Business
Abcourt is Pleased to Report a Net Profit of $1.1 M and Record Revenue of $7.8 M for the Quarter Ended September 30, 2020
(TheNewswire) Rouyn-Noranda, Quebec, Canada - TheNewswire - November ...
About this update from Abcourt Mines, Inc. Class B
[{"type":"text","content":"Abcourt is Pleased to Report a Net Profit of $1.1 M and Record Revenue of $7.8 M for the Quarter Ended September 30, 2020\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n Rouyn-Noranda,\n \n Quebec, Canada -\n \n TheNewswire -\n \n \n November 30, 2020 -\n \n \n Abcourt Mines Inc.\n(TSXV:ABI\n \n \n )\n \n \n ,\n \n \n (OTC:ABMBF),\n \n \n (\n \n \n \"\n \n \n Abcourt\"\nor the\n \n \n \"\n \n \n Company\")\n \n \n reports its results today for the first quarter of the\nfinancial year 2021. 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 - Net profit of $1,055,638 for T1-2021 versus a net\nloss of $61,668 for T1-2020;\n \n \n \n \n - Adjusted net profit of $1,787,909 versus $890,187 for\nT1-2020;\n \n \n \n \n - Costs of sales reduced by $421,296, that is 6%\ncompared to the previous year\n \n \n \n \n - Cash of $3,382,660, representing an increase of\n$1,421,740 for the quarter;\n \n \n \n \n - Gold inventory of $1,946,725, that is about 1,233\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. Cash\ncost of $1,897 /oz or US$1,426;\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 \n Recent\nDevelopments:\n \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 in shafts and drifts at Sleeping\nGiant mine to develop new ore zones on upper levels.\n \n \n \n \n - To date, the Company has received an amount of\n$466,215 raised by the exercise of warrants issued in 2018 and\n2019.\n \n \n \n \n \n \n This is a quarter with record revenues due in part to\nthe increase in the price of gold. Our operations have generated cash\nof $1.4M. This allow us to develop our Sleeping Giant Project and\ncontinue the development at 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...