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ABCOURT Report is Financial Results for the Quarter Ended March 31, 2022
(TheNewswire) ROUYN-NORANDA, CANADA – TheNewswire - May 26...
About this update from Abcourt Mines, Inc. Class B
[{"type":"text","content":"ABCOURT Report is Financial Results for the Quarter Ended March 31, 2022\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n ROUYN-NORANDA,\n \n \n CANADA –\n \n \n TheNewswire -\n \n \n May\n26,\n \n \n 2022\n \n \n –\n \n \n Abcourt MiPRnes\nInc.\n \n \n (\"Abcourt\" or\nthe \"Corporation\"\n \n \n )\n \n \n (TSX\n \n \n V\n \n \n :\n \n \n ABI\n \n \n )\n \n \n , declares results for the third quarter\nended on March 31, 2022, compared to the third quarter ended on March\n31, 2021. All amounts are in canadian dollars unless indicated\ndifferently.\n \n \n \n \n \n \n HIGHLIGHTS\n \n \n :\n \n \n \n \n \n \n Revenues of $4,175,745 for the quarter ended March 31,\n2022\n \n \n compared\n \n \n to\n$4,813,520\n \n \n in 2021,\n \n \n a 14%\ndecrease,\n \n \n explain by fewer ounces of gold sold\nand lower-than expected tonnes.\n \n \n \n \n \n \n \n \n A net loss of $1,042,208 compared to a net profit of\n$367,413 at March 31, 2021 explain by fewer ounces of gold sold and\nlower than expected tonnes.\n \n \n \n \n \n \n \n \n Adjusted loss of $618,924, compared to adjusted net\nincome of $938,456 for the same period in 2021.\n \n \n \n \n \n \n \n \n Cost of sales of $4,957,471, compared to $4,114,284 for\nthe same quarter of 2021, an increase of 20% which is due to the\nincrease in material and labor costs as well as the problems\nencountered in supply chains.\n \n \n \n \n \n \n \n \n Cash of $1,057,141, compared to 2 454 645 $ as at\nJune 30, 2021. Working capital of $(4,370,888) compared to $(413,103)\nas at June 30, 2021. The decrease in cash is due to lower operating\ncash flows and higher investment in property, plant and\nequipment\n \n \n \n .\n \n \n \n \n \n \n \n \n \n Cash cost of $2,595 ($2,060 US), compared to $1,648\n($1,314 US) and all-in sustaining cots of $2,743 ($2,178 US) compared\nto $2,002 ($1,596 US) per ounce sold for the corresponding period in\n2021. The increase in the cash cost is explain by the decrease in the\nnumber of ounces of gold sold by 20% compared to the same period in\n2021 and by the decrease the expected tonnes. During the quarter, the\ncash cost is higher than the realized average price per ounce of gold\nsold of $2,363.\n \n \n \n \n \n \n \n \n 1,791 ounces of gold produced for the quarter compared\nto 2,360 ounces for the same period in 2021. 1,760 ounces of ...