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Golden Queen Mining Co. Ltd. (TSX:GQM,OTCQX:GQMNF) released Q3 2015 financial results for the California-based Soledad Mountain gold-silver project. The company owns a 50-percent stake in the project.
Golden Queen Mining Co. Ltd. (TSX:GQM,OTCQX:GQMNF) released Q3 2015 financial results for the California-based Soledad Mountain gold-silver project. The company owns a 50-percent stake in the project.
Financial highlights include:
During the third quarter ended September 30, 2015, the net loss attributable to the Company was $1.9 million (or $0.02 basic per share), compared to a net loss of $1.8 million (or $0.02 basic per share), for the corresponding period in 2014. The net loss in the third quarter of 2015 is mainly due to an increase of interest expenses and a loss resulting from the change in fair value of the derivative liability, which is a non-cash item.
The Company had, on a consolidated basis, $166.4 million in assets, including $52.0 million in cash, and a working capital balance of $43.3 million as at September 30, 2015, compared with $129.5 million in assets, including $91.4 million in cash, and a working capital balance of $65.1 million as at December 31, 2014.
The Company incurred capitalized development costs of $59.8 million during the nine month period ended on September 30, 2015, compared to $13.2 million during the same period in 2014. Construction costs included $17.1 million in costs related to the crushing-screening plant, $7.8 million in costs related to the Merrill-Crowe plant and solution management, $7.6 million in costs related to the construction of the Phase 1, Stage 1 heap leach pad and $3.6 million in costs related to the construction of the conveying and stacking system. The Company also capitalized $4.9 million in interest cost.
Click here to read the full Golden Queen Mining Co. Ltd. (TSX:GQM,OTCQX:GQMNF) press release.