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Athabasca Minerals Announces Q2 2023 Financial Results and Postponement of Shareholder Meeting Date

Press Release

Calgary, Alberta–(August 24, 2023) – Athabasca Minerals Inc. (TSXV: AMI) (“AMI” or the “Corporation”), announces its Q2 Financial Statements for the second-quarter ending June 30, 2023. The Q2 2023 Financial Statements and Management’s Discussion and Analysis are available on SEDAR+ at and on the Corporation’s website at


  • Signed multi-year transload agreement for the delivery of silica sand into the Grande Prairie, Alberta region.
  • Signed an 18-month sand supply agreement with a leading North American oilfield services firm for a total minimum commitment of 360,000 tons, subject to pricing adjustments.
  • Closed a definitive sale agreement with an arm’s length purchaser to divest of certain non-core assets within the aggregates division for total cash consideration of C$3.2 million.
  • Canaccord Genuity continued the exploration of strategic alternatives for the Corporation.


In the second quarter of 2023, Athabasca reported consolidated revenue of $14.4 million (compared to $7.5 million in Q2 2022), a gain of 92%, driven mainly by increasing revenue from industrial sand. Industrial sand revenue was $13.0 million, which is 90% of reported consolidated revenue. Total comprehensive loss in Q2 2023 is ($606,145) versus total comprehensive loss of ($4,770,632) in Q2 2022, an improvement of $4,164,487. Athabasca recognized a gross profit of ($453,272) in Q2 2023, versus gross profit of ($401,098) in Q2 2022. The Corporation incurred a depreciation, depletion and amortization (“DDA”) expense of $1,306,036 in Q2 2023 versus a DDA expense of $1,012,177 in Q2 2022.

Dana Archibald, Chief Executive Officer, states: “AMI Silica LLC’s transload network has proven to be a key part of the Corporation’s sales growth over the last several months. We are seeing higher demand for our sand despite the challenges that we faced throughout the second quarter, including wildfires, rail outages and floods. April and May of this year proved to be extremely challenging throughout our industry and Silica LLC was no exception, however we saw a healthy rebound in June. In addition, the recent disposition of non-core assets in Alberta provides AMI the opportunity to allocate resources to focus on our sand assets in both Canada and the US.”


Three months ended June 30,2023 Six Months ended June 30,
2023 2022 2023 2022
Product sales revenue  $  13,039,192 $ $ 5,967,509 $  25,375,438 $  11,873,269
Services revenue 1,373,576 1,489,189 2,033,770 2,628,036
Gross revenue, including royalties 14,412,768 7,456,698 27,409,208 14,501,305
Less: provincial royalties (310,788) (122,229) (388,487) (182,390)
Gross revenue, net of royalties 14,101,980 7,334,469 27,020,721 14,318,915
Gross profit (loss) (453,272) (401,098) (653,552) 781,527
Write-down of contract costs and resource properties (3,322,795) (3,322,735)
Severance expense (638,985) (638,985)
Total Operating income (loss) (1,997,538) (5,489,541) (3,319,337) (5,260,817)
Gain on acquisition of Wisconsin assets 100,970 22,445,116
Other non-operating income 1,190,698 59,969 1,207,150 75,836
Total comprehensive income (loss)  $  (606,145)  $  (4,770,632) $  (3,236,041) $  17,515,390
Comprehensive income (loss) per common share – basic (0.008) 0.610 (0.041) 0.226
Comprehensive income (loss) per common share – diluted (0.008) 0.610 (0.041) 0.223
Weighted Average # of Shares Outstanding 78,582,686 77,695,603 78,582,686 77,410,491


The Corporation received an order from the Court of King’s Bench of Alberta (the “Court”) pursuant to the Business Corporations Act (Alberta) (the “Act”) allowing the Corporation to extend the time in which the next annual meeting of Athabasca shareholders will be held (the “Meeting”). The Court granted an order extending the time for the Corporation to hold the Meeting until on or before December 31, 2023. The Meeting had previously been scheduled for September 21, 2023.

On March 28, 2023, the Corporation announced that it initiated a process to evaluate potential strategic alternatives intended to maximize shareholder value (the “Process”). As part of the Process, the Corporation’s board of directors is considering a full range of strategic alternatives, which may include financing alternatives, a merger, amalgamation, plan of arrangement, consolidation, reorganization or other business combinations and other alternatives intended to increase shareholder value.

The consummation of a transaction as part of the Process may require shareholder approval at a special meeting of shareholders (the “Potential Special Meeting”) pursuant to one or more provisions of the Act, applicable securities laws and the policies of the TSX Venture Exchange. In order to conserve its financial and human resources, the Corporation plans to hold the Meeting concurrently with the Potential Special Meeting, if any, to the extent that such Potential Special Meeting would be held on or prior to December 31, 2023.

The Corporation will file an amended notice of meeting on SEDAR+ at when a new Meeting date has been chosen.

For further information, please contact:
Cheryl Grue, Director, Corporate Affairs
Tel: 587-392-5862 / Email:



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