Could be 12000 ounces sold in Q1 As of June 23 2023, only 490 tons of 5000 tons of Concentrate on hand had been sold.....see NR excerpts below..
Revenue cannot be recorded until the sale is complete and funds received.
So perhaps they managed to truck another 500 tons in the last week of June but the funds could be received in Q1.
So, at the very least 4000 tons of concentrate containing 4800 ounces of gold were carried over and sold in the first half of Q1.
We were in the process of trucking 6550 tons of concentrate containing 7800 ounces in the NR of late last week.
This would have included the 2400 tons produced from July to August 16 but not at least 3000 tons produced in the 6 weeks since then up to exit September .
So, we have at least 4000 tons carried over, 6550 tons now being trucked to buyers and at least 3000 tons produced since commercial production began on August 16 when the fresh ore from inventiry began to be milled.
Put it all together and about 10,000 tons containing 12 ounces could be sold in Q1
The initial offtake of 2,000 dry metric tonnes (DMT) of concentrate from Selinsing marks the beginning of a gold concentrate revenue stream and restores our operating cash flow. We would like to give thanks to our hard-working operation teams, backroom administration support personnel and our business partners to make this happen."
Gold concentrate shipments and sales
Significant interest has been received from potential buyers of the Selinsing gold concentrate. All export and transport permits have been received and the first truckloads of concentrate were shipped from the Selinsing warehouse on June 18, 2023, to Johor Free Trade Zone.
To date 490 DMT of concentrate have been dispatched out of an initial offtake of 2,000 DMT.
Weighing, sampling and moisture determination of the delivered concentrate are being conducted at the Johor Free Trade Zone by an appointed internationally recognized survey company.
An additional 3,000 DMT of concentrate are currently available for sale. The company intends after a trial shipment to gradually increase the number of trucks to speed up the logistic process in selling backlogged product. In the future concentrates will be shipped to buyers on a routine basis. The backlog was caused by a lengthy initial administrative process for obtaining all relevant permits and organizing logistics. Over the past six months, the company has built a logistic team and sales chain at the Selinsing project.