Business
Northern Graphite Announces May Operating Results
Ottawa, Ontario--(Newsfile Corp. - June 23, 2022) - Northern Graphite Corporation (TSXV: NGC)...
About this update from Northern Graphite Corporation
[{"type":"text","content":"Northern Graphite Announces May Operating ResultsOttawa, Ontario--(Newsfile Corp. - June 23, 2022) - Northern Graphite Corporation (TSXV: NGC) (OTCQB: NGPHF) (FSE: ONG) (XSTU: ONG) (the \"Company\" or \"Northern\") is pleased to announce the successful integration and corresponding unaudited sales and operating results from its recently acquired Lac des Iles (\"LDI\"), Quebec graphite mine in its first month of operations under Northern's ownership. Highlights include: Sales1   Tonnes Shipped 1,085 Tonnes Sold 965 Sales US$ 1,537,356 Average Selling Price US$ per tonne 1,593    Operations   Tonnes Mined (Ore + Waste) 114,391 Tonnes of ore processed 19,701 Tonnes of graphite concentrate produced 1,281 Process plant recovery 89.5% Process plant utilization rate 87.2%     Other   No lost time accidents   No serious environmental incidents   Agreement reached on new four-year union agreement       1. All figures are preliminary and may be subject to material, quarter end closing adjustments  During the month of May, Northern shipped 1,085 tonnes and 965 tonnes were sold for total revenue of US$1,537,356 at an average price of US$1,593 per tonne. Although most of the volume from the Lac des Iles mine is contracted on an annual basis, in early June, Northern received a spot order for 152 tonnes of its 80x150/95 grade at US$1,900MT to be shipped in July. This shows the market is tightening for this type of product in North America. Currently Northern has a backlog of orders for 880 tonnes with a value of US$1,528,000.At the Lac des Iles mine and processing plant, 19,701 tonnes of ore were processed with a graphite recovery of 89.5% to produce 1,281 tonnes of final concentrate. The plant currently operates on a 24 hour/day, 5 days/week cycle. In May plant availability was 87.2%, primarily due to shutdowns for the replacement of the crusher feed bin grizzly and repairs to one of the cleaner flotation circuits. With improved maintenance, elimination of a few small bottlenecks, and a seven-day operation, Northern believes the plant can produce up to 25,000 tonnes per year (tpy) of concentrate.Northern is also pleased to report that the Company has started to explore the area for additional sources of ore to extend the Lac des Iles mine life. Although still earl...