Authorization

Fortuna reports consolidated financial results for full year 2018

VANCOUVER, British Columbia, March 13, 2019 (GLOBE NEWSWIRE) -- Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) today reported full year 2018 net income of $34.0 million, adjusted net income of $38.4 million, and adjusted EBITDA of $113.9 million.A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A AJorge A. Ganoza, President and CEO, commented, a??In 2018 we had strong financial results with free cash-flow generation from ongoing operations of $55 million and adjusted net income of $38.4 million. Our strong results in the year, in spite of a weaker price environment in the second semester, speak for our commitment to efficient operations and the strength of our assets.a??A Mr. Ganoza added, a??Our capital investment plans and working capital requirements during the Lindero construction in Argentina are adequately funded from available liquidity and free cash flow from our mines.a??Full Year 2018 Highlights

Sales of $263.3 million, compared to $268.1 million in 2017



Net income of $34.0 million, compared to $66.3 million in 2017



Adjusted net income1 of $38.4 million, compared to $48.7 million in 2017



Adjusted EBITDA1 of $113.9 million, compared to $122.0 million in 2017



Free cash flow from ongoing operations1 of $55.2 million



Cash position, including short-term investments as at December 31, 2018 was $163.3 million



Credit facility expanded to $150.0 million with $80.0 million undrawn



Silver and gold production of 8,890,943 ounces and 54,210 ounces, respectively



AISC2 per silver equivalent ounce of payable silver was $10.6

Fourth Quarter 2018 Highlights

Sales of $59.6 million, compared to $75.4 million in 2017



Net income of $2.2 million, compared to $34.1 million in 2017



Adjusted net income1 of $4.4 million, compared to $12.3 million in 2017



Adjusted EBITDA1 of $22.7 million, compared to $34.9 million in 2017



Free cash flow from ongoing operations1 of $11.8 million



Silver and gold production of 1,937,703 ounces and 12,070 ounces, respectively



AISC2 per silver equivalent ounce of payable silver was $12.2

Notes:
AAAA 1.A Refer to Non-GAAP Financial Measures
AAAA 2.A AISC oz Ag Eq calculated at realized metal prices of $1,273/oz Au, $15.7/oz Ag, $1.0/lb Pb, and $1.3/lb Zn
AAAA2018 Year-End and Fourth Quarter 2018 Consolidated Results

Consolidated Metrics



A



Q4 2018



A



Q4 2017



A



A



YTD 2018



A



YTD 2017



A



A



A



A



A



A



A



A



A



A



A



A



Financial (Expressed in $ millions except per share information)



Sales



$



A 59.6



A



A$A



A 75.4



A



$



A 263.3



A



A$A



A 268.1



A



Mine operating income



A



A 17.3



A



A



A 35.2



A



A



A 96.6



A



A



A 109.6



A



Operating income



A



A 6.3



A



A



A 57.7



A



A



A 61.6



A



A



A 110.3



A



Net income



A



A 2.2



A



A



A 34.1



A



A



A 34.0



A



A



A 66.3



A



A



A



A



A



A



A



A



A



A



A



A



Earnings per share (basic)



A



A 0.01



A



A



A 0.21



A



A



A 0.21



A



A



A 0.42



A



Earnings per share (diluted)



A



A 0.01



A



A



A 0.21



A



A



A 0.21



A



A



A 0.42



A



A



A



A



A



A



A



A



A



A



A



A



Adjusted net income1



A



A 4.4



A



A



A 12.3



A



A



A 38.4



A



A



A 48.7



A



Adjusted EBITDA1



A



A 22.7



A



A



A 34.9



A



A



A 113.9



A



A



A 122.0



A



Cash provided by operating activities



A



A 19.3



A



A



A 29.0



A



A



A 83.5



A



A



A 70.2



A



Free cash flow1



A



A (26.7



)



A



A 14.5



A



A



A (52.4



)



A



A 24.5



A



Free cash flow from ongoing operations1



A



A 11.8



A



A



A 19.2



A



A



A 55.2



A



A



A 37.1



A



Capex



A



A



A



A



A



A



A



A



A



A



Sustaining



A



A 9.4



A



A



A 8.0



A



A



A 24.0



A



A



A 28.0



A



Non-sustaining



A



A 1.2



A



A



A -A



A



A



A 3.3



A



A



A -



A



Lindero



A



A 39.4



A



A



A 3.1



A



A



A 80.0



A



A



A 11.4



A



Brownfields



A



A 1.6



A



A



A 2.2



A



A



A 8.6



A



A



A 10.1



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



Dec 31, 2018



A



Dec 31, 2017



A



Cash, cash equivalents, and short-term investments



A



$



A 163.3



A



A$A



A 212.6



A



Notes:



A



A



A



A



A



A



A



A



A



A



1.A Refer to Non-GAAP Financial Measures.



A



A



A



A



A



A



A



A



A



A



Certain comparative figures have been reclassified to conform to the current year's presentation



A



A



A



A



A



A



A



A



A



A



A



A



A



A

Fourth Quarter 2018 ResultsSales for the three months ended December 31, 2018 were $59.6 million, a $15.8 million decrease from the $75.4 million reported in 2017.A The decrease in sales was due to lower sales volume in silver and gold of 13% and 18% and a decline in metal prices for silver, lead, and zinc of 13%, 21%, and 19%, respectively.Net income for the three months ended December 31, 2018 was $2.2 million or $0.01 per share compared to $34.1 million or $0.21 per share in the same period of 2017, which included a $31.1 million (after-tax: $21.9 million) impairment reversal.A The main items affecting the comparability of results in the quarter were the impairment reversal in 2017 and $3.9 million of foreign exchange losses in 2018 related to the Lindero project construction.
AA
Adjusted net income for the three months ended December 31, 2018 was $4.4 million compared to $12.3 million reported in the same period of 2017.A The decrease in adjusted net income was due mainly to lower sales at both San Jose and Caylloma.A Higher production costs in the quarter were partially offset by lower share-based payment charges and a realized gain in commodity derivative instruments of $0.9 million compared to a loss of $1.5 million in 2017.Adjusted EBITDA for the three months ended December 31, 2018 was $22.7 million compared to $34.9 million in the comparable period in 2017.A The decrease in adjusted EBITDA was due primarily to lower sales.A Higher production costs were partially offset by the same items discussed above in adjusted net income.Net cash provided by operating activities for the three months ended December 31, 2018 was $19.3 million compared to $29.0 million reported in 2017. Free cash flow from ongoing operations for the three months ended December 31, 2018 was $11.8 million compared to $19.2 million reported in 2017.Annual ResultsSales for the year ended December 31, 2018 were $263.3 million, a decrease of $4.8 million over the $268.1 million reported in 2017.A The decrease in sales was due mainly to an 8% decline in the realized silver price and was partially offset by a 5% increase in silver sales volume and lower treatment charges.ANet income for the year ended December 31, 2018 was $34.0 million compared to $66.3 million reported in 2017, which included a $31.1 million (after-tax: $21.9 million) impairment reversal. AThe main items affecting the comparability of results were the impairment reversal in 2017 and $3.9 million of foreign exchange losses in 2018 related to the Lindero project construction.AA AAAdjusted net income for the year ended December 31, 2018 decreased $10.3 million to $38.4 million from $48.7 million in 2017.A The decrease in adjusted net income was due to a combination of lower sales, higher production costs, and higher depletion at Caylloma of $3.1 million related to the reversal of the impairment in 2017. Other items of variance in the year-over-year comparison were higher general and administrative expenses of $1.3 million and a realized gain in commodity derivative instruments of $0.4 million compared to a loss of $1.6 million in 2017.Adjusted EBITDA for the year ended December 31, 2018 was $113.9 million compared to $122.0 million reported in 2017.A The decrease in adjusted EBITDA was due to a combination of lower sales and higher production costs.Net cash provided by operating activities for the year ended December 31, 2018 was $83.5 million compared to $70.2 million reported in 2017.A Free cash flow from ongoing operations increased $18.1 million to $55.2 million due primarily to negative changes in working capital items in 2017.Capital Resources and LiquidityAt December 31, 2018, the Company had cash, cash equivalents, and short-term investments of $163.3 million (December 31, 2017 a?? $212.6 million).A In December 2018, the Company expanded its existing credit facility from $120.0 million to $150.0 million of which $80.0 million remains undrawn.A Total liquidity available to the Company as of the 2018 year-end was $243.3 million, which along with free cash flow from ongoing operations will provide sufficient liquidity to meet our funding needs during the construction of the Lindero project.Lindero Project (a??Projecta??)Construction at the Lindero open pit heap leach gold mine located in Salta Province Argentina is well underway, and the overall Project is 40% complete.A Approximately 91% of direct capital costs have been committed.A Construction spending for the year totaled $122.9 million comprising of $80.0 million on construction expenditures, of which $18.9 million were unpaid as at December 31, 2018, and $42.9 million in deposits on equipment and advances to contractors.ATotal construction capital costs are forecast to increase up to $295.0 million or 20% over initial capital guidance (see Fortuna news releases dated February 20, 2019 and September 21, 2017 and the technical report entitled a??Fortuna Silver Mines Inc.: Lindero Property, Salta Province, Argentinaa??, dated effective October 31, 2017 which is available on SEDAR at www.sedar.com). The revised construction capital cost forecast includes a $17 million contingency and excludes a potential cost savings from the devaluation of the Argentine Peso (a??ARSa??).A An ARS/USD exchange rate of 22.0:1 was built into the construction capital forecast corresponding to the average referenced exchange rate on the awarded contracts, compared to the December 31, 2018 ARS/USD exchange rate of 37.7:1. AApproximately 35% of the construction capital costs are in Argentine Pesos. The actual US dollars spent will depend on the ARS/USD exchange rate as well as the Argentine inflation rate.A The main drivers for the increased capital costs were higher ownera??s costs and construction indirect costs related to the extension of the Project schedule, road maintenance and contractor stand-by costs due to abnormal rainfall impacting the Project and access roads.San Jose Mine, Mexico

A



A



A



Three months ended December 31,A



A



A



Years ended December 31,A



A



Mine Production



A



2018



A



A



2017



A



A



2018



A



A



2017



A



Tonnes milled



A



256,181



A



A



271,370



A



A



1,040,478



A



A



1,070,790



A



Average tonnes milled per day



2,846



A



A



3,015



A



A



2,956



A



A



3,044



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



Silver



A



A



A



A



A



A



A



A



A



A



A



A



A



A Grade (g/t)



A



230



A



A



259



A



A



260



A



A



238



A



A Recovery (%)



A



91



A



A



92



A



A



92



A



A



92



A



A Production (oz)



A



1,718,496



A



A



2,071,762



A



A



7,979,634



A



A



7,526,556



A



A Metal sold (oz)



A



1,818,026



A



A



2,089,121



A



A



7,921,345



A



A



7,481,616



A



A Realized price ($/oz)



14.61



A



A



16.69



A



A



15.74



A



A



17.03



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



Gold



A



A



A



A



A



A



A



A



A



A



A



A



A



A Grade (g/t)



A



1.58



A



A



1.89



A



A



1.75



A



A



1.77



A



A Recovery (%)



A



91



A



A



92



A



A



92



A



A



92



A



A Production (oz)



A



11,825



A



A



15,177



A



A



53,517



A



A



55,950



A



A Metal sold (oz)



A



12,312



A



A



15,333



A



A



53,255



A



A



55,412



A



A Realized price ($/oz)



1,236



A



A



1,273



A



A



1,273



A



A



1,257



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



Unit Costs



A



A



A



A



A



A



A



A



A



A



A



A



A



A Production cash cost ($/oz Ag)1,2



2.2



A



A



0.0



A



A



0.7



A



A



1.0



A



A Production cash cost ($/oz Ag Eq)1,3



6.8



A



A



5.5



A



A



5.9



A



A



6.1



A



A Production cash cost ($/t)1



65.9



A



A



57.9



A



A



63.7



A



A



59.7



A



A Unit net smelter return ($/t)



145.5



A



A



181.7



A



A



138.5



A



A



169.8



A



A AISC ($/oz Ag)1,2



A



7.1



A



A



6.5



A



A



5.5



A



A



7.1



A



A AISC ($/oz Ag Eq)1,3



A



9.9



A



A



9.6



A



A



9.0



A



A



10.1



A



1 Non-GAAP Financial Measure. Refer to the Non-GAAP Financial Measures at the end of this news release and in the
associated MD&A for a description and calculation of these measures



A



2 Net of by-product credits from gold



A



3 AISC/oz Ag Eq calculated using the realized metal prices of gold and silver set out in the table



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A


Quarterly ResultsThe San Jose Mine produced 1,718,496 ounces of silver and 11,825 ounces of gold in the fourth quarter of 2018, which were 9% and 4% below plan and 17% and 22% below the comparable quarter in 2017.A The decrease in production was due primarily to 6% lower mill throughput during the quarter as well as lower average head grades for silver and gold, of 230 g/t and 1.58 g/t, respectively, or 11% and 16% lower than the comparable quarter in 2017.Cash cost per tonne of processed ore was $65.9, which was 14% higher than the $57.9 cash cost for the comparable quarter in 2017.A The increase in cash cost per tonne was due primarily to higher mining costs related to higher energy costs, timing of execution of backfill and support costs during the quarter, and higher indirect costs relating to safety and environment.Annual ResultsTotal silver and gold production for 2018 increased 6% and decreased 4% to 7,979,634 and 53,517 ounces, respectively, compared to 2017.A The 9% higher silver head grade more than made up for the 3% decline in mill throughput with the processing plant treating 1,040,478 tonnes of ore for the year ended December 31, 2018.Cash cost per tonne of processed ore for 2018 was $63.7, or 7% higher than in 2017 and 4% above guidance.A The increase in cash cost per tonne was due to higher energy tariffs, higher distribution costs related to the direct export of concentrate, and higher milling costs related to dry-stack re-handling in the first half of the year.AAll-in sustaining cash cost per payable ounce of silver equivalent (a??AISCa??) was $9.0 for 2018 compared to $10.1 in 2017 was due to higher silver equivalent production and lower sustaining capital expenditures.A Compared to the 2018 annual guidance of $10.0, the AISC was $1.0 lower due to a 12% increase in silver equivalent production.Cash cost per tonne of processed ore and AISC are non-GAAP financial measures.Caylloma Mine, PeruA


A



A



A



Three months ended December 31,A



A



A



Years ended December 31,A



A



Mine Production



A



2018



A



A



A



2017



A



A



A



2018



A



A



A



2017



A



A



Tonnes milled



A



135,034



A



A



A



134,635



A



A



A



534,773



A



A



A



529,704



A



A



Average tonnes milled per day



1,500



A



A



A



1,513



A



A



A



1,502



A



A



A



1,488



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



Silver



A



A



A



A



A



A



A



A



A



A



A



A



A



A Grade (g/t)



A



61



A



A



A



65



A



A



A



63



A



A



A



66



A



A



A Recovery (%)



A



83



A



A



A



85



A



A



A



84



A



A



A



84



A



A



A Production (oz)



A



219,207



A



A



A



238,414



A



A



A



911,309



A



A



A



943,038



A



A



A Metal sold (oz)



A



214,883



A



A



A



243,051



A



A



A



911,648



A



A



A



934,710



A



A



A Realized price ($/oz)



14.55



A



A



A



16.70



A



A



A



15.71



A



A



A



17.06



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



Lead



A



A



A



A



A



A



A



A



A



A



A



A



A



A Grade (%)



A



2.39



A



A



A



2.91



A



A



A



2.62



A



A



A



2.81



A



A



A Recovery (%)



A



91



A



A



A



91



A



A



A



91



A



A



A



91



A



A



A Production (000's lbs)



6,453



A



A



A



7,846



A



A



A



28,255



A



A



A



29,878



A



A



A Metal sold (000's lbs)



6,377



A



A



A



8,054



A



A



A



28,349



A



A



A



29,508



A



A



A Realized price ($/lb)



A



0.89



A



A



A



1.13



A



A



A



1.02



A



A



A



1.05



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



Zinc



A



A



A



A



A



A



A



A



A



A



A



A



A



A Grade (%)



A



4.30



A



A



A



4.36



A



A



A



4.28



A



A



A



4.21



A



A



A Recovery (%)



A



90



A



A



A



90



A



A



A



90



A



A



A



90



A



A



A Production (000's lbs)



11,537



A



A



A



11,676



A



A



A



45,485



A



A



A



44,347



A



A



A Metal sold (000's lbs)



11,713



A



A



A



11,803



A



A



A



45,867



A



A



A



44,315



A



A



A Realized price ($/lb)



A



1.19



A



A



A



1.47



A



A



A



1.32



A



A



A



1.32



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



Unit Costs



A



A



A



A



A



A



A



A



A



A



A



A



A



A Production cash cost ($/oz Ag)1,2



(20.4



)



A



A



(44.4



)



A



A



(35.4



)



A



A



(34.6



)



A



A Production cash cost ($/oz Ag Eq)1,3



8.7



A



A



A



7.0



A



A



A



7.6



A



A



A



7.7



A



A



A Production cash cost ($/t)1



89.5



A



A



A



82.0



A



A



A



83.5



A



A



A



79.1



A



A



A Unit net smelter return ($/t)



141.7



A



A



A



184.1



A



A



A



166.1



A



A



A



166.2



A



A



A AISC ($/oz Ag)1,2



A



20.8



A



A



A



(18.4



)



A



A



(7.8



)



A



A



(13.0



)



A



A AISC ($/oz Ag Eq)1,3



A



14.8



A



A



A



10.7



A



A



A



11.7



A



A



A



11.2



A



A



1 Non-GAAP Financial Measure. Refer to the Non-GAAP Financial Measures at the end of this news release and in the
associated MD&A for a description and calculation of these measures



A



2 Net of by-product credits from gold, lead, and zinc.



A



3 AISC/oz Ag Eq calculated using the realized metal prices for silver, lead, and zinc set out in the table



A

Quarterly ResultsThe Caylloma Mine produced 219,207 ounces of silver which was 8% lower than the comparable period in 2017.A Average silver head grade was 61 g/t, or 6% below the head grade for the comparable period reported in 2017. The Caylloma Mine also produced 6.5 million pounds of lead and 11.5 million pounds of zinc, which were 18% and 1% lower than the comparable quarter in 2017.A The decrease in production was due primarily to lower average head grades for lead and zinc of 2.39% and 4.30%, respectively, which were 18% and 2% below the average head grades reported in the comparable quarter in 2017.Cash cost per tonne of processed ore for the fourth quarter of 2018 was $89.5, which was 9% higher than the $82.0 cash cost for the comparable quarter in 2017. The increase was due primarily to higher mine costs related to mine support and higher indirect costs related to labor and community relations costs.Annual ResultsTotal lead production for 2018 decreased 5% to 28.3 million pounds while zinc production increased 3% to 45.5 million pounds, over 2017. Silver production decreased 3% to 911,309 ounces compared to 943,038 ounces in 2017.A Head grades for lead and silver were 7% and 5% lower than in 2017, respectively. However, the decline in head grades was partially offset by a 1% increase in ore processed.A Total silver production was 11% above 2018 guidance.ACash cost per tonne of processed ore for 2018 was $83.5 or 6% higher than the $79.1 reported in 2017 and 3% above guidance.A The increase in cash costs was due mainly to higher indirect costs related to on-site labor, general services and mine support costs.All-in-sustaining cash cost per payable ounce of silver equivalent (a??AISCa??) was $11.7 for 2018 compared to $11.2 reported in 2017.A Compared to the 2018 annual guidance of $13.7, the AISC was $2.0 lower due to a 13% increase in silver equivalent production and lower sustaining capital expenditures.Cash cost per tonne of processed ore and AISC are non-GAAP financial measures.Non-GAAP Financial MeasuresThe following tables represent the computation of certain non-GAAP financial measures as referenced in this news release.Income Statement Reconciliation to Adjusted Net Income for the Fourth Quarter and Year to Date

A



(Expressed in $ millions, except per share
information)



A



Q4 2018



A



A



Adjust.



A



Q4 2018
Adjusted



A



Q4 2017



A



Adjust.



A



Q4 2017
Adjusted



A



Sales



$



A 59.6



A



$



A -



A



A



$



A 59.6



A



A



$



A 75.4



A



A



$



A -



A



A



$



A 75.4



A



A



Cost of salesA



A



A 42.2



A



A



A 0.1



A



A



A



A 42.3



A



A



A



A 40.1



A



A



A



A -



A



A



A



A 40.1



A



A



Mine operating income



A



A 17.4



A



A



A (0.1



)



A



A



A 17.3



A



A



A



A 35.3



A



A



A



A -



A



A



A



A 35.3



A



A



Selling, general and administration



A



A 6.3



A



A



A -



A



A



A



A 6.3



A



A



A



A 8.4



A



A



A



A -



A



A



A



A 8.4



A



A



Exploration and evaluation



A



A 0.2



A



A



A -



A



A



A



A 0.2



A



A



A



A 1.3



A



A



A



A -



A



A



A



A 1.3



A



A



Share of loss of equity-accounted investee



A



A 0.1



A



A



A (0.1



)



A



A



A -



A



A



A



A 0.2



A



A



A



A (0.2



)



A



A



A -



A



A



Foreign exchange loss (gain)



A



A 3.6



A



A



A (3.9



)



A



A



A (0.3



)



A



A



A (1.3



)



A



A



A -



A



A



A



A (1.3



)



A



Impairment reversal



A



A -



A



A



A



A



A -



A



A



A



A (31.1



)



A



A



A 31.1



A



A



A



A -



A



A



Other (income) expenses, net



A



A 0.9



A



A



A (0.9



)



A



A



A -



A



A



A



A 0.1



A



A



A



A (0.8



)



A



A



A (0.7



)



A



Operating Income



A



A 6.3



A



A



A 4.8



A



A



A



A 11.1



A



A



A



A 57.7



A



A



A



A (30.1



)



A



A



A 27.6



A



A



Interest and finance costs



A



A 0.4



A



A



A -



A



A



A



A 0.4



A



A



A



A -



A



A



A



A -



A



A



A



A -



A



A



Gain (loss) on financial assets and liabilities carried at fair value



A



A 0.4



A



A



A 0.4



A



A



A



A 0.8



A



A



A



A (0.7



)



A



A



A (0.6



)



A



A



A (1.3



)



A



Income before taxes



A



A 7.1



A



A



A 5.2



A



A



A



A 12.3



A



A



A



A 57.0



A



A



A



A (30.7



)



A



A



A 26.3



A



A



Current income tax expense



A



A 3.9



A



A



A 0.2



A



A



A



A 4.1



A



A



A



A 11.4



A



A



A



A 0.3



A



A



A



A 11.7



A



A



Deferred income tax recovery



A



A 1.0



A



A



A 2.8



A



A



A



A 3.8



A



A



A



A 11.4



A



A



A



A (9.1



)



A



A



A 2.3



A



A



Net income and adjusted net income



$



A 2.2



A



$



A 2.2



A



A



$



A 4.4



A



A



$



A 34.2



A



A



$



A (21.9



)



A



$



A 12.3



A



A



Earnings per share - basic



$



0.01



A



$



A 0.01



A



A



$



0.02



A



A



$



0.21



A



A



$



A (0.14



)



A



$



0.07



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



A



(Expressed in $ millions, except per share
information)



A



YTD 2018



A



A



Adjust.



A



YTD 2018
Adjusted



A



YTD 2017



A



Adjust.



A



YTD 2017
Adjusted



A



Sales



$



A 263.3



A



$



A -



A



A



$



A 263.3



A



A



$



A 268.1



A



A



$



A -



A



A



$



A 268.1



A



A



Cost of salesA



A



A 166.7



A



A



A (1.3



)



A



A



A 165.4



A



A



A



A 158.6



A



A



A



A -



A



A



A



A 158.6



A



A



Mine operating income



A



A 96.6



A



A



A 1.3



A



A



A



A 97.9



A



A



A



A 109.6



A



A



A



A -



A



A



A



A 109.6



A



A



Selling, general and administration



A



A 26.2



A



A



A -



A



A



A



A 26.2



A



A



A



A 24.9



A



A



A



A -



A



A



A



A 24.9



A



A



Exploration and evaluation



A



A 0.7



A



A



A -



A



A



A



A 0.7



A



A



A



A 1.5



A



A



A



A -



A



A



A



A 1.5



A



A



Share of loss of equity-accounted investee



A



A -



A



A



A -



A



A



A



A -



A



A



A



A 0.2



A



A



A



A (0.2



)



A



A



A -



A



A



Foreign exchange loss



A



A 6.1



A



A



A (3.9



)



A



A



A 2.2



A



A



A



A 2.1



A



A



A



A



A
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