Aurizon reports record earnings, revenues, and cash flow in 2009
Shares Listed: Toronto Stock Exchange - Ticker Symbol - ARZNYSE Amex: - Ticker Symbol - AZK U.S. Registration: (File 001-31893) News Release Issue # 7-2010
VANCOUVER, March 19 /PRNewswire-FirstCall/ - Aurizon Mines Ltd. (TSX - ARZ; NYSE Amex - AZK) is pleased to announce its financial results for the year ended December 31, 2009. All dollar amounts are in Canadian dollars unless otherwise stated.
HIGHLIGHTS
Fourth Quarter highlights:
- Cash flow from operations of $12.0 million.
- Gold production of 36,459 ounces.
- Net earnings of $9.9 million, or $0.06 per share, including non-cash
gains from the recognition of $4.5 million of non-refundable tax
credits and derivatives of $0.5 million.
- Total cash costs of US$459 per ounce(1).
2009 Highlights:
- Record revenues of $175.6 million, 22% higher than 2008.
- Record net earnings of $36.7 million, or $0.23 per share, and record
adjusted net earnings of $32.9 million(1), or $0.21 per share.
- Record cash flow from operating activities of $71.8 million, 19%
higher than 2008.
- Operating profit margin per ounce increased 15% to US$514(1).
- Total cash costs of US$401 per ounce.
- Project debt of $29.2 million repaid and $21.2 million released from
restricted cash accounts.
- $47.3 million equity financing completed.
- $113 million in cash and working capital of $101.7 million.
"Aurizon had an extremely successful year" said David Hall, President and Chief Executive Officer. "We exceeded our production targets, generated record revenues, cash flow and earnings, and increased our financial strength by building our cash balances and repaying our project debt. In addition we increased mineral reserves, completed a positive pre-feasibility study for Joanna and had success with our exploration programs. We are well positioned to implement our internal and external growth plans."
FINANCIAL RESULTS
Financial review of the fourth quarter 2009
Net earnings of $9.9 million, or $0.06 per share, were achieved in the fourth quarter of 2009, compared to a net loss of $4.1 million, or ($0.03) per share in the same period of 2008. Fourth quarter results in 2009 were positively impacted by the recognition of $4.5 million of non-refundable tax credits. After removing the negative impact of non-cash derivative losses of $3.9 million on an after tax basis, adjusted net earnings were $13.8 million, or $0.09 per share compared to adjusted net earnings of $0.6 million, or nil cents per share, for the same quarter of 2008. In the fourth quarter of 2008, earnings were negatively impacted by non-cash derivative losses of $4.7 million on an after tax basis.
In the fourth quarter of 2009, the average realized gold price was US$946(1) per ounce and the average Cad/US exchange rate was 1.06. Included in the average realized gold price is the impact of 26,183 ounces sold at an average price of US$895 per ounce from the exercise of call options. In the same period of 2008, the average realized gold price was US$793 per ounce and the average Cad/US exchange rate was 1.23.
Cash flow from operating activities in the fourth quarter of 2009 was $12.0 million, compared to $11.6 million in 2008. The Company's aggregate operating, investing and financing activities during the fourth quarter of 2009 resulted in net cash inflows of $5.1 million.
Financial review of the year ended December 31, 2009
Net earnings in 2009 totalled $36.7 million, or $0.23 per share, compared to net earnings of $4.9 million, or $0.03 per share in 2008. Results were positively impacted by higher realized gold prices and the recognition of $4.5 million of non-refundable tax credits. After removing the positive impact of non-cash derivative gains of $3.8 million on an after tax basis, adjusted earnings were $32.9 million, or $0.21 per share in 2009, compared to adjusted earnings of $10.2 million, or $0.07 per share in 2008. Earnings in 2008 were negatively impacted by non-cash derivative losses of $8.5 million, partially offset by a $3.2 million recovery of corporate takeover costs, on an after tax basis.
Cash flow from operating activities in 2009 rose 19% to $71.8 million from $60.3 million in 2008 as higher realized gold prices resulted in a 15% increase in operating profit margins. The operating profit margin in 2009 was US$514 per ounce compared to US$448 per ounce in 2008. Gold production in 2009 totalled 159,261 ounces, in line with than prior year's production of 158,830 ounces.
In 2009, Casa Berardi gold production totalled 159,261 ounces and gold sales during the year totalled 159,275 ounces, similar to both 2008 and 2007. The average realized gold price in 2009 was US$915 per ounce at an average Cad/US exchange rate of 1.14. During 2009, nearly 52% of the gold sales were delivered against gold call options at an average price of US$882 per ounce, 9% lower than the average London fixing of US$973 per ounce. The Canadian dollar fluctuated considerably against the US dollar during 2009, ranging from an average Cad/US dollar exchange rate of 1.25 in the first quarter to 1.06 in the fourth quarter, and averaging 1.14 for the year.
In 2008, Casa Berardi gold production totalled 158,830 ounces and gold sales during the year totalled 159,404 ounces. The average realized gold price in 2008 was US$847 per ounce and at an average Cad/US exchange rate of 1.07, gold sales totalled $144 million, 21% higher than 2007. During 2008, 53,217 ounces were delivered against gold call options at an average price of US$835 per ounce, 5% lower than the average London fixing of US$876 per ounce. Whilst the Canadian dollar fluctuated considerably during 2008 against the US dollar, the average Cad/US dollar exchange rate for the year of 1.07 was similar to the 1.06 rate in 2007. Silver sales in 2008 totalled $0.5 million.
Balance Sheet
As at December 31, 2009, cash and cash equivalents increased to $113.1 million, compared to $55.6 million in 2008. Included in the 2008 cash balances are restricted cash amounts in respect of the Casa Berardi debt facility totalling $21.2 million.
At the end of 2009, Aurizon had working capital of $101.7 million compared to $24.1 million at the end of 2008. Reflected in working capital are net derivative liabilities totaling $8.6 million compared to $13.3 million at the end of 2008. In 2008, working capital also included debt obligations totaling $21.7 million.
Long term obligations related to refundable government assistance and capital leases totalled $0.7 million at December 31, 2009, compared to $9.4 million at the end of 2008, which included project debt of $8.2 million.
As at the date of this report, Aurizon had 159,099,107 common shares issued and outstanding. In addition, 9.9 million incentive stock options are outstanding that are exercisable into common shares at an average price of $3.98 per share.
Operating review of the year
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Summary of Key Operational Statistics
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Q1 Q2 Q3 Q4
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Operating results
Tonnes milled 167,484 170,429 178,420 172,343
Grade - grams/tonne 7.93 7.84 8.14 7.16
Mill recoveries - % 91.3% 92.8% 94.2% 91.9%
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Gold production - ozs 38,966 39,874 43,962 36,459
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Gold sold - ozs 37,400 42,042 43,650 36,183
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Per ounce data - US$
Average realized gold
price(1) $888 $897 $929 $946
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Total cash costs(2) $379 $386 $392 $459
Amortization(3) $183 $189 $212 $224
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Total production costs(4) $562 $575 $604 $683
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Summary of Key Operational Statistics
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2009 2008 2007
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Operating results
Tonnes milled 688,676 654,397 545,258
Grade - grams/tonne 7.77 8.16 9.78
Mill recoveries - % 92.6% 92.5% 93.0%
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Gold production - ozs 159,261 158,830 159,469
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Gold sold - ozs 159,275 159,404 160,600
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Per ounce data - US$
Average realized gold
price(1) $915 $847 $696
---------------------------------
Total cash costs(2) $401 $399 $331
Amortization(3) $201 $209 $172
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Total production costs(4) $602 $608 $503
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Table footnotes:
(1) Realized gold prices net of realized derivative gains or losses
divided by ounces sold.
(2) Operating costs net of by-product credits, divided by ounces sold,
and divided by the average Bank of Canada Cad$/US$ rate.
(3) Depreciation, amortization and accretion expenses.
(4) Total cash costs plus depreciation, amortization and accretion
expenses.
In 2009, gold production totalled 159,261 ounces from the processing of 688,676 tonnes at an average grade of 7.8 grams of gold per tonne. Mill recoveries for the year averaged 92.6%. Increased daily ore throughput of 1,887 tonnes per day in 2009 compared to 1,788 tonnes per day in 2008 was partially offset by lower ore grades, resulting in a slight increase in gold production in 2009.
Total cash costs in 2009 were US$401 per ounce, in line with the US$399 per ounce costs in 2008, as a weaker Canadian dollar offset the impact on costs of mining lower ore grades. Unit operating costs(1) in 2009 were stable at $108 per tonne compared to the unit costs of $105 per tonne in 2008. The operating profit margin in 2009 increased 15% to US$514 per ounce compared to US$448 per ounce in 2008, due primarily to higher realized gold prices.
(1) See non-GAAP measures on pages 4 and 5
In 2008, gold production totalled 158,830 ounces from the processing of 654,397 tonnes at an average grade of 8.2 grams of gold per tonne. Mill recoveries for the year averaged 92.5%. A 20% increase in ore throughput combined with 17% lower ore grades resulted in a slight decrease in gold production in 2008.
Total cash costs in 2008 were US$399 per ounce, higher than the US$331 per ounce costs in 2007, as a result of mining lower ore grades. Higher ore throughput in 2008 allowed unit operating costs to drop from $107 per tonne in 2007 to $105 per tonne in 2008, partially mitigating the higher unit costs on a per ounce basis.
The operating profit margin in 2008 increased 23% to US$448 per ounce compared to US$365 per ounce in 2007, due primarily to higher realized gold prices.
NON-GAAP MEASURES
Calculation of Adjusted Net Earnings
Adjusted net earnings are calculated by removing the gains and losses, net of income tax, resulting from the mark-to-market revaluation of the Company's gold and foreign currency price protection contracts, and the recovery of corporate takeover costs, as detailed in the table below. Adjusted net earnings do not constitute a measure recognized by generally accepted accounting principles (GAAP) in Canada or the United States, and do not have a standardized meaning defined by GAAP. The Company discloses this measure, which is based on its financial statements, to assist in the understanding of the Company's operating results and financial position.
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Q4 2009 Q4 2008 2009 2008
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(in thousands of Canadian
dollars, except per share
amounts)
Net earnings as reported $9,862 ($4,054) $36,706 $4,921
Add (deduct) the after-tax
effect of:
Derivative (gain) loss 3,937 4,664 (3,830) 8,522
Recovery of defense costs - - - (3,220)
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Adjusted net earnings $13,799 $610 $32,876 $10,223
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Adjusted net earnings per
share $0.09 $0.00 $0.21 $0.07
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Realized gold price per ounce of gold
Realized gold price per ounce of gold is a non-GAAP measure and is calculated by adjusting revenue for all realized gains and losses on gold derivative instruments and then dividing by the gold ounces sold.
Total cash costs per ounce of gold
Aurizon has included a non-GAAP performance measure, total cash costs per ounce of gold in this report. Aurizon reports total cash costs on a sales basis. In the gold mining industry, this is a common performance measure but does not have any standardized meaning, and is a non-GAAP measure. The Company believes that, in addition to conventional measures prepared in accordance with GAAP, certain investors use this information to evaluate the Company's performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Total cash costs per gold ounce are derived from amounts included in the statements of earnings and include mine site operating costs such as mining, processing and administration, but exclude amortization, reclamation costs, financing costs and capital development costs. The costs included in the calculation of total cash costs per ounce of gold are reduced by silver by-product sales and then divided by gold ounces sold and the average Bank of Canada Cad$/US$ exchange rate.
Unit mining costs per tonne
Unit mining costs per tonne is a non-GAAP measure and may not be comparable to data prepared by other gold producers. The Company believes that this generally accepted industry measure is a realistic indication of operating performance and is useful in allowing year over year comparisons. Unit mining costs per tonne is calculated by adjusting operating costs as shown in the Statement of Earnings and Comprehensive Income for inventory adjustments and then dividing by the tonnes processed through the mill.
Operating profit margin per ounce
Operating profit margin per ounce is a non-GAAP measure, and is calculated by subtracting the total cash costs per ounce from the average realized gold price. For 2009, the average realized gold price was US$915 less total cash costs of US$401 for an operating profit margin of US$514, compared to an average realized gold price of US$847 less total cash costs of US$399 for an operating profit margin of US$448 in 2008.
For the fourth quarter ended December 31, 2009, the average realized gold price was US$946 less total cash costs of US$459 for an operating profit margin of US$487, compared to an average realized gold price of US$793 less total cash costs of US$356 for an operating profit margin of US$437 in 2008.
Outlook
Casa Berardi enters its fourth year of commercial operations in 2010, following the re-commencement of operations in November 2006.
Aurizon intends to utilize its strong cash flow to upgrade mineral resources to mineral reserves in order to extend and optimize the current mine plan.
Aurizon also intends to complete a prefeasibility study to assess the relative risks and opportunities of mining the Principal Zone crown pillar by open pit.
Drills are active on the 810 metre level exploration drift delineating the 113(deep), 113(S4), 118 and 123 Zones. The 550 metre level exploration track drift is being extended by 600 metres to provide a drilling platform to verify the continuity between the Principal zones, and the 118, 120 and 123 Zones.
A surface exploration drilling program at both the East and West Mine is evaluating the extension of existing zones and testing new interpolated targets.
Based upon the 2010 mine plan, it is estimated that Casa Berardi will produce approximately 145,000 - 155,000 ounces of gold at an estimated total cash cost of US$490 per ounce, using a Cad$/US$ exchange rate of 1.05. This compares to gold production of 159,261 ounces and a total cash cost of US$401 per ounce in 2009 at an average Cad$/US$ exchange rate of 1.14. The slight decrease in gold production for 2010 is attributable to lower average gold grades being included in the 2010 mine plan, particularly in the first part of the year.
On-site mining, milling and administrative costs are expected to average $104 per tonne in 2010.
The average daily mine production is estimated at 2,000 tonnes per day in 2010, up from 1,887 tonnes per day in 2009. Ore grades are expected to average 6.7 grams per tonne compared to the 7.8 grams per tonne achieved in 2009.
Beginning in 2011 and through subsequent years of operations, annual gold production of 160,000 to 170,000 ounces is anticipated at total cash costs approximating US$425 per ounce, as higher grade areas are included in the mine plan. It is anticipated that the mine plan will be revised to incorporate the final results of the extensive drill programs currently in progress.
Sustaining capital expenditures at Casa Berardi are estimated to be $20.7 million in 2010, and will include development of the upper and lower portions of Zone 113, underground infrastructure and equipment replacements. A further $7.2 million will be invested in the first half of 2010 on exploration. Additional exploration programs and budgets for the balance of the year will be developed to reflect results achieved in the first half of 2010.
At Joanna, a $3.4 million surface exploration program, comprising 28,000 metres of drilling, is testing targets to the north and south of the Hosco deposit; performing infill drilling on the Heva deposit; testing a potential satellite pit, approximately 700 metres west of the proposed Hosco pit; and testing potential extensions of the Hosco pit. Five (5) drill rigs are currently active on the Project.
In addition, work has commenced under the direction of BBA Inc., Montreal, Quebec, on a final feasibility study, which is anticipated to be completed in the fourth quarter, 2010.
At Kipawa, a $1.3 million exploration drilling program to test gold targets will commence in the second quarter as follow up on the work performed in 2009.
Forward Looking Statements and Information
This report contains "forward-looking statements" and "forward-looking information" within the meaning of applicable securities regulations in Canada and the United States (collectively, "forward-looking information"). The forward-looking information contained in this report is made as of the date of this report. Except as required under applicable securities legislation, the Company does not intend, and does not assume any obligation, to update this forward-looking information. Forward-looking information includes, but is not limited to, statements with respect to anticipated rates of recovery, timing and amount of future production, anticipated total cash cost per ounce of gold to be produced at the Casa Berardi Mine, currency exchange rates, the future price of gold and the effects thereof, the estimation of mineral reserves and mineral resources, the realization of mineral reserve and mineral resource estimates and the economic viability thereof, the timing and amount of estimated capital expenditures, costs and timing of the development of new deposits, plans and budgets for and expected timing and results of exploration activities, permitting time-lines, requirements for additional capital, government regulation of mining operations, environmental risks, reclamation obligations and expenses, title disputes or claims, adequacy of insurance coverage, the availability of qualified labour, acquisition plans and strategies, and the payment of dividends in the future. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects, "is expected", "budget", "scheduled", "estimates", forecasts", "intends", "anticipates", or "believes", or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will" be taken, occur or be achieved.
The forward-looking information contained in this report is based on certain assumptions that the Company believes are reasonable, including the exchange rates of the U.S. and Canadian currency in 2010, that the current price of and demand for gold will be sustained or will improve, the supply of gold will remain stable, that the current mill recovery rates at the Company's Casa Berardi Mine will continue, that the Company's current mine plan can be achieved, that the general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed on reasonable terms and that the Company will not experience any material accident, labor dispute, or failure of plant or equipment.
However, forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, the risk that actual results of exploration activities will be different than anticipated, that cost of labour, equipment or materials will increase more than expected, that the future price of gold will decline, that the Canadian dollar will strengthen against the U.S. dollar, that mineral reserves or mineral resources are not as estimated, that actual costs or actual results of reclamation activities are greater than expected; that changes in project parameters as plans continue to be refined may result in increased costs, of lower rates of production than expected, of unexpected variations in ore reserves, grade or recover rates, of failure of plant, equipment or processes to operate as anticipated, of accidents, labour disputes and other risks generally associated with mining, unanticipated delays in obtaining governmental approvals or financing or in the completion of development or construction activities, as well as those factors and other risks more fully described in Aurizon's Annual Information Form filed with the securities commission of all of the provinces and territories of Canada and in Aurizon's Annual Report on Form 40-F filed with the United States Securities and Exchange Commission, which are available on Sedar at www.sedar.com and on Edgar at www.sec.gov/. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking information due to the inherent uncertainty thereof.
Aurizon is a gold producer with a growth strategy focused on developing its existing projects in the Abitibi region of north-western Quebec, one of the world's most prolific gold and base metal regions, and by increasing its asset base through accretive transactions. Aurizon shares trade on the Toronto Stock Exchange under the symbol "ARZ" and on the NYSE Amex under the symbol "AZK". Additional information on Aurizon and its properties is available on Aurizon's website at www.aurizon.com.
Aurizon Mines Ltd.
Balance Sheets
As at December 31,
(expressed in thousands of Canadian Dollars) 2009 2008
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ASSETS $ $
Current assets
Cash and cash equivalents 113,098 34,337
Restricted cash - 21,225
Accounts receivable and prepaid expenses 4,825 4,419
Tax credits receivable 2,587 5,301
Derivative instrument assets 5,274 412
Inventories 11,897 10,145
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137,681 75,839
Non-current assets
Derivative instrument assets - 1,420
Other assets 14,551 1,553
Property, plant and equipment 53,691 54,761
Mineral properties 117,370 124,378
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TOTAL ASSETS 323,293 257,951
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LIABILITIES
Current liabilities
Accounts payable and accrued liabilities 16,451 15,067
Derivative instrument liabilities 13,885 13,727
Current portion of long-term obligations 652 21,663
Current provincial resource taxes payable 3,752 1,302
Current portion of future income and resource
tax liabilities 1,275 -
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36,015 51,759
Non-current liabilities
Derivative instrument liabilities - 13,474
Long-term obligations 705 9,430
Asset retirement obligations 21,816 20,905
Future income and resource tax liabilities 29,120 17,442
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TOTAL LIABILITIES 87,656 113,010
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SHAREHOLDERS' EQUITY
Share Capital
Common shares issued - 159,008,607 (2008 -
148,068,248) 247,365 194,647
Contributed Surplus 979 872
Stock based compensation 10,178 9,013
Deficit (22,885) (59,591)
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TOTAL SHAREHOLDERS' EQUITY 235,637 144,941
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TOTAL EQUITY & LIABILITIES 323,293 257,951
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Aurizon Mines Ltd.
Statements of Earnings (Loss) and Comprehensive Income (Loss)
For the periods,
(expressed in thousands of
Canadian Dollars, except Three months ended Year ended
for share and per share December 31, December 31,
amounts) 2009 2008 2009 2008
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Revenue $ $ $ $
Mining operations 41,975 37,517 175,560 144,452
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Expenses
Operating 17,740 16,590 73,479 68,605
Depreciation, depletion
and accretion 8,574 10,535 36,514 35,582
Administrative and general 3,186 3,182 10,851 10,929
Exploration 1,070 3,116 3,769 11,426
Derivative (gains) losses 5,084 5,794 (4,946) 10,586
Interest on long-term debt (57) 360 485 2,692
Foreign exchange (gain) loss 25 828 2,413 (1,059)
Capital taxes 169 136 837 397
Non refundable tax credits (4,468) - (4,468) -
Other income (181) (426) (786) (6,229)
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31,142 40,115 118,148 132,929
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Earnings (loss) for the
period before income taxes 10,833 (2,598) 57,412 11,523
Current provincial mining
taxes (1,235) (465) (7,753) (1,302)
Future income tax recovery
(expense) 264 (991) (12,953) (5,300)
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Net earnings (loss) and
comprehensive income (loss)
for the period 9,862 (4,054) 36,706 4,921
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Earnings (loss) per share
Basic and diluted 0.06 (0.03) 0.23 0.03
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Weighted average number of
common shares outstanding 158,990 147,708 156,266 147,708
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Aurizon Mines Ltd.
Statements of Cash Flow
For the periods,
Three months ended Year ended
(expressed in thousands December 31, December 31,
of Canadian Dollars) 2009 2008 2009 2008
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$ $ $ $
OPERATING ACTIVITIES
Net earnings (loss) for
the period 9,862 (4,054) 36,706 4,921
Adjustment for non-cash
items:
Depreciation, depletion
and accretion 8,575 10,535 36,514 35,582
Refundable tax credits (237) (534) (709) (2,003)
Non refundable tax
credits (4,793) - (4,793) -
Stock based compensation 784 1,708 2,865 4,003
Unrealized derivative
(gains) losses (481) 5,794 (14,139) 10,586
Future income tax
expense (recovery) (264) 991 12,953 5,301
Other (60) 96 (25) 85
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13,386 14,536 69,372 58,475
Decrease (increase) in
non-cash working capital
items (1,404) (2,977) 2,450 1,790
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Net cash provided by
operating activities 11,982 11,559 71,822 60,265
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INVESTING ACTIVITIES
Reclamation deposits (221) (158) (221) (158)
Property, plant and
equipment (1,949) (2,363) (11,422) (7,500)
Mineral properties (7,322) (6,546) (26,811) (20,498)
Refundable tax credits 2,492 1,783 5,790 3,957
Derivative instruments - - (2,620) -
Restricted cash proceeds - 14,220 21,225 10,528
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Net cash provided by (used
in) investing activities (7,000) 6,936 (14,059) (13,671)
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FINANCING ACTIVITIES
Issuance of shares, net 220 173 50,925 2,653
Long-term debt (109) 119 (29,927) (39,747)
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Net cash provided by (used
in) financing activities 111 292 20,998 (37,094)
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INCREASE IN CASH AND CASH
EQUIVALENTS 5,093 18,787 78,761 9,500
CASH AND CASH EQUIVALENTS -
BEGINNING OF PERIOD 108,005 15,550 34,337 24,837
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CASH AND CASH EQUIVALENTS -
END OF PERIOD 113,098 34,337 113,098 34,337
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SOURCE Aurizon Mines Ltd.
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