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North American Tungsten Corporation Ltd. (TSXV:NTC) announced a net loss of $6.6 million for its fiscal year, which ended September 30, 2014.
North American Tungsten Corporation Ltd. (TSXV:NTC) announced a net loss of $6.6 million for its fiscal year, which ended September 30, 2014.
As quoted in the press release:
The gross margin from operations was $5.1 million for fiscal 2014, up significantly from the negative $0.1 million gross margin for fiscal 2013. However, the positive result from mining operations was insufficient to cover foreign exchange loss and corporate overhead costs including substantial interest and financing costs.
Kurt Heikkila, chairman and CEO, stated:
Significant improvements have occurred to the mine and mill operations during the year which we have resulted in increased mill throughput. Mill improvements were substantially completed which should increase mill throughput by upwards of 20% from prior year levels. There were some mill disruptions during the mill improvement process which reduced metallurgical recovery for the year.
Click here for the full North American Tungsten Corporation Ltd. (TSXV:NTC) press release