Business
Abcourt Announces its Results for the Fourth Quarter and the Year ended June 30, 2022
(TheNewswire) Rouyn-Noranda, Canada – TheNewswire - October 27, 2022 -...
About this update from Abcourt Mines, Inc. Class B
[{"type":"text","content":"Abcourt Announces its Results for the Fourth Quarter and the Year ended June 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 October 27, 2022 -\n \n \n Abcourt Mines Inc. (“Abcourt” or the\n \n \n “Company”) (TSXV:ABI)\n \n \n announces its results for the fourth quarter and\nthe year ended June 30, 2022, representing a net loss of $27.9 M\nfollowing the reduction in production at the Elder Mine and the\ndevaluation in the book value of $23.8M from mining properties.\n \n \n \n \n On May 9, 2022, the Company announced the cessation of\noperations at the Elder mine for August 1\n \n \n st\n \n \n 2022.\n Indeed, for several quarters, mining at the Elder mine had been\nbecoming less and less profitable. The financial results announced\ntoday clearly demonstrate this.\n \n \n \n \n As of June 30, 2022, the Company determined that the\nsignificant losses generated by the extraction of ore at the Elder\nmine as well as the depletion of the reserves constituted facts and\ncircumstances indicating an impairment of these assets and concluded\nthat a devaluation was necessary for the assets associated with the\nElder mine. In addition, a change in the strategic orientations of the\nCompany led to a reassessment of the book values of our mining\nproperties and required the devaluation of many projects such as\nAldermac and Abcourt-Barvue.\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. All amounts are in Canadian dollars\nunless otherwise indicated.\n \n \n \n \n Highlights of the Financial\nYear\n \n \n \n \n \n \n Revenues of $20,394,883 for the year ended June 30,\n2022, compared to $27,587,100 for the same period in 2021, a decrease\nof 26%, explained by the decrease in the number of ounces of gold\nsold.\n \n \n \n \n \n \n \n \n A net loss of $27,896,315, compared to a net profit of\n$2,424,866 for the same period in 2021, explained by non-cash charges\nfor the devaluation of the Company's assets, by the increase in the\ncost of sales, and by the decrease in tonnage.\n \n \n \n \n \n \n \n \n An adjusted net loss of $1,881,252, compared to an\nadjusted net income of $5,107,012 for the same perio...