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ROUYN-NORANDA, Quebec, Feb. 20, 2025 (GLOBE NEWSWIRE) -- Abcourt Mines Inc. (“Abcourt” or the “Corporation”) (TSX Venture: ABI) (OTCQB : ABMBF) announces its results for the second quarter ended December 31, 2024. All monetary values in this press release are expressed in Canadian dollars, unless otherwise indicated. Financial statements and management discussion and analysis are available on SEDAR+.
Summary of financial results
| (In dollars) | Three months ended | Six months ended | ||||||
|
| 2024 |
| 2023 |
| 2024 |
| 2023 |
|
| Revenues | – |
| – |
| – |
| 255,000 |
|
| Administration expenses | 654,908 |
| 881,874 |
| 1,430,665 |
| 1,881,614 |
|
| Care and maintenance | 1,163,598 |
| 926,103 |
| 2,051,031 |
| 1,799,541 |
|
| Exploration expenses | 1,553,382 |
| 1,571,293 |
| 2,054,542 |
| 2,278,064 |
|
| Settlement of litigation with Revenu Québec | (1,452,757 | ) | – |
| (1,452,757 | ) | – |
|
| Deferred income and mining taxes | (173,000 | ) | (170,712 | ) | (173,000 | ) | (170,712 | ) |
| Net loss and comprehensive loss | (2,450,467 | ) | (3,351,452 | ) | (4,290,368 | ) | (5,800,695 | ) |
| Net loss per share, basic and diluted | (0.00 | ) | (0.01 | ) | (0.01 | ) | (0.01 | ) |
| (In dollars) | December 31, 2024 |
| June 30, 2024 |
|
| Cash | 1,700,464 |
| 757,753 |
|
| Investments | 1,289,768 |
| – |
|
| Total assets | 18,119,236 |
| 14,063,983 |
|
| Non-current liabilities | 12,845,101 |
| 12,261,315 |
|
| Shareholders’ equity | (1,461,347 | ) | (6,284,136 | ) |
| Working capital (non-IFRS measurement) * | (284,665 | ) | (4,947,411 | ) |
* Working capital is a non-IFRS measurement with no standardized meaning under IFRS. For further information, please see section "Non-IFRS Measure".
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Abcourt has achieved a significant improvement in its working capital for the period ended December 31, 2024, with a negative working capital of $284,665, compared to negative working capital of $4,947,411 as at June 30, 2024.
Non-IFRS Measure
This press release presents working capital as a performance measure which is non-International Financial Reporting Standards (IFRS) performance measure. The Corporation believes that this measure provides investors with an improved ability to evaluate the performance of the Corporation. Non-IFRS measures do not have any standardized meaning prescribed under IFRS. Therefore, such measures may not be comparable to similar measures employed by other companies. This data may not be comparable to data presented by other companies. Non-GAAP financial performance measures should be considered together with other data prepared in accordance with IFRS.
The Corporation determines working capital as follows: current assets less current liabilities.