Business
Northern Graphite Announces Third Quarter 2023 Results
Ottawa, Ontario--(Newsfile Corp. - November 30, 2023) - Northern Graphite Corporation (TSXV: NGC...
About this update from Northern Graphite Corporation
[{"type":"text","content":"Northern Graphite Announces Third Quarter 2023 ResultsOttawa, Ontario--(Newsfile Corp. - November 30, 2023) - Northern Graphite Corporation (TSXV: NGC) (OTCQB: NGPHF) (FSE: 0NG) (XSTU: 0NG) (the \"Company\" or \"Northern\") is pleased to provide an operating and financial summary of results for the three and nine-month periods ended September 30, 2023. The Company's Financial Statements and Management's Discussion and Analysis are available on SEDAR+ and on its website.Quarter HighlightsTo view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/4186/189262_7e4eee5cf407bac7_002full.jpgOperational and Financial Highlights for the Third Quarter:Revenue of $4.9 million generated on 2,587 tonnes of graphite concentrate sold at an average realized sales price of $1,907 /tonne (US$1,422 /tonne) (1); Sales volumes increased by 28.3 percent in Q3 2023 compared to Q2 2023;Positive cash flow from operating activities of $1.7 million;Cash costs of $1,335 (US$995) per tonne of graphite concentrate sold; (1) Income from mine operations of $0.7 million; operating loss of $2.1 million; Cash position improved to $2.2 million as at September 30, 2023 compared to $0.7 million as of June 30, 2023 as a result of working capital management measures, improved sales volumes and additional financing;As at September 30, 2023 the Company had working capital of $17.0 million (December 31, 2022 - $19.4 million) including $22.4 million in inventory valued at cost. Inventory includes 5,476 tonnes of graphite concentrate and 147,672 tonnes of ore stockpiles containing approximately 9,198 tonnes of recoverable graphite; A net loss of $6.8 million ($0.05 per share).(1) The Company reports the non-IFRS financial measures of average realized sales price per tonne of graphite concentrate sold and cash costs per tonne of graphite concentrate sold to manage and evaluate its operating performance. See \"Cautionary Note Regarding Non-IFRS Performance Measures\" below.Chief Executive Officer Hugues Jacquemin commented: \"Global graphite markets became more favorable in the third quarter. Customers who had been on the sidelines for much of the first half of the year became buyers again as China, the world's leading producer and exporter of graphite, reinstated EV subsidies and incentivized domestic demand. Global supply dynamics were ...