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.
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SOURCE Monarques Gold Corporation