Atico Reports Consolidated Financial Results for 2024
Atico Mining (TSX.V: ATY | OTC: ATCMF) reported its 2024 financial results, with income from mining operations of $14 million but a net loss of $18.7 million. The El Roble mine produced 13.7 million pounds of copper and 9,106 ounces of gold.
Revenue increased 19% to $68.5 million, with copper and gold accounting for 83% and 17% of sales respectively. The average realized prices were $4.19 per pound of copper and $2,452 per ounce of gold.
A significant $24.5 million pre-tax loss was recognized due to an arbitration ruling requiring back payment of copper royalties since 1994. The company faces a working capital deficit of $11.3 million and has $7.0 million in long-term loans payable, plus an $8.5 million non-current arbitration award payable.
Atico Mining (TSX.V: ATY | OTC: ATCMF) ha riportato i risultati finanziari del 2024, con un reddito dalle operazioni minerarie di 14 milioni di dollari ma una perdita netta di 18,7 milioni di dollari. La miniera El Roble ha prodotto 13,7 milioni di libbre di rame e 9.106 once d'oro.
I ricavi sono aumentati del 19% raggiungendo 68,5 milioni di dollari, con il rame e l'oro che rappresentano rispettivamente l'83% e il 17% delle vendite. I prezzi medi realizzati sono stati di 4,19 dollari per libbra di rame e 2.452 dollari per oncia d'oro.
È stata registrata una significativa perdita ante imposte di 24,5 milioni di dollari a causa di una sentenza arbitrale che impone il pagamento retroattivo delle royalties sul rame dal 1994. L'azienda presenta un deficit di capitale circolante di 11,3 milioni di dollari e ha 7,0 milioni di dollari di prestiti a lungo termine da pagare, oltre a un premio arbitrale non corrente di 8,5 milioni di dollari da saldare.
Atico Mining (TSX.V: ATY | OTC: ATCMF) informó sus resultados financieros de 2024, con un ingreso por operaciones mineras de 14 millones de dólares pero una pérdida neta de 18,7 millones de dólares. La mina El Roble produjo 13,7 millones de libras de cobre y 9.106 onzas de oro.
Los ingresos aumentaron un 19% hasta 68,5 millones de dólares, con el cobre y el oro representando el 83% y el 17% de las ventas respectivamente. Los precios promedio realizados fueron de 4,19 dólares por libra de cobre y 2.452 dólares por onza de oro.
Se reconoció una significativa pérdida antes de impuestos de 24,5 millones de dólares debido a un fallo arbitral que exige el pago retroactivo de regalías de cobre desde 1994. La compañía enfrenta un déficit de capital de trabajo de 11,3 millones de dólares y tiene 7,0 millones de dólares en préstamos a largo plazo por pagar, además de un laudo arbitral no corriente de 8,5 millones de dólares pendiente de pago.
Atico Mining (TSX.V: ATY | OTC: ATCMF)는 2024년 재무 결과를 발표하며 광산 운영 수익 1,400만 달러를 기록했으나 순손실 1,870만 달러를 보고했습니다. 엘 로블레 광산은 1,370만 파운드의 구리와 9,106 온스의 금을 생산했습니다.
매출은 19% 증가하여 6,850만 달러에 달했으며, 구리와 금이 각각 매출의 83%와 17%를 차지했습니다. 평균 실현 가격은 구리 파운드당 4.19달러, 금 온스당 2,452달러였습니다.
1994년부터 구리 로열티의 소급 지급을 요구하는 중재 판결로 인해 2,450만 달러의 세전 손실이 발생했습니다. 회사는 1,130만 달러의 운전자본 적자를 안고 있으며, 700만 달러의 장기 대출금과 850만 달러의 비유동 중재 판정금 지급 의무가 있습니다.
Atico Mining (TSX.V : ATY | OTC : ATCMF) a publié ses résultats financiers 2024, avec un revenu des opérations minières de 14 millions de dollars mais une perte nette de 18,7 millions de dollars. La mine El Roble a produit 13,7 millions de livres de cuivre et 9 106 onces d’or.
Le chiffre d’affaires a augmenté de 19 % pour atteindre 68,5 millions de dollars, le cuivre et l’or représentant respectivement 83 % et 17 % des ventes. Les prix moyens réalisés étaient de 4,19 dollars la livre de cuivre et 2 452 dollars l’once d’or.
Une perte avant impôts significative de 24,5 millions de dollars a été enregistrée en raison d’une décision arbitrale imposant le paiement rétroactif des redevances sur le cuivre depuis 1994. La société fait face à un déficit de fonds de roulement de 11,3 millions de dollars et dispose de 7,0 millions de dollars de prêts à long terme à rembourser, ainsi que d’une dette arbitrale non courante de 8,5 millions de dollars.
Atico Mining (TSX.V: ATY | OTC: ATCMF) meldete seine Finanzergebnisse für 2024 mit einem Einkommen aus Bergbaubetrieb von 14 Millionen Dollar, jedoch einem Nettoverlust von 18,7 Millionen Dollar. Die El Roble Mine produzierte 13,7 Millionen Pfund Kupfer und 9.106 Unzen Gold.
Der Umsatz stieg um 19 % auf 68,5 Millionen Dollar, wobei Kupfer und Gold jeweils 83 % bzw. 17 % des Umsatzes ausmachten. Die durchschnittlich realisierten Preise lagen bei 4,19 Dollar pro Pfund Kupfer und 2.452 Dollar pro Unze Gold.
Ein erheblicher Vorsteuerverlust von 24,5 Millionen Dollar wurde aufgrund eines Schiedsspruchs anerkannt, der die Nachzahlung von Kupferlizenzgebühren seit 1994 verlangt. Das Unternehmen hat ein Working-Capital-Defizit von 11,3 Millionen Dollar, langfristige Verbindlichkeiten in Höhe von 7,0 Millionen Dollar sowie eine nicht kurzfristige Schiedsspruchverbindlichkeit von 8,5 Millionen Dollar.
- Revenue increased 19% to $68.5 million
- Income from mining operations rose 89% to $14 million
- Copper production increased 4% to 13.7 million pounds
- Cash margin improved 12% to $2.12 per pound of payable copper
- Operating cash flow before changes in working capital increased 75% to $17 million
- $18.7 million net loss due to $24.5 million arbitration ruling
- Working capital deficit increased to $11.3 million
- Gold production decreased 10% to 9,106 ounces
- Cash costs per tonne increased 10% due to inflationary pressures
- 30-year El Roble mine contract expired, pending renewal
(All amounts expressed in US dollars, unless otherwise stated)
VANCOUVER, British Columbia, April 24, 2025 (GLOBE NEWSWIRE) -- Atico Mining Corporation (the “Company” or “Atico”) (TSX.V: ATY | OTC: ATCMF) today announced its financial results for the year ended December 31, 2024, posting income from mining operations of
Fernando E. Ganoza, CEO and Director, commented, “the El Roble mine performed as expected in 2024 with significant improvement over the previous year. We achieved higher margins and sales, leading to a substantial increase in operating income over 2023. However, accounting for the arbitration ruling in Colombia, significantly impacted our bottom line.” Mr. Ganoza continued, “For the rest of the year, we will prioritize achieving production goals and improving cost efficiencies at El Roble. Looking to take advantage of the favorable metal price environment.”
2024 Financial Highlights
- Net loss for the year amounted to
$18.7 million , compared to$5.8 million net loss for 2023. Net loss for 2024 was mainly attributed to a$24.5 million pre-tax loss recognized in the year due to the outcome of the arbitration concerning the El Roble’s royalty dispute with the National Mining Agency in Colombia. - Sales for the year increased
19% to$68.5 million when compared with$57.5 million in 2023. Copper (“Cu”) and gold (“Au”) accounted for83% and17% of the 35,774 (2023 – 31,763) dry metric tonnes (“DMT”) sold during 2024. - The average realized price per metal was
$4.19 (2023 -$3.94) per pound of copper and$2,452 (2023 -$2,009) per ounce of gold. - Ending working capital deficit (current liabilities – current assets) was
$11.3 million (December 31, 2023 –$2.1 million deficit). At December 31, 2024, the Company had$7.0 million (December 31, 2023 –$6.0 million ) in long-term loans payable and an$8.5 million non-current portion of the arbitration award payable (December 31, 2023 - $Nil). - Cash costs(1) were
$142.68 per tonne of processed ore and$2.07 per pound of payable copper produced, which were increases of10% and1% over 2023, respectively. The increase in cash costs per tonne was primarily driven by inflationary pressures on operating costs in 2024, as well as higher expenses related to tailings’ handling and disposal, and to higher infill drilling, stope preparation and backfilling activities at the mine. While cash costs per pound of payable copper increased only marginally, due to an offset by higher copper head grades. - Cash margin was
$2.12 per pound of payable copper produced(1), which was a increase of12% over 2023, due to the increase in realized copper price as well as increased copper head grades for the year. - All-in sustaining cash cost per payable pound of copper produced(1) was
$3.00 (2023 -$2.87) impacted by an increase in sustaining capital expenditures, compared to the prior year, mainly related to mine development costs at El Roble.
Subsequent Events to the Reporting Date:
- On March 7, 2025, the arbitration tribunal at the Center for Arbitration and Conciliation of the Bogota Chamber of Commerce ruled in favor of the National Mining Agency, requiring the Company’s Colombian subsidiary, Minera El Roble, to back pay copper royalties since 1994.
- On April 8, 2025, the Company entered into an agreement with its lender Trafigura PTE. LTD. to amend the
$10,000,000 credit agreement originally executed in February 2022 and previously amended in August 2024. Pursuant to the terms of this agreement, the principal repayment schedule has been revised as follows:
1.
2.
3.
2024 Summary of Consolidated Financial Results
| 2024 | 2023 | Change | ||||||
| Revenue | $ | 68,455,363 | $ | 57,543,646 | 19 | % | ||
| Cost of sales | (54,413,545 | ) | (50,114,186 | ) | 9 | % | ||
| Income from mining operations | 14,041,818 | 7,429,460 | 89 | % | ||||
| As a % of revenue | 21 | % | 13 | % | ||||
| General and administrative expenses | (5,735,028 | ) | (5,815,475 | ) | (1 | %) | ||
| Income (loss) from operations | 7,946,046 | (4,412,460 | ) | (280 | %) | |||
| As a % of revenue | 12 | % | (8 | %) | ||||
| Loss before income taxes | (21,647,960 | ) | (6,474,276 | ) | 234 | % | ||
| Net loss | (18,675,541 | ) | (5,777,153 | ) | 223 | % | ||
| As a % of revenue | (27 | %) | (10 | %) | ||||
| Operating cash flow before changes in non-cash operating working capital items(1) | $ | 16,956,186 | $ | 9,710,641 | 75 | % | ||
2024 Consolidated Operational Details
In 2024, the Company produced 13.7 million lbs of copper, 9,106 oz of gold, and 35,451 oz of silver. When compared to 2023, production increased by
| 2024 | 2023 | % Change | ||
| Production (Contained metals)(3) | ||||
| Copper (000s lbs) | 13,714 | 13,242 | 4 | % |
| Gold (oz) | 9,106 | 10,149 | (10 | %) |
| Silver (oz) | 35,451 | 36,949 | (4 | %) |
| Mine | ||||
| Tonnes of material mined | 273,264 | 288,987 | (5 | %) |
| Mill | ||||
| Tonnes processed | 274,181 | 278,874 | (2 | %) |
| Tonnes processed per day | 836 | 825 | 1 | % |
| Copper grade (%) | 2.46 | 2.34 | 5 | % |
| Gold grade (g/t) | 1.61 | 1.89 | (15 | %) |
| Silver grade (g/t) | 8.42 | 10.26 | (18 | %) |
| Recoveries | ||||
| Copper (%) | 92.1 | 91.8 | 0 | % |
| Gold (%) | 63.7 | 60.1 | 6 | % |
| Silver (%) | 48.9 | 40.7 | 20 | % |
| Concentrates | ||||
| Copper Concentrates (DMT) | 33,922 | 32,667 | 4 | % |
| Copper (%) | 18.3 | 18.4 | (0 | %) |
| Gold (g/t) | 8.3 | 9.7 | (14 | %) |
| Silver (g/t) | 32.5 | 35.0 | (7 | %) |
| Payable copper produced (000s lbs) | 12,892 | 12,451 | 4 | % |
| Cash cost per pound of payable copper ($/lbs)(1)(2) | 2.07 | 2.04 | 1 | % |
The financial statements and MD&A are available on SEDAR+ and have also been posted on the company's website at http://www.aticomining.com/s/FinancialStatements.asp
El Roble Fourth Quarter Updates
The Company continues to work towards obtaining a new contract to renew title on its claims hosting the El Roble property, as its 30-year contract expired on January 23, 2022. The Company has been operating the El Roble mine while the process for the contract and title renewal continues.
On March 7, 2025, the arbitration tribunal at the Center for Arbitration and Conciliation of the Bogota Chamber of Commerce ruled in favor of the National Mining Agency in Colombia, requiring the Company’s subsidiary Minera El Roble to back pay copper royalties since 1994 (the “Award”).
On April 9, 2025, the arbitration tribunal ordered that the payment of the Award be made within the timeframe outlined in the Payment Plan, and that both Minera El Roble and the National Mining Agency are responsible for adjusting the Payment Plan to account for the Award and for previous payments made by Minera El Roble under the Payment Plan.
The Award resulted in a total pre-tax loss of
La Plata Fourth Quarter Updates
The Company continues to work on obtaining the necessary permits and the environmental license to begin construction of the La Plata project.
Qualified Person
Mr. Thomas Kelly (SME Registered Member 1696580), advisor to the Company and a qualified person under National Instrument 43-101 standards, is responsible for ensuring that the technical information contained in this news release is an accurate summary of the original reports and data provided to or developed by Atico.
About Atico Mining Corporation
Atico is a growth-oriented Company, focused on exploring, developing and mining copper and gold projects in Latin America. The Company generates significant cash flow through the operation of the El Roble mine and is developing it’s high-grade La Plata VMS project in Ecuador. The Company is also pursuing additional acquisition of advanced stage opportunities. For more information, please visit www.aticomining.com.
ON BEHALF OF THE BOARD
Fernando E. Ganoza
CEO
Atico Mining Corporation
Trading symbols: TSX.V: ATY | OTC: ATCMF
Investor Relations
Igor Dutina
Tel: +1.604.633.9022
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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 the United States, or to, or for the account or benefit of, a "U.S. person" (as defined in Regulation S of the U.S. Securities Act) unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.
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, including without limitation statements regarding improving cost efficiencies at El Roble, taking advantage of the favorable metal price environment, the timing regarding renewing the title on the Company’s claims hosting the El Roble property and possible outcomes of any pending arbitration, consultation, litigation, negotiation or regulatory investigation, the timing and amount of payments of the Award payable to the National Mining Agency in Colombia and the future construction of the La Plata project , 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. The assumptions upon which the forward-looking statements herein are based, include, but are not limited to, that all required third party contractual, regulatory and governmental approvals will be obtained for the development, construction and production of its properties, there being no significant disruptions affecting operation, permitting, development, expansion and power supply proceeding on a basis consistent with the Company’s current expectations, currency exchange rates being approximately consistent with current levels, certain price assumptions for copper, gold and silver, prices for and availability of fuel oil, electricity, parts and equipment and other key supplies remaining consistent with current levels, production forecasts meeting expectations, the accuracy of the Company’s current mineral resource and reserves estimates, labor and materials costs increasing on a basis consistent with the Company’s current expectations, assumptions made and judgments used in engineering and geological interpretation, the outcome of the Arbitration with the National Mining Agency in Colombia for the royalty dispute and that additional financing sources will be available on reasonable commercial terms in order for the Company to make scheduled repayments of principal, interest, and any applicable premiums on its outstanding indebtedness. Important risk factors that could cause actual results to differ materially from the Company’s expectations include uncertainties as to the timing and process for renewal of title to the El Roble claims; uncertainties as to the timing and amount of payments of the Award payable to the National Mining Agency in Colombia which are dependent on the Company and the National Mining Agency adjusting the Payment Plan as required by the arbitration tribunal, and agreeing on the adjustments; risks associated with the Company’s outstanding debt, including the Company’s ability to successfully secure additional funds through debt or equity issuances to meet these obligations, including amounts due and payable to Trafigura PTE. LTD. on or before June 30, 2025, or successfully negotiate to amend or extend their terms uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs of the Company’s projects; 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; and other risks and uncertainties disclosed under the heading “Risk Factors” in the Company's Management's Discussion and Analysis for the year ended December 31, 2024 and in the Company’s Annual Information Form (“AIF”) dated September 4, 2024, filed with the Canadian securities regulatory authorities on the SEDAR+ website at www.sedarplus.com and as available on the Company's website for further details.
Except as required by law, the Company does not assume the obligation to revise or update these forward-looking statements after the date of this announcement or to revise them to reflect the occurrence of future unanticipated events.
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 year ended December 31, 2024, as filed on SEDAR+ and as available on the Company's website for further details.
(1) Alternative performance measures; please refer to “Non-GAAP Financial Measures” at the end of this release.
(2) Net of by-product credits
(3) Subject to adjustments on final settlement
FAQ
What caused Atico Mining (ATCMF) to report a net loss in 2024?
How did ATCMF's El Roble mine production perform in 2024 compared to 2023?
What is the total outstanding arbitration award ATCMF owes to Colombia's National Mining Agency?
What were ATCMF's operating costs per pound of copper in 2024?
