Business
Minera IRL Reports Q2 2021 Financial Results
LIMA, Peru, Aug. 16, 2021 (GLOBE NEWSWIRE) -- Minera IRL Limited (“Minera” or the “Company”) (BVL:MIRL) (CSE:MIRL) is pleased to announce highlights from its un
About this update from Minera Irl Limited
[{"type":"text","content":" LIMA, Peru, Aug. 16, 2021 (GLOBE NEWSWIRE) -- Minera IRL Limited (“Minera” or the “Company”) (BVL:MIRL) (CSE:MIRL) is pleased to announce highlights from its unaudited consolidated financial statements and the corresponding management’s discussion and analysis (“MD&A”) for the second quarter ended June 30, 2021. Financial Results for the Second Quarter Ended June 30, 2021 A summary of the Company’s financial results for the second quarter ended June 30, 2021, are as follows: Second Quarter Ended 30 June 2021 2020 Revenue ($’000) 10,776 8,265 Gold sold (ounces) 6,013 4,921 Realized gold price ($ per ounce) 1,792 1,680 Gross profit ($’000) 2,962 2,508 After-tax profit (loss) ($’000) 1,770 (4,325) Earnings (loss) per share (cents) 0.8 (1.9) *Note: All of the results presented are prepared under IFRS and are presented in United States dollars. During Q2 2021, the Company reported sales revenue of $10.8 million compared with sales revenue of $8.3 million during Q2 2020, an increase of $2.5 million. This 30% increase can be attributed again to a higher average price of gold and improved gold production. Total gold production from Minera’s Corihuarmi mine increased from 4,931 ounces in Q2 2020 to 6,066 ounces in Q2 2021. Gold sales during the second quarter of 2021 were comprised of 6,013 ounces of gold (Q2 2020: 4,921 ounces of gold) at an average realized gold price of $1,792 per ounce (Q2 2020: $1,680 per ounce). Accordingly, gold sales increased by 22% as compared to Q2 2020. These factors have resulted in a 20% increase in gross profit to $3.0 million in the second quarter of 2021 as compared to $2.5 million reported for the same period in 2020. Commenting on the Q2 2021 financial results, Diego Benavides, CEO of Minera, said: “In the second quarter of 2021, we have continued to optimize the operational practices at our Corihuarmi mine, with positive results. In addition, the filing of a new NI 43-101 compliant Technical Report for the Corihuarmi mine on August 10, 2021, has confirmed the existence of 13.8 million tonnes of measured and indicated resources at an average grade of 0.21 grams per tonne and reinforces our position as we continue to make progress on advancing the Company and our projects.” For full details on the financial results of the Company for the second quarter ended June 30, 2021, see Minera’s unaud...