Harte Gold Q2 Production Badly Impacted by Mill Closure

SEATTLE (Scrap Monster): Harte Gold Corporation announced results for the quarter ended June 30, 2021. The quarterly gold production was adversely impacted by six-day long mill closure towards end-June due to Covid-19 transmission at workplace.

The gold production totalled 11,283 oz for the quarter, compared with 11,776 oz in the prior quarter. The average throughput rate too dipped from 716 tonnes per day (tpd) in Q1 this year to 674 tpd in Q2 2021. The company reported quarter-on-quarter dip in revenues to $26.1 million from 11,855 gold ounces sold, compared to $27.4 million from 12,349 gold ounces sold. Harte Gold recorded a net loss of $0.9 million, compared to net earnings of $5.8 million in first quarter of this year. Meantime, EBIDA almost doubled from $1.6 million to $3.1 million, said the company press release.

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Commenting on the results, Frazer Bourchier, President and CEO, Harte Gold noted that the production plateaued in the second quarter and was inline with the prior quarter’s operations. The company continues to see positive trends for July. The forecasts suggest additional rate improvements of nearly 15-40% across all key metrics during the third quarter. He emphasized the requirement for additional capital in order to unlock and sustain elevated levels of performance at its mines.