NQ Minerals PLC
(the “Company” or “NQ Minerals”;
NEX: NQMI, OTCQB: NQMLF)
Q3 Production Results & September Record Production
October 29, 2019
NQ Minerals Plc (NEX: NQMI) (OTCQB: NQMLF), a mineral processing, exploration and mining company announces its third quarter (“Q3”) production and operating results for the period 1 July 2019 to 30 September 2019.
Hellyer Gold Mines
NQ Minerals realised improved plant performance and output in Q3 resulting in record monthly production in September, with this positive trend continuing in October 2019. Q3 production was as follows:
Quarterly Concentrate Output – 2019
|Lead (Pb) Concentrate||6,656 t||5,452 t||4,712 t||16,820 t|
|Zinc (Zn) Concentrate||3,311 t||4,416 t||3,015 t||10,472 t|
|Pyrite Concentrate||10,109 t||28,375 t||18,488 t||56,972 t|
During Q3, the production emphases was placed on concentrate grades and metallurgical recoveries in the lead and zinc circuits. The improvements in metallurgical recoveries from August to September increased from 36.5% to 45.35% in the lead circuit and from 33.7% to 42% in the zinc circuit. These recoveries compare with life of mine projections of 47% for lead and 38% for zinc.
Lead recoveries realised during October have been 41.4% with zinc recoveries of 48.3%. The lower Q3 zinc concentrate output compared to Q2 was the result of lower zinc grades in the zone being dredged and lower pyrite production resulted from process changes which required a temporary halt in pyrite production, which has been resolved.
Improved metallurgical recoveries allowed its 100% owned subsidiary Hellyer Gold Mines Pty Ltd to realise unaudited Q3 revenues of GBP8.02m and gross profits from operations of GBP3.45m, this does not factor in associated costs at the plc level.
Brian Stockbridge, Chairman of NQ Minerals commented:
“The continued positive trend in milled tonnes and metallurgical recoveries has dramatically improved financial performance at Hellyer. The Company achieved record production in September, and we continue to realise improvements in the current month. With operations now stabilised, we are evaluating multiple opportunities for further value creation.”
Customer information and updates – Reyker Securities Plc.
The Company wishes to direct those shareholders who may be impacted by the Special Administration of Reyker Securities PLC to contact the Financial Services Compensation Scheme (FSCS).
Throughout this process FSCS will be working closely with the Special Administrators and will provide updates at regular intervals. Customers should subscribe at https://www.fscs.org.uk/failed-firms/reyker-securities/ to receive the latest updates.
About NQ Minerals
NQ Minerals is an Australia-based mining company which commenced production in Q4 2018 at its Hellyer Gold Mine. The Company anticipates strong cash-flow and profitability from Hellyer and has a portfolio of exciting exploration prospects. The Company’s management team has decades of experience in the exploration and production of gold, silver and a variety of base metals. Please visit our website at www.nqminerals.com.
For further information, please contact:
Non – Executive Chairman
+ 44 (0) 787 688 8011 (United Kingdom)
|Arden Partners Plc|
Ruari McGirr, Ciaran Walsh
+44 (0) 207 416 5900
|IFC Advisory Ltd|
+44 (0) 203 934 6630
Chief Financial Officer
+ 1 (416) 452 2166 (North America)