Athabasca Minerals Inc. announced 2022 year-end financial results and fourth-quarter 2022 financial results. The company is reporting:
- Gross revenue of $34,579,732 for the fiscal year ended Dec. 31, 2022, versus gross revenue of $12,129,249 for the period ended Dec. 31, 2021, an increase of 185%.
- Net income of $12,167,346 for the fiscal period ending Dec. 31, 2022, versus net loss of $2,187,088 for the period ending Dec. 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 Dec. 31, 2022, 2022, versus operating expenses of $10,297,769 for the fiscal year ended Dec. 31, 2021, the increase due to the acquisition of the Wisconsin silica sand operations.
Fiscal year 2022 business highlights
- Closed strategic U.S. sand acquisition of operational U.S. sand mine and facilities in Wisconsin consisting of 1,100 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, Canada; and Grande Prairie, BC, Canada, locations as well as storage services at Taylor, BC, Canada.
- Appointment of Dana Archibald, BSc, RPF as chief executive officer.
- Appointment of David Churchill, CPA, CA, ICD.D as chief financial officer.
- Closed U.S. $2.7 million non-dilutive financing to support expansion initiatives at its Hixton, Wisc., 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.