Harte Gold Announces Q3 2019 Results
Press Release
Toronto – November 14, 2019 – HARTE GOLD CORP. (“Harte Gold” or the “Company”) (TSX: HRT / OTC: HRTFF / Frankfurt:
H4O) today announced financial and operational results for the three and nine months ended September 30, 2019 (“Q3”).
Third Quarter Highlights
- Strong Safety and Environmental performance: no lost-time injuries reported for the quarter
- Mine production growth: mined tonnes and processing tonnes improved by 9% and 6% respectively
- Revenue growth: revenues increased 22% from the previous quarter to $14.5 million
- Production costs stable: mining and underground development, processing costs, site G&A and corporate costs were similar to the previous quarter
- Mine EBITDA was $(0.7) million, lower than the previous quarter after adjusting for inventory movements on timing of sales
- All in sustaining (“AISC”) costs of US$2,304/oz were higher due to lower than expected production over the quarter
- A net loss of $(15.2) million or $(0.024) per share was an improvement over second quarter losses of $(25.9) million of $(0.043) per share
Post Quarter Highlights
- Board renewal completed, improving operational, capital markets and governance oversight
- New CEO and COO have joined the Company, focusing on operational improvements
- The Company is managing its working capital position – drawdown of the Standby Commitment has commenced
- Backfill alternative introduced, reducing the dependence on paste fill distribution, allowing for better underground waste management and increasing mine scheduling flexibility
- The mining contractor is increasing its labour on site
Sam Coetzer, President and CEO commented “I am excited to join the Harte team and am confident that we can improve the operations beyond the current operating levels. I am encouraged by the skill level of the employee base at our operations and also by the progress made at the Sugar Zone mine over this past year. The mine is now in a position to improve on productivity metrics and grade supply.”
Read More: https://www.hartegold.com//wp-content/uploads/2019/11/Harte-Gold-Announces-Q3-2019-Results.pdf
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