The latest Q3 Alexco earnings report show losses increase
(Kitco News) - Alexco Resource Corporation has hit a bigger loss in Q3 as the company reported an operating loss of $5.5 M for Q3 2020, compared to a loss of $1.9 M for Q3 2019. They have confirmed the increase is due to an increase in mine site rehabilitation and dewatering work at the Bellekeno mine in preparation for initial ore production in Q4 2020 and expensed refurbishment work at the Keno Hill mill in preparation for mill commissioning in Q4 2020.
Alexco also confirmed it completed equity financing and issued 10,994,000 common shares at a price of $2.73 per share for aggregate gross proceeds of $30 M.
Clynt Nauman, Alexco's Chairman and Chief Executive Officer, commented, "During the third quarter we made significant progress at Keno Hill. I am pleased to report that we are already placing ore from the Bellekeno mine on the coarse ore pad in anticipation of mill commissioning in the very near future. Separately, underground development at the Flame & Moth and Bermingham mines continues to advance and remain on track to provide development ore in Q1 2021. Upgrades to surface infrastructure and the District Mill are nearing completion, and mill circuits have been successfully wet-tested. We are continuing with our mine optimization studies with respect to underground development efficiencies and improved NSR values for ore both within the PFS mine plan as well as adjacent mineralization. We expect to complete and report on this work in the first half of 2021." Mr. Nauman continued, "Our exploration program at the Bermingham 'deep' target will be wrapping up this month and we look forward to sharing the results when they become available".