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Allied Nevada plunges after earnings fall, mill construction deferred

  • Allied Nevada (ANV -14.9%) is punished after Q2 earnings fell to $0.04/share from $0.07 a year earlier and weak metals prices prompt the miner to defer construction of its Hycroft mill until a revised feasibility study is completed.
  • As a result, ANV will not be able to give clear guidance on potential production or initial capex for the mill scenario.
  • As a heap-leach only operation, Hycroft is expected to process at a reduced rate until 2021; production is expected to average 225K oz. of gold and 2.7M oz. of silver annually.
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