North American Tungsten Corp. Ltd. Announces Earnings and Production Results for the Second Quarter and Six Months Ended March 31, 2014
The company reported net loss of $2.1 million or $0.01 per share for the six months ended March 31, 2014. These compare to net loss of $7.4 million for the comparable period in fiscal 2013. Revenue was $43.5 million for the six months ended March 31, 2014, compared to revenue of $36.4 million for the comparable period in fiscal 2013. The improved production generated cash flows from operations before change in non-cash working capital of $5.9 million for the six months ended March 31, 2014. These compare to a cash outflow of $1.0 million for the comparable period in fiscal 2013.
The company's production increased to 89,000 mtus during second quarter of 2014, driven primarily by relatively high grade material from the mine. Mill recovery and throughput were generally consistent with historical production. Reflecting the later recognition of sales as a result of new sales contracts, the Company recognized sales of 70,000 mtus during the period, with the remaining production in inventory at quarter end.