Edmonton, Alberta--(Newsfile Corp. - May 19, 2023) - Athabasca Minerals Inc. (TSXV: AMI) ("AMI" or the "Corporation") announces the 2022 Year End Financial Results and Q4 2022 Financial Results. The Corporation's 2022 Financial Statements and Management's Discussion and Analysis ("MD&A") are available on SEDAR at www.sedar.com and on the Athabasca Minerals Inc. website at www.athabascaminerals.com.
Fiscal Year 2022 Business Highlights
Closed strategic U.S. Sand Acquisition of operational U.S. sand mine and facilities in Wisconsin consisting of 1100 acres, fully functional and staffed mine and processing plant capable of 2 million tons sand production annually, fixed storage, rail transload with unit train capability, mobile equipment, and active supply chain contracts.
Entered multi-year Transload Agreements for sand transloading at Taylor, BC and Grande Prairie, BC locations as well as storage services at Taylor, BC.
Appointment of Mr. Dana Archibald, BSc, RPF as Chief Executive Officer.
Appointment of Mr. David Churchill, CPA, CA, ICD.D as Chief Financial Officer.
Closed US $2.7 million non-dilutive financing to support expansion initiatives at its Hixton, Wisconsin silica sand operations.
Signed definitive agreement with Al-Pac for repurposing treated wastewater for the Corporation's Prosvita sand project.
Commenced comprehensive review of all business assets to determine ways to drive profitability, efficiency, and effectiveness.
Closed insider-led, non-dilutive shareholder loan agreement for approximately CDN $2 million.
Fiscal Year 2022 Financial Highlights
Generated gross revenue of $34,579,732 for the fiscal year ended December 31, 2022, versus gross revenue of $12,129,249 for the period ended December 31, 2021, an increase of 185%.
Net income of $12,167,346 for the fiscal period ending December 31, 2022, versus net loss of $2,187,088 for the period ending December 31, 2021, due mainly to the gain on the acquisition of the Wisconsin silica sand operations.
Operating Expenses of $30,772,222 for the fiscal year ended December 31, 2022, versus operating expenses of $10,297,769 for the fiscal year ended December 31, 2021, the increase due to the acquisition of the Wisconsin silica sand operations.
Year end 2022 shareholders' equity of $28,787,796 versus shareholders' equity of $15,151,277 reported for the fiscal year ending December 31, 2021.
Fiscal Year 2022 Financial Results
All figures in CDN $
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