Aurwest (AWR) has announced financial results for Q2 2021 highlighted by a strong cash position in support of ongoing exploration.
As of June 30, 2021, Aurwest had C$5,755,015 in cash and $5,635,893 in working capital. A recent financing saw Eric Sprott increase his position in the company to 12.7 per cent.
Total operating expenses for the last three and six months were $137,457 and $251,823, compared to $120,963 and $230,711 in 2020.
Exploration and evaluation expenditures totalled $309,508 for the last six months, including $161,452 for property acquisition and $148,056 for exploration.
Share-based compensation for the last three and six months was $300,447 and $653,527, compared to $NIL in 2020, reflecting recently granted stock options and issued warrants.
In early June 2021, the company commenced its phase 1 exploration program at the Paradise Lake and Miguels Lake gold projects. Phase 2 will consist of 138 line km of IP survey estimated at $615,000. Exploration on the Stony Caldera gold property began in early July 2021.
Colin Christensen, President and CEO of Aurwest, stated,
"Aurwest is one of the largest landholders in the new evolving gold district in central Newfoundland. With the success of our financing in June, the company is in a strong financial position, and is poised to build shareholder value through expansion and acceleration of its exploration program and property acquisition."
Aurwest develops gold, silver and other precious and base metal properties in North America.
Aurwest (AWR) is up by 17.86 per cent and is currently trading at $0.165 per share as of 10:25 am ET.