Business
Abcourt Fared Well with only an Adjusted Loss of $108,774 and a Net Loss of $703,322 in the Second Quarter Ended on December 31, 2021
(TheNewswire) Rouyn-Noranda, Québec, Canada – TheNewswire - ...
About this update from Abcourt Mines, Inc. Class B
[{"type":"text","content":"Abcourt Fared Well with only an Adjusted Loss of $108,774 and a Net Loss of $703,322 in the Second Quarter Ended on December 31, 2021\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n Rouyn-Noranda, Québec, Canada –\n \n \n TheNewswire -\n \n \n February 16, 2022 -\n \n \n Abcourt Mines Inc. (TSXV:ABI\n \n \n )\n \n \n ,\n \n \n (OTC:ABMBF),\n \n \n (\n \n \n Berlin:AML-BE\n \n \n )\n \n \n and\n \n \n (\n \n \n Frankfurt Stock\nExchanges:AML-FF) (\"Abcourt\" or the\n\"Corporation\"\n \n \n ), declares results for\nthe second quarter ended on December 31, 2021, compared to the second\nquarter ended on December 31, 2020. All amounts are in Canadian\ndollars unless indicated differently.\n \n \n \n \n HIGHLIGHTS:\n \n \n \n \n \n \n \n Revenues of $6,244,370 for the quarter\nended December 31, 2021, compared to $8,360,494 in 2020, a 25%\ndecrease, justified by lower gold prices and fewer ounces of gold\nsold.\n \n \n \n \n \n \n \n \n \n \n A net loss of $703,322 in 2021 compared\nto a net profit of $454,583 at December 31, 2020 explained in part by\na decrease in the number of ounces of gold sold and an increase in\nproduction costs due to absences related to Covid-19.\n \n \n \n \n \n \n \n \n \n \n Adjusted loss of $108,774 in 2021\ncompared to adjusted net income of $1,381,572 in 2020.\n \n \n \n \n \n \n \n \n \n \n Cost of sales of $6,648,137 in 2021,\ndown 13% from $7,513,877 in 2020.\n \n \n \n \n \n \n \n \n \n \n Cash of $1,031,955 as at December 31,\n2021 compared to $2,454,545 as at June 30, 2021.\n \n \n \n \n \n \n \n \n \n \n Gold inventory of $l,960,197 in 2021,\ncompared to $994,624 at December 31, 2020, an increase of\n97%.\n \n \n \n \n \n \n \n \n \n \n Cash cost in Q2 of $2,197 (US $1,752),\ncompared to $1,961 (US $l,518) and all-in sustaining cots of $2,693\n(US $2,147) compared to $2,221 (US $1,719) per ounce sold in\n2020.\n \n \n \n \n \n \n \n \n \n \n Ounces produced in 2021 were 2,103\ncompared to 2,730 in 2020. Ounces sold in 2021 were 2,765 compared to\n3,431 in 2020, a 23% decrease in ounces produced and a 20% decrease in\nounces sold.\n \n \n \n \n \n \n \n \n \n \n Sales of 400 ounces of gold from\ndevelopment work at Sleeping Giant Mine for a total of $903,856 in the\n2nd quarter ended December 31, 2021.  No sale in the 2nd quarter of\n2020.\n \n \n \n \n \n \n \n RECENT DEVELO...