Trevali Mining Corporation (TSX:TV) announced it has released financial results for the three months ended March 31, 2016 reporting EBITDA of $8 million and posting net income of $827,000 for the quarter.

As quoted in the press release:

Q1-2016 Results Highlights:

  • Santander concentrate sales revenue of $27 million
  • EBITDA(1) of $8 million
  • Income from Santander mine operations of $4.2 million
  • Net earnings of $827,000 or $0.00 per share
  • Total cash position of $26.7 million
  • Q1 Santander site cash costs(2) dropped to US$0.28 per pound of payable Zinc Equivalent (“ZnEq”)(3) produced or US$32.22/tonne milled, resulting in a revision to the Company’s 2016 Santander production site cash operating cost guidance being reduced from US$40-43 per tonne milled to US$35-38 per tonne milled
  • Record Santander mill throughput of 209,000 tonnes resulting in quarterly production of 13.7 million payable pounds of zinc, 6.4 million payable pounds of lead and 221,324 payable ounces of silver
  • Provisional realized commodity selling prices for Santander Q1-2016 production was US$0.82 per pound zinc, US$0.82 per pound lead and US$15.32 per ounce silver at International Benchmark terms under the Company’s offtake agreement with Glencore
  • Santander mill recoveries remain higher than design at 89% for Zn, 88% for Pb and 76% for Ag

Trevali Mining President and CEO, Dr. Mark Cruise, stated:

Santander delivered another strong quarter with site cash costs dropping significantly as a result of the optimization initiatives executed by the team. As a direct result of site efficiencies, Santander is one of the lowest cost operating mines in the Central Mineral Belt of Peru reporting materially improved throughput, revenue and income in spite of lower realized commodity prices on a year-to-year basis. In Canada the Company continues to focus on commissioning the Caribou Zinc Mine and is pleased to announce ongoing, steady, incremental progress to date.

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