Abcourt Report is Financial Results FOR the Quarter Ended March 31, 2022
For immediate release
TSX Venture – ABI.V
ABCOURT REPORT IS FINANCIAL RESULTS FOR THE QUARTER ENDED MARCH 31, 2022
ROUYN-NORANDA, CAN ADA, May 26, 2022 – Abcourt Mines Inc. ("Abcourt" or
the "Corporation") (TSX Venture: ABI), declares results for the third quarter ended on
March 31, 2022, compared to the third quarter ended on March 31, 2021. All amounts are
in canadian dollars unless indicated differently.
HIGHLIGHTS :
Revenues of $4,175,745 for t he quarter ended March 31, 2022 compared to
$4,813,520 in 2021, a 14% decrease, explain by fewer ounces of gold sold and lower-
than expected tonnes.
A net loss of $1,042,208 compared to a net profit of $367,413 a t March 31, 2021
explain by fewer ounces of gold sold and lower than expected tonnes.
Adjusted loss of $618,924, com pared to adjusted net income of $938,456 for the
same period in 2021.
Cost of sales of $4,957,471, co mpared to $4,114,284 for the sa me quarter of 2021,
an increase of 20% which is due t o the increase in material and labor costs as well
as the problems encountered in supply chains.
Cash of $1,057,141, compared to 2 454 645 $ as at June 30, 2021. Working capital
of $(4,370,888) compared to $(413,103) as at June 30, 2021. The decrease in cash
is due to lower operating cash flows and higher investment in p roperty, plant and
equipment.
Cash cost of $2,595 ($2,060 US), compared to $1,648 ($1,314 US ) and all-in
sustaining cots of $2,743 ($2,178 US) compared to $2,002 ($1,59 6 US) per ounce
sold for the corresponding period in 2021. The increase in the cash cost is explain
by the decrease in the number of ounces of gold sold by 20% compared to the same
period in 2021 and by the decre ase the expected tonnes. During the quarter, the
cash cost is higher than the realized average price per ounce of gold sold of $2,363.
1,791 ounces of gold produced fo r the quarter compared to 2,36 0 ounces for the
same period in 2021. 1,760 ounces of gold sold for the quarter compared to 2,199
ounces for the same period in 202 1. A 24% decrease in ounces of gold produced
and a 20% decrease in ounces of gold sold. The decrease in the ounces of gold
produced and sold is due to low er-than expected tonnes cause by the depletion of
the mine’s economic resources.
Sales of 451 ounces of gold from development work at Sleeping Giant Mine for a total
of $1,076,058, sales of 137 ounces of gold for a total of $298,83 2 during the same
period in 2021.
NON-GAAP FINANCIAL PERFORMANCE MEASURES:
This press release presents cert ain financial perf ormance measu res, total cash costs
per ounce of gold produced, sustaining costs and all-in sustaining cost per ounce of gold
produced which are no n-International Financial Reporting Standa rds (IFRS)
performances measures. This data may not be comparable to data presented by other
gold producers. Non-GAAP financial performance measures should be considered
together with other data prepared in accordance with IFRS.
The adjusted net profit is a measure of performance that member s of the direction use
to evaluate the performance of activities by the Corporation. Without taking into account
the accounting policies, taxation laws and the structure of capital as these elements may
potentially give a wrong repres entation of the capacity of the Corporation to generate
cash with its operation. The adju sted net profit excludes inter est expenses, taxes and
amortization.
The cash costs and all-in sustaining cost are common performance measures in the gold
mining industry. The Corporation reports cash cost per ounce ba sed on ounces
produced. Cash cost include opera ting mining costs and royaltie s but is exclusive of
amortization and depletion and s ustaining capital expenditures. The all-in sustaining
costs include costs of sales and sustaining capital expenditures and administrative costs
but exclude amortization, depleti on and accretion expenses. The Corporation believes
that all-in sustaining costs pres ent a complete picture of the Corporation’s operating
performance or its ability to generate free cash flows from its operation.
CALCULATIONS OF CASH COST AND SUSTAINING COSTS:
ADJUSTED NET PROFIT FOR THE QUARTER (FINANCIAL MEASURES NOT DEFINED
BY IFRS):
2022 2021
3 months 9 months 3 months 9 months
Ounces of gold sold 1,760 7,452 2,199, 8,700
Costs of Sales 4,957,471 17,398,858 4,114,284 18,188,707
Amortization and depletion (381,029) (1,546,272) (487,249) (2,006,824)
Costs of other revenue (10,431) (40,252) (2,128) (2,128)
Cost of sales, excluding depreciation and costs
of other revenues 4,566,011 15,812,334 3,624,907 16,179,755
Cash cost($/ounce) 2,595 2,122 1,648 1,860
All-in sustaining costs 29,456 1,837,133 473,598 1,750,901
Administration charges 237,524 769,155 306,032 807,084
Depreciation of property, plant and equipment (4,701) (11,452) (1,940) (5,691)
Total cost of production 4,828,290 18,407,170 4,402,597 18,732,049
All-in sustaining costs ($/ounce) 2,744 2,470 2,002 2,152
2022 2021
3 months 9 months 3 months 9 months
Operating earnings (loss) (1,019,250) (1,088,000) 393,204 1,988,923
Adjustments:
Interest and penalties on taxes 14,596 62,665 56,063 106,499
Amortization and depletion 381,029 1,546,272 487,249 2,006,824
Depreciation of property, plant and
equipment 4,701 11,452 1,940 5,691
Subtotal 400,326 1,620,389 545,252 2,119,014
Adjusted net profit (618,924) 532,389 938,456 4,107,937
ABOUT ABCOURT MINES INC.
Abcourt Mines Inc. is a Canadian gold exploration company with properties strategically
located in northwestern Quebec, Canada. Abcourt owns the Sleep ing Giant mill and mine
where it concentrates its activities.
For more information about Abcourt Mines Inc., please visit our web site at www.abcourt.com
and consult our filings under Abcourt's profile on www.sedar.com.
Pascal Hamelin,
President and CEO
T : (819) 768-2857
Dany Cenac Robert, Investor Relations
Reseau ProMarket Inc.,
T: (514) 722-2276 post 456
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