Business
2022 Third Quarter Report
LONDON, UK / ACCESSWIRE / November 15, 2022 / Gabriel Resources Ltd. (TSXV:GBU) (" Gabriel "...
About this update from Gabriel Resources Ltd.
[{"type":"text","content":"2022 Third Quarter ReportLONDON, UK / ACCESSWIRE / November 15, 2022 / Gabriel Resources Ltd. (TSXV:GBU) (\"Gabriel\" or the \"Company\") announces the publication of its Third Quarter Financial Statements and Management's Discussion and Analysis Report for the period ended September 30, 2022.SummaryGabriel and its wholly-owned indirect subsidiary, Gabriel Resources (Jersey) Ltd. (together \"Claimants\"), remain focused on concluding their arbitration case against the Romanian State (\"Respondent\") under the rules of the International Centre for Settlement of Investment Disputes (\"ICSID\"), part of the World Bank (\"ICSID Arbitration\"). The ICSID Arbitration case is well advanced.On June 14, 2022 the Claimants filed a submission responding to a limited list of further questions issued to the Claimants and Respondent (together \"Parties\") in April 2022 by the arbitral tribunal (\"Tribunal\"). The Respondent submission was filed on September 19, 2022.On September 16, 2022, the Tribunal informed the Parties that it had received a request by certain non-governmental organizations (\"Amici\") for leave to add a submission to the record of the case (\"Amici Filing\"). Neither the Claimant nor the Respondent objected to the Amici Filing being added to the record and each responded with comments thereon to the Tribunal on October 18, 2022.On November 8, 2022, the Tribunal invited the Parties to confer and agree on a schedule for the exchange of their cost statements, which is ongoing.Notwithstanding the Tribunal's statement in December 2021 that it would render an arbitral award (\"Award\") in 2022, it has reserved the right to introduce further procedural steps and there is no specified timeframe in the ICSID Rules applicable to this case in which an Award is to be made by the Tribunal.On August 23, 2022, the agreement for the sale of the remaining mining equipment was amended to extend the schedule for the outstanding payment obligations to December 2022. Instalments totaling US$1.46 million have been received to the end of the third quarter of 2022, with additional monthly instalments due until the aggregate US$1.75 million (approx. $2.4 million) sale price is received.The net loss for the third quarter of 2022 was $1.4 million (Q2 2022 $2.8 million).As at September 30, 2022, the Company held $7.0 million of cash and cash equival...