Last year,
On November 29, 2019 Abcourt reports and adjusted net profit of $900,000 first quarter ended September 30, 2019. All amounts are in Canadian dollars unless otherwise indicated.
Highlights:
First quarter revenues of $7.2 M from the sale of 3,624 ounces of gold. An increase of 42 % over the first quarter ended September 30, 2018. This is one of the best quarters so far of Abcourt. And the average realized price of gold last year was $1,978 per ounce. Imagine how much 3,624 ounces of gold would be sold for. But there’s also a Net loss in the first quarter of $62K. The loss is mainly due to the lower grade of the tonnes of mineralization extracted and treated, to a significant increase of the amortization and depletion expenses and the non recognition of the inventory of the tonnes of gold mineralization broken in stopes in 2019 as compared to the first quarter ended September 30, 2018. And the adjusted net profit of $ 900K compared to $1.5M at September 30, 2018. The company has a cash of $2.7 Million.
The best news and the most unbelievable news is the Company doesn't have any long-term debt. It finances itself with its operating revenue.
Abcourt Mines Inc. recent developments(2019):
Drilling programs planned for Elder and Sleeping Giant gold mines and on-going drilling program for Abcourt-Barvue silver-zinc project. And there’s a $ 728, 000 recently raised by private placement for diamond drilling. Work is starting to reopen the Sleeping Giant mine. We take advantage of the favorable gold price and the exchange rate of the Canadian/US dollars to move forward in our various projects and to increase the value of the company for the benefit of shareholders. Despite a decrease of the grade, the Elder mine is still profitable
STRATEGY AND OUTLOOK (2019)
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 opening the Sleeping Giant mine, to reduce the operating cost per tonne treated. For the long-term, in the gold sector, the Company had a drilling program, in the Fall of 2019, on the Abcourt-Barvue silver and zinc project and the Sleeping Giant gold property where substantial gold mineralization is found.
This is last year's news about Abcourt and right now the Abcourt is doing much better compared to last year.
Even though Abcourt Mines Closes due to COVID-19 Mandatory Lockdown, They quickly got up made a rebound.
Rouyn-Noranda, Québec, Canada, September 29, 2020
Abcourt Mines Inc. is happy to announce that the restart of mining activities after the
mandatory closing due to Covid-19 was vigorous. Thanks to the increase in the price of gold, the proceeds
received from the sale of gold and silver for the first quarter (July to September 2020), should reach $7.5M
CDN. This is expected to be one of the best quarters since June 2018.
During this quarter, Abcourt received $725,000 in salary subsidy from the Federal government. This
subsidy and the substantial amount received from sales in the first quarter enabled Abcourt to increase its
available cash from $1.96M on June 30, 2020 to $3.30M on September 28, 2020. Figures indicated above
have not been checked nor audited by our independent auditors. With the sanitary measures put in place,
no Covid-19 cases have been reported by our employees to-date.
Being well capitalized and with a trustworthy and consistent source of revenues at the Elder mine, the
Corporation will use its available cash to extend its exploration drifts on the 4th, 10th and 11th levels of the
Elder mine and proceed as fast as possible with the rehabilitation work and development at the Sleeping
Giant mine.
