Metanor Resources – TSX.V-MTO – has reported its financial results for the quarter ended December 31st 2014 (Q2). Metanor’s quarterly financial statements and accompanying notes and the related Management’s Discussion and Analysis (MD&A) can be found at www.metanor.ca or on SEDAR www.sedar.com.
Q2 Highlights
| * | Gold sales of 9,055 ounces; |
| * | Gold production of 8,332 ounces; |
| * | Total of $11,731,674 in revenues from gold sales at the average sale |
| price of $1,408 per ounce; | |
| * | Cash Cost of $1,203 per ounce sold; |
| * | Sustaining cost of $1,375 per ounce sold; |
| * | All-In cost of $1,395 per ounce sold; |
| * | Net change in cash of ($4,484,054); |
| * | Cash flow from operating activities of ($2,486,355); |
| * | Net Loss of $3,745,526 after depreciation and depletion of $2,950,949; |
| Feed grade (g/t) | 4.6 | 6.6 |
| Mill recovery rate | 96.30% | 97.50% |
| Ounces produced | 8,332 | 12,751 |
| Ounces sold | 9,055 | 10,427 |
| Underground development (metres) | 1,998 | 1,492 |
| Diamond drilling (metres) | 5,734 | 9,164 |
| Financial Results (thousand dollars) | December 31 2014 | December 31 2013 |
| Gold Sales | 11,731 | 3,557 |
| Operating Costs | (10,723) | (2,221) |
| Royalties | (187) | (117) |
| Depreciation & Depletion | (2,951) | (1,070) |
| Gross Profit | (2,130) | 149 |
| Other Expenses | (1,207) | (1,014) |
| Operating Loss | (3,337) | (865) |
| Financial Expenses & Revenues | (468) | 125 |
| Deferred Income Taxes | 60 | 330 |
| Net Results | (3,745) | (410) |
(i)As of December 1st 2013, the Bachelor Mine reached commercial production status.