Record Free Cash Flow and Debt Repayment
The company achieved free cash flow of $146 million, allowing for the repayment of the remaining balance on the revolving credit facility and funding initial share repurchases. Cash and cash equivalents increased by 44% compared to Q1.
Strong Production and Cost Performance
Gold and silver production increased by 25% and 27%, respectively, compared to the last quarter. Cost applicable to sales per ounce for gold and silver decreased by 5% and 6%, respectively.
Exploration Success at Las Chispas
Exploration at Las Chispas is delivering exciting results, with a significant expansion drill program underway and the Augusta vein continuing to return multi-kilo intercepts.
Repayment of Revolving Credit Facility
The company fully repaid the $110 million balance on its revolving credit facility ahead of schedule, reducing total debt significantly.
Updated Full Year Expectations
Full year expectations for adjusted EBITDA updated to over $800 million and free cash flow to more than $400 million, with potential to be in a net cash position by year-end.