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PERTH, Western Australia, Aug. 14, 2018 (GLOBE NEWSWIRE) -- Perseus Mining Limited (“Perseus” or the “Company”) (TSX & ASX: PRU) is pleased to provide an update on its recent exploration activities at its Sissingué and Yaouré properties, both located in Côte d’Ivoire.
Sissingué, Perseus’s second gold mining operation, started commercial production on April 1, 2018 and the Company is now aiming to extend the currently estimated five-year life of the mine by identifying additional Mineral Resources that can be processed at Sissingué. Recent exploration drilling has identified open ended gold mineralisation extending over 200m of strike length at the Zanikan prospect, south of Sissingué, and over 300m of strike length at the Fimbiasso South prospect on the near-by Mahalé exploration licence. Both prospects are located within trucking distance of the recently commissioned Sissingué processing facility.
Yaouré is a development stage project and will become Perseus’s third gold mine when developed. A positive Definitive Feasibility Study (“DFS”) was completed in October 2017 and subject to financing and full permitting, mine development is expected to start early in 2019. Perseus has completed the drilling of targets identified during the Yaouré DFS as having potential to increase Mineral Resources, Ore Reserves and the currently estimated eight and a half year mine life for the project. Publication of an updated Mineral Resource estimate is now expected in early October 2018, subject to the receipt of all outstanding assay results.
Exploration results are provided below. However, the figures and tables referred to below are included in the full release which is available for download from www.perseusmining.com, www.asx.com.au and www.sedar.com.
Sissingué Exploitation Permit – Zanikan Prospect (Refer to Figure 1)
At Zanikan, 20km south of the Sissingué gold mining operation, Perseus has completed 30 air core (“AC”) drill holes for 1,983m to cover an area of strong gold-in-soil anomalism and extensive artisanal mining of gold mineralised quartz stockworks. This recent AC drilling was designed to undercut previous rotary air blast (“RAB”) drilling and investigate the stockwork mineralisation at greater depths (refer to Figure 2). Three holes from this program returned significant results, including:
The results appear to indicate multiple steeply west-dipping mineralised structures over an open ended 200 metre strike length. (Refer to cross sections shown in Figures 3-5.) Perseus is planning further AC and reverse circulation (“RC”) drilling to infill, extend and undercut the coverage between and along strike from the recent drilling at the conclusion of the current wet season. A complete summary of the recent Zanikan drilling, including 11 holes drilled at the nearby Gbeni prospect (best intersection 8m @ 0.5g/t Au from GBAC004) is included in Appendix A - Table 1.
Mahalé Exploration Permit – Fimbiasso South Prospect (Refer to Figure 1)
At Mahalé, 40km southwest of Sissingué, 195 AC drill holes totalling 5,586m were drilled, focussing on the southern section of the Fimbiasso granite where 2017 RAB hole MHRB057 intersected 12m @ 1.67 g/t Au. Results from this program were partially reported in Perseus’s June 2018 Quarter Report released to the ASX on July 13, 2018. Since then, Perseus has received further results from the drill program, confirming the prospectivity of this zone, including:
Geological interpretation suggests mineralisation identified at Fimbiasso South is similar to that found at the Fimbiasso East and West deposits (previously Bélé East and West – Refer to Figure 6), which have a combined JORC Inferred Mineral Resource Estimate of 1.9Mt at 2.0g/t gold for 130,000oz gold.
Recent drilling has confirmed gold mineralisation over at least 300 metres which remains open along strike in both directions, with a possible subparallel zone approximately 100m to the south (Refer to Figure 7). Perseus will undertake additional AC and RC drilling to infill, extend and undercut the coverage between and along strike from the recent drilling following the end of the current wet season. A complete summary of the recent Mahalé drilling is included in Appendix A - Table 2.
Yaouré Exploration Permit – Yaouré and CMA Deposits
The Yaouré DFS identified targets with potential to increase the Yaouré Project’s Mineral Resources and Ore Reserves. By the end of July 2018, Perseus completed the first stage of drilling, targeting high priority targets. The program included 47 holes for 4,597m of RC drilling and 3,849m of core drilling at CMA, 54 holes for 4,896m of RC drilling at Yaouré pit south and 28 holes for 1,930m of RC drilling at Y2 South (Figure 8 and 9).
While many of the assay results from the drilling programme remain outstanding, including significant further assays from AC drilling of the CMA-NE zone, the initial results from the program, with hole locations shown in plan in Figures 10, 12, 14 and 16 and in cross section in Figures 11, 13, 15 and 17, include the following:
Remaining assay results are expected by the end of August 2018 and will be used to update Yaouré’s Mineral Resources and Ore Reserve estimates. This work is expected to be complete late in the September 2018 Quarter.
A complete summary of the recent Yaouré drilling is included in Appendix A - Tables 3A – 3D.
To discuss any aspect of this announcement, please contact:
Competent Person Statement:
The information in this report and the attachments that relate to exploration drilling results at the Sissingué and Fimbiasso Project is based on, and fairly represents, information and supporting documentation prepared by Dr Douglas Jones, a Competent Person who is a Chartered Professional Geologist. Dr Jones is the Group General Manager Exploration of the Company. Dr Jones has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’”) and to qualify as a “Qualified Person” under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Dr Jones consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.
The information in this report and the attachments that relate to resource definition drilling results at the Yaouré Gold Project were compiled by Mr Gary Brabham, F AusIMM, MAIG, a Competent Person who is a Resource Geologist. Mr Brabham is an employee of the Company and has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’”) and to qualify as a “Qualified Person” under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Mr Brabham consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.
Caution Regarding Forward Looking Information:
VANCOUVER, British Columbia, Aug. 14, 2018 (GLOBE NEWSWIRE) -- TriMetals Mining Inc. (TSX: TMI, OTCQX: TMIAF), (the “Company”), reports the release of its condensed interim consolidated financial statements for the three and six months ended June 30, 2018 and the related management’s discussion and analysis of financial position and results of operations (“MD&A”). In this press release, all amounts are expressed in U.S. dollars, unless otherwise indicated.
As at June 30, 2018, the Company had cash of $0.32 million. During the six months ended June 30, 2018, the Company reported net earnings of $2.32 million ($0.01 per share) compared with net earnings of $0.40 million ($0.00 per share) for the six months ended June 30, 2017. During the three months ended June 30, 2018, the Company reported net earnings of $1.30 million ($0.01 per share) compared with net loss of $1.51 million ($0.01 per share) for the three months ended June 30, 2017.
During the six months ended June 30, 2018, the TSX closing price of the Class B shares (a liability in the financial statements) decreased by Cdn. $0.025 (2017 – decreased by Cdn. $0.025) per Class B share, combined with a favourable movement in the USD:CAD exchange rate for the same period ended June 30, 2018, resulted in a non-cash gain of $3.17 million (2017 –$1.52 million), which was the primary factor impacting net earnings.
The Company continued to reduce its level of operations from previous years and manage its costs structure which resulted in general and administrative expenses, excluding non-cash share-based payments, marginally decreasing from $0.77 million to $0.72 million during the six months ended June 30, 2018.
Exploration spending during the six months ended June 30, 2108 decreased to $0.87 million from $1.26 million incurred in the first six months in 2017. The 2018 costs included $0.61 million incurred at Gold Springs and $0.26 million incurred at the Escalones property in Chile.
The Company continues to seek a partner to help advance Escalones towards development.
Subsequent to June 30, 2018 the Company gave notice to the convertible note holders, with a balance of $1.73 million, exercising the right to extend the maturity date from Jul 23, 2018 to July 23, 2020
Arbitration against the Government of Bolivia
On August 2, 2018, one of the arbitrators advised that he had seriously fallen ill and was unable to continue with the arbitration. On August 7, 2018, TMI’s wholly owned subsidiary South American Silver Limited (SASL) wrote to the PCA and to the Arbitral Tribunal seeking confirmation that this illness would not affect the expected timing for the issuance of the award. On August 12, 2018, Bolivia wrote to the PCA requesting that a replacement arbitrator to be appointed and that the reconstituted Tribunal consider the possible repetition of the hearing and subsequent stages of the arbitration. In response, on August 14, 2018, SASL wrote to the PCA and to the Arbitral Tribunal objecting to Bolivia’s requests and noting that, if necessary, Articles 14(2) and 34(4) of the 2010 UNCITRAL Rules expressly permit the two other arbitrators to sign and issue the award.
The President of the Tribunal responded to both Bolivia and SASL on August 14 requesting that the Parties refrain from presenting further submissions on this matter without prior instructions from the Tribunal and indicating that the Arbitral Tribunal will revert to the Parties shortly.
TMI will provide additional information as it becomes available.
Change in Chief Financial Officer and Corporate Secretary
Prior to joining Malaspina, Mr. Ruby was an Assurance Partner at Wolrige Mahon LLP working predominantly with resource and other junior public companies, and formerly was a Senior Manager with KPMG LLP working on a range of public companies and reporting issuers. He holds a BSc. (Accounting) from University College Cork, Ireland, a Post-Graduate Diploma in Corporate Treasury from Dublin City University, Ireland, and received his Chartered Accountant designations from Canada and Ireland in 2010 and 2002, respectively. Mr. Ruby’s appointment comes with the resignation of Ms. Rebecca Moriarty.
About TriMetals Mining Inc.
The Company’s common shares and Class B shares are listed on the Toronto Stock Exchange under the symbols “TMI” and “TMI.B” and the common shares and Class B(1) shares also trade on the OTCQX market under the symbol “TMIAF” and “TMIBF”. Additional information related to TriMetals Mining Inc. is available at www.TriMetalsmining.com and on SEDAR at www.sedar.com.
Readers are cautioned not to place undue reliance on the forward-looking statements contained in this news release. Except as required by law, the Company assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason.
(1) the Class B shares have no interest in the properties or assets of the Company. The Class B shares are only entitled collectively to 85% of the net cash, if any, (after deducting all costs, taxes and expenses and the third-party funder's portion thereof) received by TMI from award or settlement in relation to the Company’s subsidiary South American Silver Limited’s arbitration proceeding against Bolivia for the expropriation of the Malku Khota project in 2012.
CONTACT: TriMetals Mining Inc. Contact: Eric Edwards President & CEO firstname.lastname@example.org
TORONTO, Aug. 14, 2018 (GLOBE NEWSWIRE) -- Lydian International Limited (TSX:LYD) (“Lydian” or the “Company”) announced today its results for the three and six months ended June 30, 2018. All dollar amounts referenced in this news release are, unless otherwise indicated, in United States dollars.
Lydian made good progress in May and early June 2018 on major construction and operational readiness activities at its 100%‐owned Amulsar Gold Project in Armenia, despite sporadic illegal blockades. Engineering was completed in all areas, and construction reached approximately 80% completion.
Since late June, illegal blockades have been in place at Amulsar and continue to prevent the Company and its contactors from entering the Amulsar site. Armenian Prime Minister Pashinyan’s appeal instructing the protestors to discontinue the road blockades has shown limited results. Lydian and several stakeholders have continued to petition local and national government officials to enforce the law by removing the blockades and allowing the Company to resume construction activities. To date, the government has not acted on these additional requests.
To mitigate costs during the ongoing blockades, all construction contractors have been idled and termination notices have been provided to 30% of the Company’s workforce. Additional cost reductions are being considered. Prior to the start of the current blockades, management targeted gold production to commence in Q4 2018, with ramp‐up continuing into 2019. The illegal blockades will affect this schedule and the required capital to complete construction of the Amulsar Gold Project.
João Carrêlo, President and Chief Executive Officer of Lydian, stated, “We are pleased to have achieved overall construction progress of 80% during the quarter. Prior to the ongoing blockades, construction was advancing and tracking to first gold in Q4 2018. It is unfortunate that the government has chosen not to enforce the law and remove the illegal blockades, but we will continue to make every effort to resolve this situation as quickly as possible. Until a resolution is achieved, Lydian will continue to implement cost reduction initiatives, which will impact more than 1,300 employees and contractors, as well as the local communities and suppliers.
“As part of our commitment to responsible and transparent mining, we fully support independent and professional environmental compliance audits of Armenia’s mining sector. Pursuant to Lydian’s request, the audits commenced in July with the Amulsar Gold Project. The site audit of Amulsar is now complete, and we expect to receive the official findings in September.”
Second Quarter 2018 Highlights and Recent Developments
Financing – During Q2 2018 and to the date of this report, additional debt draws of $33.1 million were received. Management continued its focus to complete a restructuring of its funding instruments. Through these revisions, management is currently seeking a net cash flow benefit in excess of $40 million. This will reduce Lydian’s overall remaining funding requirement, but additional sources of funding will be required through issuance of equity.
Engineering – Engineering is 100% complete, with design work for the truck shop and wash bay being completed during Q2 2018.
Mine Operations – Pre-production mining activities continued during Q2 2018, with construction of the main mine haul road to the primary crusher, development of the run-of-mine pad at the primary crusher, and development of mining benches in the Tigranes pit.
Materials Handling System – The primary and secondary crushers have all been placed on their foundations, as has the apron feeder and vibrating grizzly at the primary crusher facility. Installation of the mechanicals in the screen house is complete with the exception of final adjustments and torqueing of fasteners. The overland conveyor drive house mechanicals have been installed, as have all the concrete sleepers and over 95% of the overland conveyor galleries. The coarse ore stockpile/reclaim system is structurally complete, and the contract has been awarded for the fine ore stockpile/truck load-out facility.
Heap Leach Facility – Liner installation commenced for the process and storm ponds during the quarter. Earthworks on the heap leach pad are almost complete and will be lined following the process ponds.
Gold Processing Facilities – The ADR Plant mechanicals have been completed and work started on installing piping, electrical, and instrumentation. The foundations for the reagent storage facility adjacent to the ADR Plant are nearly complete. The refinery building is over 90% finished.
Infrastructure – The main substation and 35kV distribution system are complete and ready to be energized once all the e-houses are placed and pre-commissioned. The 110kV line has been upgraded by the utility company and all preparations are in place to connect to the main substation. The contract for the construction and installation of the process and potable water system has been awarded. The gas line has been completed to the battery limits of the ADR plant and mine shop. Mine shop foundations have been completed and the building is being erected. The truck wash bay foundations are nearing completion.
Operational Readiness – Recruitment and training of mine and process operators continued. The mine department utilized shovel and truck simulators prior to in-field training on equipment. The quality and aptitude of the applicants was better than expected. The curriculum for process operator training has been established.
Sustainability – In April 2018, the Company reached 2,000,000 man hours without a lost time injury. The independent environment and social consultant completed its audit in June covering areas of ARD, cyanide systems, environmental monitoring, site-wide water, surface and ground water management, dust management, and other environmental management systems. Management plans have been adjusted accordingly.
Following the initiative by the new administration to undertake a comprehensive environmental audit of Armenia’s mining sector, Lydian proposed it be the first company to be audited. The Environmental and Mining Inspection Agency commenced its site audit of the Amulsar Project in July 2018. The audit was completed in early August 2018. The official findings of the audit have yet to be disseminated.
Separately, a fact-finding working group was established by Prime Ministerial decree with 24 nominated members and augmented by 18 representatives of civil society to review impacts attributed to mining activities and performance with respect to international best practices. The working group formally commenced its work in August 2018. As mandated by the decree, the working group is to complete its findings in September 2018.
Appointments – Mr. Russell Ball was appointed as director of Lydian on June 28, 2018. Mr. Ball is a former Executive Vice President and Chief Financial Officer of Goldcorp Inc. and Newmont Mining Corporation. Mr. Ball has over 20 years’ experience in the mining industry and currently serves as a director on the Boards of Trevali Corporation, Columbus Gold Corporation, and Allegiant Gold Limited.
Howard Stevenson resigned as President and Chief Executive Officer of Lydian effective May 1, 2018. Mr. João Carrêlo was appointed as President and Chief Executive Officer of Lydian effective May 1, 2018. Mr. Carrêlo is a senior mining executive with over 34 years of international experience in the mining and resources sectors. He currently serves as a non-executive director on the boards of TMAC Resources, Inc. and Lucky Minerals, Inc. His experience includes the management of underground and open pit projects and operations, with exposure to precious metals, base metals, coal and industrial minerals in Latin America, Europe, India, and Africa.
To view construction photos and videos, please visit www.lydianinternational.co.uk.
About Lydian International Limited
Lydian is a gold developer focusing on construction at its 100%-owned Amulsar Gold Project, located in south-central Armenia. Amulsar will be a large-scale, low-cost operation with production targeted to average approximately 225,000 ounces annually over an initial 10-year mine life. Open pit mining and conventional heap leach processing contribute to excellent scale and economic potential. Estimated mineral resources contain 3.5 million measured and indicated gold ounces and 1.3 million inferred gold ounces as outlined in the Q1 2017 Technical Report. Existing mineral resources beyond current reserves and open extensions provide opportunities to improve average annual production and extend the mine life. Lydian is committed to good international industry practices in all aspects of its operations including production, sustainability, and corporate social responsibility. For more information and to directly contact us, please visit www.lydianinternational.co.uk.
For further information, please contact:
Caution regarding forward-looking information
There can be no assurances as to the timing, magnitude or impact of future protests or blockades affecting Amulsar, if any, or the success of the Company’s ongoing attempts to mitigate such risks. The Company does not intend to comment further upon protests, blockades or similar disruptions unless required by law, it deems further disclosure is appropriate, or where appropriate in the context of its normal course disclosure on construction, operational and financial matters. The Company makes reference to the risk factors outlined in section 4.2 of its most recent Annual Information Form, dated March 28, 2018, including risk factor disclosure under the headings “Single Property Focus”, “Community and Social” and “Foreign Operations”.
Certain information contained in this news release is “forward looking”. All statements in this news release, other than statements of historical fact, that address events, results, outcomes or developments that the Company expects to occur are “forward-looking statements”. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the use of forward-looking terminology such as “plans”, “expects”, “is expected”, “intends”, “anticipates” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “will”, “would”, “should”, or “occur” or the negative or other variations of such terms. Forward-looking statements in this news release include, among others, statements with respect to: the illegal blockades at the Amulsar site and potential cost reductions as a result; the Company’s assessment of alternatives for dealing with the blockades, the Company’s ability to carry out comprehensive revisions to its senior credit, stream, and offtake agreements, potential future employee reductions, the realization of mineral resource estimates and the timing of development of the Amulsar Gold Project, including the expected start date of gold production; restructuring of funding instruments and potential funding through the issuance of equity; the expected and estimated cost of operations and capital costs at the Amulsar Gold Project; the current Amulsar Gold Project construction schedule, the commitment to and implementation of good international industry practices; the expected gold production from, and life of mine of, the Amulsar Gold Project; the formation of the Armenian Government; the impact of management in relation to the Company’s strategic growth objectives; the magnitude or impact of historical and future (if any) protests or blockades affecting Amulsar and the success of the Company’s ongoing attempts to mitigate such risks; the response of the Armenian government to future (if any) protests or blockades affecting Amulsar; the impact of protests, blockades or similar disruptions on the Company’s construction, operations and financial performance; and the expected mining methods at the Amulsar Gold Project. Statements concerning mineral resource estimates may also be deemed to constitute forward-looking information to the extent that they involve estimates of the mineralization that will be encountered when the property is developed.
Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Such risks, uncertainties and factors include, without limitation: changes in gold and silver prices; adverse general economic, political, market or business conditions; unwillingness of the Company’s creditor’s to amend the senior credit, stream, and offtake agreements; failure to achieve the objectives of the future exploration and drilling programs; regulatory changes; as well as "Risk Factors" included in the disclosure documents filed on and available at www.sedar.com. Forward-looking statements are not guarantees of future performance, and actual results and future events could materially differ from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. All of the forward-looking statements contained in this news release are qualified by these cautionary statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.
LONGVIEW, Texas, Aug. 14, 2018 (GLOBE NEWSWIRE) -- Friedman Industries, Incorporated, headquartered in Longview, Texas, is a manufacturer and processor of steel products with operating plants in Hickman, Arkansas; Decatur, Alabama and Lone Star, Texas. The Company has two reportable segments; coil products and tubular products. The coil product segment consists of the operations in Hickman and Decatur where the Company processes hot-rolled steel coils using temper mills and cut-to-length lines. The tubular product segment consists of the operations in Lone Star where the Company manufactures electric resistance welded pipe, provides pipe finishing services and distributes pipe.
The Company announced today its results of operations for the first quarter. For the quarter ended June 30, 2018, the Company recorded net earnings of $3,599,893 ($0.51 diluted earnings per share) on sales of $48,193,318 compared to net earnings of $364,330, as adjusted for the change in accounting principle discussed below, ($0.05 diluted earnings per share) on net sales of $23,083,269 for the quarter ended June 30, 2017. Effective April 1, 2018, the Company changed its method for valuing prime coil inventory of the coil segment from the last-in, first-out (“LIFO”) method to the average cost method. The effects of the change in accounting principle from LIFO to average cost have been retrospectively applied to June 30, 2017 results. The Company believes the average cost method is preferable as it more closely resembles the physical flow of our inventory, it better matches revenues with expenses and it aligns with how we internally manage our business. As a result of the retrospective application of the change in accounting principle, certain financial statement line items in the Company’s consolidated balance sheet as of March 31, 2018 and its consolidated statement of operations and consolidated statement of cash flows for the quarter ended June 30, 2017 were adjusted as disclosed in Note B – Change In Accounting Principle of our quarterly report on Form 10-Q filed with the U.S. Securities and Exchange Commission (the “SEC”) on August 14, 2018.
For further information, please refer to the Company's Form 10-Q as filed with the SEC on August 14, 2018 or contact Alex LaRue, Chief Financial Officer – Secretary and Treasurer, at (903)758-3431.
VANCOUVER, British Columbia, Aug. 14, 2018 (GLOBE NEWSWIRE) -- Lithium Americas Corp. (TSX:LAC)(NYSE:LAC) ("Lithium Americas" or the "Company") has announced its financial and operating results for the second quarter ended June 30, 2018.
Net loss for the three months ended June 30, 2018 was $6,649 compared to $9,726 for the three months ended June 30, 2017. The decrease in the net loss was mainly attributable to the lower loss from the Joint Venture (as most costs were capitalized in the three months ended June 30, 2018, but expensed during the three months ended June 30, 2017), lower stock-based compensation and higher foreign exchange gain partially offset by higher exploration expenses at the Thacker Pass project and higher general and administrative expenses. Basic and diluted loss per share was $0.08 in Q2 2018 versus $0.15 in Q2 2017.
The organoclay sales in Q2 2018 was $855 (Q2 2017 - $1,612), with related production costs of $1,125 (Q2 2017 - $1,633), depreciation expense of $184 (Q2 2017 - $222), and inventory writedown of $3 (Q2 2017 – reversal of $40) resulting in gross loss from organoclay sales of $457 (Q2 2017 - $203). The decrease in sales is due to the timing of oil drilling products orders which rebounded in July, 2018.
Organoclay research and development costs are consistent from period to period and include costs of operating the research and development team and lab for new organoclay product development.
Exploration expenditures in Q2 2018 of $2,205 (Q2 2017 – $829) include expenditures incurred for the Thacker Pass project. The increase in the Company’s exploration expenditures is mostly due to advancing the Thacker Pass project.
Loss from the Joint Venture in Q2 2018 of $106 (Q2 2017 – $3,482) represents the Company’s share of the Joint Venture losses for the Cauchari-Olaroz project. In July 2017, the Joint Venture’s Cauchari-Olaroz project entered the development phase. Effective July 1, 2017, all costs directly attributable to the project are being capitalized. The Company’s share of the Joint Venture losses decreased in Q2 2018 compared to Q2 2017 as the majority of costs incurred in Q2 2018 were capitalized as project development costs.
Stock-based compensation in Q2 2018 of $1,014 (Q2 2017 - $2,356) is a non-cash expense and consists of the $766 (Q2 2017 - $839) estimated fair value of stock options vested during the period and the $248 (Q2 2017 - $1,517) fair market value of restricted shares. In Q2 2018 the Company granted 21 restricted shares to its employees. The increase in this category was due to vesting of the 2017 stock option grants and restricted share awards to the Company’s employees and officers.
Other Income/expense in Q2 2018 includes a foreign exchange gain of $876 (Q2 2017 – loss of $1,672). The gain was due to the strengthening of the US dollar against the Canadian dollar and a higher US dollar denominated cash balance in the Q2 2018 period. The Company holds most of its cash in US currency.
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