Q1 SummaryIt seems that mining of new ore was substantially reduced during the quarter due to explosives shortage.
This, along with having to process lower recovery transitional ore, accounted for the lower production of gold.
Interesting and enlightened Statement
The gold mining sector was very active in Western Australia, gold mining producers enjoyed high production margins, and investment is flowing into that region for gold explorations.
The Company continues try hard to access to financing, and it is very closely monitoring the market and looking for divesting of base metal portfolio to focus on primary gold assets, as well as new corporate development opportunities to lift up market value for the best interest of its shareholders."
First Quarter Highlights :
3,504 ounces ("oz") of gold produced (Q1 2020: 4,852oz) with 3,100oz of gold sold for gross revenue of $5.92 million (Q1 2020: 4,323oz of gold sold for revenue of $6.34 million); Gross margin of $3.06 million (Q1 2020: $2.65 million);
Average realized price per ounce, excluding prepaid gold sales, of $1,909/oz (Q1 2020: $1,475/oz);
Cash cost per ounce of $923/oz (Q1 2020: $855/oz); All-in sustaining costs per ounce ("AISC") of $1,055/oz (Q1 2020: $1,158/oz);
Peranggih grade control drilling after positive trial mining results identified 58,662 tonnes at 0.93g/t Au materials;
Production resumed at Selinsing after lifting eight weeks mining ban in last quarter during COVID-19 pandemic
Entering into a Tuckanarra JV arrangement with Odyssey subsequent to the quarter opens corporate development opportunities in WA region.
Cash has increased to almost $14 million US.
Due diligence was completed on the Tuckanara deal
Mining of Peranghi resumed in late Sept
Grade control resumed in Sept and is currently being carried out using closely spaced drilling
Deep drilling beneath the oxide pits is planned
Due diligence continues with respect to the $5 m deposit
SUMMARY
The asset base is being prepared for a major deal, including the entire company .
Mengaper is implied as the asset being examined.
Its a fair bet that it is Apollo Group that will be our daddy ..aimho