RE:RE:RE:RE:RE:RE:AGM Meeting MinutesActually, considering they booked $16.9 million in Capital expenditures in Q1 and also booked a multi million dollar loss on their Forward Gold Sales Contract at $1435 (that finally expired on April 13th after being in place for a few years), I'd say they did quite well to end up with a 2 cent a share net profit! The new Forward Gold Sales contracts being considerably higher will take a lot smaller bites out of our net profits going forward. Without all the added Capital expenses and deriatives losses they would have come out with net earnings of about 27 cents.
Q2 production results and earnings should prove very interesting along with the remainder of the year!
- EBITDA1 were $26.4 million in the quarter, or $0.41 per share1 in the quarter.
Capital The Company incurred a total of $16.9 million in capital expenditures during the three months ended March 31, 2023:
(1) sustaining capital of $6.3 million, including:
- scheduled capital component rebuilds on mobile mining fleet of $3.2 million,
- upgrades and capital component rebuilds on material handling system of $1.3 million,
- construction of the water treatment facility of $1.0 million, and
- other ongoing sustaining capital initiatives of $0.8 million;
(2) capitalized stripping activities of $7.6 million;
(3) $4.0 million spend on growth capital expenditures and;
(4) $1.0 million adjustment to the Company’s asset retirement obligation during the quarter.