Nickelex Resource Corp V.NICK

Abcourt Comparible - 52.77 million market cap

[mferguson71]

Corrected: Abcourt is Pleased to Report a Gross Profit of $1,940,767 and a Net Profit of $358,856 for Annual 2020 V.ABI| November 3, 2020 (TheNewswire) Rouyn-Noranda,Quebec,Canada -TheNewswire - November 3, 2020 -Abcourt Mines Inc. (TSXV:ABI) (OTC:ABMBF),("Abcourt" or the"Company")reports its results today for the fourth quarter and financial year ended on June 30, 2020. All amounts are in Canadian dollars unless otherwise indicated. Highlights: -Revenues of $24 057 233 for fiscal 2020. - Gross profit of $ 1 940 767. Net profit of $358,856 - Adjusted net profit of $4,259,151 - Costs of sales reduced by $3,1M or 12.4 % - Gold inventory of $2,544,974, that is 1,400 ounces - Cash cost of $1,636 Can/oz, $US 1,228 /oz of gold - Ounces produced 12,180, sold 11,640 - All-inclusive cost of $1,950 /oz - Net profit of fourth quarter $ 431 498 - 6 000 Tonnes of broken muck in stopes with an investment value of about $800,000. - The Company has no long-term debt. It finances itself with its operating revenues. Recent developments: -Drifting on 4Th, 10Thand 11Thlevels at Elder mine to open new ore zones. - Rehabilitation work being done in shafts and drifts at Sleeping Giant mine to develop new or zones on upper levels. - $448,815 raised by the exercise of the 2019 warrants. - Two explosive permits received for our Sleeping Giant project Non-GAAP Financial Performance Measures This press release presents certain financial performance measures, total cash costs per ounce of gold produced, sustaining costs and all-in sustaining costs per ounce of gold produced which are non-International Financial Reporting Standards (IFRS) performances measures. This data may not be comparable to data presented by other gold producers. Non-GAAP financial performance measures should be considered together with other data prepared in accordance with IFRS. The adjusted net profit is a measure of performance that members of the direction use to evaluate the performance of activities by the Company. Without taking into account the accounting policies, taxation laws and the structure of capital as these elements may potentially give a wrongrepresentation of the capacity of the Company to generate cash with its operation. The adjusted net profit excludes interest expenses, taxes and amortization. The cash costs and all-in sustaining costs are common performance measures in the gold mining industry. The Company reports cash cost per ounce based on ounces produced. Cash cost include operating mining costs and royalties but is exclusive of amortization and depletion and sustaining capital expenditures. The all-in sustaining costs include costs of sales and sustaining capital expenditures and administrative costs but exclude amortization and depletion and accretion expenses. The Company believes that the all-in sustaining costs present a complete picture of the Company's operating performance or its ability to generate free cash flows from its operation. ABOUT ABCOURT MINES INC. Abcourt Mines Inc. is a gold producer and a Canadian exploration company with strategically located properties in northwestern Quebec, Canada. The Elder property has gold resources (2018). Abcourt is currently focusing on the exploitation of the Elder mine. In 2016, Abcourt acquired the Sleeping Giant mine and mill, located half-way between Amos and Matagami, in Abitibi, Province of Quebec. The mill has a capacity of 700 to 750 tonnes per day. A NI 43-101 resources estimate was filed on SEDAR in May 2019 Measured mineral resources total 10,900 tonnes with a grade of 12.20 g/t of gold and indicated resources total 475,625 tonnes with a grade of 11.20 g/t of gold. Inferred resources are 93,100 tonnes with a grade of 11.85 g/t of gold. A NI 43-101 feasibility study was completed in July 2019 by PRB Mining Services inc. The Abcourt-Barvue property has silver-zinc reserves (2019). A feasibility study was completed in 2007 by Roche / Genivar. An update was completed in January 2019 by PRB Mining Services Inc. A total of 8.07M tonnes are in proven and probable reserves with a grade of 51.79 g/t of silver and 2.83% zinc. About 81.6% of these reserves are mineable by open pit and 18.4% are mineable by underground operation. Inferred resources total 2.07M tonnes with a grade of 114.16g/t of silver and 2.89% zinc. To know more about Abcourt Mines Inc. (TSXV:ABI), please visit our web site atwww.abcourt.comand consult our filings under Abcourt's profile onwww.sedar.com.

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