Harte Gold Reports Second Quarter 2021 Results and Provides Operational Update
August 4, 2021
Toronto – August 4, 2021 – HARTE GOLD CORP. (“Harte Gold” or the “Company”) (TSX: HRT / OTC: HRTFF / Frankfurt: H4O) announced today its results for the three months ended June 30, 2021.
The Company’s unaudited financial results for three months ended June 30, 2021 (“Q2 2021”), together with its Management’s Discussion and Analysis (“MD&A”) for the corresponding period, can be accessed under the Company’s profile on www.sedar.com and on the Company’s website at www.hartegold.com. All currency references in this press release are in Canadian dollars except as otherwise indicated.
Q2 2021 Highlights:
- Gold production: Total production of 11,283 oz Au for Q2 2021, compared to 11,776 oz Au in Q1 2021. Q2 2021 production was adversely affected by a six-day mill closure towards the end of June due to a workplace transmission of COVID-19. Subsequent to the announcement, the workplace transmission was contained and the Company did not experience any further adverse effects.
- Ore tonnes processed: Average throughput rate of 674 tonnes per day (tpd) for Q2 2021, compared to 716 tpd in Q1 2021. Ore processed was adversely affected by the six-day mill closure in June.
- Head Grade: 6.1 g/t Au for Q2 2021, compared to 6.1 g/t Au in Q1 2021.
- Revenues: $26.1 million in revenue from 11,855 gold ounces sold for Q2 2021, compared to $27.4 million from 12,349 gold ounces sold in Q1 2021.
- Net earnings/(loss): $0.9 million net loss in Q2 2021, compared to net earnings of $5.8 million in Q1 2021.
- Mine Operating Cash Flow: $9.3 million in Q2 2021 as compared with $9.2 million in Q1 2021.
- Gold hedge impact: Incurred $2.4 million expense in Q2 2021 for the settlement of 4,800 gold ounces hedged. Average Realized Gold Price after hedge in Q2 2021 was US$1,631/oz.
- EBITDA: $3.1 million for Q2 2021, compared to $1.6 million in Q1 2021.
- Liquidity position: Cash on hand at June 30, 2021 was $11.9 million ($8.2 million at December 31, 2020). Based on the Company’s updated outlook and guidance for 2021, the Company will require additional funding by Q4 2021. The Company’s liquidity position is further discussed below under “Liquidity and Capital Resources”.