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Wallbridge Mining Company (TSX:WM) released its financial and operating results for the nine months ended September 30 2015. The company recorded a net loss of $25,502 for the first 9 months of 2015, and had $1.1 million in cash and cash equivalents as of September 30.
Wallbridge Mining Company (TSX:WM) released its financial and operating results for the nine months ended September 30 2015. The company recorded a net loss of $25,502 for the first 9 months of 2015, and had $1.1 million in cash and cash equivalents as of September 30.
As quoted in the press release:
- Production: The Broken Hammer open pit Mine produced 155,000 tonnes of ore containing 3.05 million pounds of contained copper, 7,600 ounces of palladium, 11,100 ounces of platinum, 2,500 ounces of gold 17,000 ounces of silver during the nine months ended September 30, 2015.
- Operation: The open pit mining operations were completed on October 30, 2015 however concentrate production continues until the mill cleanup is completed which is expected to take an additional 2 weeks.
- Revenue: Revenue for the nine months ended September 30, 2015 was $22.2 million, or $127 per tonne of ore shipped
- Total production costs: Total production costs were $19.0 million for the nine months ended September 30, 2015, or $109.2 per tonne of ore shipped.
- Operating Profit: The Company had an operating profit of $3.2 million before royalty expense, and amortization and depletion for the nine months ended September 30, 2015.
- Net Loss: The Company had a net loss of $25,502 for the nine months ended September 30, 2015.
- At September 30, 2015, the Company’s cash & cash equivalents were $1.1 million.
The company also provided its outlook for 2015:
Wallbridge commenced operation of its Broken Hammer open-pit mine in mid-2014, which has provided the Company with steady cash flow. The life-of-mine cash flow from the operations for the project is expected to be in the range of $3 to $4 million based on metal prices and USD exchange rate at September 30, 2015. This forecast is lower than previous estimates due to lower realized metal prices in the last three months and the expected low metal price environment in the next few months (for details please refer to Wallbridge press release dated July 15, 2014). However, should the metal prices or US dollar exchange fluctuate, the forecasted cash flow would be affected accordingly.
Over the coming months, the Company will be evaluating a number of business opportunities in order to maintain a revenue stream. The Company continues to maintain its strategy of current joint venture funding as well as generating new projects and developing them through either a partnership or on its own.