MONTREAL, Nov. 29, 2018 /CNW/ - MONARQUES GOLD
CORPORATION ("Monarques" or the "Corporation") (TSX: MQR) (OTCMKTS: MRQRF) (FRANKFURT: MR7) is pleased to report
its results for the first quarter ended September 30, 2018. Amounts are in Canadian dollars unless
otherwise indicated.
Highlights of the quarter
- Revenues of $7.8 million in the first quarter from the sale of 3,272 ounces of gold combined
with revenue from custom milling, which grew by 16% during the quarter.
- Net loss of $1.9 million or $0.008 per share, diluted, compared
to a net loss of $0.5 million or $0.003 per share, diluted, last
year.
- Strong financial position, with $10.7 million in cash.
- On November 14, 2018, the Corporation received final approval for the listing of its common
shares on the Toronto Stock Exchange ("TSX"). Monarques' common shares started trading on the TSX on November 15, 2018 (see press release).
"During the first quarter, we focused our efforts on developing our lead projects, notably our Wasamac gold deposit, where we
have a measured and indicated resource of 2,587,900 ounces of gold and feasibility results coming soon," said Jean-Marc Lacoste, President and Chief Executive Officer of Monarques. "We also completed our 2018 drilling
programs on the Croinor Gold and McKenzie Break projects and will be reporting those results in the coming weeks. With the
Beaufor Mine put on care and maintenance in December, we anticipated a decline in production, which was once again partially
offset by higher revenues from our custom milling activities."
|
Summary of financial results
|
|
|
(in dollars, except per share data)
|
Quarter ended
September 30
|
|
2018
|
2017
|
|
Revenues
|
7,777,365
|
-
|
|
Gross margin
|
(505,812)
|
-
|
|
Net loss
|
(1,850,545)
|
(498,754)
|
|
Loss per share, basic and diluted
|
(0.008)
|
(0.003)
|
|
Cash flow used in operating activities
|
(5,284,428)
|
(916,457)
|
|
EBITDA(1)
|
(830,868)
|
(328,956)
|
|
(1)
|
Non-IFRS measure. See under "Non-IFRS measures" at the end of this press
release, and in the
Corporation's financial statements and management discussion and analysis for the reconciliation
of this non-IFRS measure.
|
|
(in dollars)
|
September 30
2018
|
June 30
2018
|
|
Cash and cash equivalents
|
10,737,361
|
15,046,248
|
|
Total assets
|
70,551,294
|
73,665,169
|
|
Key operating statistics
|
|
Quarter ended
September 30
|
|
2018
|
2017
|
|
Ounces of gold sold
|
3,272
|
–
|
|
Ounces of gold produced
|
3,604
|
–
|
|
Grade
|
4.2
|
–
|
|
Recovery
|
98.00
|
–
|
|
|
|
|
Key data per ounce of gold (CA $)
|
|
|
|
Average market price
|
1,587
|
–
|
|
Average selling price (1)
|
1,520
|
–
|
|
Production cash cost (2)
|
1,817
|
–
|
|
All-in sustaining cost (Beaufor/Camflo)
|
1,934
|
–
|
|
|
|
|
Average exchange rate (CA $/US $)
|
1.31
|
–
|
|
|
|
|
Key data per ounce of gold (US $)
|
|
|
|
Average market price
|
1,213
|
–
|
|
Average selling price (1)
|
1,162
|
–
|
|
Production cash cost (2)
|
1,387
|
–
|
|
All-in sustaining cost (Beaufor/Camflo)
|
1,476
|
–
|
|
(1)
|
The average selling price for the 2018 three-month period would be $19
higher if gold deliveries (861 ounces for the
quarter) to Auramet in connection with deferred revenues for the period had been recognized at market price on the
date the agreement was entered into on October 2, 2017, instead of at the recorded price, representing the amounts
received from future gold production divided by the ounces to be delivered.
|
|
|
|
(2)
|
Production cash cost is a non-IFRS measure of financial performance
without a standard meaning under IFRS. It may
therefore not be comparable to a similar measure presented by another company. See "Non-IFRS measures" in the
Corporation's management discussion and analysis for the quarter ended September 30, 2018.
|
The technical and scientific content of this press release has been reviewed and approved by Marc-André Lavergne, P.Eng., the
Corporation's qualified person under National Instrument 43?101.
ABOUT MONARQUES GOLD CORPORATION
Monarques Gold Corporation (TSX: MQR) is an emerging gold mining company focused on pursuing growth through its large
portfolio of high-quality projects in the Abitibi mining camp in Quebec, Canada. The Corporation
currently owns close to 300 km² of gold properties (see map), including
the Wasamac deposit (measured and indicated resource of 2.6 million ounces of gold), the Beaufor Mine, the Croinor Gold (see
video), McKenzie Break
and Swanson advanced projects and the Camflo and Beacon mills, as well as other promising
exploration projects. It also offers custom milling services out of its 1,600 tonne-per-day Camflo mill.
Forward-Looking Statements
The forward-looking statements in this press release involve known and unknown risks, uncertainties and other factors that may
cause Monarques' actual results, performance and achievements to be materially different from the results, performance or
achievements expressed or implied therein. Neither TSX nor its Regulation Services Provider (as that term is defined in the
policies of the TSX accepts responsibility for the adequacy or accuracy of this press release.
View original content to download multimedia:http://www.prnewswire.com/news-releases/monarques-gold-announces-its-first-quarter-results-300757928.html
SOURCE Monarques Gold Corporation
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/November2018/29/c2884.html