Business
Northern Graphite Announces 2023 Year-End Results: A Year of Transformation
Ottawa, Ontario--(Newsfile Corp. - April 30, 2024) - Northern Graphite Corporation (TSXV: NGC) (...
About this update from Northern Graphite Corporation
[{"type":"text","content":"Northern Graphite Announces 2023 Year-End Results: A Year of TransformationOttawa, Ontario--(Newsfile Corp. - April 30, 2024) - Northern Graphite Corporation (TSXV: NGC) (OTCQB: NGPHF) (FSE: 0NG) (XSTU: 0NG) (the \"Company\" or \"Northern\") announces that its Audited Financial Statements and Management's Discussion and Analysis for the year ended December 31, 2023 have been filed on SEDAR+ and posted to the Company's website. The Company is pleased to provide the following operational and financial summary.\"2023 was our first full year in operation since the Company acquired the Lac des Iles and Okanjande mining assets from Imerys, and it has been a transformative year for Northern,\" said Chief Executive Officer Hugues Jacquemin. \"We successfully integrated the Lac des Iles mine and Okanjande project into the Company and optimized working capital to generate the cash we needed to advance our strategy, with minimal dilution to shareholders. Over the course of 2023, we saw sales rebound and progressed our four main growth catalysts, expanding our resource base at Lac des Iles, moving Okanjande closer to a construction decision, advancing our battery materials technology capabilities and progressing our plans to build a battery materials facility in Baie-Comeau. While it is frustrating that this progress is not yet reflected in our share price, we are confident the Company has a sound strategy and a strong competitive position relative to its peers.\"Image 1To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/4186/207397_47f77bd86427d857_003full.jpgAdvancing Our Growth Catalysts: Operational HighlightsFollowing a successful 2023 drilling campaign which led to a new resource estimate and the potential to significantly extend mine life at our cornerstone Lac des Iles (\"LDI\") mine in Quebec, the Company is planning a second program for 2024. The Company's goal is to further increase LDI production through exploration success and/or the potential to process material from the Company's nearby Mousseau Project;LDI sales volumes were 8,592 tonnes in 2023 versus 5,785 tonnes in 2022 as the Company only acquired the LDI mine in May of that year. Sales increased by 24% to 4,763 tonnes in the second half of 2023 compared to the first half and were also 19% higher than the second half of 2022. T...