Positive Income from Mine Operations Recorded During the First Two Months of Production
Ottawa, Ontario--(Newsfile Corp. - August 30, 2022) - Northern Graphite Corporation (TSXV: NGC) (OTCQB: NGPHF) (FSE: 0NG) (XSTU: 0NG) (the "Company" or "Northern") is very pleased to announce that the Company's Interim Financial Statements and Management's Discussion and Analysis for the three and six month periods ended June 30, 2022 have been filed on SEDAR and are available under the Company's profile. Selected unaudited financial information is presented in the table herein. Highlights for the second quarter which only include two months of operation at the Lac des Iles graphite mine ("LDI") following its acquisition at the end of April 2022 include:
38,500 tonnes of ore and low grade stockpile with an average grade of 6.6% processed in May and June
2,523 tonnes of graphite concentrate produced with a recovery of 89.7%
Concentrate purity averaged 96% and flake size distribution was 37% +80 mesh, 19% -80 by +150 mesh and 44% -150 mesh
Revenue of $3.7 million generated based on 1,773 tonnes sold at an average price of $2,083/tonne (USD$1,623/tonne)
Cash costs were $1,276 (USD$994) per tonne of graphite concentrate
Income from mine operations was $1.3 million
An operating loss of $1.5 million was recorded which includes general & administrative expenses and project evaluation, acquisition and integration costs
Cash and restricted cash and equivalents of $17.7 million as at June 30, 2022
Working capital of $29.4 million as at June 30, 2022
Total assets of $105.7 million as at June 30, 2022
"Release of our second quarter results is another important milestone in Northern's transformation from a development stage company to a producer with revenues, a positive mine operating profit and a strong cash position," commented Hugues Jacquemin, CEO. "Becoming the only significant producer of graphite in North America is a good start and we intend to aggressively build on that position through continued production growth, acquisitions and downstream investments."
Operations Report The Lac des Iles mine and processing plant essentially operated at design capacity during May and June based on a five day per week schedule. Throughput, grade, recovery and concentrate quality were all within historical norms. Costs reflected a higher than usual strip ratio as mining nears the bottom of the pit. The strip ratio should decline as mining of the next level begins. Some stoppages were experienced for maintenance and repairs subsequent to the end of the quarter.
Work is well underway at the Okanjande mine/Okorusu processing plant in Namibia which is on track for the restart of operations in nine or ten months. An experienced Namibian General Manager and a Project Manager have been hired and they are leading a team of 25 engineering and maintenance personnel that are focused on cleaning and refurbishing the plant. Most of the pumps have been stripped and equipment tested, work is progressing on re-energizing the electrical systems and most of the equipment has been turned. Engineering and design work is focusing on the process mass and water balances and the ordering of long lead time equipment including two new, front-end grinding mills and two polishing mills to be installed in the flotation section. A new tailings dam is required and work is in progress with respect to permitting and gathering the required geotechnical and geochemical design information.
The Company is currently getting quotes from engineering companies with respect to completing a Preliminary Economic Assessment on building a large new processing plant at the Okanjande deposit with the capability of producing 100-150,000tpy of graphite concentrate to serve the EV/battery market.
Efforts with the Bissett Creek project are focused on the final stages of major operating permits, First Nation consultation and liaison with various government bodies with respect to their programs for providing financial support to critical minerals projects.
A high resolution, horizontal magnetic gradient and electromagnetic ("VTEMTM Plus") airborne survey has been completed over the entirety of the South Okak Ni/Cu/Co Property which is located 80km north of the large Voisey's Bay mine. Approximately 1,450 line kilometres of data were collected. The survey will provide better definition of all known targets on the property, potentially uncover new targets and provide valuable information in preparation for a significant drill program planned for 2023.
Selected Interim Financial Information (Unaudited)
(Stated in Thousands of CDN Dollars)
Project evaluation, acquisition and integration
Loss (gain) on marketable securities
Loss per share - basic and diluted
Northern is a Canadian, TSXV listed company that is focused on becoming a world leader in producing natural graphite and upgrading it into high value products critical to the green economy including anode material for lithium ion batteries/EVs, fuel cells and graphene, as well as advanced industrial technologies.
Northern is the only significant graphite producing company in North America and will become the third largest outside of China when its Namibian operations come back online in the first half of 2023. The Company also has two large scale development projects, Bissett Creek in Ontario and Okanjande in Namibia, that will be a source of continued production growth in the future. All projects have "battery quality" graphite and are located close to infrastructure in politically stable countries.
Gregory Bowes, B.Sc. MBA P.Geo is a "qualified person" as defined under NI 43-101 and has reviewed and approved the content of this news release.
Please visit the Company's website at http://www.northerngraphite.com/investors/presentation/, the Company's profile on www.sedar.com, our Social Channels listed below or contact the Company at (613) 241-9959.
This news release contains certain "forward-looking statements" within the meaning of applicable Canadian securities laws. Forward-looking statements and information are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "potential", "possible" and other similar words, or statements that certain events or conditions "may", "will", "could", or "should" occur. Forward-looking statements in this release include statements regarding, among others, plans for bringing its Namibian operations back on line and to advancing its other developments projects to production, and developing the capacity to manufacture value added products. All such forward-looking statements are based on assumptions and analyses made by management based on their experience and perception of historical trends, current conditions and expected future developments, as well as other factors they believe are appropriate in the circumstances. However, these statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected including, but not limited to unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of other parties to perform as agreed; social or labour unrest; changes in commodity prices; unexpected failure or inadequacy of infrastructure and the failure of ongoing and contemplated studies to deliver anticipated results or results that would justify and support continued studies, development or operations. Readers are cautioned not to place undue reliance on forward-looking information or statements.
Although the forward-looking statements contained in this news release are based on what management believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with them. These forward-looking statements are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this news release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/135365
The major stock market indexes relinquished morning gains in afternoon trading on Friday, dropping to lows for the day. Market players hit the exits on news that Russia will suspend natural gas pipeline shipments to Germany. The Nasdaq changed course, now down 0.5%. The S&P 500 has shed 0.2% while the Dow Jones Industrial Average has dropped 0.2%. The Russell...
‘Rich Dad Poor Dad’ sees a window to get rich. He might be right.
Nio's August deliveries soared year over year, but there are plenty of clouds on the horizon too.
KeyBanc Capital Markets Equity Research Analyst John Vinh joins Yahoo Finance Live to discuss Broadcom earnings, chip stocks, supply chain issues, U.S. government banning the export of chips to China, and the outlook for the space.
(Bloomberg) -- Amazon.com Inc., determined to reduce the size of its sprawling delivery operation amid slowing sales growth, has abandoned dozens of existing and planned facilities around the US, according to a closely watched consulting firm. Most Read from BloombergGlobal Bonds Tumble Into Their First Bear Market in a GenerationLukoil Chairman Ravil Maganov Dies After Falling From Hospital WindowPutin Brings China and India to Russia for War Games Defying USStocks Head for Weekly Losses on Rat
Electric vehicle (EV) charging network company ChargePoint Holdings (NYSE: CHPT) gave investors a mixed fiscal 2023 second-quarter earnings report earlier this week. ChargePoint exceeded the high end of its prior guidance for revenue. The company had told investors to expect revenue of between $96 million and $106 million for the period, and it achieved $108.3 million in sales.
Aurora Cannabis, Canopy Growth, OrganiGram Holdings, and Tilray Brands are all in the red yet again today.
A high-yielding dividend stock that pays more than 7% might sound too risky to consider. As a result, many dividend stocks are paying higher yields than they were a year ago. One healthcare stock that stands out for its high payout today is Medical Properties Trust (NYSE: MPW).
Call me the world’s happiest cynic, then, because when I predicted the utter and catastrophic failure of Facebook’s rebranding as “Meta” starting less than a year ago, I genuinely didn’t think it would all unravel as quickly and ignominiously as it has. Horizon Worlds, Meta’s intended metaverse, went live in December and, my god, it has been downhill from there. The good news is that we’re getting a lot of free entertainment out of Mark Zuckerberg’s attempts to be “the face” of this dead-end transition, and the past few weeks have seen some real highlights, culminating with a transcendently embarrassing appearance on Joe Rogan’s podcast last week.
When a loved one passes away, it can be an emotional experience. Unfortunately, handling the deceased's finances can add to this stress. While most people know that you need to file a final tax return for the deceased, most people … Continue reading → The post Income in Respect of a Decedent (IRD) appeared first on SmartAsset Blog.
(Reuters) -Private equity firm Oak Street Real Estate Capital LLC has made an offer to acquire as much as $2 billion of property from Kohl's Corp and have the U.S. retailer lease back its stores, according to people familiar with the matter. Oak Street's interest offers Kohl's another chance to cut a deal after negotiations to sell itself to Franchise Group Inc, owner of the Vitamin Shoppe, for almost $8 billion fell through in July over the department store operator's deteriorating business prospects. Oak Street had sought to help finance Franchise Group's bid.
Here's everything we expect to see at Apple's Sept. 7 iPhone event.
Cathie Wood's ARK Invest cut its stake in Nvidia ahead of the graphic chipmaker's results last month. Now it's snapped up the stock which has dropped to a 52-week low.
Orchid Island Capital Corp. (NYSE: ORC) is a finance company that acquires, invests in and offers financing from U.S. residential mortgage-backed securities (MBS). The Florida mortgage real estate investment trust (REIT) initiated an IPO in March 2013 at a price of $14.50. Its monthly dividend of $0.135 returned an approximate annual yield of 11%. However, in the last few years, the stock price has floundered, and ORC has reduced its dividend payment several times. Orchid’s price had recently be
Chinese stocks have come under pressure for various reasons over the past year and a half or so; a slowing economy has been one cause while domestic tussles with the regulators haven’t helped either, particularly for those in the tech sector. Another element keeping sentiment low and impacting performance has been the fear of de-listing for U.S.-listed Chinese stocks. This is on account of Chinese companies not meeting U.S. auditing standards. But the prospects of de-listing might be less likely
U.S. stocks fell sharply on Friday, surrendering all of the gains from a post-jobs report rally ahead of the Labor Day holiday weekend.
Recently, Zacks.com users have been paying close attention to Energy Transfer LP (ET). This makes it worthwhile to examine what the stock has in store.
Investors need to pay close attention to Upstart (UPST) stock based on the movements in the options market lately.
Fast-growing cybersecurity company CrowdStrike (NASDAQ: CRWD) reported strong fiscal second-quarter results earlier this week. Its fiscal second-quarter revenue and adjusted earnings per share both came in higher than analysts' consensus forecasts, as annual recurring revenue soared 59% year over year, surpassing $2 billion for the first time. While it's true that CrowdStrike's business has been firing on all cylinders, there has been significant pressure on growth stocks in 2022 as investors appear to be more sensitive to valuation risk.
Former Chase Chief Economist Anthony Chan and J.P. Morgan Asset Management Global Market Strategist Jordan Jackson join Yahoo Finance Live to discuss the August jobs report, labor supply, labor demand, rate hikes, and the outlook for the economy amid recessionary fears.