VANCOUVER, British Columbia, May 21, 2024 (GLOBE NEWSWIRE) -- Atico Mining Corporation (the "Company" or "Atico") ((TSX.V: ATY, OTC:ATCMF) today announced its financial results for the three months ended March 31, 2024, posting income from mining operations of $2.8 million and a net loss of $0.4 million. Production for the period at Atico's El Roble mine totaled 3.3 million pounds ("lbs") of copper and 2,185 ounces ("oz") of gold in concentrate at a cash cost(1) of $2.57 per payable pound of copper(2). Fernando E. Ganoza, CEO and Director, commented, "the operational and financial results for this quarter were in line with Company expectations. We are already into development of the newly discovered reserves and have been making additional investments in preparation for ore extraction from these areas." Mr. Ganoza continued, "for the remainder of the year, we should start to see an improvement in our operating costs as we progressively gain access to mining the upper areas of the mine, while at the same time the recent increase in metals prices, particularly in copper should be positively reflected in our revenue and margin." First Quarter Financial Highlights Net loss for the quarter amounted to $0.4 million, compared with $0.5 million for the comparative quarter. The loss was primarily due to higher costs and lower average realized price per pound of payable copper which impacted income from mining operations, as well as an unrealized mark-to-market loss on gold hedges. Sales for the quarter increased 39% to $17.8 million when compared with $12.8 million in Q1-2024. Copper ("Cu") and gold ("Au") accounted for 81% and 19% of the 9,383 (Q1-2023 – 6,475) dry metric tonnes ("DMT") sold during Q1-2024. The average realized price per metal was $3.97 (Q1-2023 – $4.15) per pound of copper and $2,180 (Q1-2023 – $2,139) per ounce of gold. Ending working capital was negative $1.8 million (December 31, 2023 – $2.1 million), while the Company had $6.0 million (December 31, 2023 – $6.0 million) in long-term loans payable. Cash costs(1) were $160.10 per tonne of processed ore and $2.57 per pound of payable copper produced, which were an increase of 26% and 17% over Q1-2023, respectively. Cash margin was $1.40 per pound of payable copper produced, which was a decrease of 28% over Q1-2023 due to the increase in cash cost per pound and the decrease in realized copper price. All-in sustaining cash cost(1) per payable pound of copper produced was $3.41 (Q1-2023 – $3.34). First Quarter Summary of Financial Results     Q12024   Q12023   %Change   Revenue   $ 17,818,115   $ 12,783,240   39 % Cost of sales     (15,016,252 )   (10,702,409 ) 40 % Income from mining operations     2,801,863     2,080,831   35 % As a % of revenue     16 %   16 %   General and administrative expenses     (1,331,172 )   (1,466,716 ) (9 %) Income from operations     1,292,845     573,062   126 % As a % of revenue     7 %   4 %   Income (loss) before income taxes     (257,271 )   197,191   (230 %) Net loss     (365,933 )   (499,670 ) (27