Pretium Resources Inc. (PVG:TSX; PVG:NYSE) announced in a news release its Q2/21 financial and operational results, highlighting that it is on track to meet full-year guidance and now its cash exceeds its debt.
"We accomplished another profitable quarter with $152.3 million ($152.3M) in revenue and generated $50.7M in free cash flow," President and CEO Jacques Perron said in the release. This was despite residual effects of the Q1/21 COVID-19 outbreak and functional problems with several stopes. (No outbreak of the virus occurred at Brucejack during Q2/21 or since it ended.)
The Q2/21 revenue, generated from the sales of 84,618 ounces of gold, drove the $50.7M in cash flow and EBITDA of $72.7M.
Pretium's all-in sustaining cost during Q2/21 came to $1,099 per gold ounce sold, well within annual guidance of $1,060 and $1,190 per gold ounce sold.
Q2/21 net earnings were $30.7M. Adjusted earnings were $28.5M.
At the quarter's end, Pretium had $400.8M in cash, cash equivalents, and the revolving portion of its senior secured loan facility. After the company repaid $54.7M of debt during Q2/21, its total long-term debt was $195.2M, less than its cash assets.
As for its Q2/21 operational performance at its Brucejack mine, Pretium processed 330,480 tonnes of ore and produced 83,083 ounces of gold and 110,645 ounces of silver. Management is confident it will reach its full-year 2021 production guidance of 325,000 to 365,000 gold ounces.
Throughout Q2/21, the miner continued resource expansion drilling at Brucejack, which showed potential to extend the Valley of the Kings deposit to the north and at depth. Pretium plans to release an updated resource estimate for the deposit in H1/22.
"Our resource expansion drill programs continue to successfully intercept high-grade mineralization immediately adjacent to existing underground infrastructure," Perron said in the release.
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