Metanor Resources Inc. (TSXV:MTO) reported financial and operating results for the quarter ended September 30, 2017 (FQ1 2018). Gold production at
Bachelor compared to the previous quarter remained relatively stable at 7,293 oz, while cash costs increased to C$1,243 from C$1,134 (Figure 1). The
company ended the quarter with C$11.3 in gross revenues, selling 7,047 oz Au. Cash at the end of the quarter was C$12.7 million, a decrease over FQ4
2017 of C$19.4 million. As well net income decreased from C$1.8 million, representing a net loss of ~C$5.0 million in FQ1 2018, and -C$4.4 million
in operating cash flows, down from ~C$401k in Q4 2017 and ~C$2.95 million in Q3 2017 (Figure 2). This was primarily driven by a significant increase
in exploration spending (10,965m completed at Bachelor and Barry, respectively). We expect further results from the ongoing drill programs at both
Barry and Bachelor to be important near-term catalysts for the company, as exploration continues.
Derek Macpherson | VP Mining Analysis
Victoria Ellis Hayes | Associate
Alex Pitcher | Associate
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Metanor Resources Inc. - TSXV:MTO - 1,2,3,4
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