Increased Revenue and Cash Position
Generated approximately $17 million of revenue in Q1 2024, an increase of 4% from Q4 2023. Cash in hand increased to $12.4 million from $7.4 million at the end of 2023.
Successful Debt Reduction
Reduced debt by over $12 million during Q1 2024 through an equity raise and the sale of the Mirabel facility.
Operational Efficiency and Growth Mindset
Maintained a mining margin of 38%, up from 34% in Q4 2023. Focused on optimizing operations and exploring opportunities for growth, particularly in transitioning to clean energy.
Positive Impact of Economic Curtailment
Generated $0.6 million in power credits from economic curtailment in Texas, contributing to a favorable mining margin.