Abcourt announces Adjusted Net Earnings of $2.3 million for the Quarter ended March 31, 2023
May 18 2023 - 4:05PM
Abcourt Mines Inc. (“Abcourt” or the
“Company”) (TSX Venture: ABI) announces its
results for the three months ended March 31, 2023. All monetary
values in this press release are expressed in Canadian dollars,
unless otherwise indicated.
Highlights for the Quarter ended March
31, 2023
-
Revenues of $6,230,336 for the quarter ended March 31, 2023, from
the sale of gold ounces from the cleaning of the Sleeping Giant
processing plant.
- Earnings of $2,089,828 and adjusted net earnings of $2,336,744,
compared to a net loss of $1,342,164 and an adjusted net loss of
$918,880 for the same period in 2022.
-
Cost of sales of $2,007,760, compared to $6,333,486 in Q3-2022, a
significant decrease explained by the cessation of mining
operations at the Elder mine.
-
Gold sales were 2,394 ounces compared to 2,210 ounces for the same
period in 2022 and come from mill cleaning. The average realized
price on the gold sales for the quarter was $2,597 (US$1,926) per
ounce of gold, compared to $2,369 (US$1,880) in Q3-2022, which is
comparable.
- Cash of $3,328,497 compared to
$720,512 as of June 30, 2022. Negative working capital of
$1,728,449 compared to a negative working capital of $5,246,416 as
of June 30, 2022. A net improvement of cash and working capital
during the quarter and the nine-month period ended March 31, 2023,
compared to June 30, 2022, in part related to financing
activities.
- The Company published an updated
Mineral Resource Estimate (MRE) on December 13, 2022 for the
Sleeping Giant mine. Abcourt has almost doubled its inventory of
mineral resources at the Sleeping Giant mine. The Company has
mandated an independent firm to carry out a preliminary economic
assessment (PEA) based on the MRE of December 2022. This PEA is
expected to be published in June 2023.
-
On May 11, 2023, Abcourt completed the previously announced
acquisition of all of the issued and outstanding common shares of
Pershimex by way of a three-party amalgamation under the Canada
Business Corporations Act.
-
Abcourt mandated an independent firm to carry out a geological
model and the initial Abcourt MREs for the Flordin and Discovery
deposits located 80 km east of the Sleeping Giant Mill. Abcourt
published Discovery's MRE in April and the Flordin's MRE on May 18,
2023.
ABOUT ABCOURT MINES INC.
Abcourt Mines Inc. is a gold producer and a
Canadian exploration corporation with strategically located
properties in northwestern Québec, Canada. Abcourt owns the
Sleeping Giant mill and mine where it concentrates its
activities.
For further information, please visit our
website at www.abcourt.com, and consult our filings under Abcourt's
profile on www.sedar.com, or contact:
Pascal HamelinPresident and CEOT:
(819) 768-2857E: phamelin@abcourt.com |
Dany Cenac Robert, Investor
RelationsReseau ProMarket Inc.,T: (514)
722-2276, post 456E: dany.cenac-robert@reseaupromarket.com |
FORWARD-LOOKING INFORMATION
Certain information contained herein may
constitute “forward-looking information” under Canadian securities
legislation. Generally, forward-looking information can be
identified by the use of forward-looking terminology such as
“plans”, “seeks”, “expects”, “estimates”, “intends”, “anticipates”,
“believes”, “could”, “might”, “likely” or variations of such words,
or statements that certain actions, events or results “may”,
“will”, “could”, “would”, “might”, “will be taken”, “occur”, “be
achieved” or other similar expressions. Forward-looking statements,
including the expectations of Abcourt’s management regarding the
completion of the Transaction, are based on Abcourt’s estimates and
are subject to known and unknown risks, uncertainties and other
factors that may cause the actual results, level of activity,
performance or achievements of Abcourt to be materially different
from those expressed or implied by such forward-looking statements
or forward-looking information. Forward-looking statements are
subject to business and economic factors and uncertainties, and
other factors that could cause actual results to differ materially
from these forward-looking statements, including the relevant
assumptions and risks factors set out in Abcourt’s public
documents, available on SEDAR at www.sedar.com. There can be no
assurance that such statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Although Abcourt believes that the
assumptions and factors used in preparing the forward-looking
statements are reasonable, undue reliance should not be placed on
these statements and forward-looking information. Except where
required by applicable law, Abcourt disclaims any intention or
obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or
otherwise.
The TSX Venture Exchange and its regulatory
service provider (as defined in the policies of the TSX Venture
Exchange) assume no responsibility for the adequacy or accuracy of
this press release.
Abcourt Mines (TSXV:ABI)
Historical Stock Chart
From Apr 2024 to May 2024
Abcourt Mines (TSXV:ABI)
Historical Stock Chart
From May 2023 to May 2024