Athabasca Minerals Inc. announced its first-quarter financial statements reporting revenue increased to $1.1 million from $0.5 million in the fourth quarter of 2020 and $0.8 million in the first quarter of 2020, driven primarily by AMI Aggregates resuming operations at Coffey Lake in January 2021 after a period of inactivity.
Robert Beekhuizen, chief executive officer, said, “We are pleased by the year-over-year improvement with consolidated revenue up by more than 40% versus the prior year. The corporation is seeing positive results across all its divisions, year-to-date, with AMI RockChain, TerraShift Engineerin and AMI Aggregates (including Coffey Lake Pit) having announced and booked a cumulative $6 million in contract revenues. Also, with the buy-out of Privco1 and Privco2, AMI Silica has increased its ownership to 100% in support of its Montney in-basin and Duvernay sand projects. Despite the continued impact of the COVID-19 pandemic, our team remains focused on generating revenues, materializing select strategic initiatives that will strengthen AMI’s value in the market and maintaining prudent cash management.”
On April 28, the corporation announced the upgrade of AMI RockChain’s proprietary technologies (RockChain 2.0), which increases the speed and accuracy of its supply chain algorithms to support increased demand by customers and industry users; a transportation contract with a confidential client valued at $4 million; and the final provincial approval for development and operation of the Hargwen aggregates pit located between Edmonton and Jasper, Alberta, Canada. The Hargwen Pit is situated in the vicinity of anticipated highway, pipeline and energy projects in Western Alberta.
On Feb. 5, the corporation announced the acquisition of 100% interest in Privco1 and Privco2, the private Alberta corporations that hold the Montney In-Basin Project and the Duvernay Sand Project, respectively. These transactions were combined and concluded for $1.00 of cash consideration and 8,000,000 common shares at a value of $0.25 per common share for a total purchase price of $2,000,001 released over three milestone installments.