So here's another reason why Abcourt Mines Inc. is a good stock investment last year abcourt makes a $1,417,794 net profit in the third quarter and $2,625,390 for the nine-month period ended on March 31, 2019. Here's the report about it.
Abcourt Mines Inc. (TSX-V: ABI, Berlin: AML-BE and Frankfurt Stock Exchanges: AMLFF) (“Abcourt” or the “Mines Abcourt inc.) has filed, on May 30, 2019, its financial statements and the management’s discussion and analysis for the quarter and the nine-month
period ended on March 31, 2019. All amounts are in Canadian dollars unless otherwise
indicated.
Highlights :
▪ In the third quarter, revenues of $ 5.74 M from the sale of 3,372 ounces of gold and other
revenues of $ 0.23 M, mainly from assays done for clients.
▪ Net profit of $ 1.42 M for the quarter and $ 2.62 M for the nine-months period ended on
March 31, 2019.
▪ Substantial increase in gold and silver inventory from $ 1.12 M on June 30, 2018 to $2.53 M
on March 31, 2019.
▪ $ 2.6 M reduction of past deficits.
▪ New vein discovered on level 9 at Elder by the extension of a drift to the West.
▪ A certificate.
I'll also provide a table below so you can see how much potential Abcourt mines have and
Here you can see on the next page a comparative table of results for the third quarter and the nine-month
period ended on March 31, 2019 and 2018
Description 3 months 9 months 3 months 9 months
March 31-19 March 31-19 March 31-18 March 31-18
Tonnes treated- 26,154 74,873 34,525 82,751
Tonnes extracted 25,633 75,881 32,728 82,009
Gold ounces sold 3,322 10,185 3,765 10,274
Gold ounces produced 4,000 11,109 4,505 10,779
Gold recovery 96.19% 97.10% 96.76% 96.69%
Revenues from the
sale of gold and silver $5,745,611 $17,110,953 $6,360,000 $16,949,947
Price of gold sold
$/ounce 1,730 1,680 1,689 1,650
US$/ounce 1,309 1,272 1,334 1,303
Total cash costs
per ounce of gold
produced
$/ounce 1,105 1,246 1,293 1,353
US$/ounce 837 943 1,021 1,069
All-in sustaining costs
per ounce of gold
produced
$/ounce 1,362 1,498 1,590 1,656
US$/ounce 1,031 1,134 1,256 1,308
Gold and silver stock
ready to be sold $680,563 $680,563 $50,110 $50,110
Gold and silver
inventory in circuit $2,184,521 $2,184,521 $2,149,954 $2,149,954
Gold and silver
inventory $2,865,084 $2,865,084 $2,200,064 $2,200,064
Net profit (loss)
after taxes $1,417,794 $2,625,390 $752,208 $1,263,137
Mining tax $123, 000 $330,000 $65,118 $140,118
Deferred taxes $(9,400) $(154,900) $(13,750) $(49,363)
Cash flow from
operations $(356,818) $2,218,426 $786,798 $4,406,194
Cash at the end $1,637,377 $1,637,377 $2,681,181 $2,681,181
end of table.
Comments:
Despite a few interruptions with a power shut down and some mechanical failures, the Elder mine remains profitable.
See below:
• Tonnes treated • decrease of 24 % for the third quarter
• decrease of 10 % for the 9-month period
• Gold ounces produced • decrease of 11 % for the third quarter
• increase of 3 % for the 9-month period
• Proceeds form sale of gold and silver • decrease of 10 % for the third quarter
• increase of 1 % for the 9-month period
• Total cash costs per ounce of gold produced • decrease of 15 % for the third quarter
• decrease of 8 % for the 9-month period
• All-in sustaining costs per ounce of gold • decrease of 14 % for the third quarter
produced • decrease of 9 % for the 9-month period
• Net profit after taxes • increase of 88 % for the third quarter
• increase of 108 % for the 9-month period
• Cash flow at the end of the period • decrease of 39 %
So abcourt strategy now and outlook
Currently, the Company is focussing on stabilizing and increasing the Elder production. Our
objective is to produce 12,500 tonnes per month of gold mineralization.
We wish to use the full capacity of the Sleeping Giant mill by treating custom ore, to reduce the
operating cost per tonne treated. Discussions are currently taking place with potential clients.
For the long-term, in the gold sector, the Company had a drilling program, in the Fall of 2018, on
the Discovery and Flordin gold properties where substantial gold mineralization is found.
ABOUT ABCOURT MINES INC.
Abcourt Mines Inc. is a gold producer and a Canadian exploration company with strategically
located properties in northwestern Quebec, Canada. The Elder property has gold resources (2018)
and a positive P.E.A. study (2012). Abcourt is focusing on the exploitation of the Elder mine.
The Abcourt-Barvue property has silver–zinc reserves (2019). A feasibility study was completed in
2007 by Roche / Genivar. An update was completed in January 2019.
In 2016, Abcourt acquired the Sleeping Giant mine and mill, located half-way between Amos and
Matagami, in Abitibi, Quebec, in the territory covered by the Plan Nord of the Quebec government.
The mill has a capacity of 700 to 750 tonnes per day. A NI 43-101 resource estimate was recently
filed.
