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Altus releases 1H20 and 2Q20 financial results

Published by
Global Mining Review,


Altus Strategies Plc has published its unaudited financial results for 2Q20 and 1H20, ending 30 June 2020, and its management’s discussion and analysis for 2Q20.

Highlights

Highlights for 2Q20 ended 30 June 2020 and to the date of this report are as follows:

Corporate highlights:

  • Appointment to the Altus board of Karim Nasr, CEO of La Mancha Holdings S.àr.l. as its representative.
  • Acquisition by ASX-listed Graphex Mining Ltd of JV earn-in rights held by Glomin Services Ltd on Lakanfla and Tabakorole gold projects, Mali.
  • Non-binding term sheet signed with TSX-V listed Stellar AfricaGold Inc. for sale of and royalties on Prikro and Zenoula gold projects, Côte d’Ivoire.
  • Appointment of Alister Hume as Business Development Manager who will play an integral role for the company in evaluating and progressing the growing number of potential royalty and project transactions under review.

Operational highlights:

  • Gold targets defined by 25 km2 ground geophysics programme at Tabakorole, southern Mali.
  • Encouraging results from 70-hole 2042 m shallow aircore drilling at Tabakorole, defining 200 m northwest extension to mineralisation of the FT Prospect.
  • Commencement of 8 hole, 1600 m diamond drilling programme at Tabakorole, targeting modelled high-grade trends defined by historical drilling and the northwest extension zone.

Financial highlights:

  • Cash and marketable securities of £9.4 million /CAN$15.7 million (cash of £7.5 million/CAN$12.6 million and listed equity of £1.9 million/C$3.1 million as at 30 June 2020).
  • Cash outflow for operating activities of £500 000/CAN$800 000 for 2Q20, ending 30 June 2002.

Post period:

  • Mineral resource estimate published on Diba gold project, western Mali, comprising 4 834 000 t at 1.39 g/t gold for 217 000 oz in the indicated category and 5 479 000 t at 1.06 g/t gold for 187 000 oz in the inferred category.
  • Preliminary economic assessment published for Diba project outlines US$81 million after-tax net present value based on 10% discount rate and US$1500/oz gold price (note that mineral resources that are not mineral reserves do not have demonstrated economic viability).
  • Further high grade aircore drilling results announced extending strike length of the FT Prospect by 600 m at Tabakorole gold project, southern Mali.
  • Environmental Impact Assessment of Agdz silver and copper project, eastern Morocco, accepted by Ministry of Interior, and new targets generated on the project using predictive mapping techniques.
  • Appointment of Sandra Bates as in-house General Counsel who will play an integral role for the company in structuring potential royalty and project transactions, as well as managing the company’s general legal affairs.

Read the article online at: https://www.globalminingreview.com/finance-business/27082020/altus-releases-1h20-and-2q20-financial-results/

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