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Southstone Minerals Ltd V.SML

Alternate Symbol(s):  FDGMF

Southstone Minerals Limited is a Canadian junior mining company. The Company is engaged in the acquisition, exploration, evaluation, development and mining of mineral properties. The Company holds a 43% interest in the Oena Diamond Mine (Oena), which is located in the Northern Cape Province, Republic of South Africa that consists of one New Order Mining Lease. Oena is a producing alluvial diamond property. Oena is approximately 8,800 hectares in size and covers a 4.8 kilometers (kms) wide strip along a 15 kms length of the lower Orange River. The property has two separate and distinctly different aged diamondiferous bearing paleochannel gravels: Proto-terraces and Meso-terraces. Its subsidiaries include TGV Resources (Pty) Ltd, African Star Minerals (Pty) Limited and GAH Mining (Pty) Ltd.


TSXV:SML - Post by User

Post by hempsteron Jan 30, 2021 9:09am
255 Views
Post# 32427761

Q1 finacials

Q1 finacials

SML released its Q1 2021 financials yesterday:
https://www.sedar.com/GetFile.do?lang=EN&docClass=5&issuerNo=00031079&issuerType=03&projectNo=03167571&docId=4878471

MD&A
https://www.sedar.com/GetFile.do?lang=EN&docClass=7&issuerNo=00031079&issuerType=03&projectNo=03167582&docId=4878479



Highlights of the SML Q1 2021 financials:

- Gross profit of $360k compared to $556k in Q1 2020, goes in line with 25% decrease in carat per $ per their latest production report, loss of profit bc of Kwena sale (Kwena contributed $75k to profits in Q1 '20) and change in exchange rates
- Cash is $465k, compared to $498k in Q4 '20 (-$33k) and $77k in Q1 '20 (+$388k)

But most importantly:
- Q1 '21 was the first quarter with net positive assets for SML
- In Q4 '20 they had $1.7m in assets and almost $2.2 in liabilities, bringing net assets to -$450k
- In Q1 '21 assets were $2.15m and liabilities $1.9m, bringing net assets to $215k. That is a change of $615k, most of which can be attributed to the debt-for-shares deal with CCML (worth $475k).

IMO this shows that they truly managed to turn around the business, despite all the challenges they faced last year.


 

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