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Corporate Details:
7th October 2015 ASX code: SAR Corporate Structure:
Ordinary shares on issue: 792.8m
Unvested employee performance rights: 7.3m
Market Capitalisation: A$420m (share price A$0.53)
Cash & Bullion (30 September): A$44.9m Debt: Nil
Directors:
Mr Geoff Clifford
Non-Executive Chairman
Mr Raleigh Finlayson Managing Director
Mr Mark Connelly Non-Executive
Mr Barrie Parker Non-Executive
Mr Martin Reed Non-Executive
Ms Samantha Tough Non-Executive
Substantial Shareholders:
Wroxby Pty Ltd 8.2%
Paradice Investment Management 7.9% Karara Capital Pty Ltd 6.2%
Van Eck Associates Corporation 5.1%
Registered Office:
Level 4
89 St Georges Terrace Perth WA 6000
Telephone: +61 8 6229 9100
Facsimile: +61 8 6229 9199
For further details contact:
Troy Irvin Telephone +61 8 6229 9100
[email protected]
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Key Points
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Solid September quarter gold production of 38,140oz
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Cash and bullion of $44.9m at 30 September 2015 - unchanged from 30 June 2015 despite spending $22.6m on project development in the quarter
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Project expenditure included $10.2m at Thunderbox, $9.2m at Karari and $3.2m on exploration
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Thunderbox development progressing ahead of schedule - first gold production now anticipated in the June Quarter 2016 (previously September Quarter)
Saracen Mineral Holdings (ASX: SAR) is pleased to announce a strong start to FY16, with outstanding cash flow for the September Quarter ensuring the Company is firmly on track to double production using internally generated funding only.
Production in the September Quarter of 38,140oz was in line with the FY16 target of 150-160,000oz (Carosue Dam only).
On the back of this production and a strong Australian-dollar gold price, Saracen enjoyed another excellent quarter of operating cash flow. As a result, the Company finished the quarter with cash and bullion of $44.9 million, unchanged from 30 June 2015.
Importantly, this was despite Saracen spending $22.6 million during the quarter on project development, mainly at Thunderbox and Karari, as part of its strategy to double production to ~300,000ozpa within two years.
Thunderbox is tracking ahead of schedule, meaning there is potential to add ~20,000oz to the current FY16 production outlook.
Saracen Managing Director Raleigh Finlayson said the Company's growth strategy was well on track. 'We are set to double production to 300,000ozpa at an all-in sustaining cost of less than A$1075/oz,' he said. 'This will result in Saracen having significant production scale, strong cash flow, no debt and long project life.'
For further information please contact:
Investors: Media Enquiries:
Troy Irvin Read Corporate
Chief Corporate Development Officer Paul Armstrong / Nicholas Read
Email: [email protected] Contact: (08) 9388 1474
Email: [email protected]
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