Q1 2024 Trigon Metals Inc Earnings Call Transcript
Key Points
- Trigon Metals Inc (PNTZF) achieved a significant milestone with the full production ramp-up of the Kombat mine, marking the first full quarter of underground contribution.
- The company produced 2.3 million pounds of copper and 33,400 pounds of silver, leading to a positive adjusted EBITDA of $1.8 million.
- Revenue for the quarter increased to USD10 million, a substantial rise from $3.8 million in the previous quarter.
- Trigon Metals Inc (PNTZF) reaffirmed its annual production guidance of 12.1 million to 13.4 million pounds of copper, with expected cash costs in the range of $2.80 to $3.50 per pound.
- The company received a $2.5 million advance from IXM, providing working capital to support growth and ensuring stability as production ramps up.
- Despite improvements, Trigon Metals Inc (PNTZF) reported a net loss of $2.1 million for the quarter.
- The mill utilization rate was approximately 70% to 80%, indicating room for improvement in processing capacity.
- The underground grade decreased slightly from the previous quarter due to mining in shallower areas while waiting for water levels to drop.
- The company is still reliant on older mills from the historic Kombat operation, which may affect efficiency until new equipment is installed.
- There is a need to manage financial strategies carefully to avoid raising equity at low share prices, as the company explores debt instruments for growth.
Good morning, Trigon shareholders, and welcome to the Trigon Metals conference call. Trigon reports first-quarter operating and financial results. This call is being recorded live on Thursday, August 22, 2024. (Operator Instructions)
I would now like to turn the conference over to President and COO, Rennie Morkel. Please go ahead.
Thank you, and good morning, everyone. We appreciate you joining us to discuss what has been an important quarter for Trigon Metals. The highlights of our first quarter is undoubtedly the Kombat mine's full production ramp-up marking a major milestone in our journey. With the first full quarter of underground contribution, we're excited to see the hard work pay off.
In Q1, we produced 2.3 million pounds of copper at an average C1 cash cost per pound of $3.23. Alongside this, we produce approximately 33,400 pounds of silver. This silver performance from Kombat mine has led to a positive adjusted EBITDA of $1.8 million, reflecting the operational
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