Business
Abcourt announces its Results for the First Quarter ended September 30, 2022
(TheNewswire) Rouyn-Noranda, Canada - TheNewswire - November 28, 2022 - Abcou...
About this update from Abcourt Mines, Inc. Class B
[{"type":"text","content":"Abcourt announces its Results for the First Quarter ended September 30, 2022\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Rouyn-Noranda, Canada -\n \n \n TheNewswire -\n \n \n November 28, 2022 - Abcourt Mines Inc.\n(“Abcourt” or the\n \n \n “Company”) (TSX\n \n \n V:\n \n \n ABI)\n \n \n announces its results for the first quarter ended September\n30, 2022, representing a net loss of $1,144,563, and an adjusted net\nloss of $1,056,172, compared to an adjusted net result of $768,353 for\nthe same period in 2021.\n \n \n \n \n The financial results announced today are the result of\nthe cessation of activities at the Elder mine on August 1,\n2022.\n \n \n \n \n Since May 9, Abcourt has been working on the\ndevelopment of the Sleeping Giant mine and the improvement of the\nCompany's financial balance sheet. Abcourt is currently completing a\nmineral resource update for the Sleeping Giant mine. The Company\nexpects to publish this update before December 31, 2022 and file the\n43-101 Technical Report on SEDAR in early 2023.\n \n \n \n \n All amounts are in Canadian dollars unless otherwise\nindicated.\n \n \n \n \n Highlights for the Quarter\n \n \n \n \n \n \n Revenues of $2,691,935 for the quarter ended September\n30, 2022, mainly from the sale of gold ounces in inventory as of June\n30, 2022 and from plant clean-up carried out during fiscal\n2022.\n \n \n \n \n \n \n \n \n A net loss of $1,144,563 and an adjusted net loss of\n$1,056,172, compared to adjusted net income of $768,353 for the same\nperiod in 2022.\n \n \n \n \n \n \n \n \n Cost of sales of $2,792,824, compared to $6,722,895 in\nQ1-2022, a significant decrease explained by the cessation of mining\noperations at the Elder mine.\n \n \n \n \n \n \n \n \n Ounces sold were 1,174 ounces and came mainly from\ninventory ounces as of June 30, 2022. The average price realized on\nthe sale of gold for the quarter was $2,264 (US$1,742) per ounce of\ngold, compared to $2,260 (US$1,794) in Q1-2022, which is\ncomparable.\n \n \n \n \n \n \n \n \n Cash of $2,716,254, compared to $720,512 as of June 30,\n2022.  Company’s working capital of $(3,057,707) compared to\n$(5,246,416) as of June 30, 2022. A net improvement during the quarter\nof cash and working capital compared to June 30, 2022 in part related\nto financing...