Business
ELYSEE Announces Loss for the Nine Months Ended September 30, 2021 of $11,123
Vancouver, British Columbia--(Newsfile Corp. - November 8, 2021) - Elysee Development Corp. (...
About this update from Elysee Development Corp
[{"type":"text","content":"ELYSEE Announces Loss for the Nine Months Ended September 30, 2021 of $11,123Vancouver, British Columbia--(Newsfile Corp. - November 8, 2021) - Elysee Development Corp. (TSXV: ELC) (FSE: QLDN) wishes to announce its unaudited financial results for the three months (\"Q3 2021\") and nine months ended September 30, 2021. All dollar amounts are in Canadian funds.The third quarter of 2021 was a difficult quarter for gold and silver miners as evidenced by a decline of 17.6% in the world's leading tracker of junior gold and silver miners, the GDXJ, during Q3. The impact on Elysee's investment portfolio was evident, resulting in a loss of $2,113,923 for the three month period ended September 30, 2021. Unrealized losses on marketable securities of $2,405,228 during the quarter were only partially offset by realized gains of $292,287.After general and administrative expenses of $279,891, and taking into account transaction costs and interest and dividend income, the Company incurred a loss for the nine months ended September 30, 2021 of $11,123 ($0.00 per share). Realized gains during the period of $3,818,591 outweighed unrealized losses of $3,657,636. After paying out a three cent per share dividend for fiscal 2020 (a total of $833,178) in March 2021, the Company's Net Asset Value* (\"NAV\") decreased from $18.4 million on December 31, 2020 to $18 million ($0.64 per share) on September 30, 2021. Guido Cloetens, the Chairman and CEO of Elysee, stated: \"The leading trackers for gold and silver miners, the GDX and GDXJ, were down 18% and 29% respectively for the first nine months of 2021, with the TSX Global Mining index also down by 8%. During that same time period we were able to hold the course, with a loss of only $11,123 for the nine month period, by offsetting unrealized losses in our portfolio resulting from the market downturn with realized gains of $3,818,591 and reducing general and administrative expenses by over $70,000 compared to the same period a year prior. There has been a significant recovery in the indexes and the overall market for junior mining stocks since the start of October which may indicate that we reached a bottom at the end of Q3. As of October 31, 2021 our portfolio has recovered approximately $800,000 of the unrealized loss incurred during Q3 2021. With over $2.7 Million in cash on hand, we remain confident ...