“Operationally the Company had a challenging first half of the year. The team turned things around in the third quarter and continued to improve all metrics to finish the year delivering just under our production guidance. At the same time, we saw very prospective drill results from our
Fourth Quarter and Full Year Operational Highlights
Fourth Quarter
- Production of 4.37 million pounds of copper contained in concentrates; an increase of 48% over Q4 2022.
- Production of 2,578 ounces of gold contained in concentrates; a decrease of 15% over Q4 2022.
- Average processed tonnes per day of 853; an increase of 4% over Q4 2022.
- Copper and gold head grades of 2.89% and 1.75 grams per tonne; an increase of 28% for copper and a decrease of 24% for gold over Q4 2022.
- Copper and gold recovery of 94.0% and 62.7%; an increase of 4% for copper and 9% for gold over Q4 2022.
2023 Year-end
- Production of 13.24 million pounds of copper contained in concentrates; a decrease of 12% over 2022.
- Production of 10,149 ounces of gold contained in concentrates; a decrease of 9% over 2022.
- Average processed tonnes per day of 822; a decrease of 1% over 2022.
- Copper and gold head grades of 2.34% and 1.89 grams per tonne; a decrease of 22% for copper and 18% for gold over 2022.
- Copper and gold recovery of 92.1% and 60.6%; no significant change for copper and gold over 2022.
Fourth Quarter and Full Year Operational Details
Q1 Total | Q2 Total | Q3 Total | Q4 Total | 2023 Total | |
Production (Contained in Concentrates) | |||||
Copper (000s pounds) | 2,310 | 2,803 | 3,762 | 4,367 | 13,242 |
Gold (ounces) | 2,553 | 2,313 | 2,705 | 2,578 | 10,149 |
Mine | |||||
Tonnes of ore mined | 60,568 | 72,340 | 77,947 | 78,132 | 288,987 |
Mill | |||||
Tonnes processed | 62,793 | 68,471 | 74,580 | 73,030 | 278,874 |
Tonnes processed per day | 748 | 800 | 888 | 853 | 822 |
Copper grade (%) | 1.87 | 2.05 | 2.46 | 2.89 | 2.34 |
Gold grade (g/t) | 2.23 | 1.80 | 1.83 | 1.75 | 1.89 |
Recoveries | |||||
Copper (%) | 89.1 | 90.6 | 93.0 | 94.0 | 92.1 |
Gold (%) | 57.0 | 58.4 | 62.0 | 62.7 | 60.6 |
Concentrates | |||||
Copper and gold concentrates (dmt) | 5,815 | 6,789 | 9,336 | 10,725 | 32,665 |
Payable copper produced (000s lbs) | 2,169 | 2,639 | 3,537 | 4,106 | 12,451 |
Note: Metal production figures are subject to adjustments based on final settlement.
Concentrate Inventory
The number of shipments the Company can export in any given quarter depends on several variables some of which the Company does not control, hence there may be an inherent variability in tonnes shipped quarter to quarter.
Q4 2023 | |
Amounts in dry metric tonnes | |
Opening inventory | 7,939 |
Production | 10,725 |
Sales | -10,433 |
Number of shipments | 1 |
Adjustments | -4 |
Closing inventory | 8,227 |
Note: Concentrate figures are subject to adjustments based on final surveys and final settlement of sales.
2024 Operating and Cost Guidance
Copper (000s pounds) | 13,600 to 15,200 |
Gold (ounces) | 10,200 to 11,400 |
C1 Cash Cost ($US)(1) |
Note: Please see “Non-GAAP Financial Measures” at the end of this release. C1 cash cost per pound of payable copper produced net of by-product credits and selling costs.
The
Since obtaining control of the mine on
Qualified Person
Mr.
About
Atico is a growth-oriented Company, focused on exploring, developing and mining copper and gold projects in
ON BEHALF OF THE BOARD
CEO
Trading symbols: TSX.V: ATY | OTCQX: ATCMF
Investor Relations
Tel: +1.604.633.9022
Neither the
No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the ‘‘U.S. Securities Act’’), or any state securities laws, and may not be offered or sold in
Cautionary Note Regarding Forward Looking Statements
This announcement includes certain “forward-looking statements” within the meaning of Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation the use of net proceeds, are forward-looking statements. Forward- looking statements involve various risks and uncertainties and are based on certain factors and assumptions. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs; the need to obtain additional financing to maintain its interest in and/or explore and develop the Company’s mineral projects; uncertainty of meeting anticipated program milestones for the Company’s mineral projects; the world-wide economic and social impact of COVID-19 is managed and the duration and extent of the coronavirus pandemic is minimized or not long-term; disruptions related to the COVID-19 pandemic or other health and safety issues, or the responses of governments, communities, the Company and others to such pandemic or other issues; and other risks and uncertainties disclosed under the heading “Risk Factors” in the prospectus of the Company dated
Non-GAAP Financial Measures
The items marked with a "(1)" are alternative performance measures and readers should refer to Non-GAAP Financial Measures in the Company's Management's Discussion and Analysis for the six months ended
© OMX, source