Elemental Royalties Corp. (TSXV: ELE) shared today its and financial results for Q2 2021. The report highlighted a quarterly revenue of US$1.2 million, up from last quarter’s US$1.1 million but marginally down from last year’s US$1.3 million.
The mining royalty firm reported selling 683 attributable gold ounces for the quarter. The company also announced that the Karlawinda gold project, where it holds 2% net smelter return, will start contributing earnings in the next quarter.
Gross margin for the quarter was maintained at 63.2%, approximately the same from Q1 2021 but a decline from Q2 2020’s 72.6%.
This is relatively reflected in the company’s net loss of US$1.2 million, down from last quarter’s US$1.1 million net loss and last year’s US$0.8 million net loss. The quarterly net loss translates to $0.02 per share.
The company ended the quarter with a cash position of US$6.2 million from a starting balance of US$6.6 million. Total current assets came in at US$7.3 million while total current liabilities ended with a balance of US$0.4 million.
The gold royalty company maintains its production guidance of 4,000 to 4,400 attributable gold equivalent ounces for 2021 from its existing portfolio.
Elemental Royalties last traded at $1.27 on the TSX Venture.
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