Q1 2024 MDA is out. More of the same bad news. A summary:
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"Q1 2024, 97,576 tons of ore were processed producing 1,092,112 pounds of copper." On a 91 day quarter, this is 1072 tpd.
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Revenue down Q1 2024 $3.6M vs Q4 2023 $4.6M
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Copper recovery 83.9%. Copper concentrate grade 20.0%. Both are far below plan. 43-101 report lists 92% planned recovery and 26% concentrate grade.
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Q1 loss $16.0M
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"Lateral development remained below the contract specified rate due to lower staffing, lower productivity principally resulting from inexperienced crews and lower equipment availability"
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"Milling operations were impacted early in the quarter due to a premature failure of a power transformer that resulted in a fifteen-day stoppage to source and install a replacement transformer."
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"Milling operations were also impacted due to a failure of the concentrate thickener rake lifting mechanism that resulted in ten-day stoppage. The Company completed repairs required to resume operations, and is working with the vendor for a permanent solution for the thickener to operate as designed."
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"During Q1 2024, efforts continued to identify and correct deficiencies and constraints principally focused on mill water management, slurry pump availability and filter presses. While progress has been made, addressing these issues has resulted in intermittent stoppages to perform maintenance, replace equipment, and improve monitoring system"
I guess ramping up to 5000 tpd is still off in the future.