Business
Abcourt Is Pleased to Report a Net Profit of $1,008,856 for Annual 2020
(TheNewswire) Rouyn-Noranda, Quebec, Canada - TheNewswire - O...
About this update from Abcourt Mines, Inc. Class B
[{"type":"text","content":"Abcourt Is Pleased to Report a Net Profit of $1,008,856 for Annual 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 October 30, 2020\n \n \n \n \n Abcourt Mines Inc.\n(TSXV:ABI\n \n \n )\n \n \n (\n \n \n Berlin: AML-BE and Frankfurt Stock Exchanges: AML-FF)\n \n \n (\"\n \n \n Abcourt\n \n \n \" or the\n \n \n \"\n \n \n Mines Abcourt\ninc.)\n \n \n reports its results today for the fourth\nquarter and fiscal year ended on June 30, 2020. All amounts are in\nCanadian dollars unless otherwise indicated.\n \n \n \n \n Highlights:\n \n \n \n \n \n \n -\n \n \n Revenues of $ 24,0 M for fiscal 2020.\n \n \n \n \n - Net profit of $ 1,008,856\n \n \n \n - Adjusted net profit of $ 4,259,151\n \n \n \n - Cash costs reduced by $ 3,1M or 12.4%\n \n \n \n \n - Gold inventory of $2,544,974\n \n \n \n \n - Cash cost of $1,636 Can/oz, $US 1,228/oz of\ngold\n \n \n \n \n - Ounces produced 12,180, sold 11,640\n \n \n \n \n - All-inclusive cost of $1,950 /ounce\n \n \n \n - Net profit of fourth quarter $ 1,081 498\n \n \n \n - 6 000 Tonnes of broken muck in stopes with an\ninvestment value of about $800,000.\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 at Elder mine 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 or zones on upper levels.\n \n \n \n \n - $448,815 raised by the exercice of the 2019\nwarrants.\n \n \n \n \n - $730 K received from Canada Emergency Wage\nSubsidy\n \n \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 sustaining costs per ounce of gold\nproduced which are non-International Financial Reporting Standards\n(IFRS) performances measures. This data may not be comparable to data\npresented by other gold producers. Non-GAAP financial performance\nmeasures should be considered together with other data prepared in\naccordance with IFRS.\n \n \n \n \n The adjusted net profit is a measure of performanc...