Operational and financial highlights of 1Q20
- In February 2020, the company concluded a first tranche of financing by way of private placement for gross proceeds of CAN$425 025. Under the terms of the placement, the company issued 1 700 100 units at a price of CAN$0.25 per unit.
- In April 2020, Arianne received the final report from its partners for the optimisation of the trailer design. The new design will now allow a payload of 150 t of phosphate concentrate, compared to the original 120 t. This will allow greater economies of scale. This increased payload per cycle will both improve profitability by reducing FOB costs at the port and reducing the environmental footprint, since Arianne will need fewer trucks to transport the same annual production.
Arianne is a developing company and, as such, did not generate positive revenue or cash flow in 1Q20. During the first quarter ended 31 March 2020, the company recorded a net loss of CAN$0.4 million for the three-month period. For the same period in 2019, the company recorded a loss of CAN$0.6 million for the three-month period.
By the end of 2020, Arianne will focus its activities on the advancement and development of the Lac à Paul project. Its main objectives are:
- Completing partnership and funding agreements.
- Continue to improve the value of the project by optimising it.
- Continue ongoing discussions with stakeholders.
Read the article online at: https://www.worldfertilizer.com/phosphates/27052020/arianne-phosphate-releases-1q20-results/