CONFERENCE CALL NOVEMBER 13, 2018 AT 10:30
AM (EST)
(All $ figures reported in USD)
- Adjusted EBITDA of $18.2
million in Q3 2018 decreased 3% from $18.8 million in Q3 2017 due to the decrease in
prices of all metals
- Operating cash flows before movements in working capital of
$18.1 million in Q3 2018 decreased
17% from $21.8 million in Q3 2017 due
to lower metal prices
- Revenue from metals payable of $53.0
million in Q3 2018 increased by 4% from $50.9 million in Q3 2017 due to higher
throughput, despite lower metal prices
- Q3 2018 consolidated copper production of 8.3 million
pounds, consolidated silver production of 0.7 million ounces,
consolidated zinc production of 20.8 million pounds, consolidated
lead production of 6.4 million pounds, and consolidated gold
production of 1,906 ounces; a 24% increase, 44% increase, 5%
increase, a 0% increase, and a 26% increase respectively, from Q3
2017, and within production guidance(1)
- Significant reduction in the all-in sustaining costs in Q3
2018: 19.3% lower at Yauricocha, 31.9% lower at Bolivar, and 63.3%
lower at Cusi vs Q3 2017
- $29.1 million of cash and cash
equivalents as at September 30,
2018
- Net Debt of $30.7 million as
at September 30, 2018
- Shareholder conference call to be held Tuesday, November 13, 2018, at 10:30 AM (EST)
(1)
|
Silver equivalent
ounces and copper and zinc equivalent pounds for Q3 2018 were
calculated using the following realized prices: $14.85/oz Ag,
$2.79/lb Cu, $0.94/lb Pb, $1.14/lb Zn, $1,206/oz Au. Silver
equivalent ounces and copper and zinc equivalent pounds for Q3 2017
were calculated using the following realized prices: $16.86/oz Ag,
$2.93/lb Cu, $1.08/lb Pb, $1.36/lb Zn, $1,280/oz Au. Silver
equivalent ounces and copper and zinc equivalent pounds for 9M 2018
were calculated using the following realized prices: $15.99/oz Ag,
$3.02/lb Cu, $1.06/lb Pb, $1.36/lb Zn, $1,279/oz Au. Silver
equivalent ounces and copper and zinc equivalent pounds for 9M 2017
were calculated using the following realized prices: $17.31/oz Ag,
$2.70/lb Cu, $1.03/lb Pb, $1.28/lb Zn, $1,253/oz Au.
|
TORONTO, Nov. 12, 2018 /CNW/ - Sierra Metals Inc.
(TSX:SMT)(BVL:SMT)(NYSE American:SMTS) ("Sierra Metals" or the
"Company") today reported revenue of $53.0
million and adjusted EBITDA of $18.2
million on throughput of 566,194 tonnes and metal production
of 4.5 million silver equivalent ounces, 23.6 million copper
equivalent pounds, and 57.9 million zinc equivalent pounds for the
three month period ended September 30,
2018.
The Company has been able to continue the successful production
increases realized during the last year and a half. Q3 2018
consolidated production of copper increased 24% to 8.3 million
pounds, silver increased 44% to 0.7 million ounces, lead remained
consistent at 6.4 million pounds, zinc increased 5% to 20.8 million
pounds, and gold increased 26% to 1,906 ounces compared to Q3
2017.
Metal production at Yauricocha in Q3 increased due to higher ore
throughput, higher copper and gold head grades, and higher
recoveries of all metals, except gold. At Bolivar, higher ore
throughput, higher head grades for all metals, and higher copper
and gold recoveries resulted in a 13% increase in copper equivalent
production in Q3 2018 compared to Q3 2017. The Company exceeded our
year over year production levels at Bolivar, but due to significant
rain events in the third quarter, which impacted operations, we
experienced lower quarter over quarter production. We are hopefully
through the worst of the rainy season and are back on track for the
fourth quarter. At Cusi, the increase in ore throughput and
higher silver head grades resulted in higher silver equivalent
production.
Igor Gonzales, President, and CEO
of Sierra Metals stated: "I am very pleased with the Company's
performance during Q3 2018. Despite weaker realized metal prices,
and harsh weather events at the Bolivar Mine, the Company generated
positive cash flow at its three operating mines of $18 million, and our production results were
solid. We continue building upon the strong results from the first
half of the year. The Company also realized positive returns on our
capital investments and our operational improvement efforts at all
our Mines. This is best demonstrated through our improving
operating performance, strengthening of our asset base,
significantly lower cash costs and all-in sustaining costs, strong
cash flow year to date as well as increases to the mineral reserves
and resources at each of our Mines.
Yauricocha continues to be a solid performing Mine for the
Company with steady throughput in the third quarter. Additionally,
despite lower realized metal prices in the third quarter,
Yauricocha still contributed to higher revenues representative of
the successful capital investments made at the Mine. At Bolivar,
the effects of the Mexico
turn-around program are continuing and can be noticed with improved
head grade and recoveries. However, Bolivar experienced a difficult
quarter with significant rainfall events which impacted production
and costs versus the previous quarter but were still improved on a
year over year basis. We continue to work towards our goal of
expanding production to 3,600 tonnes per day in Q1 2019. At Cusi,
the mill reached its full capacity rate of 650 tonnes per day in
late Q2-2018 and continued running at that rate in Q3-2018. As
such, the Company realized an increase in silver equivalent payable
ounces and saw improved recoveries resulting in lower operating
costs. We continue to campaign development ore from the
Santa Rosa de Lima zone with
increasing throughput rates, while selectively mining structures in
the older part of the mine. The addition of another ball mill,
currently being installed, will see capacity increase to
approximately 1,200 tonnes per day in Q1 2019."
He concluded, "Sierra Metals balance sheet remains strong
with the liquidity needed to meet its operational and growth
expenditure requirements, with the Company on track for a solid
finish to the year. The groundwork for further improvements has
been laid through the implementation of best operational practices,
and the first stages of expansion plans are underway. The
expansion plans were highlighted in positive PEA studies released
earlier this year, which demonstrate robust growth opportunities
for the Company. Additionally, aggressive, brownfield exploration
programs focused on high value targets have resulted in a recent
porphyry discovery at Yauricocha and continue to be executed at all
Mines which should lead to further significant of mineral reserves
and resources growth at all of our Mines, adding to the value of
our assets now and in the years ahead."
The following table displays selected financial and operational
information for the three and nine months ended September 30, 2018:
Q3 and 9M 2018 Financial
Highlights
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
(In thousands of
dollars, except per share and cash cost amounts, consolidated
figures unless noted otherwise)
|
|
September 30,
2018
|
|
September 30,
2017
|
|
September 30,
2018
|
|
September 30,
2017
|
Operating
|
|
|
|
|
|
|
|
|
Ore Processed
/ Tonnes Milled
|
|
566,194
|
|
504,751
|
|
1,725,991
|
|
1,489,251
|
Silver Ounces
Produced (000's)
|
|
728
|
|
507
|
|
2,015
|
|
1,821
|
Copper Pounds
Produced (000's)
|
|
8,326
|
|
6,700
|
|
25,037
|
|
19,305
|
Lead Pounds
Produced (000's)
|
|
6,358
|
|
6,358
|
|
19,766
|
|
23,968
|
Zinc Pounds
Produced (000's)
|
|
20,772
|
|
19,877
|
|
59,286
|
|
56,543
|
Gold Ounces
Produced
|
|
1,906
|
|
1,517
|
|
5,606
|
|
4,606
|
Copper
Equivalent Pounds Produced (000's)1
|
|
23,628
|
|
21,851
|
|
71,717
|
|
68,996
|
Zinc
Equivalent Pounds Produced (000's)1
|
|
57,883
|
|
47,076
|
|
159,165
|
|
145,918
|
Silver
Equivalent Ounces Produced (000's)1
|
|
4,447
|
|
3,797
|
|
13,540
|
|
10,762
|
|
|
|
|
|
|
|
|
|
Cash Cost per
Tonne Processed
|
$
|
48.43
|
$
|
48.01
|
$
|
46.55
|
$
|
45.60
|
Cost of sales
per AgEqOz
|
$
|
7.62
|
$
|
7.94
|
$
|
7.14
|
$
|
7.69
|
Cash Cost per
AgEqOz2
|
$
|
7.38
|
$
|
7.62
|
$
|
6.82
|
$
|
7.36
|
AISC per
AgEqOz2
|
$
|
10.21
|
$
|
13.21
|
$
|
9.86
|
$
|
12.32
|
Cost of sales
per CuEqLb2
|
$
|
1.43
|
$
|
1.38
|
$
|
1.35
|
$
|
1.21
|
Cash Cost per
CuEqLb2
|
$
|
1.39
|
$
|
1.32
|
$
|
1.29
|
$
|
1.15
|
AISC per
CuEqLb2
|
$
|
1.92
|
$
|
2.30
|
$
|
1.86
|
$
|
1.93
|
Cost of sales
per ZnEqLb2
|
$
|
0.58
|
$
|
0.64
|
$
|
0.60
|
$
|
0.57
|
Cash Cost per
ZnEqLb2
|
$
|
0.57
|
$
|
0.61
|
$
|
0.58
|
$
|
0.54
|
AISC per
ZnEqLb2
|
$
|
0.78
|
$
|
1.07
|
$
|
0.83
|
$
|
0.91
|
|
|
|
|
|
|
|
|
|
Cash Cost per ZnEqLb
(Yauricocha)2
|
$
|
0.48
|
$
|
0.53
|
$
|
0.52
|
$
|
0.48
|
AISC per ZnEqLb
(Yauricocha)2
|
$
|
0.67
|
$
|
0.83
|
$
|
0.73
|
$
|
0.73
|
Cash Cost per CuEqLb
(Bolivar)2
|
$
|
1.68
|
$
|
1.75
|
$
|
1.36
|
$
|
1.41
|
AISC per CuEqLb
(Bolivar)2
|
$
|
2.35
|
$
|
3.45
|
$
|
2.06
|
$
|
2.57
|
Cash Cost per AgEqOz
(Cusi)2
|
$
|
14.11
|
$
|
21.95
|
$
|
14.68
|
$
|
14.80
|
AISC per AgEqOz
(Cusi)2
|
$
|
19.08
|
$
|
51.94
|
$
|
21.72
|
$
|
33.77
|
Financial
|
|
|
|
|
|
|
|
|
Revenues
|
$
|
52,956
|
$
|
50,859
|
$
|
177,352
|
$
|
153,948
|
Adjusted
EBITDA2
|
$
|
18,212
|
$
|
18,845
|
$
|
74,493
|
$
|
61,826
|
Operating cash
flows before movements in working capital
|
$
|
18,108
|
$
|
21,818
|
$
|
74,981
|
$
|
61,973
|
Adjusted net
income attributable to shareholders2
|
$
|
4,482
|
$
|
4,993
|
$
|
28,226
|
$
|
20,241
|
Net income
(loss) attributable to shareholders
|
$
|
1,922
|
$
|
(6,523)
|
$
|
21,468
|
$
|
(6,763)
|
Cash and cash
equivalents
|
$
|
29,073
|
$
|
28,607
|
$
|
29,073
|
$
|
28,607
|
Working
capital
|
$
|
1,780
|
$
|
(233)
|
$
|
1,780
|
$
|
(233)
|
(1)
|
Silver equivalent
ounces and copper and zinc equivalent pounds for Q3 2018 were
calculated using the following realized prices: $14.85/oz Ag,
$2.79/lb Cu, $0.94/lb Pb, $1.14/lb Zn, $1,206/oz Au. Silver
equivalent ounces and copper and zinc equivalent pounds for Q3 2017
were calculated using the following realized prices: $16.86/oz Ag,
$2.93/lb Cu, $1.08/lb Pb, $1.36/lb Zn, $1,280/oz Au. Silver
equivalent ounces and copper and zinc equivalent pounds for 9M 2018
were calculated using the following realized prices: $15.99/oz Ag,
$3.02/lb Cu, $1.06/lb Pb, $1.36/lb Zn, $1,279/oz Au. Silver
equivalent ounces and copper and zinc equivalent pounds for 9M 2017
were calculated using the following realized prices: $17.31/oz Ag,
$2.70/lb Cu, $1.03/lb Pb, $1.28/lb Zn, $1,253/oz
Au.
|
(2)
|
This is a non-IFRS
performance measure, see Non-IFRS Performance Measures section of
the MD&A.
|
Revenue from metals payable of $53.0
million in Q3 2018 increased by 4% from $50.9 million in Q3 2017. Higher revenues are
primarily attributable to the 6% increase in throughput, the
increase in copper, and gold head grades, and higher recoveries for
all metals, except gold, at Yauricocha in Q3 2018 compared to Q3
2017; the 2% increase in throughput, higher head grades, and
recoveries of all metals, except silver recoveries, resulted in
Bolivar's revenues being 19% higher than Q3 2017; and the 316%
increase in throughput, and higher silver head grades resulted in
Cusi's revenues being 135% higher than Q3 2017; the increase in
revenues were realized despite decreases in the prices of all
metals in Q3 2018 compared to Q3 2017.
Yauricocha's cash cost per zinc equivalent payable pound was
$0.48 (Q3 2017 - $0.53), and AISC per zinc equivalent payable
pound of $0.67 (Q3 2017 -
$0.83). The decrease in the AISC per
zinc equivalent payable pound for Q3 2018 compared to Q3 2017 was a
result of lower sustaining capital expenditures and higher zinc
equivalent payable pounds, while cash costs remained consistent;
this was partially offset by slight increases in general and
administrative costs.
Bolivar's cash cost per copper equivalent payable pound was
$1.68 (Q3 2017 - $1.75), and AISC per copper equivalent payable
pound was $2.35 (Q3 2017 -
$3.45) for Q3 2018 compared to Q3
2017. The decrease in the AISC per copper equivalent payable pound
during Q3 2018 compared to Q3 2017 was due to the increase in
copper equivalent payable pounds resulting from higher throughput,
and head grades and recoveries of all metals, except silver
recoveries, as well as a decrease in sustaining capital
expenditures.
Cusi's cash cost per silver equivalent payable ounce was
$14.11 (Q3 2017 - $21.95), and AISC per silver equivalent payable
ounce was $19.08 (Q3 2017 -
$51.94) for Q3 2018 compared to Q3
2017. AISC per silver equivalent payable ounce decreased due to
higher silver equivalent payable ounces resulting from higher
throughput, higher silver recoveries, and lower cash costs and
sustaining capital expenditures.
Adjusted EBITDA(1) of $18.2
million for Q3 2018 decreased 3% compared to $18.8 million in Q3 2017. The decrease in
adjusted EBITDA in Q3 2018 was due to the decreases in the prices
of silver (12%), copper (5%), lead (13%), zinc (16%), and gold (6%)
during Q3 2018 compared to Q3 2017, which had a negative impact on
the Company's revenues.
Cash flow generated from operations before movements in working
capital of $18.1 million for Q3 2018
decreased compared to $21.8 million
in Q3 2017. The decrease in operating cash flow is mainly the
result of lower gross margins realized due to the decline in prices
of all metals in Q3 2018 compared to Q3 2017.
Net income (loss) attributable to shareholders for Q3 2018 was
$1.9 million (Q3 2017: $(6.5) million) or $0.01 per share (basic and diluted) (Q3 2017:
$(0.04)).
Cash and cash equivalents of $29.1
million and working capital of $1.8
million as at September 30,
2018, compared to $23.9
million and $(6.8) million,
respectively, at the end of 2017. Cash and cash equivalents have
increased by $5.2 million during
9M 2018 due to $49.1 million of operating cash flows, and
$5.0 million drawn down from a
short-term revolving line of credit, being offset by capital
expenditures incurred in Mexico
and Peru of $(34.1) million, repayment of loans, credit
facilities and interest of $(12.5)
million, dividends paid to non-controlling interest
shareholders of $(2.3) million.
(1)
|
This is a non-IFRS
performance measure, see Non-IFRS Performance Measures section of
the MD&A.
|
Project Development
Based on the positive Preliminary Economic Assessment studies
completed the Company is now working towards the first stage of
expansion plans at all three Mines. We have also commenced
pre-feasibility and feasibility studies on potential secondary
stage expansion plans at all Mines.
At Yauricocha, which we expect to increase production to the
3,600 tonnes per day level in 2019 once all permits are received.
Several developments took place at Yauricocha in the third quarter
including ramp and stope development in addition to the completion
of the Yauricocha tunnel. The tunnel is currently being tied into
the existing surface infrastructure and should be operational by
the end of the fourth quarter. Work also commenced on the
rehabilitation of the Mascota
shaft, as well as the continued work of sinking of the Yauricocha
shaft to provide access to a significant amount of reserves and
resources recently delineated.
Mine development at Bolívar during Q3 2018 totaled 929 meters.
Most of these meters (292m) were
developed to prepare stopes for mine production. The remainder of
the meters (673m) were related to the
deepening of ramps and developing service ramps to be used for
ventilation and pumping.
During Q3 2018, at the Cusi property, mine development totaled
1,197 meters, and 698 meters of infill drilling was carried out
inside the mine, and 499 meters were related to the deepening of
ramps.
Exploration Update
Peru:
During Q3 2018, the Company drilled 38 holes totaling 9,074
meters at Yauricocha. The drilling included the following:
Exploration Drilling:
- Discovery of a copper-molybdenum mineralized porphyry – Copper
Porphyry Mineralization was tested (Klepetco Tunnel Level 720): 1
hole totaling 1,395 meters was drilled to test the priority anomaly
located in the monzonite intrusive zone;
- Cuye Orebody (Level 1070 Central Mine Zone): 3 holes totaling
1,789 meters to explore the continuity of the orebody at depth;
these holes intercepted mineralization which will help determine if
the orebody continues at depth;
- Escondida Norte (870 Level Cachi Cachi) – 5 holes totaling
1,656 meters with the objective to explore and define potential
sulphide zones, as the previous drilling intercepted lead oxide
mineralization; the results demonstrate the potential for more
sulphide mineralization at depth.
Definition Drilling:
- Antacaca Sur (Level 920): 5 holes totaling 572 meters with the
objective of defining more certainty on the orebody to floor 8 on
the 970 level;
- Esperanza (Level 970): 15
holes totaling 2,000 meters to define the continuity of
mineralization of the orebody; which were executed from the 970
level to the 1020 level;
- Butz (1070 Level): finalized the drill hole started in the
previous quarter and advanced the hole 44 meters;
- Yoselin (920 Level Cachi Cachi Mine): 9 holes totaling 1,618
meters to help define the orebody and provide more geological
information to help plan potential mining of the orebody.
Bolivar
- At Bolívar during Q3 2018, 8,332 meters were drilled from the
surface as well as diamond drilling within the mine. 2,176 meters
were drilled within the mine in the El
Gallo zone. There were 2,368 meters of surface diamond
drilling done on the Cieneguita Orebody to explore its' continuity
to the North. There was also 3,173 meters drilled at the Bolivar
West extension to explore the extension of the orebody to the North
and West, exploring the skarn orebody with semi-massive magnetite,
and disseminated nodules of chalcopyrite. There was also 615 meters
drilled at La Campana, which is a
new exploration target where we are exploring the possibility of
finding a skarn orebody with copper and zinc.
Cusi
- During Q3 2018 the Company drilled 1,322 meters to support the
development of the Santa Rosa de
Lima vein in Promontorio to further verify the size and
continuity of the ore zone. 5,247 meters of surface diamond
drilling was performed to define a portion of the San Antonio Pit
in the Santa Eduwiges Mine, as well as to explore the continuity at
a depth of the San Nicolas vein in
the area of El Tajo and
Promontorio. One drill hole was also completed in the southern
extension of the Santa Rosa de
Lima zone in the area of San
Miguel-La Bamba.
Conference Call Webcast
Sierra Metals' senior management will host a conference call on
Tuesday, November 13, 2018, at
10:30 AM (EST) to discuss the
Company's financial and operating results for the three and nine
months ended September 30, 2018.
Via Webcast:
A live audio webcast of the meeting will be available on the
Company's website:
https://event.on24.com/wcc/r/1822005/A792EE06AA9F7766DE51719C55820038
The webcast along with presentation slides will be archived for
180 days on www.sierrametals.com.
Via phone:
For those who prefer to listen by phone, dial-in instructions
are below. To ensure your participation, please call approximately
five minutes before the scheduled start time of the call.
Participant Number (Toll-Free North America): (833) 245-9659
Participant Number (Toll-Free Peru): 0800-71-476
Participant Number (International): +1 (647) 689-4231
Conference ID: 8188906
Quality Control
All technical production data contained in this news release has
been reviewed and approved by Gordon
Babcock, P.Eng., Chief Operating Officer and a Qualified
Person under National Instrument 43-101 – Standards of Disclosure
for Mineral Projects.
Americo Zuzunaga, MAusIMM CP
(Mining Engineer) and Vice President of Corporate Planning is a
Qualified Person and chartered professional qualifying as a
Competent Person under the Joint Ore Reserves Committee (JORC)
Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves.
Augusto Chung, FAusIMM CP
(Metallurgist) and Consultant to Sierra Metals is a Qualified
Person and chartered professional qualifying as a competent person
on metallurgical processes.
About Sierra Metals
Sierra Metals Inc. is Canadian based growing polymetallic mining
company with production from its Yauricocha Mine in Peru, and its Bolivar and Cusi Mines in Mexico. The Company is focused on increasing
production volume and growing mineral resources. Sierra Metals has
recently had several new discoveries and still has additional
brownfield exploration opportunities at all three mines in
Peru and Mexico that are within or close proximity to
the existing mines. Additionally, the Company has large land
packages at all three mines with several prospective regional
targets providing longer term exploration upside and mineral
resource growth potential.
The Company's Common Shares trade on the Bolsa de Valores de Lima and on the Toronto Stock
Exchange under the symbol "SMT" and on the NYSE American Exchange
under the symbol "SMTS".
Continue to Follow, Like and Watch our progress:
Web: www.sierrametals.com | Twitter: sierrametals
| Facebook: SierraMetalsInc | LinkedIn: Sierra Metals
Inc
Forward-Looking Statements
This press release contains "forward-looking information" and
"forward-looking statements" within the meaning of Canadian and
U.S. securities laws related to the Company (collectively,
"forward-looking information"). Forward-looking information
includes, but is not limited to, statements with respect to the
Company's operations, including the anticipated developments in the
Company's operations in future periods, the Company's planned
exploration activities, the adequacy of the Company's financial
resources, and other events or conditions that may occur in the
future. Statements concerning mineral reserve and resource
estimates may also be considered to constitute forward-looking
statements to the extent that they involve estimates of the
mineralization that will be encountered if and when the properties
are developed or further developed. These statements relate to
analyses and other information that are based on forecasts of
future results, estimates of amounts not yet determinable and
assumptions of management. Any statements that express or involve
discussions with respect to predictions, expectations, beliefs,
plans, projections, objectives, assumptions or future events or
performance (often, but not always, using words or phrases such as
"expects", "anticipates", "plans", "projects", "estimates",
"assumes", "intends", "strategy", "goals", "objectives",
"potential" or variations thereof, or stating that certain actions,
events or results "may", "could", "would", "might" or "will" be
taken, occur or be achieved, or the negative of any of these terms
and similar expressions) are not statements of historical fact and
may be forward-looking information.
Forward-looking information is subject to a variety of risks and
uncertainties, which could cause actual events or results to differ
from those reflected in the forward-looking information, including,
without limitation, risks inherent in the mining industry including
environmental hazards, industrial accidents, unusual or unexpected
geological formations, floods, labour disruptions, explosions,
cave-ins, weather conditions and criminal activity; commodity price
fluctuations; higher operating and/or capital costs; lack of
available infrastructure; the possibility that future exploration,
development or mining results will not be consistent with the
Company's expectations; risks associated with the estimation of
mineral resources and the geology, grade and continuity of mineral
deposits and the inability to replace reserves; fluctuations in the
price of commodities used in the Company's operations; risks
related to foreign operations; changes in laws or policies, foreign
taxation, delays or the inability to obtain necessary governmental
permits; risks relating to outstanding borrowings; issues regarding
title to the Company's properties; risks related to environmental
regulation; litigation risks; risks related to uninsured hazards;
the impact of competition; volatility in the price of the Company's
securities; global financial risks; inability to attract or retain
qualified employees; potential conflicts of interest; risks related
to a controlling group of shareholders; dependence on third
parties; differences in U.S. and Canadian reporting of mineral
reserves and resources; potential dilutive transactions; foreign
currency risks; risks related to business cycles; liquidity risks;
reliance on internal control systems; credit risks, including risks
related to the Company's compliance with covenants with respect to
its BCP Facility; uncertainty of production and cost estimates for
the Yauricocha Mine, the Bolivar Mine and the Cusi Mine; and other
risks identified in the Company's filings with Canadian securities
regulators and the U.S. Securities and Exchange Commission ("SEC"),
which filings are available at www.sedar.com and www.sec.gov,
respectively.
This list is not exhaustive of the factors that may affect any
of the Company's forward-looking information. Forward-looking
information includes statements about the future and are inherently
uncertain, and the Company's actual achievements or other future
events or conditions may differ materially from those reflected in
the forward-looking information due to a variety of risks,
uncertainties and other factors. The Company's statements
containing forward-looking information are based on the beliefs,
expectations, and opinions of management on the date the statements
are made, and the Company does not assume any obligation to update
forward-looking information if circumstances or management's
beliefs, expectations or opinions should change, other than as
required by applicable law. For the reasons set forth above, one
should not place undue reliance on forward-looking information.
Note Regarding Reserve and Resource Estimates
All reserve and resource estimates reported by the Company are
calculated in accordance with the Canadian National Instrument
43-101 - Standards of Disclosure for Mineral Projects and the
Canadian Institute of Mining and Metallurgy Classification system.
These standards differ significantly from the requirements of the
SEC. The differences between these standards are discussed in our
SEC filings. Mineral resources which are not mineral reserves do
not have demonstrated economic viability.
View original
content:http://www.prnewswire.com/news-releases/sierra-metals-reports-consolidated-financial-results-including-18-1-million-of-operating-cash-flows-before-movements-in-working-capital-for-the-third-quarter-of-2018--300748647.html
SOURCE Sierra Metals Inc.