Abcourt Mines Reports $1.1 Million Profit and $7.8 Million Revenue

Abcourt Mines Inc. announced a net profit of $1.1 million and $7.8 million in revenue for the first quarter of its fiscal year, ending September 30, 2020. These figures represent the company's highest revenue on record.

The reported results stand in contrast to the same period in the previous year, when the company posted a net loss of $61,668. Revenue for the current quarter reached $7,810,494. The adjusted net profit also saw a significant increase, rising to $1.79 million compared to $890,187 in the prior year.

The company reduced its cost of sales by 6%, or $421,296, compared to the previous year. Cash reserves increased by $1.42 million during the quarter, bringing the total to $3.38 million. Abcourt Mines operates without long-term debt, financing its operations through revenue.

Development activities have continued at the Elder mine and the Sleeping Giant mine. The company has also raised funds through the exercise of issued warrants.

Abcourt Mines is a gold-producing Canadian exploration company with strategically located properties in northwestern Quebec. The company is currently focused on the exploitation of the Elder mine.