All financial figures are in U.S. dollars.
VANCOUVER, British Columbia, Feb. 20, 2019 (GLOBE NEWSWIRE) — Trevali Mining Corporation (“Trevali” or the “Company”) (TSX: TV; BVL: TV; OTCQX: TREVF; Frankfurt: 4TI) has released its audited annual financial results for the year ending December 31, 2018, with a net loss of $231 million, or ($0.27) per share, following non-cash impairment charges before tax of $312 million. The Company posted EBITDA1 of ($177 million) and adjusted EBITDA1 (before impairments) of $137.0 million on total revenues of $403 million.
Total 2018 zinc production of 406.9 million payable pounds, in line with initial guidance of 400 – 427 million payable pounds set at the start of 2018. Total lead production of 41.7 million payable pounds and silver production of 1.3 million payable ounces.
Consolidated cash costs of $0.77 per pound of payable Zn produced5 or $68 per tonne milled and all-in-sustaining costs5 of $0.96 per pound of payable Zn produced.
Concentrate sales revenue of $402.6 million, up approximately 22% versus $330.5 million in 2017.
Annual EBITDA1 of negative $177 million and annual net loss of $231 million or $0.27 per share. Annual Adjusted EBITDA1 of $137 million and Adjusted Earnings per Share of $0.04.
Fourth quarter Adjusted EBITDA1 of $41 million and Adjusted Earnings per Share of $0.01.
Maintained strong liquidity with cash of $65.5 million, Adjusted working capital position of $149 million, and net debt1 and total debt of $67.0 million and $132.4 million, respectively (as of December 31, 2018). In addition, $129 million remains available and undrawn on the revolving credit facility.
The negative EBITDA for year ended December 31, 2018 is due to the recognition of a non-cash impairment charge. The Company completed an impairment analysis which considered the indicators of impairment in accordance with IAS 36: Impairment of Assets; and reduced the carrying value of its mine operations by a net $263 million (comprised of $311.8 million impairment of property, plant and equipment and exploration and evaluation assets, goodwill and deferred tax recovery of $48.8 million). The Company is fully compliant with its debt covenants following the impairment.
Dr. Mark Cruise, Trevali’s President and Chief Executive Officer stated, “Over the past few months, we have completed a thorough review of our assets, which resulted in the non-cash impairment. However, efforts are underway at all our operations to maximize operating efficiencies and the Company is well positioned to improve operating performance going forward. In 2019, Trevali is placing an enhanced focus on improving transportation logistics and starting-up a new, more efficient power plant at Perkoa and is working with external consultant at Caribou to evaluate alternative, lower-cost mining methods. At Rosh Pinah, significant progress has been made over the past couple months understanding the new Western Ore Field, which accounts for approximately 80% of the mine’s reserves, with additional mill investments underway this year and the RP2.0 optimization study also progressing well. In Peru, the mine transitioned to fully owner operated and is well positioned for production in 2019 with all development in place for the year.”
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