Das gute Stück sollte man auch nicht aus dem Auge verlieren ... ist auf jeden Fall Bestandteil meines Depots 
Fred Davidson, President and CEO, stated, "Recently, IMPACT was named to
the 2017 TSX Venture 50. In 2016, our stock achieved over 442% returns
from an all-time low in the year. Over the past decade, I have seen
IMPACT bring six mines from exploration to production through organic
cash flow and continue to operate through challenging economic times.
Operationally, the Company continues to improve its mine operating
income, achieving income of $1.4 million in 2016 compared to a loss of
$0.1 million in 2015. EBITDA1 improved to $0.7 million in
2016 from $0.4 million in 2015. The Company continues to achieve
positive cash flows in each quarter of 2016. We continue to focus on
improving profitability by increasing our processing capacity, expanding
our resources, and carrying out an exploration program which will
include drilling a number of key targets, all made possible by capital
raised from supportive long-term investors who share our vision. We are
excited to continue to deliver even more shareholder value in 2017."
Financial Overview
- Mine operating earnings before amortization and depletion improved 84% to $3.7 million in 2016 up from $2.0 million in 2015.
- Revenues increased 14% in 2016 to $16.7 million from $14.6 million in 2015, due mainly to higher silver prices throughout the year.
- Net loss for the year was $1.9 million which included $3.1 million of non-cash items in amortization, depletion and share based compensation. This compared to a $1.4 million net loss last year, which included $2.1 million of non-cash items in amortization and depletion. Excluding non-cash items, adjusted net earnings in 2016 were $1.2 million compared to $0.7 million in 2015.
- Earnings before interest, taxes, depreciation and amortization (EBITDA) improved 85% to $0.7 million for 2016 from $0.4 million in 2015.
- As a result of private placements in Q2 2016, and cash controls throughout the year, the Company's cash position at December 31, 2016 improved substantially to $8.1 million compared to $0.7 million at December 31, 2015. Net working capital correspondingly improved to $10.5 million at December 31, 2016 from $2.9 million at December 31, 2015.
Production Overview
- Production at the Guadalupe mill during 2016 came primarily from the Cuchara Mine (42% of the mill feed), the San Ramon Deeps Mine (38% of the mill feed) and the Mirasol Mine (17% of the total mill feed). The grade at San Ramon is highly variable and Mirasol is experiencing declining grade as it is reaching the end of its mine life. Both of these factors contributed to a lower grade mill feed in 2016 compared to 2015.
- Average mill feed grade for silver was 180 grams per tonne (g/t) in 2016, down from 193 g/t in the previous year.
- Silver production increased slightly to 952,768 ounces in 2016 from 950,059 ounces in 2015 due to higher tonnage throughput.
As a result of the increased silver prices, and stronger US
dollar, the Company's revenue per tonne increased to $91.73 in 2016,
from $84.96 in 2015.