NQ Minerals announces significant Hellyer Mine results for Q3 2020

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NQ Minerals Plc (AQSE:NQMI, OTCQB:NQMLF, US ADR OTCQB:NQMIY) has announced its production results and unaudited financial results for its wholly owned Hellyer Gold Mines Pty Ltd for the quarter ending 30 September 2020 (Q3 2020).

Lead concentrate production was up 35% from the previous quarter (ending 30 June 2020) and up 78% compared to the same quarter last year.

Zinc concentrate production was up 8% from the previous quarter and up 38% compared to the same quarter last year.

Significantly, unaudited net revenue from Hellyer for the quarter was A$19.1m and gross profit realised for the quarter was A$10.7m. During the quarter, the Company realised positive commodity finalisation adjustments which increased net income before income taxes for the quarter at Hellyer to A$15.8m. 

Note: The financial information for the quarter ended 30 September 2020 has not been audited.

Table 1: Production Results for Q3 & Q2 2020 and Q3 2019 (comparative):

Reconciled ProductionQ3 2020Q2 2020Q3 2019
Lead Concentrate (tonnes)11,8658,7626,655
Zinc Concentrate (tonnes)4,5854,2413,311

The Hellyer operations continued undergoing processing circuit modifications during Q3 2020, and production rates have been increased further to 165 tonnes per hour (“tph”) at the end of September 2020. The Company is currently finalising designs and operational procedures to further increase production to 180 tph, or the equivalent to 1,500,000 tonnes per annum.

NQ Minerals’ Executive Chairman, Mr David Lenigas, said;

“We are continuing to see much improved production and revenue performances from NQ’s flagship Hellyer polymetallic operations in Tasmania, Australia. The efforts being exerted by our dedicated management and staff are producing very significant leaps forward with respect to the way Hellyer performs. Our Hellyer focus for this coming quarter is targeted towards furthering our plant output initiatives.”

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