Diamcor Mining Inc reported its annual financial statements and related management discussion and analysis for the fiscal year ended March 31, 2023. The Company’s focus during the year continued to be on managing costs, advancing trial mining efforts, and preparations for the start of drilling and bulk sampling efforts to determine the extent and location of the proposed displacement from the higher grounds of Venetia onto the greater areas of the Company’s Krone-Endora at Venetia project.
According to the report, the Company reduced its net loss for the year ended March 31, 2023 to $762,308 (-$2,445,855 – March 31, 2022), resulting in a $0.01 per share loss for the year ended March 31, 2023 (-$0.03 – March 31, 2022).
Operating expenses were reduced by 18% to $3,596,175 for the year ended March 31, 2023 ($4,256,072 – March 31, 2022), while gross margin increased by 139% to $3,614,597 ($1,511,585 – March 31, 2022). General and administrative expenses remained consistent at $2,811,983 for the year ended March 31, 2023 ($2,827,823 – March 31, 2022).
Long term debt was reduced by $360,457 to $6,110,216 in the year ended March 31, 2023 ($6,470,673 – March 31, 2022). Of this debt, $5,795,478 is attributable to the deferred term loan and convertible debenture associated with the Company’s Tiffany & Co strategic alliance which is recorded as a current liability as no amortization schedule for repayment of this has yet been established by the parties.
During the fiscal year ended March 31, 2023 the Company tendered and sold 18,476 carats of rough diamonds (18,781 – March 31, 2022), which included an increase in the recovery of larger special rough diamonds (+10.8 carats) which resulted in a 37% increase in revenues to (USD) $6,291,487 (USD $4,581,129 – March 31, 2022), and a 39% increase in the resulting average dollar per carat of (USD) $340.51 per carat (USD $243.91 – March 31, 2022).
In total, ongoing trial mining exercises at the Project from inception thru March 31, 2023, have resulted in the incidental recovery, tender, and sale of 198,279.85 carats of rough diamonds generating revenue of (USD) $37,827,271.00, resulting in an average price of (USD) $190.78 per carat.
“We are pleased to be able to announce these improved results in virtually every metric over the previous year given the significant challenges with consistent power supply we had to endure during the latter half of the fiscal year,” stated Dean H. Taylor Chief Executive Officer of Diamcor. “We believe these results demonstrated the potential the Project has, and we now look to shift our focus to advancing the drilling and bulk sampling efforts over the greater areas of the Project to further support increased processing volumes and operational consistency.”
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