Athabasca Minerals announces $2.7m loss for 2019

Edmonton-based aggregates business Athabasca Minerals Inc (AMI) has released its fourth-quarter and year-end 2019 results with group losses still to the fore.

According to a company statement released this week: “Total losses for the three months ended December 31, 2019 (were) $1.1 million compared with a loss of $0.9 million for Q4 2018.”

And for the full trading years “ended December 31 2019 and 2018, the company incurred total comprehensive losses of $2.7 million and $2.5 million respectively.

“Decreased operating losses were offset by lower other non-operating income, loss on share purchase options and a decrease in income tax recovery in 2019,” the group added.

Robert Beekhuizen, AMI chief executive officer, commented: “We made systematic and measurable progress delivering on our Corporate Strategies in 2019 that levers AMI for continued business transformation and growth in 2020.

“The Corporation has improved and strengthened its portfolio by diversifying with AMI Aggregates, AMI Silica and AMI RockChain, and from noteworthy 2019 achievements within each of these three subsidiaries.

“We remain encouraged and optimistic about creating value for shareholders and making a meaningful difference as an essential service supporting multiple supply chains across various market sectors.

“Currently, the impact and ramifications of COVID-19 are very fluid. AMI has taken the necessary steps and measures to ensure health and safety protocols are maintained for our staff, our supply chain stakeholders and our customers to mitigate risks while we sustain business continuity.”

Highlights last year included: “A 15-year contract with a 10-year renewal option in Q1 2019 to operate and manage the Coffey Lake Public Pit located approximately 90 km north of Fort McMurray in Alberta.”

The company also “executed a settlement agreement with Syncrude Canada in September 2019 related to an outstanding dispute (2012 claim by AMI and 2015 counterclaim by Syncrude) with respect to aggregates and reclamation obligations for a portion of overlapping lands and resource leases at Susan Lake.”

In addition, says AMI: “The Province of Alberta granted the Corporation Metallic and Industrial Mineral leases for the Corporation’s Richardson Dolomite/Granite Aggregate project.

“The Richardson project consists of three contiguous subsurface leases totaling 3,904 hectares located 70 km from major oil sands projects north of Fort McMurray … and the Corporation acquired a 16.2% ownership position in the Duvernay silica sand project on January 25, 2019, increasing its ownership position to 49.6% on April 30, 2019.”

Elsewhere in the results statement, AMI notes that: “The Corporation’s wholly-owned subsidiary AMI RockChain successfully developed and deployed its proprietary RockChain digital platform and ‘Solution-Finder’ algorithm to deliver aggregates with optimized supply-transport solutions to meet a growing number of customer orders in Western Canada.

In Q4-2019, AMI RockChain won and commenced work on a customer contract for specialty aggregates (rail ballast product) which was completed in March-2020.

This took the division past “the $1 million revenue milestone.”

Looking forward, the statement says: “AMI is also pursuing pit management services and leveraging its expertise to support First Nation partners, government and/or municipality resources or existing operations.

“A strategic joint venture relationship has been established for the development of the Buckhorn Quarry in Ontario some 90 minutes from the Greater Toronto Area.”

And, “Likewise, AMI intends to pursue a similar JV approach for the future development of the Corporation’s Richardson Quarry Project north of Fort McMurray.”

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