p>\n<\/td>\n

      		\n

      297,757<\/b><\/span><\/p>\n<\/td>\n

      		\n

      242,137<\/span><\/p>\n<\/td>\n<\/tr>\n

      \n

      Mill tpd<\/span><\/p>\n<\/td>\n

      		\n

      903<\/b><\/span><\/p>\n<\/td>\n

      		\n

      656(2)<\/span><\/p>\n<\/td>\n

      		\n

      814(3)<\/b><\/span><\/p>\n<\/td>\n

      		\n

      663(2)<\/span><\/p>\n<\/td>\n<\/tr>\n

      \n

      Head grade (g\/t gold)<\/span><\/p>\n<\/td>\n

      		\n

      9.31<\/b><\/span><\/p>\n<\/td>\n

      		\n

      7.62<\/span><\/p>\n<\/td>\n

      		\n

      9.02<\/b><\/span><\/p>\n<\/td>\n

      		\n

      7.31<\/span><\/p>\n<\/td>\n<\/tr>\n

      \n

      Recoveries (%)<\/span><\/p>\n<\/td>\n

      		\n

      96.9<\/b><\/span><\/p>\n<\/td>\n

      		\n

      96.0<\/span><\/p>\n<\/td>\n

      		\n

      96.5<\/b><\/span><\/p>\n<\/td>\n

      		\n

      96.8<\/span><\/p>\n<\/td>\n<\/tr>\n

      \n

      Sustaining costs ($000’s)<\/span><\/p>\n<\/td>\n

      		\n

      1,920<\/b><\/span><\/p>\n<\/td>\n

      		\n

      7,576<\/span><\/p>\n<\/td>\n

      		\n

      17,203<\/b><\/span><\/p>\n<\/td>\n

      		\n

      22,330<\/span><\/p>\n<\/td>\n<\/tr>\n

      \n

      Project costs ($000’s)<\/span><\/p>\n<\/td>\n

      		\n

      11,535<\/b><\/span><\/p>\n<\/td>\n

      		\n

      14,505<\/span><\/p>\n<\/td>\n

      		\n

      39,925<\/b><\/span><\/p>\n<\/td>\n

      		\n

      30,894<\/span><\/p>\n<\/td>\n<\/tr>\n

      \n

      Non-sustaining exploration ($000’s)<\/span><\/p>\n<\/td>\n

      		\n

      3,899<\/b><\/span><\/p>\n<\/td>\n

      		\n

      2,865<\/span><\/p>\n<\/td>\n

      		\n

      14,802<\/b><\/span><\/p>\n<\/td>\n

      		\n

      4,600<\/span><\/p>\n<\/td>\n<\/tr>\n

      \n

      Sustaining costs (US$000’s)<\/span><\/p>\n<\/td>\n

      		\n

      1,439<\/b><\/span><\/p>\n<\/td>\n

      		\n

      5,673<\/span><\/p>\n<\/td>\n

      		\n

      12,985<\/b><\/span><\/p>\n<\/td>\n

      		\n

      17,463<\/span><\/p>\n<\/td>\n<\/tr>\n

      \n

      Project costs (US$000’s)<\/span><\/p>\n<\/td>\n

      		\n

      8,646<\/b><\/span><\/p>\n<\/td>\n

      		\n

      10,862<\/span><\/p>\n<\/td>\n

      		\n

      30,137<\/b><\/span><\/p>\n<\/td>\n

      		\n

      24,160<\/span><\/p>\n<\/td>\n<\/tr>\n

      \n

      Non-sustaining exploration (US$000’s)<\/span><\/p>\n<\/td>\n

      		\n

      2,923<\/b><\/span><\/p>\n<\/td>\n

      		\n

      2,145<\/span><\/p>\n<\/td>\n

      		\n

      11,173<\/b><\/span><\/p>\n<\/td>\n

      		\n

      3,597<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

      \n
      \n
      \n\n\n\n\n\n
      \n

      (1)<\/span><\/p>\n<\/td>\n

      		\n

      Non-IFRS performance measure. Refer to the Non-IFRS performance measures section contained in the 2016 Management’s Discussion and Analysis.<\/span><\/p>\n<\/td>\n<\/tr>\n

      \n

      (2)<\/span><\/p>\n<\/td>\n

      		\n

      2015 productivity includes a 3-week underground mine shutdown and a 2-week mill shutdown in Q4 2015.<\/span><\/p>\n<\/td>\n<\/tr>\n

      \n

      (3)<\/span><\/p>\n<\/td>\n

      		\n

      2016 productivity includes a 16-day underground mine shutdown and a 25-day mill shutdown in Q3 2016.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

       <\/p>\n