51
MANAGEMENT’S DISCUSSION AND ANALYSIS
DRIVING GROWTH FROM WITHIN
San Jose Mine All-in Cash Cost
Expressed in $‘000’s
YTD
YTD
Q4 2014
Q4 2014
Q4 2013
Q4 2013
Cash cost applicable per payable ounce
4,257
14,769
4,892
15,800
Government royalty and mining tax
71
487
–
–
Workers’ participation
570
4,445
101
101
Selling, general and administrative
expenses (operations)
634
3,466
743
3,347
Adjusted operating cash cost
5,532
23,167
5,736
19,248
Sustaining capital expenditures
1
3,037
21,477
2,751
13,045
Brownfields exploration expenditures
1
1,146
5,978
1,006
6,180
All-in sustaining cash cost
9,715
50,622
9,493
38,473
Non-sustaining capital expenditures
1
680
1,551
1,196
8,910
All-in cash cost
10,395
52,173
10,689
47,383
Payable ounces of silver operations
1,031,736
4,195,180
880,961
2,421,383
All-in sustaining cash cost per payable
ounce of silver
9.42
12.07
10.78
15.89
All-in cash cost per payable ounce of silver
10.08
12.44
12.13
19.57
1
presented on a cash basis
Caylloma Mine All-in Cash Cost
Expressed in $‘000’s
YTD
YTD
Q4 2014
Q4 2014
Q4 2013
Q4 2013
Cash cost applicable per payable ounce
3,986
14,694
4,272
15,289
Government royalty and mining tax
227
901
218
749
Workers' participation
73
859
315
1,158
Selling, general and administrative
expenses (operations)
861
3,411
593
2,737
Adjusted operating cash cost
5,147
19,865
5,398
19,933
Sustaining capital expenditures
1
2,346
8,918
4,003
17,683
Brownfields exploration expenditures
1
86
779
156
4,018
All-in sustaining cash cost
7,579
29,562
9,557
41,634
Non-sustaining capital expenditures
1
166
153
–
–
All-in cash cost
7,745
29,715
9,557
41,634
Payable ounces of silver operations
517,728
2,092,413
515,334
1,998,858
All-in sustaining cash cost per payable
ounce of silver
14.64
14.13
18.55
20.83
All-in cash cost per payable ounce of silver
14.96
14.20
18.55
20.83
1
presented on a cash basis
Adjusted net income (non-GAAP financial measure)
The Company uses the financial measures “adjusted net income” to supplement information in its consolidated financial
statements. The Company believes that in addition to conventional measures prepared in accordance with IFRS, the
Company and certain investors and analysts use this information to evaluate the Company’s performance. The term
“adjusted net income” does not have a standardized meaning prescribed by IFRS, and therefore the Company’s definitions
are unlikely to be comparable to similar measures presented by other companies.
