Q2 md&a Highlight:
Q2 2020 FINANCIAL HIGHLIGHTS
• The Group recognised revenue of $2,492,586, an increase of 87% compared to $1,329,127 in the second quarter of 2019 (“Q2 2019”).
• Production increased by 139% with a total of 80,490 tonnes mined, compared to 33,671 tonnes in Q2 2019.
• Sales increased by 202% with a total of 71,183 tonnes sold, compared to 23,600 tonnes in Q2 2019.
• The Group generated a net profit of $443,525, compared to a net loss of $222,657 in Q2 2019.
• Gross margin increased by 12%, with a total of 62% in Q2 2020 compared to 50% in Q2 2019.
SUBSEQUENT EVENTS
• In July 2020, the Group secured a bank loan of R$ 5.3 million ($1.473 million), for CAPEX investment and working capital.
• In July 2020, the new mill purchased by the Group was delivered. It will replace the first mill bought in 2018, thereby increasing Plant 1 name plate production capacity by 14% to 2,880 tonnes per day, with expected operational capacity of 2,000 tonnes per day.