Diamcor Mining Stock Price, News & Analysis

Diamcor Mining Inc. (DMIFF) reported strong production results for the fiscal third quarter 2022, achieving a record sale of 8,327.58 carats of rough diamonds, which is a 120% increase from the previous quarter and a 53% increase year-over-year, generating revenue of USD $2,054,248.33. However, the company faced a net loss of $386,619, contrasting with a profit of $1,016,568 in the previous quarter. Ongoing power supply issues in South Africa continue to impact operations, although Diamcor is finalizing plans for additional power back-up systems to mitigate these challenges.

Diamcor Mining Inc. has provided an operational and corporate update for its Krone-Endora at Venetia Project. Despite facing power outages in South Africa, the company reported revenue increases in H2 2022. Key improvements included operational upgrades and increased processing volume capabilities, achieving up to 70% increase in processing volumes per hour. Looking forward, Diamcor plans to install power upgrades and further enhance processing capabilities, aiming for 75% increase in processing capacity. The company remains focused on expanding its exploration in the broader project area.

Diamcor Mining Inc. (TSXV:DMI)(OTCQB:DMIFF) announced that all resolutions were passed at its Annual General Meeting (AGM) held on December 21, 2022, with a total of 65,347,108 shares voted, representing 53.35% of the total outstanding shares of 122,492,174. The resolutions included the appointment of directors and auditors, with significant support, such as 99.98% approval for Dr. Stephen Haggerty. The company continues to advance its strategic alliance with Tiffany & Co. for diamond production from the Krone-Endora at Venetia Project.

Diamcor Mining Inc. (DMIFF) reported strong results from its second and final tender of rough diamonds for the quarter ended December 31, 2022. The company sold a total of 8,327.58 carats in the quarter, generating gross revenues of USD $2,054,248.33, with an average price of USD $246.68 per carat, reflecting a 121% increase from the previous quarter. The sales included larger gem-quality diamonds, enhancing the project's potential. The average price per carat remained strong, despite some variations. Diamonds recovered but not sold this quarter will be included in future sales.

Diamcor Mining Inc. (DMIFF) reported strong results from its recent diamond tender, selling 5,518.74 carats of rough diamonds, including significant gems in the Specials category, with a largest specimen weighing 43.55 carats. The tender generated USD $1,472,471.03 in gross revenues, marking a 148% increase in carats sold compared to the previous quarter. The average price per carat was USD $266.81, more than double the world average. A second tender is anticipated before year-end to further boost sales.

Diamcor Mining Inc. (OTCQB:DMIFF) reported a net income of $1,016,568 for the quarter ending September 30, 2022, marking a significant turnaround from a net loss of $918,953 the previous quarter. The company sold 3,776.33 carats of rough diamonds, generating revenue of $2,099,951.32 at an average price of $556.08 per carat. Notably, this revenue increase was significantly influenced by the sale of a 59.35 carat gem-quality diamond. The company continues to manage operational costs amidst supply chain delays while optimizing processing capacities.

Diamcor Mining Inc. reported a significant increase in rough diamond deliveries, achieving approximately 5,593 carats for its first tender of the current quarter, a 148% increase from the previous quarter. The delivery includes gem quality diamonds in the Specials category, with the largest at 43.55 carats. CEO Dean Taylor emphasized the Project's potential for high average dollar per carat results, highlighting operational growth despite challenges. The company maintains a strategic alliance with Tiffany & Co. for future production.

Diamcor Mining Inc. (DMIFF) reported strong results from its second diamond tender, selling 1,836.52 carats for gross revenues of USD $1,621,559.42, averaging USD $882.95 per carat. Highlights include a 59.35 carat gem diamond contributing significantly to revenue. Despite challenges such as South Africa's Eskom power outages affecting operations, total quarterly revenues have surged by 276% compared to the previous quarter. The company has resolved its audit filing delays, and the Management Cease Trade Order has been revoked.

Diamcor Mining Inc. (TSXV:DMI / OTCQB:DMIFF) provided a default status report due to delays in filing its audited financial statements for the year ended March 31, 2022. The Company sought a temporary management cease trade order (MCTO) because of ongoing load-shedding issues in South Africa. The MCTO was granted on August 3, 2022. There have been no undisclosed material changes since the initial default notice, and the Company aims to file its financial disclosure by August 31, 2022. Directors and insiders are restricted from trading the Company's securities until the filing is completed.