GOLDEN QUEEN MNG COM NPV
GOLDEN QUEEN MNG COM NPV (OTCMKTS:GQMNF) shares fell 27.5% after the mining company attempted to quash rumors by stating it was not aware of any undisclosed material pertaining to the company’s operations. In a press release to shareholders, the company says its mining operations at the Soledad Mountain Project are proceeding in the normal course, with results expected in the third quarter.
The announcement appears to have spooked investors as seen by the stock dropping to multi-year lows as underperformance in the market persists. The stock is already down by more than 40% for the year after coming under immense selling pressure.
GOLDEN QUEEN MNG COM NPV (OTCMKTS:GQMNF) is an emerging gold and silver producing company with a 50% stake on the Soledad Mountain Property in Kern County California. For the three months ended June 3, 2017, the company had a total gold production of 12, 632 ounces. Silver productions totaled 51,920 ounces.
Q2 Mining Update
Operating costs in the second quarter was $13.48 per ton processed, compared to $16.08 as of the first quarter. GOLDEN QUEEN MNG COM NPV (OTCMKTS:GQMNF) mining attributes the decrease to improved utilization rate and increased tonnage from the mine. Increased efficiencies and reduction in downtime also led to the decrease.
“The Company is pleased with the on-going progress at Soledad Mountain and continues to experience increasing gold production levels and decreasing unit costs. Sustaining capital investments for 2017, including the Phase II heap leach pad and the Intermediate Leach Solution system are near completion and we await delivery on the additions to our mining fleet,” said Chief Operating Officer Robert C. Walish, Jr.
Golden Queen Financial Results
The net gain attributable to the company was $1.19 million or $0.01 a share, compared to a net loss of (-$3.57) million reported for the corresponding period last year. Total revenues came in at $16.88 million from the sale of gold and silver mined at the Soledad Mountain project. Operational revenue for the three months totaled $3.46 million.
GOLDEN QUEEN MNG COM NPV (OTCMKTS:GQMNF) had $159.7 million worth of assets as of the end of the second quarter and $6.3 million in cash as well as a working capital deficit of $3.9 million.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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