Jayant Bhandari – Exploration in Japan and Chinese Growth Data
Metals equity analyst Jayant Bhandari joins me today to discuss his recent trip to Japan. We discuss the mining environment in Japan and an exploration company he was visiting. We also look at the better economic numbers out of China. These combined with the continued growth Jayant is expecting should lead to a sustainable run in the metals sector.
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* Q4 2017 HIGHLIGHTS FOR THE QUARTER
> Gold production 7,248 ounces for the quarter.
> Gold sales of 7,416 ounces for the quarter.
> $12,462,203 in gross gold sales for the quarter at an average realised price of $1,681 per ounce sold (US$1,250/oz using an exchange rate of US$0.74/C$1.00).
> $11,450,316 in net revenues from gold sales for the quarter after sales of ounces to the stream agreement.
> Cash cost1 of C$ 1,134 per ounce sold for the quarter (US$ 843/oz using an exchange rate of US$0.74/C$1.00).
> 10,260 metres drilled in the quarter
** HIGHLIGHTS FOR THE YEAR ENDED JUNE 30TH, 2017
> Gold production of 34,853 ounces of gold for the year.
> Gold sales of 36,620 ounces for the year.
> $60,682,905 in gross gold sales for the year at an average realised price of $1,657 per ounces sold (US$1,159/oz using an exchange rate of US$0.75/CND$1.00)
> $56,292,643 in net revenues from gold sales for the year after sales of ounces to the stream agreement (compared to $48,313,864 for the year ended June 30, 2016 2).
> Cash cost of CND$ 1,021 per ounce sold for the year (US$ 770/oz using an exchange rate of US$0.75/CND$1.00) (compared to CND$ $1,212 and US$ 929 for year ended June 30, 2016).
> Net loss and comprehensive loss of $404,245 for the year (compared to $7,319,624 for the year ended June 30, 2016) with gross profit of $11,366,984 (compared to $1,154,950 for the year ended June 30, 2016)
> Cash and cash equivalents of $19,392,815 as at June 30th, 2017, pursuant to the closing of three private placements in the aggregate of $26,282,006 ($6,680,475 from the issuance of flow-through shares) with working capital of $13,872,583 (compared to cash of $1,888,938 for the year ended June 30, 2016 and a working capital deficit of $1,322,083 for the year ended June 30, 2016).
> Common share consolidation on a 10:1 basis, April 13, 2017.
> Repayment of principal amount outstanding of $9,000,000 on secured convertible debentures.
> Appointments of Messrs. Greg Gibson, Mr. Akiba Leisman, Mr. Pascal Hamelin and Mrs. Christina Ouellette to the Board of Directors. Mr. Greg Gibson was appointed Chief Executive Officer and Mr. Pascal Hamelin, Chief Operating Officer
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