Business
Abcourt Reports an Adjusted Net Profit of $1M and a Net Profit of $87K for the Second Quarter 2020
(via TheNewswire) Rouyn-Noranda, Quebec, Canada - TheNewswire - March 1 1 ...
About this update from Abcourt Mines, Inc. Class B
[{"type":"text","content":"Abcourt Reports an Adjusted Net Profit of $1M and a Net Profit of $87K for the Second Quarter 2020(via TheNewswire)\n \n \nRouyn-Noranda, Quebec, Canada - TheNewswire - March 11, 2020 - Abcourt Mines Inc. (TSXV:ABI), (Berlin:AML-BE) and (Frankfurt Stock Exchanges:AML-FF) (\"Abcourt\" or the \"Mines Abcourt inc.) reports its results today for the second quarter ended December 31, 2019. All amounts are in Canadian dollars unless otherwise indicated. \n\n \n \nThese amounts and production results for the December 31 period have not been audited and have not been reviewed by our auditors in accordance with the standards of the Chartered Professional Accountants of Canada.\n\n\n \nHighlights :\n\n\n \n\n\n- Second quarter revenues of $6.9 M from the sale of 3,524 ounces of gold. A drop of 4 % over the second quarter ended December 31, 2018.\n\n\n\n- The average realized price of gold sold was C$1,949 per ounce.\n\n\n\n- Net profit in the second quarter of $87K, compared to $237K in 2018. \n\n\n\n- Adjusted net profit of $1M compared to $746K in 2018.\n\n\n\n- Cash of $3.7M, an increase of 32 % over 2018.\n\n\n\n- The Company has no long-term debt. It finances itself with its operating revenues. \n\n\n\n\n \nRecent developments: \n\n\n \n\n\n- Work currently being done on levels 4, 9 and 10 at the Elder mine to open new stopes.\n\n\n\n- $ 728 000 recently raised by private placement for diamond drilling.\n\n\n\n- Work started to reopen the Sleeping Giant mine.\n\n\n\n \n \nComparative table of results for the second quarter ended on December 31, 2019 and 2018\n\n \n\nDescription\n\n\n \n\n\nDec. 31, 2019\n\n\n\n3 months\n\n\n\n\nDec. 31, 2019\n\n\n\n6 months\n\n\n\n\nDec. 31, 2018\n\n\n\n3 months\n\n \n\n\nDec. 31, 2018\n6 months\n\n \n\n\nTonnes treated\n\n\n \n\n\n31,410\n\n\n\n\n60,941\n\n\n\n\n20,746\n\n\n\n\n48,719\n\n\n\n\nGrade of treated tonnes\n\n\n\n\n(g/t AU)\n\n\n\n\n3,68\n\n\n\n\n3,75\n\n\n\n\n4,54\n\n\n\n\n4,85\n\n\n\n\nTonnes extracted\n\n\n \n\n\n29 448\n\n\n\n\n55 103\n\n\n\n\n25 586\n\n\n\n\n50 248\n\n\n\n\nGrade of extracted tonnes \n\n\n\n\n(g/t AU)\n\n\n\n\n4,00\n\n\n\n\n3,98\n\n\n\n\n4,29\n\n\n\n\n4,34\n\n\n\n\nGold ounces sold\n\n\n \n\n\n3 524\n\n\n\n\n7 147\n\n\n\n\n3 673\n\n\n\n\n6 863\n\n\n\n\nGold ounces produced\n\n\n \n\n\n3 722\n\n\n\n\n7 382\n\n\n\n\n3 762\n\n\n\n\n6 863\n\n\n\n\nGold recovery\n\n\n \n\...