Business
ELYSEE Earns $574,676 ($0.02 per Share) During the Three Months Ended March 31, 2023
Vancouver, British Columbia--(Newsfile Corp. - May 5, 2023) - Elysee Development Corp. (TSXV: EL...
About this update from Elysee Development Corp
[{"type":"text","content":"ELYSEE Earns $574,676 ($0.02 per Share) During the Three Months Ended March 31, 2023Vancouver, British Columbia--(Newsfile Corp. - May 5, 2023) - Elysee Development Corp. (TSXV: ELC) (FSE: QLDN) is pleased to announce its unaudited financial results for the three months ended March 31, 2023 (\"Q1 2023\"). All dollar amounts are in Canadian funds. Highlights from the Q1 2023 results include:Net income of $574,676 ($0.02 per share) in Q1 2023 as compared to net income of $728,479 ($0.03 per share) in Q1 2022;Total investment income of $715,735 in Q1 2023 as compared to $836,818 in Q1 2022; The announcement and accrual of a dividend for fiscal 2022 of $0.01 per share that was paid on April 11, 2023;An increase in Net Asset Value per share to $0.55 per share as of March 31, 2023 (after deducting the $0.01 per share dividend) compared to a Net Asset Value of $0.54 per share on December 31, 2022.The first three months of 2023 was an excellent quarter for Elysee's investment portfolio, with an unrealized gain on securities of $736,677 and interest and dividend income of $96,434 offset by realized losses on the sale of underperforming securities of $111,460. While the prices of gold and silver performed well in Q1 2023, gold and silver stocks showed only modest gains during this period. Oil and gas prices on the other hand declined during the quarter. In February 2023 B2Gold Corp. made an all-share offer to acquire Sabina Gold and Silver Corp at a premium to the market. Following the announcement of the offer, Elysee sold its entire position of 130,000 shares in the market at a profit. We also realized significant gains on the partial sale of our investments in Adriatic Metals Plc and Riley Exploration Permian Inc. and sold most of the shares of Osisko Metals Inc. after they announced the sale of their flagship project to a private equity fund.Elysee further increased its investment in Spartan Delta Corp after the oil and gas producer announced the intention to return a significant amount of surplus capital to its shareholders. The most significant publicly traded equity positions for Elysee as of March 31, 2023 were Arizona Sonoran Copper Company Inc., Dundee Precious Metals Inc., Green Impact Partners Inc., Spartan Delta Corp. and Agnico Eagle Mines Limited. For more information on these investments and others made during the period, ...