2022 Fiscal Results Just a few preliminary comments.
Our balance sheet remains pristine with a signifucant cash balance remaining after the FP is completed.
Commissiing is now delayed a month to November .
However, at exit June 30/22 69 per cent of the overall project had been completed with costs incurred of $10.46-million.
Prorata to plan, this suggests that the final costs will be significantly below the budgeted price of $20 million....in fact perhaps below $17 million.
Cash was $21 million US at exit June along with 2000 ounces of finished gold which amounts to over $24.5 million US in cash and cash equivalents ...about $33 million in CAD.
The concentrate market is very hot which is good timing as they are now negotiating an offtake agreement for the FP production.
All is all, a very good fiscal report that places us in a very good fiscal position with plenty of cash left over once the FP begins commercial production in early 2023.