Endomines - Initial production started
Initial production at Friday commenced during Q3, with planned milling capacity seen to be reached at the end of Q4. The Pampalo startup is progressing well, ore production at the mine and ore processing at the mill are expected in Q4 2021 and Q1 2022 respectively.
- Revenue in Q3 amounted to SEK 1.7*m, with our estimates at SEK 0.0m. Revenue in Q3 was still as expected not significant, as the Friday mine and mill are only just re-starting production.
- EBITDA in Q3 was at SEK -36.3m*, below our estimate of SEK -28.0m.
- EBIT amounted to SEK -38.2m* (Evli SEK -33.0m).
*Figures derived from Q1-Q3 and H1 figures - During Q3 the Pampalo mine decline was driven down to a new production area. Work remains within budget and timeline. At Friday, the technical challenges relating to the mill have mostly been resolved. An underground core drilling program is being carried out, to be completed during Q4.
- The Orogrande processing facility is under commenced production and is forecasted to reach planned milling capacity (150 tons/day) by the end of Q4 2021. Ore production at the Pampalo mine will start in Q4 2021 and ore processing at the mill will begin early Q1 2022.
- Liquid assets amounted to SEK 8.4m at the end of Q3.
- Due to the refocusing of the Pampalo production schedule from previously planned Q2 2022 to Q1 2022, the short-term Q4 2021 gold production guidance for the operations has been amended to approximately 1,200 oz by year end.