Trigon still in battle for profitability
Copper miner Trigon Metals is yet to post a profit despite a favourable market and operating conditions. This follows the company’s release of its quarter four results for 2024.
Despite achieving a profit of US$13 million for the first three months of its financial year, its full-year results paint a different picture.
Trigon reported a profit from continuing operations of US$13 million for the three months ended 31 March 2024 and a net loss of US$1.4 million for the 12 months ending 31 March 2024.
Results were heavily skewed by the positive revaluation of the liability associated with the Sprott Streaming agreement, to align with Trigon’s planned feasibility study.
In the quarter, 85 365 tonnes of ore was mined from the open-pit Kombat mine at 0.98% copper grade and 12 160 tonnes from the underground mine at 2.36% copper, totalling 97 525 of ore grading 1.15%, besting the 90 000 tonnes of ore planned to be mined.
Trigon CEO and chairman Jed Richardson said he was anticipating the company to reach profitability in due course.
“Fiscal 2024 was a momentous year for the company, starting open-pit mining, commissioning the mill and starting the underground mining operations at the tail end of the year. In a few short weeks, we will be reporting quarter one of 2025, completed 30 June 2024. We anticipate continuing our progress in demonstrating the profitability of the Kombat mine and building Trigon Metals into a mid-tier copper mining company.”
Despite achieving a profit of US$13 million for the first three months of its financial year, its full-year results paint a different picture.
Trigon reported a profit from continuing operations of US$13 million for the three months ended 31 March 2024 and a net loss of US$1.4 million for the 12 months ending 31 March 2024.
Results were heavily skewed by the positive revaluation of the liability associated with the Sprott Streaming agreement, to align with Trigon’s planned feasibility study.
In the quarter, 85 365 tonnes of ore was mined from the open-pit Kombat mine at 0.98% copper grade and 12 160 tonnes from the underground mine at 2.36% copper, totalling 97 525 of ore grading 1.15%, besting the 90 000 tonnes of ore planned to be mined.
Trigon CEO and chairman Jed Richardson said he was anticipating the company to reach profitability in due course.
“Fiscal 2024 was a momentous year for the company, starting open-pit mining, commissioning the mill and starting the underground mining operations at the tail end of the year. In a few short weeks, we will be reporting quarter one of 2025, completed 30 June 2024. We anticipate continuing our progress in demonstrating the profitability of the Kombat mine and building Trigon Metals into a mid-tier copper mining company.”
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