Depressed prices and lower output translated into a 1999 loss for
Exall reported a loss of $1.1 million (or 4 per share) on revenue of $20.5 million, compared with earnings of $2.5 million (or 8 per share) on $30.2 million in 1998. Lower headgrades, reduced custom milling capacity and lower realized gold prices (US$279.38 against US$293.32 per oz.) is attributed to the about face.
Exall produced 48,266 oz. in 1999, 25% less than a year ago. Cash costs rose 6.5% to US$254.62 per oz.
Losses in the final three months of 1999 were $124,322, compared with net income of $1.4 million a year ago.
On Dec. 31, Exall had a working capital deficit of 1.9 million.
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