Business
Abcourt Announces a Net Profit of $1,1 M and a Record Revenue of $ 7,8 M for the First Quarter Ended on September 30, 2020
(TheNewswire) Rouyn-Noranda, Quebec, Canada - TheNewswire - N...
About this update from Abcourt Mines, Inc. Class B
[{"type":"text","content":"Abcourt Announces a Net Profit of $1,1 M and a Record Revenue of $ 7,8 M for the First Quarter Ended on September 30, 2020\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n Rouyn-Noranda,\n \n \n Quebec,\n \n \n Canada -\n \n \n TheNewswire\n-\n \n \n November\n \n \n 30\n \n \n , 2020 -\n \n \n Abcourt\nMines Inc. (TSXV:ABI\n \n \n )\n \n \n ,\n \n \n (OTC:ABMBF),\n \n \n (\n \n \n \"\n \n \n Abcourt\" or the\n \n \n \"\n \n \n Company\")\n \n \n reports its results today for the first quarter\nended September 30, 2020. All amounts are in Canadian dollars unless\notherwise indicated.\n \n \n \n \n Highlights:\n \n \n \n \n \n \n -\n \n \n Revenues of $7,810,494 for the first quarter ended September\n30, 2020, the best to date.\n \n \n \n \n - Adjusted net profit of $1,787,909 compared to $\n890,187 in Q-1, 2020\n \n \n \n \n - Costs of sales reduced by about $420,296, that is\n6%.\n \n \n \n \n - Cash of $3,382,660. That is an increase of $\n1,421,740 for the quarter.\n \n \n \n \n - Gold inventory of $1,946,725, that is about 1,232\nounces\n \n \n \n \n - Ounces produced 3,008, sold 3,071.\n \n \n \n \n - All-inclusive cost of $2,184 /oz, or US $1,642/ounce.\nCash cost of $1,897 /oz, US$1,426/ounce of gold.\n \n \n \n \n - The Company has no long-term debt. It finances itself\nwith its operating revenues.\n \n \n \n \n \n Recent developments:\n \n \n \n \n \n -\n \n \n Drifting on 4\n \n \n Th\n \n \n , 10\n \n \n Th\n \n \n and\n11\n \n \n Th\n \n \n levels and rehabilitation work on 12\n \n \n th\n \n \n level at Elder\nmine to open new ore zones.\n \n \n \n \n - Rehabilitation work being done in shafts and drifts\nat Sleeping Giant mine to develop new ore zones on upper levels.\n \n \n \n \n - $448,815 raised by the exercise of warrants in\nSeptember and October 2020. These warrants were issued in October\n2019\n \n \n \n \n \n \n This is a very good quarter, mainly because of the\nincrease in the price of gold, but also with a reduction in the cost\nof sales. Our operations generated $1.4 M in cash. This will enable us\nto develop our Sleeping Giant project and to continue the development\nof the Elder mine.\n \n \n \n \n Non-GAAP Financial Performance\nMeasures\n \n \n \n \n This press release presents certain financial\nperformance measures, total cash costs per ounce of gold produced,\nsustaining costs and all-in sustaini...