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Rohstoffthread / CCG-Hauptthread
- Ersteller dukezero
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eigentlich nachvollziehbar wenn das stimmt was bei SH gepostet wird.
Um den 20. Oktober war das Ding wohl in trockenen Tüchern. Daraufhin stieg der Kurs und vorher schon wenn er stieg wurden Teile der 30.000.000 Shares zu 0,05 CAD in den Markt geschmissen.
Wenn man die Warrants jetzt noch addiert könnte das eine Zeitlang dauern ehe der Kurs steigt.
Um den 20. Oktober war das Ding wohl in trockenen Tüchern. Daraufhin stieg der Kurs und vorher schon wenn er stieg wurden Teile der 30.000.000 Shares zu 0,05 CAD in den Markt geschmissen.
Wenn man die Warrants jetzt noch addiert könnte das eine Zeitlang dauern ehe der Kurs steigt.
[url=http://peketec.de/trading/viewtopic.php?p=1718785#1718785 schrieb:Rookie schrieb am 01.11.2016, 18:38 Uhr[/url]"]WPQ, was soll das für ein kursverlauf sein
» zur Grafik
Versuch ich, weiter günstig zu sammeln. Mittel- bis langfristig wird der Kurs wo anders stehen. Die haben nun bei einer MCap von unter 10 Mio. eIne fertige Mine mit allen Lizenzen.[url=http://peketec.de/trading/viewtopic.php?p=1718823#1718823 schrieb:Rookie schrieb am 01.11.2016, 23:49 Uhr[/url]"]eigentlich nachvollziehbar wenn das stimmt was bei SH gepostet wird.
Um den 20. Oktober war das Ding wohl in trockenen Tüchern. Daraufhin stieg der Kurs und vorher schon wenn er stieg wurden Teile der 30.000.000 Shares zu 0,05 CAD in den Markt geschmissen.
Wenn man die Warrants jetzt noch addiert könnte das eine Zeitlang dauern ehe der Kurs steigt.
[url=http://peketec.de/trading/viewtopic.php?p=1718785#1718785 schrieb:Rookie schrieb am 01.11.2016, 18:38 Uhr[/url]"]WPQ, was soll das für ein kursverlauf sein
» zur Grafik
sehe ich auch so, deshalb mini Pos. darf gerne noch 10-15 cent fallen. Mit dem Kauf hab ich nur schon mal den Fuss in der Tür und verliere die nicht aus den Augen.
[url=http://peketec.de/trading/viewtopic.php?p=1719042#1719042 schrieb:
Red Eagle Mining increases stake in CB Gold
VANCOUVER, Nov. 2, 2016
VANCOUVER, Nov. 2, 2016 /CNW/ - Red Eagle Mining Corporation (TSX-V: RD, OTCQX: RDEMF, BVL: RD) is pleased to announce that it has acquired 83,020,237 common shares ("Shares") of CB Gold Inc. ("CB Gold") from Batero Gold Corporation in exchange for 7,428,126 shares of Red Eagle Mining.
Prior to the transaction, Red Eagle Mining held 248,033,377 CB Gold Shares, representing 69% of the issued and outstanding CB Gold Shares. Red Eagle Mining relied on the exemption from the formal take-over bid requirements provided in section 4.2 of National Instrument 62-104.
Subsequent to the transaction, Red Eagle Mining now holds an aggregate of 331,053,614 Shares of CB Gold, representing 92% of the issued and outstanding CB Gold Shares. Red Eagle Mining acquired the Shares for investment purposes only and may acquire additional securities of CB Gold in the future. The Red Eagle Mining shares issued are subject to a four month hold.
http://www.stockhouse.com/news/press-releases/2016/11/02/red-eagle-mining-increases-stake-in-cb-gold
VANCOUVER, Nov. 2, 2016
VANCOUVER, Nov. 2, 2016 /CNW/ - Red Eagle Mining Corporation (TSX-V: RD, OTCQX: RDEMF, BVL: RD) is pleased to announce that it has acquired 83,020,237 common shares ("Shares") of CB Gold Inc. ("CB Gold") from Batero Gold Corporation in exchange for 7,428,126 shares of Red Eagle Mining.
Prior to the transaction, Red Eagle Mining held 248,033,377 CB Gold Shares, representing 69% of the issued and outstanding CB Gold Shares. Red Eagle Mining relied on the exemption from the formal take-over bid requirements provided in section 4.2 of National Instrument 62-104.
Subsequent to the transaction, Red Eagle Mining now holds an aggregate of 331,053,614 Shares of CB Gold, representing 92% of the issued and outstanding CB Gold Shares. Red Eagle Mining acquired the Shares for investment purposes only and may acquire additional securities of CB Gold in the future. The Red Eagle Mining shares issued are subject to a four month hold.
http://www.stockhouse.com/news/press-releases/2016/11/02/red-eagle-mining-increases-stake-in-cb-gold
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The Lithium Boom has a New Player in Argentina
Bob Moriarty
Archives
Nov 2, 2016
Earlier this year someone sent me some information about a tiny Australian company listed on the AIM in London that was drilling for copper and gold in Ecuador. The company is called SolGold and I wrote about them in late March. Their price was 3.7 pence at the time.
On Monday October 31st, the shares hit 29.92 pence for an 800% gain in a seven-month period. The company wasn’t an advertiser then or now; actually they didn’t even bother answering an email I sent them asking some basic questions. They are AIM listed, which I hate, an Australian company, which I hate, and are utterly hopeless at communication. Their website looks like it was put together by a 12-year-old kid working on a school project.
But they had the goods and eventually in spite of all the negatives the market eventually got the story. I wrote about them even though I had little information and no interest other than I thought they were a screaming buy.
In the past year I’ve done a lot of research into solar power, wind power and batteries for storage. It’s a really interesting area because the economics are changing so rapidly. According to numbers coming from Tesla, the cost of one kWh of battery storage was $560 in 2008, will be $180 in 2017 and $100 in 2020 when the Gigafactory is completed. At $100 per kWh, battery storage is so cheap that solar and wind power begins to compete with coal and oil. That will be a game changer for the world economy.
As far as batteries are concerned, lithium remains the way to go and industry projections show a shortage going into 2025.
A friend of mine with an inactive Canadian listing just put together a major lithium project in the lithium triangle in Argentina. The company is named A.I.S. Resources and has an .h added to the symbol because the company was inactive. That will be removed after doing a financing and completing the deal.
The primary project consists of a 7500 ha property at Guayatayoc located in the center of lithium production in Argentina. Prior work on the project was for the production of borates, however, samples were taken showing a good grade of lithium. The project was approved for mining borates and the Argentine government has just allowed lithium to be added to the existing mining license.
This company is a zero brainer. They have right of 19 million shares outstanding with a price of about $.40 a share. So call it slightly below $8 million market cap. There are literally dozens of companies out there in the lithium space with moose pasture, no hope of ever getting a mining license and market caps ten times higher than AIS.
AIS has hit the ground running. Having a mining license in hand is giant. There has been 2D Seismic done on the project and identified where the aquifers are. They are starting a pit sampling program drilling down four to five meters on a 500-meter to 1,000-meter grid. Once complete the company will do infill pits on a 100-meter to 250-meter spacing to increase the quality of the resource.
The company just added an extremely qualified lithium guy who developed two major lithium projects in Argentina and was active in three lithium projects in the last four years. The Director, Phillip Thomas, worked on the Rincom salar project in Argentina and prepared the bankable feasibility study for the property. He is one of the most experienced and top guys in the lithium field in South America and especially Argentina.
AIS is paying $150,000 USD for a six-month option on the project and there is a further $4.5 million USD due at the completion of scientific studies and exploration for a 100% interest.
There are probably seventy-eighty different Canadian juniors all claiming to be the best investment in lithium. Most of them are scams and will never see production. The market believes there will be a lithium shortage through 2025 but at some point the market will be saturated. Lithium is common. It’s not the biggest project or even the best project that will cross the finish line, it’s the few who can get permitted and into production soonest that will reward shareholders.
Prior exploration showed lithium values between 200 and 800 ppm. That is considered highly economic. Magnesium to lithium ratios are less than 4-1; excellent for low cost processing.
AIS is not an advertiser. I have participated in a private placement based on knowing senior management from past deals. I think they have a home run, they certainly have one of the most qualified technical teams I have seen and they have a mining permit. That will be golden. Please do your own due diligence.
A.I.S. Resources Ltd.
AIS.H-V $.40 (Nov 01, 2016)
19.2 million shares
A.I.S website
###
Bob Moriarty
President: 321gold
Archives
321gold Ltd
http://www.321gold.com/editorials/moriarty/moriarty110216.html
Bob Moriarty
Archives
Nov 2, 2016
Earlier this year someone sent me some information about a tiny Australian company listed on the AIM in London that was drilling for copper and gold in Ecuador. The company is called SolGold and I wrote about them in late March. Their price was 3.7 pence at the time.
On Monday October 31st, the shares hit 29.92 pence for an 800% gain in a seven-month period. The company wasn’t an advertiser then or now; actually they didn’t even bother answering an email I sent them asking some basic questions. They are AIM listed, which I hate, an Australian company, which I hate, and are utterly hopeless at communication. Their website looks like it was put together by a 12-year-old kid working on a school project.
But they had the goods and eventually in spite of all the negatives the market eventually got the story. I wrote about them even though I had little information and no interest other than I thought they were a screaming buy.
In the past year I’ve done a lot of research into solar power, wind power and batteries for storage. It’s a really interesting area because the economics are changing so rapidly. According to numbers coming from Tesla, the cost of one kWh of battery storage was $560 in 2008, will be $180 in 2017 and $100 in 2020 when the Gigafactory is completed. At $100 per kWh, battery storage is so cheap that solar and wind power begins to compete with coal and oil. That will be a game changer for the world economy.
As far as batteries are concerned, lithium remains the way to go and industry projections show a shortage going into 2025.
A friend of mine with an inactive Canadian listing just put together a major lithium project in the lithium triangle in Argentina. The company is named A.I.S. Resources and has an .h added to the symbol because the company was inactive. That will be removed after doing a financing and completing the deal.
The primary project consists of a 7500 ha property at Guayatayoc located in the center of lithium production in Argentina. Prior work on the project was for the production of borates, however, samples were taken showing a good grade of lithium. The project was approved for mining borates and the Argentine government has just allowed lithium to be added to the existing mining license.
This company is a zero brainer. They have right of 19 million shares outstanding with a price of about $.40 a share. So call it slightly below $8 million market cap. There are literally dozens of companies out there in the lithium space with moose pasture, no hope of ever getting a mining license and market caps ten times higher than AIS.
AIS has hit the ground running. Having a mining license in hand is giant. There has been 2D Seismic done on the project and identified where the aquifers are. They are starting a pit sampling program drilling down four to five meters on a 500-meter to 1,000-meter grid. Once complete the company will do infill pits on a 100-meter to 250-meter spacing to increase the quality of the resource.
The company just added an extremely qualified lithium guy who developed two major lithium projects in Argentina and was active in three lithium projects in the last four years. The Director, Phillip Thomas, worked on the Rincom salar project in Argentina and prepared the bankable feasibility study for the property. He is one of the most experienced and top guys in the lithium field in South America and especially Argentina.
AIS is paying $150,000 USD for a six-month option on the project and there is a further $4.5 million USD due at the completion of scientific studies and exploration for a 100% interest.
There are probably seventy-eighty different Canadian juniors all claiming to be the best investment in lithium. Most of them are scams and will never see production. The market believes there will be a lithium shortage through 2025 but at some point the market will be saturated. Lithium is common. It’s not the biggest project or even the best project that will cross the finish line, it’s the few who can get permitted and into production soonest that will reward shareholders.
Prior exploration showed lithium values between 200 and 800 ppm. That is considered highly economic. Magnesium to lithium ratios are less than 4-1; excellent for low cost processing.
AIS is not an advertiser. I have participated in a private placement based on knowing senior management from past deals. I think they have a home run, they certainly have one of the most qualified technical teams I have seen and they have a mining permit. That will be golden. Please do your own due diligence.
A.I.S. Resources Ltd.
AIS.H-V $.40 (Nov 01, 2016)
19.2 million shares
A.I.S website
###
Bob Moriarty
President: 321gold
Archives
321gold Ltd
http://www.321gold.com/editorials/moriarty/moriarty110216.html
Gold Resource Corporation Reports Third Quarter Net Income of $1.6 Million, or $0.03 per Share; Maintains 2016 Production Outlook
COLORADO SPRINGS, CO--(Marketwired - Nov 2, 2016) - Gold Resource Corporation (NYSE MKT: GORO) (the "Company") reported production results for the third quarter ended September 30, 2016 of 6,066 ounces of gold and 431,335 ounces of silver, which along with base metal revenue generated $21.4 million in net revenue and $1.6 million in net income for the quarter. Gold Resource Corporation is a gold and silver producer, developer and explorer with operations in Oaxaca, Mexico and Nevada, USA. The Company has returned $108 million to shareholders in monthly dividends since commercial production commenced July 1, 2010, and offers shareholders the option to convert their cash dividends into physical gold and silver and take delivery.
2016 Q3 HIGHLIGHTS
6,066 gold ounces produced
431,335 silver ounces produced
$21.4 million net sales
$1.6 million net income
$623 total cash cost per gold equivalent ounce (after by-product credits)
$8.7 million adjusted cash flow from mine site operations
$8.7 million by-product credits, or $664 per ounce sold
$0.3 million dividend distributions, or $0.005 per share for quarter
$17.1 million cash and cash equivalents
Purchased 100% interest in the Isabela Pearl development project in Nevada, USA
Purchased 100% interest in the Mina Gold exploration property in Nevada, USA
Overview of Q3 2016 Results
Gold Resource Corporation's Aguila Project sold 13,054 gold equivalent ounces at a total cash cost of $623 per ounce (after by-product credits). Realized average metal price sales during the quarter were $1,339 per ounce gold and $20.79 per ounce silver. The Company recorded net income of $1.6 million, or $0.03 per share. Adjusted cash flow from mine site operations totaled $8.7 million. The Company paid $0.3 million to shareholders in dividends, or $0.005 per share during the quarter. Cash and cash equivalents at quarter end totaled $17.1 million. Realized gold and silver prices increased 20% and 43%, respectively, compared to the third quarter of 2015.
Production for the first three quarters of 2016 included 22,540 ounces of gold and 1,437,975 ounces of silver. The Company maintains its 2016 Annual Outlook, targeting a plus or minus 5 percent production, of 26,000 gold ounces, 1,900,000 silver ounces, 1,100 tonnes of copper, 3,200 tonnes of lead and 12,900 tonnes of zinc.
As previously announced, during the third quarter, the Company purchased a 100% interest in the Isabella Pearl high-grade gold potential open pit heap leach project located in Nevada, U.S.A. An earlier study completed by a third-party reported that the project contains Proven and Probable Reserves of 191,400 gold ounces at an average grade of 2.18 grams per tonne (g/t) and it is in advanced stages of engineering and mine permitting. The Company also acquired the Mina Gold property located in Mineral County, Nevada. The Mina Gold property contains an historic third-party estimate of mineralized material totaling 1,606,000 tonnes grading 1.88 gram per tonne (g/t) gold.
The following Production and Sales Statistics table summarizes certain information about our mining operations for the three and nine months ended September 30, 2016 and 2015:
......
http://www.marketwired.com/press-re...llion-003-per-share-nyse-mkt-goro-2172245.htm
COLORADO SPRINGS, CO--(Marketwired - Nov 2, 2016) - Gold Resource Corporation (NYSE MKT: GORO) (the "Company") reported production results for the third quarter ended September 30, 2016 of 6,066 ounces of gold and 431,335 ounces of silver, which along with base metal revenue generated $21.4 million in net revenue and $1.6 million in net income for the quarter. Gold Resource Corporation is a gold and silver producer, developer and explorer with operations in Oaxaca, Mexico and Nevada, USA. The Company has returned $108 million to shareholders in monthly dividends since commercial production commenced July 1, 2010, and offers shareholders the option to convert their cash dividends into physical gold and silver and take delivery.
2016 Q3 HIGHLIGHTS
6,066 gold ounces produced
431,335 silver ounces produced
$21.4 million net sales
$1.6 million net income
$623 total cash cost per gold equivalent ounce (after by-product credits)
$8.7 million adjusted cash flow from mine site operations
$8.7 million by-product credits, or $664 per ounce sold
$0.3 million dividend distributions, or $0.005 per share for quarter
$17.1 million cash and cash equivalents
Purchased 100% interest in the Isabela Pearl development project in Nevada, USA
Purchased 100% interest in the Mina Gold exploration property in Nevada, USA
Overview of Q3 2016 Results
Gold Resource Corporation's Aguila Project sold 13,054 gold equivalent ounces at a total cash cost of $623 per ounce (after by-product credits). Realized average metal price sales during the quarter were $1,339 per ounce gold and $20.79 per ounce silver. The Company recorded net income of $1.6 million, or $0.03 per share. Adjusted cash flow from mine site operations totaled $8.7 million. The Company paid $0.3 million to shareholders in dividends, or $0.005 per share during the quarter. Cash and cash equivalents at quarter end totaled $17.1 million. Realized gold and silver prices increased 20% and 43%, respectively, compared to the third quarter of 2015.
Production for the first three quarters of 2016 included 22,540 ounces of gold and 1,437,975 ounces of silver. The Company maintains its 2016 Annual Outlook, targeting a plus or minus 5 percent production, of 26,000 gold ounces, 1,900,000 silver ounces, 1,100 tonnes of copper, 3,200 tonnes of lead and 12,900 tonnes of zinc.
As previously announced, during the third quarter, the Company purchased a 100% interest in the Isabella Pearl high-grade gold potential open pit heap leach project located in Nevada, U.S.A. An earlier study completed by a third-party reported that the project contains Proven and Probable Reserves of 191,400 gold ounces at an average grade of 2.18 grams per tonne (g/t) and it is in advanced stages of engineering and mine permitting. The Company also acquired the Mina Gold property located in Mineral County, Nevada. The Mina Gold property contains an historic third-party estimate of mineralized material totaling 1,606,000 tonnes grading 1.88 gram per tonne (g/t) gold.
The following Production and Sales Statistics table summarizes certain information about our mining operations for the three and nine months ended September 30, 2016 and 2015:
......
http://www.marketwired.com/press-re...llion-003-per-share-nyse-mkt-goro-2172245.htm
Kinross reports 2016 third-quarter results
Adjusted operating cash flow up 55%, adjusted net earnings up $153 million year-over-year; Development projects advancing on schedule; ​Company on track to meet production and cost guidance for fifth straight year
TORONTO, ON--(Marketwired - November 02, 2016) - Kinross Gold Corporation (TSX: K) (NYSE: KGC) today announced its results for the third quarter ended September 30, 2016.
(This news release contains forward-looking information about expected future events and financial and operating performance of the Company. We refer to the risks and assumptions set out in our Cautionary Statement on Forward-Looking Information located on page 18 of this release. All dollar amounts are expressed in U.S. dollars, unless otherwise noted.)
2016 third quarter highlights:
Production1: 684,129 gold equivalent ounces (Au eq. oz.), compared with 680,679 Au eq. oz. in Q3 2015.
Revenue: $910.2 million, compared with $809.4 million in Q3 2015.
Production cost of sales2: $719 per Au eq. oz., compared with $668 in Q3 2015.
All-in sustaining cost2: $1,001 per Au eq. oz. sold, compared with $941 in Q3 2015. All-in sustaining cost per gold ounce (Au oz.) sold on a by-product basis was $987 in Q3 2016, compared with $936 in Q3 2015.
Adjusted operating cash flow2: $320.3 million, compared with $206.6 million in Q3 2015.
Operating cash flow: $266.2 million, compared with $232.1 million in Q3 2015.
Adjusted net earnings (loss)2,3: adjusted netearnings of $128.7 million, or $0.10 per share, compared with adjusted net loss of $23.9 million, or $0.02 per share, in Q3 2015.
Reported net earnings (loss)3: reported net earnings of $2.5 million, or $0.00 per share, compared with a loss of $52.7 million, or $0.05 per share, in Q3 2015. The Q3 reported net earnings include a non-cash impairment charge of $68.3 million related to property, plant and equipment, and an inventory write-down of $71.3 million, at Maricunga.
Balance sheet and liquidity: Kinross ended the quarter with cash and cash equivalents of $756.4 million and total liquidity of approximately $2.2 billion. The Company has no debt maturities until 2020.
Average realized gold price: $1,336 per ounce, compared with $1,122 per ounce in Q3 2015.
Development projects: Kinross continued to make good progress advancing the pipeline of high-quality development projects spanning its three operating regions:
The Tasiast Phase One expansion project is proceeding well and a feasibility study for the Phase Two expansion is expected to be completed in Q3 2017.
Bald Mountain received a Record of Decision that allows for increased exploration and mining activities, which commenced in the quarter,and provides significant flexibility for future growth and expansion. A pre-feasibility study for the Vantage Complex is expected to be completed in Q2 2017.
The Russian development projects -- September Northeast near Dvoinoye and Moroshka near Kupol -- are expected to commence mining in Q1 2017 and the first half of 2018, respectively.
A feasibility study for Round Mountain's Phase W project is expected to be completed in Q3 2017.
Outlook: Kinross is tracking towards the lower half of its 2016 guidance range for production (2.7 - 2.9 million Au eq. oz.), and the upper half of its guidance range for production cost of sales ($675 - $735 per Au eq. oz.) and all-in sustaining cost ($890 - $990 per Au eq. oz.). The capital expenditure forecast has been reduced to a range of $650-$675 million, compared with the previous forecast of $755 million.
CEO Commentary
J. Paul Rollinson, President and CEO, made the following comments in relation to 2016 third-quarter results:
"Our portfolio of mines continued to deliver consistent and solid operational performance in the third quarter. Strong production, combined with a higher gold price, increased adjusted operating cash flow by 55% and adjusted net earnings by $153 million, year-over-year.
"With a strong balance sheet, total liquidity of approximately $2.2 billion, and no debt maturities until 2020, we have the financial strength and flexibility to fund our pipeline of high-quality organic development projects. The Tasiast Phase One expansion is advancing as planned, and we now expect to complete the Phase Two feasibility study in Q3 2017. At Bald Mountain, our new permit provides significant flexibility for future growth and expansion and we expect to complete a pre-feasibility study on the promising Vantage Complex in Q2 2017. Our two projects in Russia are in the advanced stages of development, and we expect to complete a feasibility study on the Round Mountain Phase W project in Q3 2017.
"We are delivering on our strategy with consistent operational performance and robust cash flow, a strong balance sheet, and a suite of exciting development projects that provide a clear path to future value."
.........
http://www.marketwired.com/press-re...-2016-third-quarter-results-tsx-k-2172264.htm
Adjusted operating cash flow up 55%, adjusted net earnings up $153 million year-over-year; Development projects advancing on schedule; ​Company on track to meet production and cost guidance for fifth straight year
TORONTO, ON--(Marketwired - November 02, 2016) - Kinross Gold Corporation (TSX: K) (NYSE: KGC) today announced its results for the third quarter ended September 30, 2016.
(This news release contains forward-looking information about expected future events and financial and operating performance of the Company. We refer to the risks and assumptions set out in our Cautionary Statement on Forward-Looking Information located on page 18 of this release. All dollar amounts are expressed in U.S. dollars, unless otherwise noted.)
2016 third quarter highlights:
Production1: 684,129 gold equivalent ounces (Au eq. oz.), compared with 680,679 Au eq. oz. in Q3 2015.
Revenue: $910.2 million, compared with $809.4 million in Q3 2015.
Production cost of sales2: $719 per Au eq. oz., compared with $668 in Q3 2015.
All-in sustaining cost2: $1,001 per Au eq. oz. sold, compared with $941 in Q3 2015. All-in sustaining cost per gold ounce (Au oz.) sold on a by-product basis was $987 in Q3 2016, compared with $936 in Q3 2015.
Adjusted operating cash flow2: $320.3 million, compared with $206.6 million in Q3 2015.
Operating cash flow: $266.2 million, compared with $232.1 million in Q3 2015.
Adjusted net earnings (loss)2,3: adjusted netearnings of $128.7 million, or $0.10 per share, compared with adjusted net loss of $23.9 million, or $0.02 per share, in Q3 2015.
Reported net earnings (loss)3: reported net earnings of $2.5 million, or $0.00 per share, compared with a loss of $52.7 million, or $0.05 per share, in Q3 2015. The Q3 reported net earnings include a non-cash impairment charge of $68.3 million related to property, plant and equipment, and an inventory write-down of $71.3 million, at Maricunga.
Balance sheet and liquidity: Kinross ended the quarter with cash and cash equivalents of $756.4 million and total liquidity of approximately $2.2 billion. The Company has no debt maturities until 2020.
Average realized gold price: $1,336 per ounce, compared with $1,122 per ounce in Q3 2015.
Development projects: Kinross continued to make good progress advancing the pipeline of high-quality development projects spanning its three operating regions:
The Tasiast Phase One expansion project is proceeding well and a feasibility study for the Phase Two expansion is expected to be completed in Q3 2017.
Bald Mountain received a Record of Decision that allows for increased exploration and mining activities, which commenced in the quarter,and provides significant flexibility for future growth and expansion. A pre-feasibility study for the Vantage Complex is expected to be completed in Q2 2017.
The Russian development projects -- September Northeast near Dvoinoye and Moroshka near Kupol -- are expected to commence mining in Q1 2017 and the first half of 2018, respectively.
A feasibility study for Round Mountain's Phase W project is expected to be completed in Q3 2017.
Outlook: Kinross is tracking towards the lower half of its 2016 guidance range for production (2.7 - 2.9 million Au eq. oz.), and the upper half of its guidance range for production cost of sales ($675 - $735 per Au eq. oz.) and all-in sustaining cost ($890 - $990 per Au eq. oz.). The capital expenditure forecast has been reduced to a range of $650-$675 million, compared with the previous forecast of $755 million.
CEO Commentary
J. Paul Rollinson, President and CEO, made the following comments in relation to 2016 third-quarter results:
"Our portfolio of mines continued to deliver consistent and solid operational performance in the third quarter. Strong production, combined with a higher gold price, increased adjusted operating cash flow by 55% and adjusted net earnings by $153 million, year-over-year.
"With a strong balance sheet, total liquidity of approximately $2.2 billion, and no debt maturities until 2020, we have the financial strength and flexibility to fund our pipeline of high-quality organic development projects. The Tasiast Phase One expansion is advancing as planned, and we now expect to complete the Phase Two feasibility study in Q3 2017. At Bald Mountain, our new permit provides significant flexibility for future growth and expansion and we expect to complete a pre-feasibility study on the promising Vantage Complex in Q2 2017. Our two projects in Russia are in the advanced stages of development, and we expect to complete a feasibility study on the Round Mountain Phase W project in Q3 2017.
"We are delivering on our strategy with consistent operational performance and robust cash flow, a strong balance sheet, and a suite of exciting development projects that provide a clear path to future value."
.........
http://www.marketwired.com/press-re...-2016-third-quarter-results-tsx-k-2172264.htm
Timmins Gold Continues Strong Performance
Cash Flow from Operations of $9.8 million in Q3 2016
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 2, 2016) - Timmins Gold Corp. (TSX:TMM)(NYSE MKT:TGD) ("Timmins Gold" or the "Company") is pleased to report its financial results for the third quarter ended September 30, 2016 ("Q3 2016"). The comparative period is the third quarter ended September 30, 2015 ("Q3 2015"). All results are presented in United States dollars ("US Dollars") unless otherwise stated. Readers should refer to the Q3 2016 management discussion and analysis and condensed interim consolidated financial statements for complete information.
"We are very pleased with our financial performance during the quarter and fiscal year to date," stated Interim CEO Mark Backens. "Our cash costs for the quarter of $785 per ounce and all-in sustaining cash costs of $846 per ounce were particularly strong and were both 23% lower than the comparable period of the previous year. Of significant note is the great improvement in our balance sheet with over $33 million of positive contribution over the first three quarters of this year during which our cash balance increased to $18.5 million from $9.2 million, our trade payables reduced by over $12.3 million to $14.5 million and we have repaid over $11.8 million in secured debt.
"The recently announced work program for the Ana Paula project is well underway with good advance in all top priority pre-construction activities. The pre-construction budget for Ana Paula will be comfortably funded from our treasury."
Q3 2016 HIGHLIGHTS
Financial performance
Metal revenues were $31.2 million compared to $26.6 million during Q3 2015. This represents a 17.4% increase from the prior year. The primary factor for the increase was an increase in the average realized gold price of $1,338 per ounce compared to $1,137 per ounce during Q3 2015. This was partially offset by a decrease in gold ounces sold of 23,327 ounces compared to 23,387 ounces during Q3 2015.
Earnings from operations were $29.9 million compared to a loss of $230.2 million during Q3 2015. The difference was primarily due to an impairment reversal of $23.7 million during Q3 2016 compared to an impairment charge of $226.5 million and lower revenues during Q3 2015.
Earnings and total comprehensive income were $29.7 million or $0.09 per share compared to loss and total comprehensive loss of $180.7 million or $0.63 per share during Q3 2015.
Cash provided by operating activities was $9.8 million or $0.03 per share compared to cash flows used in operating activities of $0.9 million or $0.00 per share during Q3 2015.
Cash and cash equivalents at September 30, 2016 were $18.5 million. During Q3 2016, the Company received $2.25 million in receipts from the sale of the Caballo Blanco Property ("Caballo Blanco"). The Company invested $0.9 million on expansion programs, $1.0 million on exploration and evaluation projects, and $2.0 million on the Ana Paula gold project ("Ana Paula"). Also, the Company received $3.5 million of its VAT receivable in cash during Q3 2016.
Working capital at September 30, 2016 was $22.3 million, an improvement of $28.4 from September 30, 2015. This increase is a result of cash provided from operating activities increasing to $24.1 million from $11.2 million during YTD 2015. The Company sold the Caballo Blanco Property increasing cash by $9.2 million. The loan facility and debenture were repaid totaling $10.3 million and $1.5 million, respectively.
Operating performance
The Company produced and sold 24,052 and 23,327 ounces of gold, respectively, compared to 23,387 and 23,387 ounces of gold, respectively, during Q3 2015. The production increase was due to an improved average processing grade of 0.61 g/t Au compared to 0.51 g/t Au in Q3 2015.
The Company's cash cost per ounce on a by-product basis was $785 (all-in sustaining cash cost per ounce on a by-product basis - $846) compared to $1,026 (all-in sustaining cash cost per ounce on a by-product basis - $1,105) during Q3 2015. These decreases were caused by a lower strip ratio.
Key developments
On August 22, 2016, the Company announced results of a National Instrument 43-101 technical report for the San Francisco Mine which extends the mine life into 2023.
On August 11, 2016, the Company announced a pre-construction program, including the start of a feasibility study, for the Ana Paula gold project. The estimated budget for the program is approximately $9.2 million and includes:
$2.2 million for drilling, including soil sampling and trenching;
$3.4 million for the feasibility work program which includes engineering, metallurgical testing and geotechnical studies; and,
$3.6 million for environmental studies and construction permits.
On July 20, 2016 ("closing date"), the Company sold the Caballo Blanco Property to Candelaria Mining Corp. ("Candelaria"). Total consideration to be paid was $12.5 million in cash and the assumption of the $5.0 million (present value - $4.7 million) contingent liability payable to Goldgroup Mining Inc. This equates to a fair value of $17.2 million on the closing date.
As at September 30, 2016, the Company had received $9.25 million from Candelaria in cash payments.
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Cash Flow from Operations of $9.8 million in Q3 2016
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 2, 2016) - Timmins Gold Corp. (TSX:TMM)(NYSE MKT:TGD) ("Timmins Gold" or the "Company") is pleased to report its financial results for the third quarter ended September 30, 2016 ("Q3 2016"). The comparative period is the third quarter ended September 30, 2015 ("Q3 2015"). All results are presented in United States dollars ("US Dollars") unless otherwise stated. Readers should refer to the Q3 2016 management discussion and analysis and condensed interim consolidated financial statements for complete information.
"We are very pleased with our financial performance during the quarter and fiscal year to date," stated Interim CEO Mark Backens. "Our cash costs for the quarter of $785 per ounce and all-in sustaining cash costs of $846 per ounce were particularly strong and were both 23% lower than the comparable period of the previous year. Of significant note is the great improvement in our balance sheet with over $33 million of positive contribution over the first three quarters of this year during which our cash balance increased to $18.5 million from $9.2 million, our trade payables reduced by over $12.3 million to $14.5 million and we have repaid over $11.8 million in secured debt.
"The recently announced work program for the Ana Paula project is well underway with good advance in all top priority pre-construction activities. The pre-construction budget for Ana Paula will be comfortably funded from our treasury."
Q3 2016 HIGHLIGHTS
Financial performance
Metal revenues were $31.2 million compared to $26.6 million during Q3 2015. This represents a 17.4% increase from the prior year. The primary factor for the increase was an increase in the average realized gold price of $1,338 per ounce compared to $1,137 per ounce during Q3 2015. This was partially offset by a decrease in gold ounces sold of 23,327 ounces compared to 23,387 ounces during Q3 2015.
Earnings from operations were $29.9 million compared to a loss of $230.2 million during Q3 2015. The difference was primarily due to an impairment reversal of $23.7 million during Q3 2016 compared to an impairment charge of $226.5 million and lower revenues during Q3 2015.
Earnings and total comprehensive income were $29.7 million or $0.09 per share compared to loss and total comprehensive loss of $180.7 million or $0.63 per share during Q3 2015.
Cash provided by operating activities was $9.8 million or $0.03 per share compared to cash flows used in operating activities of $0.9 million or $0.00 per share during Q3 2015.
Cash and cash equivalents at September 30, 2016 were $18.5 million. During Q3 2016, the Company received $2.25 million in receipts from the sale of the Caballo Blanco Property ("Caballo Blanco"). The Company invested $0.9 million on expansion programs, $1.0 million on exploration and evaluation projects, and $2.0 million on the Ana Paula gold project ("Ana Paula"). Also, the Company received $3.5 million of its VAT receivable in cash during Q3 2016.
Working capital at September 30, 2016 was $22.3 million, an improvement of $28.4 from September 30, 2015. This increase is a result of cash provided from operating activities increasing to $24.1 million from $11.2 million during YTD 2015. The Company sold the Caballo Blanco Property increasing cash by $9.2 million. The loan facility and debenture were repaid totaling $10.3 million and $1.5 million, respectively.
Operating performance
The Company produced and sold 24,052 and 23,327 ounces of gold, respectively, compared to 23,387 and 23,387 ounces of gold, respectively, during Q3 2015. The production increase was due to an improved average processing grade of 0.61 g/t Au compared to 0.51 g/t Au in Q3 2015.
The Company's cash cost per ounce on a by-product basis was $785 (all-in sustaining cash cost per ounce on a by-product basis - $846) compared to $1,026 (all-in sustaining cash cost per ounce on a by-product basis - $1,105) during Q3 2015. These decreases were caused by a lower strip ratio.
Key developments
On August 22, 2016, the Company announced results of a National Instrument 43-101 technical report for the San Francisco Mine which extends the mine life into 2023.
On August 11, 2016, the Company announced a pre-construction program, including the start of a feasibility study, for the Ana Paula gold project. The estimated budget for the program is approximately $9.2 million and includes:
$2.2 million for drilling, including soil sampling and trenching;
$3.4 million for the feasibility work program which includes engineering, metallurgical testing and geotechnical studies; and,
$3.6 million for environmental studies and construction permits.
On July 20, 2016 ("closing date"), the Company sold the Caballo Blanco Property to Candelaria Mining Corp. ("Candelaria"). Total consideration to be paid was $12.5 million in cash and the assumption of the $5.0 million (present value - $4.7 million) contingent liability payable to Goldgroup Mining Inc. This equates to a fair value of $17.2 million on the closing date.
As at September 30, 2016, the Company had received $9.25 million from Candelaria in cash payments.
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B2Gold Corp. Reports Q3 2016 Results; Operating Cash Flows Significantly Higher on Record Gold Production, Record Low Costs and Higher Gold Prices; 2016 Guidance Favourably Revised
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 3, 2016) - B2Gold Corp. (TSX:BTO)(NYSE MKT:BTG)(NAMIBIAN:B2G) ("B2Gold" or the "Company") is pleased to announce its operational and financial results for the three and nine months ended September 30, 2016. The Company previously released its gold production and gold revenue results for the third quarter of 2016 (see news release dated 10/13/16). All dollar figures are in United States dollars unless otherwise indicated.
2016 Third Quarter Highlights
Record quarterly consolidated gold production of 146,686 ounces, 6% (or 7,988 ounces) above budget and 18% (or 22,315 ounces) greater than the same period in 2015
Consolidated gold revenue a quarterly record of $193 million on record sales of 145,029 ounces at an average price of $1,331 per ounce, an increase in revenue of 39% (or $53.7 million) over the same period in 2015
Consolidated cash operating costs a quarterly record low of $491 per ounce, $73 per ounce (or 13%) below budget and $93 per ounce (or 16%) below the prior-year quarter
Consolidated all-in sustaining costs of $702 per ounce, $134 per ounce (or 16%) below budget and $173 per ounce (or 20%) below the prior-year quarter
Cash flow from operating activities of $90.3 million ($0.10 per share), up 266% from $33.9 million ($0.04 per share) in the third quarter of 2015
Strong cash position of $123.8 million at quarter-end
Masbate Mine's 2016 guidance revised favourably; for full-year 2016, the Masbate Mine is now forecast to produce between 200,000 to 210,000 ounces of gold (up from the previous range of 175,000 to 185,000 ounces) at cash operating costs of between $465 to $505 per ounce (reduced from the previous range of $620 to $660 per ounce)
Masbate Mine achieves approximately 6 million man-hours (or 353 days) without a "Lost-Time-Injury" as at September 30, 2016
Otjikoto Mine achieves record quarterly gold production of 47,564 ounces at record low cash operating costs of $344 per ounce
Otjikoto Mine's 2016 annual cash operating cost guidance revised lower to $365 to $405 per ounce (previously was $400 to $440 per ounce)
Revised consolidated 2016 production guidance; for full-year 2016, consolidated gold production is now forecast to be between 535,000 to 575,000 ounces (up from the previous range of 510,000 to 550,000 ounces of gold)
Revised consolidated 2016 cost guidance; for full-year 2016, consolidated cash operating costs are now forecast to be between $500 to $535 per ounce (reduced from the previous range of $560 to $595 per ounce) and all-in sustaining costs are now expected to be between $780 to $810 per ounce (reduced from $895 to $925 per ounce)
Construction of the Fekola mine is progressing well, on schedule and on budget, and is expected to commence production in the fourth quarter in 2017
2016 First Nine Months Highlights
Record year-to-date consolidated gold production of 409,772 ounces, 6% (or 22,651 ounces) above budget and 13% (or 47,976 ounces) over the same period in 2015
Consolidated gold revenue a year-to-date record of $502.1 million on record sales of 396,757 ounces at an average price of $1,266 per ounce
Consolidated cash operating costs a year-to-date record low of $495 per ounce, $86 per ounce (or 15%) below budget and $155 per ounce (or 24%) below the same period last year
Consolidated all-in sustaining costs of $765 per ounce, $195 per ounce (or 20%) below budget and $236 per ounce (or 24%) below the same period last year
Cash flow from operating activities of $329.5 million ($0.35 per share), including $120 million proceeds from Prepaid Sales transactions, compared to $126.9 million ($0.14 per share) in the same period in 2015
Signed a Euro 71.4 million Equipment Facility with Caterpillar Financial SARL for the Fekola project (funding subject to satisfaction of conditions precedent)
Additional positive exploration drill results reported for the Company's Mali and Burkina Faso greenfield targets
Received 2015 Award for Social Responsibility in Nicaragua on May 5, 2016
2016 Third Quarter and First Nine Months Operational Results
Consolidated gold production in the third quarter of 2016 was another quarterly record of 146,686 ounces, 6% (or 7,988 ounces) above budget and 18% (or 22,315 ounces) higher than the same period in 2015. The excellent quarter highlights the continued very strong performance of the Masbate Mine and record quarterly production from the Otjikoto Mine. Following another very strong operational quarter at the Masbate Mine, its 2016 annual production guidance has been increased to between 200,000 to 210,000 ounces of gold (significantly up from its original guidance range of between 175,000 to 185,000 ounces of gold). The Company's other operating mines remain on track to meet their full-year production guidance.
In the third quarter of 2016, consolidated cash operating costs were a quarterly record low of $491 per ounce, $73 per ounce (or 13%) below budget and $93 per ounce (or 16%) below the prior-year quarter. This significant improvement reflects higher gold production, lower fuel prices/consumption, and ongoing cost optimization efforts. Consolidated all-in sustaining costs in the quarter were $702 per ounce, $134 per ounce (or 16%) below budget and $173 per ounce (or 20%) lower than the third quarter of 2015. The lower all-in sustaining costs were primarily driven by the same factors impacting the reduction in cash operating costs per ounce as well as lower than budgeted capital expenditures at several mine sites due to the timing of pre-stripping and underground development activity.
Consolidated gold production for the first nine months of 2016 was a year-to-date record 409,772 ounces, 6% (or 22,651 ounces) above budget and 13% (or 47,976 ounces, including 18,815 ounces of pre-commercial production from Otjikoto) higher than the same period in 2015.
For the nine months ended September 30, 2016, consolidated cash operating costs were a year-to-date record low of $495 per ounce, $86 per ounce (or 15%) below budget and $155 per ounce (or 24%) lower than the first nine months of 2015. Consolidated all-in sustaining costs in the first nine months of 2016 were $765 per ounce, significantly below both budget of $961 per ounce and $1,001 per ounce in the comparable period of 2015.
B2Gold is projecting another record year for gold production in 2016. Following the uplift in guidance for Masbate, the Company is now on track to meet a revised annual consolidated production guidance range of between 535,000 to 575,000 ounces of gold in 2016 (up from the original consolidated guidance range of between 510,000 to 550,000 ounces of gold). The Company has also updated its cash cost and all-in sustaining cost guidance for the year. The Company now expects consolidated cash operating costs and all-in sustaining costs to be lower than its original guidance, with a revised consolidated cash operating cost range of $500 to $535 per ounce (original guidance was $560 to $595 per ounce) and revised consolidated all-in sustaining costs range of $780 to $810 per ounce (original guidance was $895 to $925 per ounce).
2016 Third Quarter and First Nine Months Financial Results
Consolidated gold revenue in the third quarter of 2016 was a quarterly record $193 million on record sales of 145,029 ounces at an average price of $1,331 per ounce compared to $139.3 million on sales of 124,481 ounces at an average price of $1,119 per ounce in the third quarter of 2015. The 39% (or $53.7 million) increase in gold revenue was mainly attributable to a 17% increase in gold sales volume and a 19% increase in the average realized gold price.
In the third quarter of 2016, cash flow from operating activities of $90.3 million ($0.10 per share) was up 266% from $33.9 million ($0.04 per share) in the prior-year quarter. The significant increase was driven by record gold production combined with record low costs and higher realized sales prices.
The Company generated net income of $35.7 million ($0.04 per share) in the quarter compared to a net loss of $13.6 million (negative $0.02 per share) in the third quarter of 2015. Adjusted net income was $48.6 million ($0.05 per share) in the third quarter of 2016 compared to $2.2 million ($0.00 per share) in the prior-year quarter. Adjusted net income in the third quarter of 2016 mainly excluded various unrealized mark-to-market adjustments (totaling a net gain of $3.3 million) and non-cash impairment charges of $9.7 mainly for the restructuring of the Company's 51% interest in a joint operation in Nicaragua with Calibre Mining Corp.
Consolidated gold revenue for the first nine months of 2016 was a nine-month record of $502.1 million on record sales of 396,757 ounces at an average price of $1,266 per ounce compared to $414.6 million (or $437.7 million including $23.1 million of pre-commercial sales from Otjikoto) on sales of 353,703 ounces (or 372,169 ounces including 18,466 ounces of pre-commercial sales from Otjikoto) at an average price of $1,172 per ounce in the first nine months of 2015.
Year-to-date, cash flow from operating activities was $329.5 million ($0.35 per share) compared to $126.9 million ($0.14 per share) in the first nine months of 2015. The increase included $120 million of proceeds received from Prepaid Sales transactions (see "Liquidity and Capital Resources" section below).
For the nine months ended September 30, 2016, the Company generated net income of $30.5 million ($0.04 per share) compared to a net loss of $30.0 million (negative $0.03 per share) in the comparable period of 2015. Adjusted net income for the first nine months of 2016 was $96.5 million ($0.10 per share) compared to $11.7 million ($0.01 per share) in the same period last year.
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VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 3, 2016) - B2Gold Corp. (TSX:BTO)(NYSE MKT:BTG)(NAMIBIAN:B2G) ("B2Gold" or the "Company") is pleased to announce its operational and financial results for the three and nine months ended September 30, 2016. The Company previously released its gold production and gold revenue results for the third quarter of 2016 (see news release dated 10/13/16). All dollar figures are in United States dollars unless otherwise indicated.
2016 Third Quarter Highlights
Record quarterly consolidated gold production of 146,686 ounces, 6% (or 7,988 ounces) above budget and 18% (or 22,315 ounces) greater than the same period in 2015
Consolidated gold revenue a quarterly record of $193 million on record sales of 145,029 ounces at an average price of $1,331 per ounce, an increase in revenue of 39% (or $53.7 million) over the same period in 2015
Consolidated cash operating costs a quarterly record low of $491 per ounce, $73 per ounce (or 13%) below budget and $93 per ounce (or 16%) below the prior-year quarter
Consolidated all-in sustaining costs of $702 per ounce, $134 per ounce (or 16%) below budget and $173 per ounce (or 20%) below the prior-year quarter
Cash flow from operating activities of $90.3 million ($0.10 per share), up 266% from $33.9 million ($0.04 per share) in the third quarter of 2015
Strong cash position of $123.8 million at quarter-end
Masbate Mine's 2016 guidance revised favourably; for full-year 2016, the Masbate Mine is now forecast to produce between 200,000 to 210,000 ounces of gold (up from the previous range of 175,000 to 185,000 ounces) at cash operating costs of between $465 to $505 per ounce (reduced from the previous range of $620 to $660 per ounce)
Masbate Mine achieves approximately 6 million man-hours (or 353 days) without a "Lost-Time-Injury" as at September 30, 2016
Otjikoto Mine achieves record quarterly gold production of 47,564 ounces at record low cash operating costs of $344 per ounce
Otjikoto Mine's 2016 annual cash operating cost guidance revised lower to $365 to $405 per ounce (previously was $400 to $440 per ounce)
Revised consolidated 2016 production guidance; for full-year 2016, consolidated gold production is now forecast to be between 535,000 to 575,000 ounces (up from the previous range of 510,000 to 550,000 ounces of gold)
Revised consolidated 2016 cost guidance; for full-year 2016, consolidated cash operating costs are now forecast to be between $500 to $535 per ounce (reduced from the previous range of $560 to $595 per ounce) and all-in sustaining costs are now expected to be between $780 to $810 per ounce (reduced from $895 to $925 per ounce)
Construction of the Fekola mine is progressing well, on schedule and on budget, and is expected to commence production in the fourth quarter in 2017
2016 First Nine Months Highlights
Record year-to-date consolidated gold production of 409,772 ounces, 6% (or 22,651 ounces) above budget and 13% (or 47,976 ounces) over the same period in 2015
Consolidated gold revenue a year-to-date record of $502.1 million on record sales of 396,757 ounces at an average price of $1,266 per ounce
Consolidated cash operating costs a year-to-date record low of $495 per ounce, $86 per ounce (or 15%) below budget and $155 per ounce (or 24%) below the same period last year
Consolidated all-in sustaining costs of $765 per ounce, $195 per ounce (or 20%) below budget and $236 per ounce (or 24%) below the same period last year
Cash flow from operating activities of $329.5 million ($0.35 per share), including $120 million proceeds from Prepaid Sales transactions, compared to $126.9 million ($0.14 per share) in the same period in 2015
Signed a Euro 71.4 million Equipment Facility with Caterpillar Financial SARL for the Fekola project (funding subject to satisfaction of conditions precedent)
Additional positive exploration drill results reported for the Company's Mali and Burkina Faso greenfield targets
Received 2015 Award for Social Responsibility in Nicaragua on May 5, 2016
2016 Third Quarter and First Nine Months Operational Results
Consolidated gold production in the third quarter of 2016 was another quarterly record of 146,686 ounces, 6% (or 7,988 ounces) above budget and 18% (or 22,315 ounces) higher than the same period in 2015. The excellent quarter highlights the continued very strong performance of the Masbate Mine and record quarterly production from the Otjikoto Mine. Following another very strong operational quarter at the Masbate Mine, its 2016 annual production guidance has been increased to between 200,000 to 210,000 ounces of gold (significantly up from its original guidance range of between 175,000 to 185,000 ounces of gold). The Company's other operating mines remain on track to meet their full-year production guidance.
In the third quarter of 2016, consolidated cash operating costs were a quarterly record low of $491 per ounce, $73 per ounce (or 13%) below budget and $93 per ounce (or 16%) below the prior-year quarter. This significant improvement reflects higher gold production, lower fuel prices/consumption, and ongoing cost optimization efforts. Consolidated all-in sustaining costs in the quarter were $702 per ounce, $134 per ounce (or 16%) below budget and $173 per ounce (or 20%) lower than the third quarter of 2015. The lower all-in sustaining costs were primarily driven by the same factors impacting the reduction in cash operating costs per ounce as well as lower than budgeted capital expenditures at several mine sites due to the timing of pre-stripping and underground development activity.
Consolidated gold production for the first nine months of 2016 was a year-to-date record 409,772 ounces, 6% (or 22,651 ounces) above budget and 13% (or 47,976 ounces, including 18,815 ounces of pre-commercial production from Otjikoto) higher than the same period in 2015.
For the nine months ended September 30, 2016, consolidated cash operating costs were a year-to-date record low of $495 per ounce, $86 per ounce (or 15%) below budget and $155 per ounce (or 24%) lower than the first nine months of 2015. Consolidated all-in sustaining costs in the first nine months of 2016 were $765 per ounce, significantly below both budget of $961 per ounce and $1,001 per ounce in the comparable period of 2015.
B2Gold is projecting another record year for gold production in 2016. Following the uplift in guidance for Masbate, the Company is now on track to meet a revised annual consolidated production guidance range of between 535,000 to 575,000 ounces of gold in 2016 (up from the original consolidated guidance range of between 510,000 to 550,000 ounces of gold). The Company has also updated its cash cost and all-in sustaining cost guidance for the year. The Company now expects consolidated cash operating costs and all-in sustaining costs to be lower than its original guidance, with a revised consolidated cash operating cost range of $500 to $535 per ounce (original guidance was $560 to $595 per ounce) and revised consolidated all-in sustaining costs range of $780 to $810 per ounce (original guidance was $895 to $925 per ounce).
2016 Third Quarter and First Nine Months Financial Results
Consolidated gold revenue in the third quarter of 2016 was a quarterly record $193 million on record sales of 145,029 ounces at an average price of $1,331 per ounce compared to $139.3 million on sales of 124,481 ounces at an average price of $1,119 per ounce in the third quarter of 2015. The 39% (or $53.7 million) increase in gold revenue was mainly attributable to a 17% increase in gold sales volume and a 19% increase in the average realized gold price.
In the third quarter of 2016, cash flow from operating activities of $90.3 million ($0.10 per share) was up 266% from $33.9 million ($0.04 per share) in the prior-year quarter. The significant increase was driven by record gold production combined with record low costs and higher realized sales prices.
The Company generated net income of $35.7 million ($0.04 per share) in the quarter compared to a net loss of $13.6 million (negative $0.02 per share) in the third quarter of 2015. Adjusted net income was $48.6 million ($0.05 per share) in the third quarter of 2016 compared to $2.2 million ($0.00 per share) in the prior-year quarter. Adjusted net income in the third quarter of 2016 mainly excluded various unrealized mark-to-market adjustments (totaling a net gain of $3.3 million) and non-cash impairment charges of $9.7 mainly for the restructuring of the Company's 51% interest in a joint operation in Nicaragua with Calibre Mining Corp.
Consolidated gold revenue for the first nine months of 2016 was a nine-month record of $502.1 million on record sales of 396,757 ounces at an average price of $1,266 per ounce compared to $414.6 million (or $437.7 million including $23.1 million of pre-commercial sales from Otjikoto) on sales of 353,703 ounces (or 372,169 ounces including 18,466 ounces of pre-commercial sales from Otjikoto) at an average price of $1,172 per ounce in the first nine months of 2015.
Year-to-date, cash flow from operating activities was $329.5 million ($0.35 per share) compared to $126.9 million ($0.14 per share) in the first nine months of 2015. The increase included $120 million of proceeds received from Prepaid Sales transactions (see "Liquidity and Capital Resources" section below).
For the nine months ended September 30, 2016, the Company generated net income of $30.5 million ($0.04 per share) compared to a net loss of $30.0 million (negative $0.03 per share) in the comparable period of 2015. Adjusted net income for the first nine months of 2016 was $96.5 million ($0.10 per share) compared to $11.7 million ($0.01 per share) in the same period last year.
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