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New Jersey Mining Company (OTCQB:NJMC) reported its Q3 2020 financial results, revealing a revenue of $1.56 million, down from $1.85 million in Q3 2019. The company experienced a gross loss of $107,237 for the quarter, influenced by lower gold grades and the focus on development. Notably, cash costs soared to $1,856 per ounce, a significant increase compared to $927 in 2019. The company has initiated extensive underground operations, doubling the mined tonnes to 5,750. Additionally, NJMC is expanding its strategic focus on critical minerals with the Roberts REE Project, showing promising grades in rare earth elements.
New Jersey Mining Company (NJMC) closed a $2.7 million private placement with 18 investors and anticipates an additional $258,000 from warrant exercises. Funds will support a drill program aimed at expanding gold resources and underground development at the Golden Chest Mine, targeting a doubling of production over the next 12-18 months. The company also plans a core drilling program for its Diamond Hill and Roberts projects. The private placement units were priced at $0.28 each, comprising common stock and purchase warrants.
New Jersey Mining Company (OTCQB:NJMC) reported its Q2 2020 results, highlighting a total of 9,700 dry metric tonnes processed at a head grade of 2.96 grams gold per tonne, yielding 844 ounces sold. Revenue reached $1.32 million, with a gross profit of $33,359. However, cash cost per ounce increased to $1,221, and AISC reached $1,294.13. The company experienced a net loss of $374,701 for the first half of 2020, showing improvement compared to the $522,482 loss in 2019. NJMC is focused on expanding its operations through new projects like the Klondike Pit.