- Maya Gold & Silver (TSX:MYA) has revealed its operational and financial results from the first quarter of 2020
- The company saw silver production fall from 109,084 ounces in 2019’s first quarter to 67,005 ounces this year
- This resulted in 2020’s quarterly revenue dropping to C$718,000, compared to approximately C$2.83 million in 2019’s same quarter
- Similarly, net earnings dropped from a profit of approximately $1.45 million in 2019’s first quarter to a net loss of around $5.09 million
- Maya Gold & Silver (MYA) is up 2.1 per cent and is trading at $1.42 per share
Maya Gold & Silver (TSX:MYA) has revealed its operational and financial results from the first quarter of 2020.
The company had a difficult quarter, with in production falling substantially due to the onset of the COVID-19 pandemic. The pandemic’s secondary effect on global foreign currency markets also severely impacted the company performance.
Silver production fell from 109,084 ounces in the first quarter of 2019 to 67,005 ounces this quarter. Consequently, the fall in silver production corresponded to a drop in overall sales, from 100,544 ounces of silver sold in 2019’s first quarter to just 21,110 ounces sold this quarter.
This led to a large drop in quarterly revenues, from approximately C$2.83 million in last year’s corresponding period to approximately $718,000 this quarter.
The company saw its net earning dramatically drop from a quarterly net profit of approximately $1.45 million last year to a net loss of $5.09 million this year.
However, it's not all doom and gloom. The company's average realised silver price went up 10 per cent, from $22 per ounce up to $24 per ounce. The company has also managed to complete some exploration work during the quarter.
The company completed 1,685 metres of drilling work at the Zgounder property, and a further 899 metres of drilling on the Bourmadne property.
President and CEO Benoit La Salle said the company had seen significant operational challenges at the Zgounder Silver mine during the first quarter of this year.
"With new management arriving in the second quarter, a review of the company's assets is ongoing. A turnaround plan to optimise operations and an aggressive drill program at the Zgounder Silver mine over the next 24 months is being implemented.
"We believe that Zgounder holds tremendous potential, but we continue to manage operational challenges including the COVID-19 pandemic," he said.
Maya Gold & Silver (MYA) is up 2.1 per cent and is trading at $1.42 per share at 11:40 am EDT.