NQ Minerals Plc (AQSE:NQMI), the base and precious metals producer from its 100% owned flagship Hellyer Mine and the 100% owner of the Beaconsfield Gold Mine, both in northern Tasmania, Australia, has reported its 2020 Full Year provisional and unaudited operating financial results and production results from NQ’s wholly owned subsidiary Hellyer Gold Mines Pty Ltd. These results do not factor in associated costs at the Plc level.
Provisional 2020 Full Year Unaudited Financial Summary:
(Note: Results reported in Australian dollars (“A$”))
Improved tonnage throughput from the mining and processing operations at Hellyer realised provisional 2020 FY gross revenues of A$63.3m, operating profits from operations of A$24.0m and net income of A$22.7m to 31 December 2020.
Worthy of note is the progress on the TSF2 construction with a 2020 yearly capex spend of A$8.8m representing 60.8% completion to 31 December 2020. Note: These unaudited results may vary post audit completion.
NQ Minerals’ Chairman, Mr David Lenigas, said:
“Hellyer’s strong financial performance last year was driven by increased tonnage and steadily improving commodity prices, and when we consider that the operations were only turned up from around 110 tonnes per hour (“tph”) to 150 tph through the plant in the middle of the year and around 180 tph in December, these results were excellent.
“The last quarter (Q4) of 2020 was especially pleasing, with gross revenues of A$19.2m, operating profits of A$9.4m and net income of A$7.4m. This performance was largely due to the Hellyer plant throughtput rates increasing to 180 tph when permissible, noticeably reducing unit operating costs into an overall stronger commodity price environment.”