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Gold/Mining/Energy : lake shore

LSG 1.469

0.0%

Apr 11 5:00 PM EST

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From: MoneyCooper	11/7/2014 12:34:05 PM
	of 16

Q3/14 Results In Line; Focus Now on Exploration Recent information released by Daniel Earle Lake Shore reported its Q3/14 financials - production and costs had been pre-reported on October 3 and October 9, respectivelyAdjusted EPS of $0.02 and CFPS of $0.06 were both in line with our estimate and consensus – when first announced, cash costs were better than we expected due to lower than expected site costs Recall, total production was 45.6 koz from 3,490 tpd at 4.6 g/t, versus 52.3 koz from 3,400 tpd at 5.4 g/t in the prior quarter; Daniel Earle expected the grade to decrease in the quarter as it would trend towards the reserve grade With 9M/14 production of 142.5 kozs and cash costs of US$588/oz (AISC of US$861/oz), the company appears to us to be on-track to beat its full year guidance of 160-180 kozs at US$675-US$775/oz (AISC of US$950-US$1050/oz) Lake Shore increased its cash and bullion by approximately $14mm in Q3/14 to $67mm ($62mm in cash and $5mm in bullion), while repaying approximately $4.1mm of debt in Q3/14

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