Business
Minera IRL Reports Q3 2021 Financial Results
LIMA, Peru, Nov. 15, 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, Nov. 15, 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 third quarter ended September 30, 2021. Financial Results for the Third Quarter Ended September 30, 2021 A summary of the Company’s financial results for the third quarter ended September 30, 2021, is as follows: Third Quarter Ended 30 September 2021 2020 Revenue ($’000) 11,110 10,665 Gold sold (ounces) 6,260 5,647 Realized gold price ($ per ounce) 1,775 1,889 Gross profit ($’000) 3,346 4,004 After-tax profit (loss) ($’000) (2,286) (1,938) Earnings (loss) per share (cents) (1.0) (0.8) *Note: All results prepared under IFRS and presented in United States dollars. During Q3 2021, the Company reported sales revenue of $11.1 million compared with sales revenue of $10.7 million during Q3 2020, an increase of $0.4 million. This 4% increase was primarily due to the combined effect of a 6% decrease in the average price per ounce of gold sold and a 11% increase in the number of gold ounces sold during the period. Total gold production from Minera’s Corihuarmi mine increased from 5,540 ounces in Q3 2020 to 6,276 ounces in Q3 2021. Gold sales during the third quarter of 2021 were comprised of 6,260 ounces of gold (Q3 2020: 5,647 ounces of gold) at an average realized gold price of $1,775 per ounce (Q3 2020: $1,889 per ounce). Accordingly, gold sales increased by 11% as compared to Q3 2020. Gross profit during the third quarter of 2021 was $3.3 million as compared to $4.0 million reported for the same period in 2020. For the nine-month period ending September, 2021 gross profit was $9.4 million compared to $8.7 million for the same nine-month period in 2020. Commenting on the Q3 2021 financial results, Diego Benavides, CEO of Minera, said: “In the third quarter of 2021, we have continued to optimize the operational practices at our Corihuarmi mine, and we expect to achieve our production targets for 2021. We are very proud of the milestones we have reached in the first nine months of the fiscal year, including executing our commitment to complete and release an updated Mineral Resource Estimate for the Corihuarmi Gold Mine and a Preliminary Economic Assess...