In its second quarter financial report, Pure Gold had booked an operating loss of C$18.5 million despite a 30% reduction in costs compared to the first quarter. Net loss and comprehensive loss totalled C$20.8 million. Both figures were higher than their comparative periods in 2021.
The miner had previously noted that it expected at least some additional funding in 2022 to come from the exercise of warrants issued in conjunction with its May 2022 financing. However, the warrants are currently priced to be exercised at C$0.18 per share, and given current market conditions, it no longer expects to receive any proceeds from warrant exercises prior to their expiry on November 25-27.
To date, none of the warrants have been exercised, and the company has so far been unable to obtain alternative outside financing in order to continue operations, complete its ongoing pre-feasibility study (PFS) and life-of-mine plan, and continue its…
