Expansion Projects Near Completion
Tahoe Resources Inc. (“Tahoe” or the “Company”) (TSX:
THO, NYSE: TAHO) today announced financial and operating results
for the third quarter ended September 30, 2018. The Company
produced 91.2 thousand ounces of gold during the quarter at total
cash costs and all-in sustaining costs ("AISC") of $807 and $1,263
per ounce, respectively.
Jim Voorhees, President and CEO of Tahoe: "The Company remains
on track for its full year 2018 guidance near the low end of
production and the high end of costs. During the third quarter, La
Arena production was impacted by stacking at the highest levels of
the leach pad which delayed gold production. In October, La Arena
solution grades started improving and the mine achieved its second
highest production month for the year, contributing to the expected
production rebound in the fourth quarter. Construction at the
Shahuindo Expansion and Bell Creek shaft projects continues to
progress well. We received our 36,000 tpd operating permit for
Shahuindo in mid-October and we expect to begin hoisting ore at the
Bell Creek shaft in the coming weeks. By achieving these
milestones, both projects remain on track for completion,
positioning the business for an improved fourth quarter and
execution of our 2019 growth plans."
Mr. Voorhees continued: “During the third quarter, we reported a
loss of $(0.61) per share reflecting a $170 million non-cash
impairment of our Escobal mine, the continued impact of the Escobal
mine suspension and our ongoing care and maintenance costs.
Excluding the impairment charge, we reported an adjusted loss of
$(0.06) per share. On September 3rd we received the final
resolution from the Constitutional Court on the Escobal mining
license. Although the mining license remains suspended, the
resolution provides a path forward to a restart of Escobal. We are
encouraged that Stage 1 of the four-stage ILO 169 consultation
process is well advanced. The relevant entities have agreed on the
area of influence, which is the same as the original EIS boundary.
The proposed boundary has been submitted to MARN for their
approval, which is expected soon. Once finalized, Stage 2 of the
consultation process can commence."
Key Financial and Operating
Results
$ millions unless otherwise indicated
Q3 2018 Q3 2017
Q3 YTD 2018 Q3 YTD 2017
Revenue
$ 111.8 $ 155.2
$ 378.9 $ 615.8
Earnings (loss) and total comprehensive income (loss)
$
(190.0 ) $ (8.4 )
$ (212.4 ) $
99.8 Earnings (loss) per share
$ (0.61 ) $
(0.03 )
$ (0.68 ) $ 0.32 Adjusted earnings
(loss)(1)
$ (19.4 ) $ (7.2 )
$
(41.7 ) $ 101.7 Adjusted earnings (loss) per share(1)
$ (0.06 )
$ (0.02 )
$ (0.13
) $ 0.33 Cash provided by operating
activities
$ 18.0 $ 48.7
$ 58.4 $ 223.3
Cash provided by operating activities before changes in working
capital(1)
$ 19.4
$ 37.0
$
89.7 $ 269.3 Silver Production
(moz)(3)
— —
0.1 9.8 Gold production (koz)
91
109
285 340 Total cash cost per silver oz produced
($/oz)(1)(2)
$ — $ —
$ — $ 6.15 AISC
per silver oz produced ($/oz)(1)(2)
$ — $ —
$
— $ 8.91 Total cash cost per gold oz produced ($/oz)(1)(2)
$ 807 $ 747
$ 767 $ 639 AISC per gold
oz produced ($/oz)(1)(2)
$ 1,263 $ 1,088
$
1,156 $ 954 Sustaining capital
$ 29.7 $ 17.5
$ 52.2 $ 36.3 Project capital
$ 37.0 $
26.9
$ 125.2 $ 74.1 Exploration expense
$
4.5 $ 4.5
$ 11.7 $ 14.6 Corporate G&A
$ 11.9 $ 11.7
$ 37.4 $ 34.7 Weighted
average shares outstanding (basic, in millions)
313.77 313.15
313.41
312.67 (1) See
“Cautionary Note on Non-GAAP Financial Measures” at the end of this
news release. (2) Total cash costs and AISC are presented net of
by-product credits. (3) No silver was produced from Escobal during
Q3 2018 while the mine remained on care and maintenance.
Q3 2018 Summary & Highlights:
2018 performance expected to come in at the low end of
production and high end of cost guidance – Q3 2018 gold
production totaled 91.2 thousand ounces at total cash costs and
AISC of $807 and $1,263 per ounce, respectively. For the nine
months ended September 30, 2018, production totaled 285 thousand
ounces at total cash costs and AISC of $767 and $1,156 per ounce,
respectively. Despite low Q3 production, the Company expects to
meet the low end of its production guidance (400 to 475 thousand
ounces of gold) and the high end of its total cash cost, AISC, and
capital guidance for the full year 2018, with gold production
weighted to the fourth quarter.
Shahuindo gold production on track to increase in Q4 2018
– Gold production at Shahuindo during the third quarter totaled
20.3 thousand ounces. Heap leach recoveries have met expectations
and year-to-date gold ounces placed on pads have exceeded the model
by approximately 30% when comparing actual blast hole results to
the reserves model. Q3 production was limited to 16,000 tpd as the
Company awaited the full 36,000 tpd operating permit. With receipt
of the expansion permit on October 16th, fourth quarter mine
production is ramping up to full capacity.
La Arena production impacted by ore timing; expected to
improve in Q4 – La Arena produced 33.3 thousand ounces during
Q3. Low gold production resulted from the timing of ore placement
and longer solution migration times due to stacking at the highest
levels of the leach pad. New leach pad construction is expected to
be completed in the fourth quarter. In October, solution gold
grades increased by more than 30% and it was the second highest
production month at La Arena this year, supporting the improved
production expected in the fourth quarter.
Bell Creek Mill achieved record quarterly throughput of
4,287 tpd – Mill operations averaged a record 4,287 tpd in
Q3 2018 as part of the Company's efforts to optimize the Timmins
operations. Once the Bell Creek shaft project is complete and the
mine ramps up by year-end, management expects the mill to achieve
sustainable throughput exceeding 4,400 tpd with minimal additional
capital expenditure. This is expected to lead to improved Q4 gold
production.
Positive cash flow of $18.0 million – Cash flow provided
by operating activities was $18.0 million and cash flow provided by
operating activities before changes in working capital totaled
$19.4 million for the quarter, despite the ongoing suspension of
mining at Escobal.
Net liquidity position of $48.4 million – Tahoe ended the
quarter with $48.4 million in cash and cash equivalents. During the
quarter, the Company drew an additional $25.0 million on its
revolving credit facility, for total outstanding debt of $100
million. The Company has a remaining available undrawn balance of
$75.0 million plus a $25.0 million accordion on its credit
facility. The Company has taken advantage of opportunities to
accelerate certain capital spend into 2018 and as a result, the
Company now expects to draw an additional $25.0 million on its
credit facility before the end of year.
Shahuindo Expansion on track for 36,000 tpd ramp-up by
year-end – Construction of the 24,000 tpd crushing and
agglomeration (C&A) circuit has advanced, and mechanical
completion of the full 36,000 tpd plant is expected in Q4 2018.
Expansion of the adsorption, desorption and refining (ADR) process
plant was completed in Q3. The electrical substation and
transmission line for the project is substantially complete, with
the transmission lines expected to be energized in the fourth
quarter.
The Shahuindo Expansion project remains on time and on budget.
The Shahuindo Expansion includes the 36,000 tpd C&A
circuit (with estimated capital guidance of $80 million) as well as
the expansion of the ADR plant to 36,000 tpd, the installation of a
220kV transmission line and substation, leach pad 2B and other
associated secondary projects such as the water treatment
facilities. Total estimated costs for the Shahuindo Expansion
(including the $80 million C&A circuit) is $170 to $180
million, of which $142.2 million has been spent through September
30, 2018 ($21.4 million in Q3 2018), excluding capitalized
interest, with an additional $9.2 million committed. Approximately
$30 to $35 million of the total Shahuindo Expansion guidance is
expected to be spent for the secondary projects in 2019.
Bell Creek shaft project progressing towards completion in
early Q4 2018 – The Bell Creek shaft project continues to
progress well. All shaft excavation is now complete, the headframe
has been installed, commissioning of the two hoists has begun, and
the final electrical work is being completed on the surface plant.
The Company now estimates the shaft project will be completed
within 10% of the original $80 million guidance with the majority
of the increase over guidance driven by hoist electrical
installation and certain indirect costs through the end of the
year. Approximately $82.5 million has been spent through September
30, 2018 ($11.1 million spent in Q3 2018), excluding capitalized
interest. The Company has committed $5 million, which is
substantially all of the remaining costs for the project.
Escobal impairment test triggered by final Constitutional
Court resolution – The September 3rd Constitutional Court
resolution that ordered the continued suspension of the Escobal
mine until completion of the ILO 169 consultation triggered an
impairment test resulting in a non-cash impairment of $170 million.
The impairment was primarily driven by the extended suspension of
Escobal operations, a decrease in the long-term silver price
assumption, and an increase in the discount rate. Given the lack of
certainty on an Escobal restart date, a sensitivity analysis was
run with restart dates ranging from 6 to 18 months, with a final
restart date of December 31, 2019 used in the analysis. The
impairment negatively impacted earnings by $170 million or $0.54
per share, for a total quarterly loss of $(190.0) million or
$(0.61) per share. Should the Escobal restart occur prior to
December 31, 2019, or if there is significant change in other key
assumptions used in the analysis, the impairment would be
reevaluated for potential reversal.
Adjusted earnings adversely impacted by the Escobal mine
suspension – Adjusted loss of $19.4 million ($0.06 per share)
for the quarter was negatively impacted by the ongoing suspension
of mining activities at the Escobal mine, which included care and
maintenance costs of $6.6 million ($0.02 per share). Going forward,
care and maintenance costs for Escobal are expected to decrease to
approximately $1.5 million per month, or less than $5.0 million per
quarter.
Guatemala Update:
Update on Escobal Mining License – On September 3, 2018,
the Constitutional Court issued its ruling which ordered the
continued suspension of the Escobal mining license while MEM
conducts an ILO 169 consultation with the Xinka communities
residing in the area of influence of the Escobal mine. Five parties
requested clarification from the Constitutional Court regarding its
September 3rd resolution. In response to the clarification
requests, on October 8, 2018, the Constitutional Court issued a
final resolution. The final resolution outlines a four-stage
consultation process: (1) review, (2) pre-consultation, (3)
consultation and (4) Supreme Court verification. The Supreme
Court's verification is subject to a limited appeal to the
Constitutional Court by the parties to the original amparo. In
addition to the ILO 169 consultation process led by MEM, the
Constitutional Court also established other requirements that must
be completed as a condition for the Company to restart operations
at Escobal, including studies related to archaeology, health, and
environmental compliance which are intended to confirm that the
mine is meeting regulatory and national standards.
Timeline for Completion of ILO 169 Consultation – The
Constitutional Court's final resolution does not define a timeline
for completion of the entire ILO 169 consultation process and the
Company cannot predict when the consultation will be completed. For
purposes of the Q3 Escobal impairment test, the company ran various
scenarios with restart dates ranging from 6 to 18 months, based on
its understanding of the process so far, and selected a final
restart date of December 31, 2019 for the analysis. There can be no
certainty that the restart date will occur on December 31,
2019.
As of November 6, 2018, Stage 1 of the four-stage ILO 169
consultation process was well advanced. MSR, the original EIS
consultant and the two Guatemalan universities have agreed on the
area of influence, which is the same as the original EIS boundary.
The proposed area of influence has been submitted to MARN for their
approval. Once finalized by MARN, MEM can formally commence Stage 2
of the consultation process.
Update on Guatemala Roadblock – Since June 7, 2017, a
group of protesters near the town of Casillas continues to block
the primary highway that connects Guatemala City to San Rafael Las
Flores and the Escobal mine. The roadblock has at times limited the
transport of necessary supplies and fuel for the purpose of mine
maintenance, although the Company has maintained sufficient
supplies to ensure compliance with environmental mitigation
measures.
For more information on Escobal, the ILO 169 consultation, or
the roadblock, please refer to press releases dated October 10,
2018, September 7, 2018, and the Q3 2018 MD&A available on the
Company’s website.
Conference Call
Tahoe’s senior management will host a conference call and
webcast to discuss the Q3 2018 results on Wednesday, November 7,
2018 at 10:00 a.m. ET (7:00 a.m. PT). To join the call, please
dial:
1-800-319-4610 (toll free from Canada and the
U.S.)
+1-604-638-5340 (from outside Canada and the
U.S.)
The webcast will be available on the Company’s website at
http://www.tahoeresources.com/investor-relations/, as will a
recording of the call later in the day. Complete financial results
for Q3 2018 including the Company’s Management Discussion &
Analysis and other filings will be posted on SEDAR (www.sedar.com)
and EDGAR (www.sec.gov) and on the Company’s website.
About Tahoe Resources Inc.
Tahoe Resources is a mid-tier precious metals company with a
diverse portfolio of mines and projects in Canada, Guatemala and
Peru. Tahoe is led by experienced mining professionals dedicated to
creating sustainable value for all of its stakeholders through
responsible mining. The company is listed on the TSX (“THO”) and
NYSE (“TAHO”) and is a member of the S&P/TSX Composite, the TSX
Global Mining indices and the Russell 2000 on the NYSE.
Qualified Person Statement
Technical information in this news release has been approved by
Thomas F. Fudge, Vice President Operations, Tahoe Resources Inc., a
Qualified Person as defined by NI 43-101.
SELECTED OPERATIONAL RESULTS
Selected quarterly segmented operational
information from continuing operations for Q3 2018 and Q3 2017 was
as follows:
Q3 2018/Q3 2017
Escobal La Arena
Shahuindo
Timminsmines Total
Revenues ($ 000's)
$ —
$ 34,656
$ 33,854 $ 43,278
$ 111,788 $ 6,831 $ 68,134 $
25,760 $ 54,476 $ 155,201
Silver produced (000’s ozs)
— 7 22 4 33 0 10 27 5 42
Gold
produced (000’s ozs)
— 33 20 38
91 — 48 19 42 109
Silver sold (000’s ozs)
—
5 23 4 32 455 9 20 5 489
Gold
sold (000's ozs)
— 29 28 36
92 0 54 20 43 116
Average realized price (per oz)
Silver
$ — $ — $ —
$ — $ — $ 18.12 $ — $ — $ — $ 18.12
Gold
$ — $ 1,195 $ 1,210
$ 1,213 $ 1,206 $ 977 $ 1,257 $ 1,271 $
1,275 $ 1,226
Costs per ounce produced(1) Total cash costs
net of by-product credits silver
$ — $
— $ — $ — $ — $ —
$ — $ — $ — $ — Total cash costs net of by-product credits gold
$ — $ 764 $ 883 $
803 $ 807 $ — $ 794 $ 774 $ 681 $ 747 All-in
sustaining costs net of by-product credits silver
$ —
$ — $ — $ — $
— $ — $ — $ — $ — $ — All-in sustaining costs net of
by-product credits gold
$ — $ 1,182
$ 1,359 $ 1,283 $ 1,263 $
— $ 1,038 $ 1,328 $ 1,034 $ 1,088
Capital Expenditures
Sustaining Capital ($ 000's)
$ — $
10,029 $ 6,146 $ 13,516 $
29,691 $ 1,685 $ 7,687 $ 7,622 $ 9,824 $ 17,455
Non-Sustaining Capital ($ 000's)
$ — $
— $ 22,492 $ 14,513 $
37,005 $ —
$ — $ 11,692
$ 15,223 $ 26,915
(1) Non-GAAP financial measures
are described in the “Cautionary Note on Non-GAAP Financial
Measures” section of this news release. (2) Numbers may not
calculate due to rounding.
Selected quarterly segmented operational
information from continuing operations for Q3 YTD 2018 and Q3 YTD
2017 was as follows:
Q3 YTD 2018/Q3 YTD 2017
Escobal La
Arena Shahuindo
Timminsmines Total
Revenues $ (7 )
$ 147,363
$ 87,128 $ 144,378
$ 378,862 $ 193,354 $ 183,909 $
71,010 $ 167,550 $ 615,823
Silver produced (000’s ozs)
— 18 71 14 103 9,692 25 92 16
9,825
Gold produced (000’s ozs)
— 112
63 110 285 4 148 60 127 340
Silver sold
(000’s ozs)
— 21 71 14 106
10,229 22 78 16 10,345
Gold sold (000's ozs)
—
115 67 113 295 3 148 56 135 342
Average realized price (per oz) Silver
$ —
$ — $ — $ — $
— $ 17.71 $ — $ — $ — $ 17.71 Gold
$ —
$ 1,281 $ 1,275 $ 1,282
$ 1,280 $ 1,294 $ 1,233 $ 1,246 $ 1,243 $ 1,239
Costs per ounce produced(1) Total cash costs net of
by-product credits silver
$ — $ —
$ — $ — $ — $ 6.15 $ — $
— $ — $ 6.15 Total cash costs net of by-product credits gold
$ — $ 764 $ 883 $
803 $ 807 $ — $ 624 $ 647 $ 653 $ 639 All-in
sustaining costs net of by-product credits silver
$ —
$ — $ — $ — $
— $ 8.91 $ — $ — $ — $ 8.91 All-in sustaining costs net of
by-product credits gold
$ — $ 1,182
$ 1,359 $ 1,283 $ 1,263 $
— $ 831 $ 1,066 $ 1,046 $ 954
Capital Expenditures
Sustaining Capital ($ 000's)
$ 1,559 $
24,916 $ 16,791 $ 35,407
$ 52,224 $ 22,729 $ 20,005 $ 14,834 $ 36,260 $ 36,318
Non-Sustaining Capital ($ 000's)
$ — $
— $ 78,221 $ 47,002 $
125,223 $ —
$ — $ 29,511
$ 44,554 $ 74,065
(1) Non-GAAP financial measures
are described in the “Cautionary Note on Non-GAAP Financial
Measures” section of this news release. (2) Numbers may not
calculate due to rounding.
CAUTIONARY NOTE ON NON-GAAP FINANCIAL MEASURES
The Company has included certain non-GAAP financial measures
throughout this document which include total cash costs, all-in
sustaining costs per silver and per gold ounce (“all-in sustaining
costs”), adjusted earnings, adjusted earnings per share, and cash
provided by operating activities before changes in working capital.
These measures are not defined under IFRS and should not be
considered in isolation. The Company’s La Arena, Shahuindo and
Timmins mines primarily produce gold with other metals (primarily
silver), produced simultaneously in the mining process, the value
of which represents a small percentage of the Company’s revenue
from these mines and is therefore considered “by-product”. The
Company’s Escobal mine primarily produces silver in concentrates
with other metals (gold, lead and zinc), produced simultaneously in
the mining process, the value of which represents a small
percentage of the Company’s revenue from the Escobal mine and is
therefore considered “by-product”. The Company believes these
measures may provide investors and analysts with useful information
about the Company’s underlying earnings, cash costs of operations,
the impact of by-product credits on the Company’s cost structure
and its ability to generate cash flow, as well as providing a
meaningful comparison to other mining companies. Accordingly, these
measures are intended to provide additional information and should
not be substituted for GAAP measures. These non-GAAP financial
measures may be calculated differently by other companies depending
on the underlying accounting principles and policies applied.
The Company also reports total operating costs (cost of sales)
per ounce. The Company believes that this metric is important in
assessing the performance of each of the Company’s sold metals and
as a meaningful GAAP-based comparison to other mining companies.
Total operating costs (cost of sales) per ounce sold is calculated
by dividing the total operating costs by gold ounces sold. Total
operating costs (cost of sales) includes production costs,
depreciation and depletion and royalties. The reconciliation of
total operating costs (cost of sales) to total cash costs is
included in the total cash cost and total production cost tables
below.
Consolidated adjusted earnings and
consolidated adjusted earnings per share
The Company has adopted the reporting of consolidated adjusted
earnings (“adjusted earnings”) and consolidated adjusted earnings
per share (“adjusted earnings per share”) as non-GAAP measures of a
precious metals mining company’s operating performance. These
measures have no standardized meaning and the Company’s
presentation of adjusted measures are not meant to be substituted
for GAAP measures of consolidated earnings or consolidated earnings
per share and should be read in conjunction with such GAAP
measures. Adjusted earnings and adjusted earnings per share are
calculated as earnings excluding i) non-cash impairment losses and
reversals on mineral interests and other assets, ii) unrealized
foreign exchange gains or losses related to the revaluation of
deferred income tax assets and liabilities on non-monetary items,
iii) unrealized foreign exchange gains or losses related to other
items, iv) unrealized gains or losses on derivatives other than
provisionally priced trade receivables, v) gains or losses on sale
of assets and the related tax impact of these adjustments
calculated at the statutory effective rate for the same
jurisdiction as the adjustment. Adjustments from unusual events or
circumstances are reviewed periodically based on materiality and
the nature of the event or circumstance.
The Company calculates adjusted earnings and adjusted earnings
per share on a consolidated basis.
$ thousands
unless otherwise indicated
Q3 2018
Q3 2017
Q3 YTD
2018 Q3 YTD 2017
Earnings (loss)
$ (190,000 )
$ (8,380 )
$
(212,415 ) $ 117,561 Impairment,
net of tax
170,000 —
170,000 — Unrealized foreign
exchange loss (gain)
585 1,155
685 1,823
Adjusted
earnings (loss) $ (19,415 ) $ (7,225 )
$ (41,730 ) $ 101,689
Weighted
average common shares outstanding Basic (000’s)
313,767
313,152
313,412 312,673 Diluted (000’s)
313,767
313,152
313,412 312,722
Adjusted earnings (loss) per
share Basic
$ (0.06 ) $ (0.02 )
$
(0.13 ) $ 0.33 Diluted
$
(0.06 ) $ (0.02 )
$ (0.13 ) $ 0.33
Total cash costs before and net of
by-product credits
The Company reports total cash costs on a silver ounce and a
gold ounce produced basis for the Escobal mine and the La Arena,
Shahuindo and Timmins mines, respectively. The Company follows the
recommendation of the cost standard as endorsed by the Silver
Institute ("The Institute”) for the reporting of total cash costs
(silver) and the generally accepted standard of reporting total
cash costs (gold) by precious metal mining companies. The Institute
is a nonprofit international association with membership from
across the silver industry and serves as the industry’s voice in
increasing public understanding of the many uses and values of
silver. This remains the generally accepted standard for reporting
cash costs of silver production by silver mining companies. The
Company believes that these generally accepted industry measures
are realistic indicators of operating performance and are useful in
performing year over year comparisons. However, these non-GAAP
measures should be considered together with other data prepared in
accordance with IFRS, and these measures, taken alone, are not
necessarily indicative of operating costs or cash flow measures
prepared in accordance with IFRS. Total cash costs are divided by
the number of silver ounces contained in concentrate or gold ounces
recovered from the leach pads to calculate per ounce figures. When
deriving the total cash costs associated with an ounce of silver or
gold, the Company deducts by-product credits from sales which are
incidental to producing silver and gold.
Total cash costs per ounce of produced silver net of by-product
credits incorporate all production costs, including adjustments to
inventory carrying values, adjusted for changes in estimates in
reclamation which are non-cash in nature, and include by-product
gold, lead and zinc credits, and treatment and refining charges
included within revenue.
In addition to conventional measures, the Company assesses this
per ounce measure in a manner that isolates the impacts of silver
production volumes, the by-product credits, and operating costs
fluctuations such that the non-controllable and controllable
variability is independently addressed. The Company uses total cash
costs per ounce of produced silver net of by-product credits to
monitor its operating performance internally, including operating
cash costs, as well as in its assessment of potential development
projects and acquisition targets. The Company believes this measure
provides investors and analysts with useful information about the
Company’s underlying cash costs of operations and the impact of
by-product credits on the Company’s cost structure and is a
relevant metric used to understand the Company’s operating
profitability and ability to generate cash flow. When deriving the
production costs associated with an ounce of silver, the Company
includes by-product credits as the Company considers that the cost
to produce the silver is reduced as a result of the by-product
sales incidental to the silver production process, thereby allowing
the Company’s management and other stakeholders to assess the net
costs of silver production.
Total cash costs (silver)
Total cash costs per ounce of produced
silver, net of by-product credits
$ thousands
unless otherwise indicated
Q3 2018
Q3 2017
Q3 YTD
2018 Q3 YTD 2017 Total operating costs
(cost of sales)(1)
$ —
$ 21,970
$ —
$ 117,825 Depreciation and depletion
—
(2,794 )
— (31,847 ) Change in product inventory
— —
— 6,329 Treatment and refining charges
— —
— 16,205
Total cash
costs before by-product credits $ — $ —
$
— $ 89,336 By-product credits(2)
—
(29,740 )
Total cash costs net of by-product
credits $ — $ —
$ — $ 59,596 Silver
ounces sold in concentrate (000’s)
— —
— 9,773 Silver
ounces produced in concentrate (000’s)
— —
— 9,692
Total operating costs (cost of sales) per ounce sold
$ — $ —
$ — $ 9.81
Total cash costs
per ounce produced before by-product credits
$ — $ —
$ —
$ 9.22
Total cash costs per ounce produced net of
by-product credits $ —
$ —
$ — $ 6.15
(1) Total operating costs (cost
of sales) includes production costs, depreciation and depletion and
royalties. (2) Gold, lead and zinc by-product credits are
calculated as follows:
Q3 2018 Q3 2017
Quantity
Unit Price
TotalCredit
Credit perounce Quantity
Unit Price
TotalCredit
Credit perounce
Gold Ounces
— —
— —
0 $ 0 $ 0
$ 0.00
Lead Tonnes — — —
— 0 $ 0 $ 0 $ 0.00
Zinc Tonnes
— —
— — 0
$ 0 $ 0
$ 0.00
Q3 YTD 2018 Q3 YTD 2017
Quantity
Unit Price
TotalCredit
Credit perounce Quantity
Unit Price
TotalCredit
Credit perounce
Gold Ounces
— —
— —
3,554 $ 1,281 $ 4,555
$ 0.47
Lead Tonnes — —
— — 4,085 $ 2,369 $ 9,679 $ 1.00
Zinc Tonnes
— —
— —
5,568 $ 2,785 $
15,508 $ 1.60 (3)
Numbers in tables may not calculate due to rounding.
Total cash costs (gold)
Total cash costs per ounce of produced
gold, net of by-product credits
$ thousands unless otherwise
indicated
Q3 2018
La Arena Shahuindo
Timminsmines
Total Total operating costs (cost of
sales)(1) $ 29,215 $
31,180 $ 43,780 $ 104,175
Depreciation and depletion (11,244 ) (7,702 ) (15,242 ) (34,188 )
Change in product inventory 7,418 (5,286 ) 1,658 3,790 Smelting and
refining charges 181
84 26
291
Total cash costs before by-product credits
25,570 18,276 30,222 74,068 Silver
credit(2) (93 ) (334 )
(64 ) (491 )
Total
cash costs net of by-product credits 25,477
17,942 30,158 73,577 Gold ounces sold (000’s)
28.9 27.7 35.7 92.3 Gold ounces produced (000’s) 33.3 20.3 37.6
91.2
Total operating costs (cost of sales) per ounce sold
$ 1,011 $ 1,125 $ 1,226
$ 1,129 Total cash costs per ounce produced before
by-product credits $ 767
$ 900
$ 804
$ 812 Total cash costs per ounce produced
net of by-product credits(3)
$ 764 $ 883
$ 803
$ 807
Q3 YTD
2018 La Arena
Shahuindo
Timminsmines
Total Total operating costs (cost of
sales)(1) $ 109,285 $
72,013 $ 142,518 $
323,816 Depreciation and depletion (39,015 ) (18,021 ) (47,473 )
(104,509 ) Change in product inventory 5,797 (5,011 ) (1,058 ) (272
) Smelting and refining charges 578
262 92
932
Total cash costs before
by-product credits 76,645 49,243 94,079
219,967 Silver credit(2) (350 )
(1,136 ) (221 )
(1,707 )
Total cash costs net of by-product credits
76,295 48,107 93,858 218,260 Gold
ounces sold (000’s) 115.1 67.5 112.6 295.2 Gold ounces produced
(000’s) 111.9 63.0 109.7 284.6
Total operating costs (cost of
sales) per ounce sold $ 949 $ 1,067
$ 1,266 $ 1,097 Total cash costs per
ounce produced before by-product credits
$ 685 $ 781
$ 858
$ 773 Total cash costs per
ounce produced net of by- product credits
$ 682 $ 763
$ 856
$ 767 (1)
Total operating costs (cost of sales) includes
production costs, depreciation and depletion and royalties. (2)
Consolidated silver by-product credits are calculated as follows:
Q3 2018
Q3 YTD 2018
Quantity Unit Price
TotalCredit
Creditperounce
Quantity Unit
Price TotalCredit
Creditperounce
Silver Ounces (000's) 32,171
$ 15.26
$ 491 $ 5.38
106,018 $
16.10 $ 1,707
$ 6 (3)
Numbers in tables may not calculate due to rounding.
$ thousands unless otherwise
indicated Q3 2017
La Arena Shahuindo
Timminsmines
Total Total operating costs (cost of
sales)(1)
$ 51,052
$ 19,556 $
43,844 $ 114,452
Depreciation and depletion (8,647 ) (4,851 ) (15,591 ) (29,089 )
Change in product inventory (4,725 ) 539 229 (3,957 ) Smelting and
refining charges 244
123 46
413
Total cash costs before by-product credits
37,924 15,367 28,528 81,819 Silver
credit(2) (146 ) (338 )
(84 ) (568 )
Total
cash costs net of by-product credits 37,778
15,029 28,444 81,251 Gold ounces sold (000’s)
53.7 20.0 42.7 116.4 Gold ounces produced (000’s) 47.6 19.4 41.7
108.7
Total operating costs (cost of sales) per ounce sold
$ 950 $ 978 $ 1,026
$ 983 Total cash costs per ounce produced before
by-product credits $ 797
$ 792
$ 683
$ 753 Total cash costs per ounce produced
net of by-product credits $
794 $ 774
$ 681
$ 747
Q3 YTD 2017
La Arena Shahuindo
Timminsmines
Total Total operating costs (cost of
sales)(1) $ 116,398 $
54,653 $ 129,714 $
300,765 Depreciation and depletion (19,593 ) (14,826 ) (45,092 )
(79,511 ) Change in product inventory (4,598 ) 287 (1,565 ) (5,876
) Smelting and refining charges 811
309 139
1,259
Total cash costs before
by-product credits 93,018 40,423 83,196
216,637 Silver credit(2) (369 )
(1,346 ) (275 )
(1,990 )
Total cash costs net of by-product credits
92,649 39,077 82,921 214,647 Gold
ounces sold (000’s) 148.3 55.9 134.8 339.0 Gold ounces produced
(000’s) 148.4 60.4 127.0 335.8
Total operating costs (cost of
sales) per ounce sold $ 785 $ 978
$ 962 $ 887 Total cash costs per
ounce produced before by-product credits
$ 627 $ 669
$ 655
$ 645 Total cash costs per
ounce produced net of by- product credits(3)
$ 624
$ 647 $ 653
$ 639
(1) Total operating costs (cost
of sales) includes production costs, depreciation and depletion,
royalties and smelting and refining charges. (2) Silver by-product
credits are calculated as follows:
Q3 2017 Q3 YTD 2017
Quantity Unit
Price
TotalCredit
Creditperounce
Quantity Unit Price
TotalCredit
Creditperounce
Silver Ounces 33,943 $
16.73 $ 568 $ 5.22
115,963 $ 17.16
$ 1,990 $ 5.93 (3)
Numbers in tables may not calculate due to
rounding.
All-in sustaining costs
The Company has also adopted the reporting of all-in sustaining
costs as a non-GAAP measure of a precious metals mining company’s
ability to generate cash flow from operations. This measure has no
standardized meaning and the Company has utilized an adapted
version of the guidance released by the World Gold Council (“WGC”),
the market development organization for the gold industry. The WGC
is not a regulatory industry organization and does not have the
authority to develop accounting standards or disclosure
requirements.
All-in sustaining costs include total cash costs incurred at the
Company’s mining operations, sustaining capital expenditures,
corporate administrative expenses, exploration and evaluations
costs, and reclamation and closure accretion. The Company believes
that this measure represents the total costs of producing silver
and gold from current operations, and provides the Company and
other stakeholders of the Company with additional information of
the Company’s operational performance and ability to generate cash
flows. AISC, as a key performance measure, allows the Company to
assess its ability to support capital expenditures and to sustain
future production from the generation of operating cash flows. This
information provides management with the ability to more actively
manage capital programs and to make more prudent capital investment
decisions.
All-in sustaining costs
(silver)
Total all-in sustaining costs per ounce
of produced silver, net of by-product credits
The following tables reconciling total all-in sustaining
costs per ounce of produced silver, net of by-product credits to
the consolidated financial statements should be read in conjunction
with the prior tables which reconcile total cash costs net of
by-product credits to total operating costs.
$ thousands unless otherwise
indicated
Q3 2018
Q3 2017
Q3 YTD 2018
Q3 YTD 2017
Total cash costs net of by-product
credits $ —
$ —
$ —
$ 59,596 Sustaining capital(1)
— 0
— 19,062
Exploration
— 0
— 498 Reclamation cost accretion
— 0
— 123 General and administrative expenses
— 0
— 7,032
All-in
sustaining costs $ — $ —
$ — $
86,311 Silver ounces produced in concentrate (000’s)
— 0
— 9,692
All-in
sustaining costs per ounce produced net of by-product credits
$ —
$ —
$ —
$ 8.91 (1)
Sustaining capital includes underground development and surface
sustaining capital expenditures. (2)
Numbers in table may not calculate due to
rounding.
All-in sustaining costs (gold)
Total all-in sustaining costs per ounce
of produced gold, net of by-product credits
$ thousands unless otherwise indicated
Q3 2018
La Arena Shahuindo
Timmins mines Total Total cash costs
net of by-product credits $
25,477 $ 17,942
$ 30,158 $ 73,577
Sustaining capital 10,029 6,146 13,516 29,691 Exploration 277 1,152
2,278 3,707 Reclamation cost accretion 345 104 61 510 General and
administrative expenses 3,249
2,253 2,185 7,687
All-in sustaining costs $ 39,377 $
27,597 $ 48,198 $ 115,172 Gold
ounces produced (000’s) 33.3
20.3 37.6 91.2
All-in sustaining costs per ounce produced net of by-product
credits $ 1,182
$ 1,359 $
1,283 $ 1,263
Q3 YTD
2018 La Arena
Shahuindo
Timminsmines
Total Total cash costs net of
by-product credits $ 76,295
$ 48,107
$ 93,858 $ 218,260
Sustaining capital
24,916 16,791 35,407
77,114 Exploration
964 2,856 4,209
8,029 Reclamation cost accretion
1,036 313
159 1,508 General and administrative expenses
10,049
6,653 7,524
24,226 All-in sustaining costs $
113,260 $ 74,720 $ 141,157
$ 329,137 Gold ounces produced (000’s)
111.9 63.0
109.7
284.6 All-in sustaining costs per ounce produced net of
by-product credits $ 1,012
$ 1,185
$ 1,287
$ 1,156 (1)
Numbers in tables may not calculate due to rounding.
$ thousands unless otherwise indicated
Q3 2017 La Arena
Shahuindo
Timminsmines
Total Total cash costs net of by-product credits
$ 37,778 $ 15,029
$ 28,444 $ 81,251 Sustaining capital 7,687 7,622
9,824 25,133 Exploration 294 926 2,035 3,255 Reclamation cost
accretion 336 220 38 594 General and administrative expenses
3,288 1,985
2,765 8,038 All-in sustaining costs $ 49,383 $
25,782 $ 43,106 $ 118,271 Gold ounces produced in doré (000’s)
47.6 19.4
41.7 108.7 All-in sustaining costs per
ounce produced net of by-product credits $
1,038 $ 1,328 $ 1,034
$ 1,088
Q3 YTD 2017
La Arena Shahuindo
Timminsmines
Total Total cash costs net of by-product credits
$ 92,649 $ 39,077
$ 82,921 $ 214,647 Sustaining capital 20,006 14,834
36,260 71,100 Exploration 849 3,722 6,351 10,922 Reclamation cost
accretion 1,022 649 95 1,766 General and administrative expenses
8,778 6,106
7,168 22,052 All-in sustaining costs $
123,304 $ 64,388 $ 132,795 $ 320,487 Gold ounces produced in doré
(000’s) 148.4 60.4
127.0 335.8 All-in sustaining
costs per ounce produced net of by-product credits
$ 831 $ 1,066 $
1,046 $ 954 (1)
Numbers in tables may not calculate due to rounding.
Cash provided by operating activities
before changes in working capital
Cash provided by operating activities before changes in working
capital represents the cash flows generated by operating activities
after adjusting for interest expense, income tax expense and
financing fees as well as items not involving cash but before
changes in working capital. Net cash provided by operating
activities represents the cash flows generating by operating
activities after changes in working capital and income taxes paid.
Management believes that these measures provide useful information
to investors to evaluate the Company’s ability to generate cash
flows from its mining operations.
The non-GAAP measures described above do not have standardized
meanings prescribed by IFRS. As such, there are likely to be
differences in the method of computation when compared to similar
measures presented by other reporting issuers.
$ thousands
unless otherwise indicated
Q3 2018
Q3 2017
Q3 YTD
2018 Q3 YTD 2017
Cash provided by
operating activities before changes in working capital(1)
$ 19,355 $
37,039
$ 89,706
$ 269,335
Net cash provided by operating
activities(1)
$ 18,039 $ 48,675
$
58,387 $ 223,321
Basic weighted average common shares
outstanding 313,767
313,152
313,412
312,673 (1) Refer
to the condensed interim consolidated statements of cash flows in
the Company’s interim financial statements for a detailed
reconciliation from earnings and total comprehensive income to cash
provided by operating activities before changes in working capital
and net cash provided by operating activities.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
This news release contains “forward-looking statements” within
the meaning of Section 27A of the United States Securities Act of
1933, as amended, Section 21E of the US Exchange Act, the United
States Private Securities Litigation Reform Act of 1995, or in
releases made by the United States Securities and Exchange
Commission, all as may be amended from time to time, and
"forward-looking information" under the provisions of applicable
Canadian securities legislation, concerning the business,
operations and financial performance and condition of the Company.
All statements, other than statements of historical fact, are
forward-looking statements. Generally, these forward-looking
statements can be identified by the use of forward-looking
terminology such as “plans”, “expects”, “is expected”, “guidance”,
“scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”,
“believes”, or variations or comparable language of such words and
phrases or statements that certain actions, events or results
“may”, “could”, “would”, "should", “might” or “will be taken”,
“occur” or “be achieved” or the negative connotation thereof.
Forward-looking statements include, but are not limited to,
statements related to the following: in regards to the implications
and timing of the decision of the Guatemalan Constitutional Court
(i) ordering MEM to conduct consultation with indigenous
populations in certain designated locations in the Escobal mine
area of influence, (ii) the timing and results of the four-stage
consultation process ordered by the Constitutional Court, including
required actions of MEM and the Guatemalan Supreme Court, with the
Company being unable to predict when the consultation will be
completed (iii) the timing of reinstating the Company’s mining
license in respect of the Escobal mine, (iv) the timing of
reissuing Escobal’s export credential; the timing and results of
other court proceedings and pending litigation; the timing and
likelihood of resolving the road blockage affecting the Escobal
mine or other mines from time to time; the future price of gold,
silver, copper, lead and zinc, the estimation of Mineral Reserves
and Mineral Resources, the realization of Mineral Reserve
estimates; production and cost targets for the Company’s gold
operations in 2018 of 400,000 to 475,000 ounces of gold (at the
high end of the range) with gold production weighted to the fourth
quarter, total cash costs net of by-product credits of $725 to $775
per ounce and all-in sustaining costs per ounce of gold produced of
$1,000 to $1,100 per ounce (in each case at the high end of the
given cost range), as well as estimated 2018 production, cash
costs, all-in sustaining costs, project capital, sustaining capital
and exploration expenditures on a per gold mine basis; the
continued evaluation of the La Arena II project and the economic
analysis provided in the PEA, including the timeline and estimated
capital required and the assessment of financial and strategic
options; growing gold production to approximately one half million
ounces; the timing for the new leach pad at La Arena in the Q4 2018
and the expectation with respect to the improved gold recovery at
La Arena; the timing and the estimated costs of the expansion of
the Shahuindo mine to a production capacity of 36,000 tpd with
commissioning in Q4 2018 and achieving the full 36,000 tpd
production rate by the end of 2018; the expectation that up to $35
million of total Shahuindo Expansion costs for the secondary
projects are to be expended in 2019; the timing of the receipt of
permits at Shahuindo; the timing and estimated costs for the
construction of the electrical substation at the Shahuindo mine and
negotiations for the transfer of the substation including
expectations regarding when such lines will be energized to the
concessionaire as required by Peruvian regulations; the estimated
cost and timing of completion of the Bell Creek shaft project, with
completion of construction and ramp up expected to be completed by
year end 2018 and total costs being within 10% of the original $80
million guidance; management's estimate that the Bell Creek mill
can achieve sustainable average throughput of more than 4,400 tpd
with minimal additional capital expenditure, which is expected to
lead to improved gold production in the fourth quarter; care and
maintenance plans at the Escobal mine and the expectation that
costs for such plans will decrease to approximately $1.5 million
per month; providing further updates to guidance when additional
information regarding the Escobal mining license is available; the
restart date assumption of December 31, 2019 for the Escobal mine
operations used for the impairment analysis; expected working
capital requirements; the continued availability of the revolving
credit facility, the sufficiency of capital resources and the
consideration of alternative financing arrangements to meet
strategic needs; the expected additional draws under the credit
facility; the expected depreciation and depletion rates; and the
timing, costs, results and impacts of purported class action
lawsuits filed against the Company and certain of its officers and
directors.
Forward-looking statements are based on the reasonable
assumptions, estimates, analysis and opinions of management made in
light of its experience and its perception of trends, current
conditions and expected developments, as well as other factors that
management believes to be relevant and reasonable in the
circumstances at the date that such statements are made, but which
may prove to be incorrect. Management believes that the assumptions
and expectations reflected in such forward-looking statements are
reasonable. Assumptions have been made regarding, among other
things: the Company’s performance and ability to operate and
implement operational improvements at the Escobal, La Arena,
Shahuindo and Timmins mines; studies and development efforts on the
La Arena II deposit; the Company’s ability to carry on exploration
and development activities, including land acquisition and
construction; the availability and sufficiency of power and water
for operations; the timely receipt and renewal of permits and other
approvals; the successful outcomes of consultations with indigenous
populations; the price of silver, gold and other metals; prices for
key mining supplies, including labor costs and consumables,
remaining consistent with the Company’s current expectations;
production meeting expectations and being consistent with
estimates; plant, equipment and processes operating as anticipated;
there being no material variations in the current tax and
regulatory environment; the Company’s ability to operate in a safe,
efficient and effective manner; the exchange rates among the
Canadian dollar, Guatemalan quetzal, Peruvian sol and the USD
remaining consistent with current levels; the ability to resolve
the protests and road blockages of the Escobal mine; the timing and
amount of foregone taxes and royalties; the timing and likelihood
of further workforce reductions; the timing and possible outcome of
the pending appeal with the Constitutional Court; the timing and
ability of the Company to resume operations in the event the
suspension of the mining license to Minera San Rafael for the
Escobal mine is lifted and all licenses, permits and credentials
affecting the operation of the Company’s mines, including the
Escobal mine, are renewed or re-issued and all roadblocks are
resolved, and relationships with the Company’s partners, including
employees, vendors and community populations are maintained or
effectively managed; the Company’s ability to obtain financing as
and when required and on reasonable terms; and the Company’s
ability to continue to comply with the terms of the credit
agreements with its lenders. Readers are cautioned that the
foregoing list is not exhaustive of all factors and assumptions
which may have been used.
Forward-looking statements are subject to known and unknown
risks, uncertainties and other factors that may cause actual
results to be materially different from those expressed or implied
by such forward-looking statements. Such risks, uncertainties and
other factors include but are not limited to: the fluctuation of
the price of silver and gold; opposition to development and mining
operations by one or more groups of indigenous people; actions that
impede or prevent the operations of the Company’s mines; the
inability to develop and operate the Company’s mines; social unrest
and political or economic instability and uncertainties in the
jurisdictions in which the Company operates; the timing and ability
to maintain and, where necessary, obtain necessary permits and
licenses; changes in national and local government legislation,
taxation and controls or regulations; environmental and other
governmental regulation compliance; un-appealable judicial
decisions; the uncertainty in the estimation of Mineral Resources
and Mineral Reserves; fluctuations in currency exchange rates;
infrastructure risks, including access to roads, water and power;
and the timing and possible outcome of pending or threatened
litigation and the risk of unexpected litigation. For a more
detailed discussion of risks relevant to the Company, see
“Description of Tahoe’s Business - Risk Factors Relating to Tahoe’s
Business” and “- Risk Factors Relating to Tahoe’s Shares” in the
Company’s Annual Information Form and Form 40-F, available on SEDAR
at www.sedar.com, on EDGAR at www.sec.gov or on the Company’s
website at www.tahoeresources.com.
Although management has attempted to identify important factors
that could cause actual results to differ materially from those
contained in forward-looking statements, there may be other factors
that cause results not to be as anticipated, estimated or intended.
There can be no assurance that forward-looking statements will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such forward-looking
statements. Accordingly, readers should not place undue reliance on
forward-looking statements. Forward-looking statements are made as
of the date hereof and, accordingly, are subject to change after
such date. Except as otherwise indicated by the Company, these
statements do not reflect the potential impact of any non-recurring
or other special items or of any disposition, monetization, merger,
acquisition, other business combination or other transaction that
may be announced or that may occur after the date hereof.
Forward-looking statements are provided for the purpose of
providing information about management’s current expectations and
plans and allowing investors and others to get a better
understanding of the Company’s operating environment. The Company
does not intend or undertake to publicly update any forward-looking
statements that are included in this document, whether as a result
of new information, future events or otherwise, except as, and to
the extent required by, applicable securities laws.
SELECTED QUARTERLY CONSOLIDATED
FINANCIAL RESULTS
Selected quarterly consolidated financial information from
continuing operations is as follows:
$
thousands unless otherwise indicated
Q3 2018 Q3 2017
Q3 YTD 2018 Q3 YTD
2017
Metal Sold
Silver (000’s ozs)
32.2 489.0
106.1 10,345.0 Gold (000’s ozs)
92.3 116.3
295.2 342.4 Lead (000’s t)
— —
— 4.1 Zinc (000’s t)
— —
— 5.6
Realized
Price Silver in concentrate (per oz)
$ — $ 18.12
$ — $ 17.71 Gold in doré (per oz)
$
1,206 $ 1,266
$ 1,280 $ 1,239 Lead (per t)
$ — $ —
$ — $ 2,379 Zinc (per t)
$ — $ —
$ — $ 2,864
LBMA/LME
Price(1) Silver (per oz)
$ 15.02 $ 16.84
$ 16.1 $ 17.16 Gold (per oz)
$ 1,213 $
1,278
$ 1,283 $ 1,251 Lead (per t)
$
2,104 $ 2,334
$ 2,337 $ 2,259 Zinc (per t)
$ 2,537 $ 2,963
$ 3,020 $ 2,783
Revenues $ 111,788 $ 155,201
$
378,862 $ 615,823
Total operating costs $
111,683 $ 136,422
$ 351,484 $ 418,590
Earnings from operations $ 105 $ 18,779
$ 27,378 $ 197,233
(Loss) earnings $
(190,000 ) $ (8,380 )
$ (212,415
) $ 99,803
(Loss) earnings per common share
Basic $ (0.61 ) $ (0.03 )
$
(0.68 ) $ 0.32
Diluted $ (0.61
) $ (0.03 )
$ (0.68 ) $ 0.32
Adjusted (loss) earnings(2) $ (19,415
) $ (7,225 )
$ (41,730 ) $ 101,689
Adjusted (loss) earnings per common share(2)
Basic(2) $ (0.06 ) $ (0.02 )
$ (0.13 ) $ 0.33
Diluted(2)
$ (0.06 ) $ (0.02 )
$ (0.13
) $ 0.33
Weighted average shares outstanding - Basic
313,767 313,152
313,412 313
Weighted average
shares outstanding - Diluted 313,767 313,152
313,412 312,722
Dividends paid $ — $
6,252
$ — $ 43,686
Cash flow provided by operating
activities $ 18,039 $ 48,675
$
58,387 $ 223,321
Cash flow provided by operating
activities before changes in working capital(2) $
19,355 $ 37,039
$ 89,706 $ 269,335
Cash and
cash equivalents $ 48,414 $ 182,072
$
48,414 $ 182,072
Total assets $
2,931,362 $ 3,127,529
$ 2,931,362 $ 3,127,529
Revolving Debt $ 100,000 $ —
$
100,000 $ —
Total long-term liabilities $
389,186 $ 315,979
$ 389,186 $ 315,979
Costs
per silver ounce produced Total cash costs net of by-product
credits(2)
$ — $ —
$ — $ 6.15 All-in
sustaining costs per silver ounce net of by-product credits(2)
$ — $ —
$ — $ 8.91
Costs per gold
ounce produced Total cash costs net of by-product credits(2)
$ 807 $ 747
$ 767 $ 639 All-in
sustaining costs per gold ounce net of by-product credits(2)
$ 1,263 $
1,088
$ 1,156
$ 954 (1)
London Bullion Market Association (LBMA)/London Metal
Exchange (LME) average closing prices for each quarter presented.
(2) Non-GAAP financial measures are described in the “Cautionary
Note on Non-GAAP Financial Measures” section of this news release
and include a reconciliation to total operating costs from the
Company’s interim financial statements. (3) Numbers may not
calculate due to rounding.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181106005957/en/
Tahoe ResourcesAlexandra Barrows, Vice President Investor
Relations+1.775.448.5812investors@tahoeresources.com
Tahoe Resources Ordinary Shares (Canada) (NYSE:TAHO)
Historical Stock Chart
From Sep 2024 to Oct 2024
Tahoe Resources Ordinary Shares (Canada) (NYSE:TAHO)
Historical Stock Chart
From Oct 2023 to Oct 2024