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ASX ANNOUNCEMENT 23 August 2016 2016 Financial Year Results
Silver Lake Resources Limited (“Silver Lake” or “Group”) reports its results for the financial year ended 30 June 2016 (FY2016).
All figures quoted in this announcement are in Australian dollars.
Key Financial Points
• Revenue up 13% to $209.5 million (2015: $186.0 million)
• Net profit after tax of $4.4m (2015: loss of $94.0 million)
• EBITDA (excluding significant items1) up 49% to $56.7 million (2015: $38.0 million)
• Cash flow from operations up 68% to $55.0 million (2015: $32.7 million)
• Cash and bullion at 30 June 2016 of $42.6 million (2015: $29.0 million)
• All bank debt repaid
• Hedge book at 30 June 2016 totals 76,327 ounces at an average forward price of
A$1,655/oz
Key Operational Points
• Gold sales up 7% to 132,400 ounces (2015: 124,209 ounces)
• Production focussed on core Mount Monger ore sources including Daisy Complex,
Cock-eyed Bob, Lucky Bay, Santa Area and stockpiles
• A 4% decrease in the all in sustaining cost (A$1,281/oz compared with A$1,331/oz)
• Investment in exploration of $15.0 million (2015: $13.2 million)
• Successful exploration and development program has resulted in bringing new, lower
cost ore sources into the FY2017 production schedule including: o Imperial/Majestic Project – commenced Q4 FY2016
o Maxwells Underground – commenced Q1 FY2017
• Key transactions agreed as part of the Company’s non-core asset divestment strategy:
o Comet tenement package sale
o Farm-In and JV arrangement for Cue Project in the Murchison o Sale of Great Southern Project for $5 million
Commenting on the financial results, Silver Lake Managing Director Luke Tonkin said:
“The strong results achieved across the business in the past 12 months have been extremely satisfying and a credit to the Silver Lake team. The strategy to focus on increasing cash flow from our core Mount Monger Operation to both strengthen our balance sheet and self-fund future projects has delivered tangible success and significant returns for our shareholders in FY2016.
“We intend to maintain our operational discipline in FY2017 with a strong focus on cash margins at a time of significant strength in the Australian Dollar gold price. This will enable us to make further significant investments in exploration over the next 12 months to bring more low cost ounces into our development pipeline, as we did in FY2016 and continue to deliver strong returns for all our shareholders.”
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