Year ended Dec. 31, 2012 and fourth Quarter 2012 Highlights
Total revenues for 2012 were $56.9 million, up 20% from $47.5 million in 2011. Revenues in Q4, 2012 were $16.3 million a 48% increase from $11 million in Q4, 2011.
Total silver ounces equivalent production for 2012 was 2,523,441, up 45% from 1,741,705 ounces produced in 2011. Silver ounces equivalent production for Q4, 2012 was 624,159 up 33% from 468,343 in Q4, 2011.
Earnings from mining operation in 2012 were $25 million, up 8% from $23.2 million in 2011. Earnings from mining operation in Q4 2012 were $7.6 million, up 33% from $5.7 million in Q4 2011.
The total cash cost per silver ounce net of by-products for 2012 was $6.43, down 16% from $7.63 in 2011.
Net income in 2012 was $10 million up 30% from $7.7 million in 2011.
Operating cash flow (after taxes before movements in working capital) for 2012 was $21.5 million up 10% from $19.5 million in 2011.
Total ore milled in 2012 was 691,260 tonnes, up 37% from 505,965 in 2011.
Total ore mined in 2012 was 670,930 tonnes, up 25% from 538,750 in 2011.
The average revenue per payable equivalent silver ounce sold in 2012 was $25.45, 12% lower than $28.80 per ounce in 2011 due to lower metal prices.
Good job getting this to the board ASAP. 2.5M Ag-eq oz is a good starting point for AUN. Shafter alone will be 150% better than that alone at nameplate capacity. I'm thinking 4-5M oz 2013? 5-6M oz run rate is within sight as Shafter comes along. Mgmt thinks they can do phased expansions at both Shafter and La Negra and are talking 8-10M ballpark (2015ish.) That would just be icing on the cake. I know Shafter is the big catalyst for AUN since its going to add 4M oz silver or more, but I am just as excited about La Negra which seems to have a plentiful base good ore. It's very impressive the way they had been mining non 43-101 ore at very low cash costs. Then, they come out with a fairly massive official resource. They will be mining there for decades. It's not the biggest or richest deposit in the world, but it can produce several million ozs a year at low cost. And that's golden, err, silvery. This shareprice decline has been rough, but I remain optimistic that AUN looks like First Majestic did several years ago when they only had 3 small mines and were only producing a few million ozs a year and now a chunky 10M oz+ producer. We all know how that went from being a sub $1 stock to $25. All from internal organic growth and making a couple good small acquisitions. In 2008 AG shareholders got blitzkrieged and were down super large in penny stock land before it sought a true valuation - $3B MC. It's half that now btw. Silver at $28 is too low. That's almost pricing the commodity like it's still 1990s. $28 silver isn't even 60% of it's 1980 high. How much more does corn cost now than 33 years ago? Gasoline? Cars? Houses? Electricity? Insurance? Health care? Dental? Tuition? Cheeseburgers? Anything?!
PM, don't agree here with you. Lenic declared CP in dec at 600 tons, and now he says they are not producing at 600 tons. Another lie. Also, regarding the price of silver, you say it isn't even 60 percent of its 1980 high. Well, this is an commonly quoted metric by silver bulls, but it is really true by not true. Yes, silver hit 50 bucks a share in that year, but weren't the Hunt brothers trying to rig the market, which failed miserably and spectacularly. Silver was at 50 bucks on a spike for a day, at 45 bucks on that same spike for a week, and something like back to 20 or 25 within two months. Something like that. A phenomenon related to short squeeze but then back to the real market, which collapsed very very quickly. Silver never traded at 50 or 40 or even 30 bucks in 1980. This by the way, brings silver back into perspective and shows that it is now moving with gold rationally, which is downward. How low can it go here, who knows, but below 20,and it will if gold breaks 1400, which it probably will.