Klondex Mines Announces Strong Q2 Results

Klondex Mines Ltd. (TSX:KDX,OTCQX:KLNDF) announced that it has filed its unaudited condensed consolidated interim financial statements for the three and six months ended June 30, 2014. It also filed its management discussion and analysis.

Q2 financial highlights include:

  • Revenue was $36.4 million from the sale of 25,725 gold equivalent ounces consisting of 20,293 gold ounces and 343,025 silver ounces
  • Gold equivalent ounces produced were 22,239, consisting of 17,093 gold ounces and 325,018 silver ounces, an increase of 38.5% from 1Q2014
  • Consolidated production cost per gold equivalent ounce sold was $730, a decline of 19.4% from 1Q2014
  • Net income totaled $4.4 million, $0.04 per share
  • Cash flow provided by operating activities was $14.2 million
  • Capital expenditures were $7.1 million
  • Cash balance of $15.1 million at the end of 2Q2014
  • Working capital of $21.2 million at the end of 2Q2014

Paul Huet, president and CEO of Klondex, commented:

Our strong second quarter results reflect Klondex’s continuing transformation into a low-cost producer of gold and silver in north central Nevada. On a sequential basis, our recovered ounces increased while production costs decreased. We anticipate that production costs will continue to improve as we increase output from Fire Creek and further optimize operations at Midas.

Click here to read the full Klondex Mines Ltd. (TSX:KDX,OTCQX:KLNDF) press release. 

Click here to read the Klondex Mines Ltd. (TSX:KDX,OTCQX:KLNDF) profile.