Past year: ▲ 68%(65.0c – 1.20 CAD)
Each one in plain English, with the numbers worked through for a shareholder.
23 Aug 2018resource reserve update● Neutral
The Bolivar expansion study as filed, effective 31 October 2017 and dated 21 August 2018, covering the Bolivar mine and the Piedras Verdes plant. As with the Cusi report, the row's title was taken from an attached qualified person's consent rather than the study.
13 Aug 2018resource reserve update● Neutral
Filed the technical report for the Yauricocha 5,500 tonne-a-day expansion study, with no material differences from the June announcement.
13 Aug 2018resource reserve update● Neutral
The Yauricocha expansion study as filed, effective 31 July 2017 and dated 8 August 2018 - the document supporting the US$393 million net present value and 5,500 tonne-a-day case announced in June.
3 Aug 2018resource reserve update● Neutral
The Cusi expansion study as filed, effective 31 August 2017 and dated 31 July 2018, signed by Enrique Rubio and three other qualified persons. Note the row's title comes from a consent letter attached to the filing rather than from the study itself.
3 Aug 2018resource reserve update● Neutral
Filed the technical report for the Cusi expansion study within the required 45 days, with no material differences from the June announcement.
9 July 2018resource reserve update▲ GoodMajor
The third expansion study in three weeks: Bolivar to 5,000 tonnes a day, with an after-tax net present value of US$214 million at 8%, US$96 million of life-of-mine capital, US$303 million of net cash flow and a 3.4-year payback. Taken together the Cusi, Yauricocha and Bolivar studies contemplate about US$439 million of life-of-mine capital across three mines.
5 July 2018resource reserve update● Neutral
The Bolivar technical report itself, prepared by SRK Consulting with an effective date of 31 October 2017 - the document behind the 7,925,000-tonne probable reserve at 0.86% copper.
5 July 2018resource reserve update● Neutral
Filed the Bolivar technical report supporting the May reserve increase, with no material differences from the announced figures.
29 June 2018drilling result▲ Good
Underground development at Cusi confirmed a 40-metre-wide silver stockwork inside the Santa Rosa de Lima vein complex, open at depth and in width and not included in the December resource update. Bulk-mineable stockwork rather than narrow veins would allow a different, higher-volume mine design at Cusi.
28 June 2018resource reserve update▲ GoodMajor
A second expansion study nine days later, this time for Yauricocha going to 5,500 tonnes a day: after-tax net present value of US$393 million at 8%, US$238 million of life-of-mine capital, US$532 million of net after-tax cash flow and a 4.1-year payback. Yauricocha is much the larger prize of the two, and the combined capital of the two studies is far beyond what the company was then spending.
18 June 2018resource reserve update▲ GoodMajor
Preliminary economic assessment for expanding Cusi from 650 to 1,200 tonnes a day - a 315% output increase on the company's measure - showing an after-tax net present value of US$92.2 million at an 8% discount rate, a 75% return, US$104.5 million of life-of-mine capital and a 4.6-year payback at an operating cost of US$41.36 a tonne. It is a study, not a decision.
7 June 2018drilling result▲ GoodMajor
Six holes at Contacto Sur Medio, 250 metres east of current production, hit very high grade zinc close to surface: 36% zinc, 9% lead and 175 g/t silver over 5 metres in E-CSM 17-18-03, and 24% zinc with 430 g/t silver over 2 metres in E-CSM 17-18-01. Like Contacto Oriental, its value is that it sits next to existing infrastructure.
5 June 2018drilling result▲ GoodMajor
The deepest holes ever drilled at Yauricocha, 1.7 kilometres below surface and 650 metres below the current mine level, returned 120 g/t silver, 0.85% lead, 7.78% zinc and 0.34 g/t gold over 2.9 metres between the Esperanza and Cuye zones. Mineralisation continues well below the resource model, and the position between the two zones suggests they may link at depth, consistent with the Titan 24 geophysics.
4 June 2018drilling result▲ GoodMajor
Four holes from the 1070 level found a new zone at Contacto Oriental, 220 metres east of current workings: 9.53% zinc, 0.28% copper and 0.54% lead over 57 metres, in copper sulphide widths over 50 metres and in hydrothermal breccias, a style of mineralisation not previously recorded at Yauricocha. Proximity to existing development is the point - it could be brought into the mine plan with little new capital.
22 May 2018resource reserve update▲ GoodMajor
Bolivar's probable reserves rose 83% to 7,925,000 tonnes at 19 g/t silver, 0.86% copper and 0.25 g/t gold, with indicated resources up 42% to 13,267,000 tonnes and inferred down 11.5% to 8,012,000 tonnes. The company lists the causes plainly: a 24% higher copper price assumption, higher assumed metallurgical recoveries and a higher net smelter return cut-off, alongside new drilling and depletion - so a large part of this is assumption change rather than new metal.
13 Feb 2018resource reserve update● Neutral
The Cusi technical report itself, prepared by SRK Consulting with an effective date of 31 August 2017. It is the second amendment to a report first issued in April 2017 and amended again in June, so the mine's resource statement has been restated twice in ten months.
13 Feb 2018resource reserve update● Neutral
Filed the Cusi technical report behind the December resource increase, confirming no material differences from the announced figures.
7 Feb 2018drilling result▲ GoodMajor
The widest copper intercept in the company's history: 99 metres at 1.48% copper, 12 g/t silver and 0.7 g/t gold at Cuye, part of a 120-metre run in hole 13 that began with 21 metres of polymetallic ore. Fourteen holes are now complete from the 1070 level, and the mineralised dioritic intrusive is being treated as a new and potentially much larger target than the vein-style ore Yauricocha has always mined.
8 Jan 2018resource reserve update▲ Good
The 29 December 2017 Cusi resource increase - measured and indicated up 129% to 4,557,000 tonnes, inferred up 36% to 1,633,000 tonnes - filed again under a separate accession number. Same content as the row of 2 January 2018.
2 Jan 2018resource reserve update▲ GoodMajor
Cusi's measured and indicated resources rose 129% to 4,557,000 tonnes - 362,000 measured at 225 g/t silver and 4,195,000 indicated at 217 g/t silver - with inferred up 36% to 1,633,000 tonnes at 158 g/t. The company states the increase reflects both new drilling around San Nicolas and Promontorio and a change to a silver-equivalent cut-off grade, so part of the gain is a change in how ounces are counted.
19 Dec 2017drilling result▲ Good
Eleven holes from the 1070 level at Cuye defined copper sulphide widths over 45 metres, still open at depth, with hole 10 cutting more than 75 metres of continuous mineralisation - 15 metres polymetallic then 44 metres of copper sulphide. Low-grade disseminated copper in the dioritic intrusive is flagged as an entirely new target type at Yauricocha.
13 Nov 2017resource reserve update● Neutral
Filed the Yauricocha technical report supporting both the September resource increase and the October reserve increase, stating there are no material differences from what was announced.
13 Nov 2017resource reserve update● Neutral
The Yauricocha technical report as filed, documenting the 13.2 million tonne resource and 8.9 million tonne reserve announced in September and October 2017 - the estimate that took the mine from a small operation to one with more than a decade of reserves.
30 Oct 2017resource reserve update▲ Good
The same Yauricocha reserve announcement of 26 October 2017 - 8,917,000 tonnes at 48.3 g/t silver, 1.2% copper, 2.4% zinc, a 134% tonnage increase - filed a second time under a separate accession number. No new information; the corpus holds it as two rows because each filing gets its own.
27 Oct 2017resource reserve update▲ GoodMajor
Yauricocha's reserves more than doubled: 8,917,000 tonnes at 48.3 g/t silver, 1.2% copper, 0.8% lead, 2.4% zinc and 0.5 g/t gold, a 134% tonnage increase on the August 2016 estimate and, at current throughput, more than double the mine life. Contained copper is up 237%, partly from the new Cuye, Mascota and Esperanza zones and partly from a 14% higher copper price assumption. It follows through from September's resource increase and excludes the October Cuye holes, which came in after the cut-off.
4 Oct 2017drilling result▲ GoodMajor
The first four holes testing targets from a Titan 24 geophysical survey at Bolivar hit copper in three zones not previously known to be mineralised: 3.10% copper-equivalent over 25 metres in DB17B602 and 3.03% over 29 metres in DB17B613. Twenty-two priority targets were identified and the top eight are being drilled, pointing to a northward extension of the mine.
2 Oct 2017drilling result▲ Good
Wide intercepts at Yauricocha's Cuye zone: 49.0 metres averaging 1.34% copper, 4.75% zinc and 41 g/t silver in CUY 17-17-02, and 39.6 metres at 1.51% copper, 2.46% zinc and 1.64 g/t gold in CUY 17-17-04, with a 6-metre section running 21.66% zinc. The drilling suggests Cuye and Catas merge at depth into a single larger zone.
29 Sept 2017resource reserve update▲ GoodMajor
A step change at Yauricocha: measured and indicated resources rose 68% by tonnage to 13,206,000 tonnes at 62.3 g/t silver, 1.5% copper, 0.9% lead, 2.8% zinc and 0.6 g/t gold, with contained copper up 128% and silver up 72%; inferred rose 77% to 6,632,000 tonnes. Part of the copper gain is real - new copper-rich zones at Cuye, Mascota and Esperanza - and part is a 14% higher copper price assumption, which the release states.
5 Sept 2017drilling result▲ GoodMajor
Twenty-eight holes for 12,300 metres at Bolivar West averaged 2.55% copper-equivalent over 9.1 metres true width, which the company says is well above both the current resource grade and the grade actually being fed to the mill. Individual holes ran to 8.05% copper-equivalent over 17.6 metres, and the zone is still open to the northeast.
29 Aug 2017drilling progress report▲ Good
Second phase of drilling at the Santa Rosa de Lima zone of the Cusi silver mine - 22 holes for 14,000 metres, 29,500 metres on the zone in total - averaging 343 g/t silver-equivalent over 3.62 metres true width, with step-outs extending mineralisation from 1.0 to 1.7 kilometres along a 12-kilometre structure. The data goes into a new Cusi resource by year end.
