Business
Corrected: Abcourt is Pleased to Report a Gross Profit of $1,940,767 and a Net Profit of $358,856 for Annual 2020
(TheNewswire) Rouyn-Noranda, Quebec, Canada - TheNewswire - Novem...
About this update from Abcourt Mines, Inc. Class B
[{"type":"text","content":"Corrected: Abcourt is Pleased to Report a Gross Profit of $1,940,767 and a Net Profit of $358,856 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 - November\n3, 2020 -\n \n \n Abcourt Mines Inc.\n(TSXV:ABI\n \n \n )\n(OTC:ABMBF)\n \n \n ,\n \n \n (\n \n \n \"\n \n \n Abcourt\" or the\n \n \n \"\n \n \n Company\")\n \n \n reports its results today for the fourth quarter\nand financial year ended on June 30, 2020. All amounts are in Canadian\ndollars unless otherwise indicated.\n \n \n \n \n Highlights:\n \n \n \n \n \n \n -\n \n \n Revenues of $24 057 233 for fiscal 2020.\n \n \n \n \n - Gross profit of $ 1 940 767. Net profit of\n$358,856\n \n \n \n \n - Adjusted net profit of $4,259,151\n \n \n \n \n - Costs of sales reduced by $3,1M or 12.4 %\n \n \n \n \n - Gold inventory of $2,544,974, that is 1,400\nounces\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 /oz\n \n \n \n \n - Net profit of fourth quarter $ 431 498\n \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 exercise of the 2019\nwarrants.\n \n \n \n \n - Two explosive permits received for our Sleeping Giant\nproject\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 T...