Date: April 27, 2021
Magna is a Canadian mining company that acquires, explores, develops and operates mining properties in Mexico with a focus on precious metals. Its primary asset is the San Francisco Gold Mine in Sonora, Mexico, and exploration stage projects include San Judas, La Pima and Mercedes.
Magna is pleased to announce its financial results for the nine months ended December 31, 2020 and year ended March 31, 2020. The company's metal revenues were $37.0 million. Further, they boasted gold sales of 20,235 ounces and silver sales of 9,188 ounces. Moreover, Magna is setting guidance expectations for gold production during 2021 of between 55,000 to 65,000 ounces. The company also expects to have the San Francisco Mine fully commissioned before the end of Q2 2021.
They saw cash flow provided by operating activities of $9.4 million for the nine months ended December 31, 2020, compared to cash flow used in operating activities of $1.6 million for the year ended March 31, 2020. "Cash flow enables us to continue exploration, especially of our silver properties," says President & CEO, Arturo Bonillas.
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