Allied Nevada Gold Corp. Reports Production Results for the First Quarter Ended March 31, 2014
Apr 8 14
Allied Nevada Gold Corp. reported production results for the first quarter ended March 31, 2014. For the quarter, the company reported gold produced of 60,114 ounces against 38,019 ounces a year ago. Silver produced was 412,506 ounces against 188,000 ounces a year ago.
Gainey McKenna & Egleston Announces a Class Action Lawsuit Against Allied Nevada Gold Corp
Apr 4 14
Gainey McKenna & Egleston announced that a class action lawsuit has been filed in the United States District Court for the District of Nevada, on behalf of all persons who purchased or otherwise acquired the securities of Allied Nevada Gold Corp. common stock during the period between January 18, 2013 and August 5, 2013. The Complaint alleges that defendants misstated or failed to disclose operating defects and deficiencies concerning the company's Lewis Leach Pad that rendered Defendants' positive statements about the company's Lewis Leach Pad solutions processing capacity, the Hycroft Mine mill expansion, and the company's expected gold and silver production and its expected operating income and cash flows materially false and misleading. The complaint further alleges that in August 2013, approximately seven months after the beginning of the class Period, Defendants shocked the market when they revealed that the company's production costs had soared, and would continue to do so, because of systemic operating defects at the Lewis Leach Pad. Defendants revealed that the company would have to double the amount of fresh water available at the Lewis Leach Pad and replace the existing irrigation tubing, piping and pumping infrastructure to remedy the defects and production deficiencies, as well as obtain various regulatory approvals to undertake these corrective actions. In addition, Defendants stated that the company would indefinitely suspend its planned expansion at the Hycroft Mine due to the company's inability to generate sufficient cash flows from operations, which was the result of amassed ore going unprocessed at the defective Lewis Leach Pad.
Allied Nevada Gold Corp. Reports Consolidated Financial Results for the Fourth Quarter and Year Ended December 31, 2013 and Production Results for the Fourth Quarter and Year Ended December 31, 2013; Provides Production and Financial Guidance for the Year 2014
Feb 24 14
Allied Nevada Gold Corp. reported consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the year, the company reported revenue of $267.901 million against $214.559 million a year ago. Income from operations was $16.553 million against $80.867 million a year ago. Loss before income taxes was $6.663 million against income of $64.150 million a year ago. Net cash used in operating activities was $32.183 million against $21.111 million a year ago. Additions to plant, equipment, and mine development were $327.633 million against $262.216 million a year ago. Additions to mineral properties were $51.0 million against $130.0 million a year ago. Net income was $1.405 million or $0.01 per diluted share against $47.727 million or $0.52 per diluted share a year ago. Adjusted net income was $17.208 million against $47.727 million a year ago.
For the quarter, the company generated $83 million in revenues, $75.8 million of that from gold revenues. Overall, for the quarter, the company reported a loss of $16.6 million. Adjusted losses for the 2 write-downs, net of taxes, the company would show about $1 million loss for the fourth quarter.
Gold and silver sales in 2014 are expected to reach new record levels of approximately 230,000 to 250,000 ounces of gold and 1.7 million to 2.0 million ounces of silver. The company expects to mine 34.4 million tons of ore at average grades of 0.014 ounce per ton ("opt") gold and 0.35 opt silver. Approximately 10.6 million tons of the higher grade ore are expected to be crushed before being placed on the leach pads. Depreciation and amortization is expected to increase significantly to approximately $80 million to $85 million (or $335-$355 per ounce). The significant increase in depreciation and amortization is the result of an increase of plant and equipment, including the 80 million ton capacity north leach pad, which was placed into service in 2013, which increases the amount of non-cash expense recognize per gold ounce sold. Capital expenditures in 2014 are expected to decrease significantly. The company expects 2014 interest expense, net of amounts capitalized to capital expenditures, to approximate $40 million to $45 million, increasing from 2013 as have minimal planned capital expenditures. For the year, the company expects to mine ore between 33,600,000 and 35,300,000 tons.
For the quarter, the company ore mined was 13,483,000 tons against 14,778,000 tons a year ago.
For the year, the company ore mined was 45,557,000 tons against 30,299,000 tons a year ago.