Company issued their Q3 Financials and MD&A last night.
coregoldinc.com
coregoldinc.com
Decent improvement, almost break even from operations, posting a net loss from operations after tax of $103,000.
Projecting around 6700 - 6800 oz of gold production for Q4 ... (2215 oz production already posted for October.)
Cash balance of approx $612,000 at end of Q3. With the increase in production ounces, .... the company should show an operating profit in Q4 ...... and with the funds from the 2cd tranche of the third financing that closed in October of $1,074,000, they should have enough to continue meeting the monthly loan payment schedule.
Notes in the financials state that the company did not paid the first part of the VERTEX loan ($1,500,000) that was due on Sept 15 .... something about the company is re-negotiating the payment terms.
Things are improving .... getting the capacity of the processing plant up to 2000 tpd would vastly improve the situation. Need the capital for that. IMHO, there's going to have to be a substantial increase in cash flow from operations .... Or another financing or some sort of credit facility .... if the company wants to upgrade the processing plant prior to completing the debt repayment schedule in June 2018.
GLTA |
