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FRIEDENS, Pa. , Oct. 31, 2023 /PRNewswire/ — Corsa Coal Corp. (TSXV: CSO) (OTCQX: CRSXF) (“Corsa” or the “Company”), a manufacturer of high-quality metallurgical coal, announced its monetary results for the 3rd and nine months ended September 30, 2023. Corsa has filed its unaudited condensed interim consolidated monetary statements for the 3 and nine months ended September 30, 2023 and 2022 and the Management Discussion and Analysis (MD
Unless otherwise noted, all dollar amounts in this press release are in U. S. dollars and all tonne amounts are short tons (2000 pounds per tonne). Price and charge, based on tonne data, are expressed loose on board (“FOB”), founded at the mine site, unless otherwise specified.
Third Quarter Highlights
The main monetary effects and operational statistics are presented below:
For the 3 months completed.
For the months ended
September 30
September 30
(millions consistent with participation, consistent with tons and tons sold)
2023
2022
2023
2022
Net and comprehensive source of income (loss)
$ 19. 4
$ (4. 5)
$ 29. 4
$ (11. 4)
Diluted earnings (losses) consistent with participation
$ 0. 18
$ (0. 04)
$ 0. 28
$ (0. 11)
Cash through operational activities
$ 5. 7
$ 1. 8
$ 11. 7
US$8. 0
Total Revenue
$ 51. 1
$ 45. 9
$ 154. 3
MX$127. 0
Non-GAAP Financial Measures
Adjusted EBITDA(1)
US$6. 1
$ 1. 3
$ 27. 6
$ 9. 3
EBITDA(1)
$ 26. 4
$ (0. 7)
$ 45. 4
$ (0. 2)
Average Learned Value Consistent with Tonne of Metallurgical Coal Sold(1)
$ 161. 70
$158. 39$
$ 170. 42
$159. 70$
Production cash consistent with tonne sold(1)
$ 127. 72
$136. 95$
$ 123. 60
$ 131. 22
The corporation has generated sales of metallurgical coal.
269 197
230 260
778 955
635 800
Tons of metallurgical coal purchased
32 736
37 786
67 752
103 277
Total metallurgical coal in tonnes
301 933
268 046
846 707
739 077
(1)
This is a non-GAAP monetary measure. See “Non-GAAP Financial Measures” below.
(2)
Like most U. S. metallurgical coal manufacturers, the U. S. In the U. S. , Corsa reports its sales and costs per tonne on a FOB mine site basis and denominated in short tons. Many foreign metallurgical coal manufacturers report values and delivery costs to the port base (or “ship’s base fob”), thus adding transportation costs between the mine and the port. In addition, Corsa reports sales and costs consistent with the short ton, which are approximately 10% lower than those consistent with the metric ton. For the purposes of this figure, we use an indicative freight rate of $45 to $55 consistent with a short ton. Historically, freight rates are related to coal market indices and can be adjusted as market prices rise and fall. Other changes come with a shipping differential and mandatory quality changes to value the Corsa compared to premium, low-volatility Australian metallurgical coal. It should be noted that the maximum indices published for metallurgical coal show the values delivered at the port and denominated in metric tons.
Kevin M. Harrigan, President and CEO of Corsa, commented: “The third quarter of 2023 included our highest metallurgical coal shipment volume since the second quarter of 2020 and represented an increase of 13% over the same constant period. quarter of 2022. Nationally, our open pit mines performed well during the quarter, delivering increased production volumes and lower costs, but the impact was muted on our bottom line due to the demanding conditions encountered at our underground mines. . The underground mines suffered from unfavorable geological conditions, which began in early August, and also a series of outages that reduced the availability of apparatus, resulting in lower than expected coal production and increased mining costs during the quarter. Our average sales value reflects increasing exposure to index values and the effect of the declining formerly consistent pricing environment during the first part of the year. 3rd quarter. Due to a 12% increase in the cash production rate per ton sold and a decrease in values acquired, cash flow margins during the same period were lower than expected.
“The net source of revenue in the third quarter of 2023 was primarily due to our previously announced settlement with the Pennsylvania Department of Transportation (“PennDOT”) for damages resulting from certain old eminent domains of land leased through PennDOT in 2010 and 2011. The company’s money and settlement proceeds, which were earned in October 2023, were partially used to prepay amounts owed in 2023 and 2024 under the company’s Main Street line of credit. With this prepayment, the company has an additional principal payment due in December 2025 with respect to this facility. “
“As we move into the fourth quarter, we are experiencing more favorable mining situations at each of our underground mines. We continue to focus on improving coal production and reducing prices in the fourth quarter and into 2024. Our improved liquidity position allows for greater flexibility and optionality in our sales strategy as we balance our portfolio between domestic and foreign clients with pricing mechanisms.
Financial and Operational Summary
For the 3 months completed.
For the months ended
September 30
September 30
Increase
Increase
(in thousands)
2023
2022
(Decrease)
2023
2022
(Decrease)
Gain
$51,058$
$45,938$
$5,120$
$154,312$
$127,037$
$27,275$
Cost of Sales(2)
$47,581$
$45,271$
$2,310$
$132,397$
MX$121,057
$11,340$
Selling and administrative expenses.
$2,318$
$2,305$
US$13
$6,884$
$6,903$
$ (19)
Net and comprehensive source of income (loss)
$19,440$
$ (4,480)
$23,920$
$29,350$
$ (11,427)
MX$40,777
Cash through operational activities
$ = $5,736
$1,765$
$3,971$
$11,727$
MX$7,967
$3,760$
EBITDA(1)
$26,377$
$ (653)
$27,030$
MX$45,384
$ (171)
MX$45,555
Adjusted EBITDA(1)
$6,091$
$1,265$
$4,826$
$27,612$
MX$9,255
$18,357$
Coal – tons
NAPP – Metallurgical Coal
302
268
34
847
739
108
(1) This is a non-GAAP monetary measure. See “Non-GAAP Financial Measures” below.
(2) Cost of goods sold is made up of the following:
For the 3 months completed.
For the months ended
September 30
September 30
(in thousands)
2023
2022
2023
2022
Extraction and processing costs.
MX$31,850
MX$30,419
ARS 89,751
MX$79,735
Costs of Purchased Coal
4 877
7 047
12 800
17 931
Royalties
2 577
1 927
7 513
4 882
Depreciation and amortization expense
4 216
3 048
10 134
9 198
Transport from the preparation plant to the customer.
1 814
1 627
5 639
5 314
Unused Mine Load
1 276
314
4 093
1 111
Toll Rates
–
168
–
1 231
Limestone Costs
222
256
701
486
Other Costs
749
465
1 766
1 169
Total Cost of Sales
ARS 47,581
ARS 45,271
MX$132,397
MX$121,057
For the 3 months completed.
For the months ended
September 30
September 30
2023
2022
Difference
2023
2022
Difference
Realized value consistent with tonne sold(1)
NAPP – Metallurgical Coal
$161. 70$
$158. 39$
$ 3. 31
$170. 42$
$159. 70$
$ 10. 72
Production cash consistent with tonne sold(1)(2)
NAPP – Metallurgical coal
$ 127. 72
$136. 95$
US$9. 23
$123. 60$
$131. 22$
$ 7. 62
Cash consistent with tonne sold(1)(3)
NAPP – Metallurgical Coal
$129. 25$
$141. 86$
$ 12. 61
$125. 49$
$136. 48$
US$10. 99
Cash margin consistent with tonne sold(1)
NAPP – Metallurgical Coal
$32. 45$
$16. 53$
$15. 92$
MX$44. 93
$ 23. 22
$21. 71$
EBITDA(1) (in thousands)
NAPP
$27,006$
US$46
$26,960$
$47,476$
$3,173$
MX$44,303
Enterprise
(629)
(699)
70
(2 092)
(3 344)
1 252
Total
$26,377$
$ (653)
$27,030$
MX$45,384
$ (171)
MX$45,555
Adjusted EBITDA(1) (in thousands)
NAPP
$6,594$
$1,779$
MX$4,815
MX$29,190
$10,891$
$18,299$
Enterprise
(503)
(514)
11
(1 578)
(1 636)
58
Total
$6,091$
$1,265$
$4,826$
$27,612$
MX$9,255
$18,357$
(1) This is a non-GAAP monetary measure. See “Non-GAAP Financial Measures” below.
(2) The production cash charge consistent with the ton sold excludes coal purchased. This is a non-GAAP monetary measure. See “Non-GAAP Financial Measures” below.
(3) The cash charge consistent with the ton sold includes the coal purchased. This is a non-GAAP monetary measure. See “Non-GAAP Financial Measures” below.
Coal Price Trends and Prospects
Price grades opened the third quarter of 2023 at $233. 00/metric ton (“tonne”) delivered at port (“FOBT”) for one-time deliveries of low-volatility premium Australian metallurgical coal and closed the quarter at $333. 00/tonne FOBT. The quarterly average value for the third quarter of 2023 is $263. 07/tonne FOBT, compared to $242. 92/tonne FOBT in the second quarter of 2023 and trades in a variety ranging from a high of $333. 00/tonne FOBT to a low of $221. 50/tonne FOBT.
The spot delivery price of low-volatility Australian premium metallurgical coal opened the fourth quarter of 2023 at $333. 00/t FOBT and was trading at $343. 50/t FOBT in the second half of October, with a peak price of $367. 00/t FOBT, a low. $333. 00/t FOBT and an average of $355. 11/t FOBT per month. Futures curve values for the remainder of 2023 are trading at an average of $328. 67/t FOBT. In the first three weeks of October, the values of hot-rolled metal coils in the fourth quarter of 2023, accumulation increased by 8. 6% in the United States and decreased in Europe and China by 3. 2% and 2. 0%, respectively. Increased metal production, accompanied by a limited reaction from the metallurgical coal source, as well as replenishment, are supporting the increase in the value of metallurgical coal, which remains above old levels.
Please refer to “Risk Factors” in the Company’s Annual Information Form for the year ended December 31, 2022 for further information on certain items that could affect the Company’s current trends and outlook for the value of coal, as well as its ongoing operations.
Q4 2023 Update and Calendar Year 2024 Sales Update
The Company’s sales volumes in the fourth quarter of 2023 are expected to be lower than in the third quarter of 2023 due to lower production from our deep mines in the previous quarter and lower availability of purchased coal. Metallurgical coal sales rates are expected to be higher than in the third quarter of 2023 due to improving rates in the spot market. The cash charge on sales is expected to be higher than the previous quarter due to higher inventory charges at the beginning of the quarter and seasonal effects due to the accumulation of holidays and vacations in the fourth quarter, although mining conditions deserve improvement. Selling, general and administrative expenses are expected to be higher than in the third quarter of 2023. The Company’s main priorities are to increase production efficiency, reduce costs and develop our ability to participate in the metallurgical coal market . We are committed to improving the Company’s balance sheet by minimizing problematic currency risk, but are also focused on biological expansion opportunities to complement our existing operations. The Company’s capital allocation and deployment strategy will be aligned with those priorities and the Company’s monetary position.
By 2024, Corsa has committed to date to sell approximately 700,000 tonnes at an FOB mining price of approximately $145 per tonne. The price consistent with the tonne is $257 per tonne FOBT for low-volatility, high-quality Australian metallurgical coal. .
Financial Statements and Management Discussion and Analysis
Please refer to Corsa’s unaudited condensed interim consolidated financial statements for the three and nine months ended September 30, 2023 and 2022 and the similar Management Discussion and Analysis presented in Corsa’s profile in www. sedarplus. ca, for more details on Corsa’s financial functionality and issues. discussed in this press release.
Non-GAAP Financial Measures
Corsa uses certain non-GAAP financial measures to measure its functionality internally and assist in business decision-making, as well as to provide key functionality data to senior management. These measures are not identified under International Financial Reporting Standards (“GAAP”). ). Corsa believes that, in addition to traditional measures prepared in accordance with GAAP, certain investors and other stakeholders also use non-GAAP monetary measures to compare Corsa’s operational and monetary functionality; however, such non-GAAP monetary measures do not have a standardized meaning and therefore would not possibly be comparable to similar measures presented through other issuers. Accordingly, such non-GAAP monetary measures are intended to provide further data and should not be considered as in isolation or as a replacement for GAAP-prepared performance measures.
Management uses the following non-GAAP monetary measures:
EBITDA: earnings before deductions, taxes, depreciation and amortization;
Adjusted EBITDA – Adjusted EBITDA for replacement in the estimate of the provision for water recovery and remediation from non-operating homes, deterioration and punishment of mining homes and expected royalties, gain (loss) on sale of assets and other prices, stock money-based compensation, non-cash financial prices and other non-cash adjustments. Adjusted EBITDA is used as a supplemental monetary measure through control and third-party users of our monetary statements to compare our functionality relative to other corporations in the coal industry, regardless of investment. methods, old position, or capital structure; the ability of our assets to generate sufficient cash flows; and our ability to incur and pay off debts and finance capital expenditures;
Realized value consistent with tonne sold: profit from coal sales minus transportation costs from the mine site to the loading terminal divided by tonnes of coal sold. Management evaluates our consistent relationships based on the volume of coal we can safely produce or buy and sell in accordance with regulatory standards, as well as the values we get for our coal. Our sales volume and sales values depend to a large extent on the terms of our contracts, the values of which are set on the basis of an index. We evaluate the value we get for our coal based on an average value learned at an FOB mine site consistent with a short ton;
Production Cash Charge Consistent with Ton Sold: Cash production charges from the sales charges of purchased coal, all included in the sales charge, divided by the tons of coal produced and sold. The production cash charge is based on the sales charge and includes parts such as labor. , royalties, fuel, and other similar parts similar to production, according to IFRS, but relates directly to charges incurred to produce coal and sell it on an FOB basis at a mine. The production cash charge consistent with the ton sold is used. as an additional monetary measure through control and third-party users to compare our consistent purchasing functionality relative to the coal purchasing functionality of other coal companies. Purchased coal is excluded because the charges for purchased coal are based on the market charges of the purchased coal and not on the coal generator;
Cash charge on coal purchased based on tonne sold: prices of coal purchased divided by tonnes of coal bought and sold. The administration uses this measure to compare coal purchases to the market value at which that coal will be sold;
Cash Charge Consistent with Ton Sold: The monetary charge from the production of sales, which is charged by sales, divided by the total number of tons sold. Management uses the monetary charge consistent with the ton sold to evaluate our overall monetary functionality consistent with the coming ton. with, in general, the Company’s coal production and acquisition charge; and
Cash Margin Consistent with Ton Sold: The calculated difference between the learned value consistent with the ton sold and the money charge consistent with the ton sold. Cash margin consistent with tonne sold is used through control and external users to assess the functionality of tonne sold relative to tonne sold. functionality of other coal corporations in the coal industry.
For a reconciliation of non-GAAP monetary measures to GAAP measures, please refer to the tabular presentation at the end of this press release.
Qualified person
All clinical and technical data contained in this press have been reviewed and approved through David E. Yingling, the company’s professional engineer and mining engineer, who is a qualified person as explained in National Instrument 43-101 – Disclosure Standards for Mineral Projects.
Precaution
Possible developments and market situations discussed in this press release are forward-looking information. Readers are cautioned that actual effects could possibly differ from such forward-looking information. Please see “Forward-Looking Statements” below.
Information about the Corsa
Corsa is a coal mining company engaged in the production and sale of metallurgical coal, an element of metal production. Our core business is the production and sale of metallurgical coal to domestic and foreign coke and metal manufacturers in the Atlantic and Pacific basin markets.
Forward-Looking Statements
Certain data presented in this press release comprise “forward-looking statements” and “forward-looking data” (collectively, “forward-looking statements”) under applicable securities laws. Except for statements of past fact, certain data contained herein, including, among others, statements relating to earnings improvement, adjusted EBITDA and currency effects, the ability to manage the Company over the long term, the expected volatility of the position of the metallurgical coal market. The prices, the long-term demand for the metal and its production, and the availability of its supply, the evolution of sales margins and expected profits, the expected sales volumes and the monetary prices of the Company’s sales in the fourth quarter of 2023 constitute a vision of the future. statements that come with management evaluation. long-term plans and operations and are based on existing expectations, assumptions and internal beliefs, which may prove to be incorrect. Some of the forward-looking statements may be known by words such as “will”, “estimate”, “expect”, “anticipate”, “believe”, “project”, “plan”, “capskill”, “hope” Array “ wait”, “anticipate”, “may also” and similar expressions. These statements are not promises of long-term functionality and should not be placed undue reliance on them. These forward-looking statements necessarily involve known and unknown dangers and uncertainties. These dangers and insecurities come with, but are not limited to: adjustments in market position situations, governmental or regulatory developments, the operational prestige and functions of our consumers and competitors; occasions that may also disrupt the operations and/or transportation of coal products, including geological situations in the Company’s mines, global conflicts, production stoppages, disease outbreaks and extreme weather conditions; and management’s ability to anticipate and manage the points and hazards discussed above. There can be no assurance that forward-looking statements will prove to be accurate, as actual effects and long-term events may also differ materially from those anticipated in such statements. The reader is cautioned not to place undue reliance on forward-looking statements. Corsa assumes no legal responsibility to update the forward-looking statements contained in this press release, except as required by law. Statements regarding Corsa’s ability to produce coal are not promises that it will achieve those production levels or that it will be able to achieve those sales levels.
TSX Venture Exchange has commented on the accuracy of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is explained in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Reconciliation of Non-GAAP Financial Measures
EBITDA and Adjusted EBITDA for the 3 months ended September 30, 2023 and 2022
For the 3 months completed.
For the 3 months completed.
September 30, 2023
September 30, 2022
(in thousands)
NAPP
Corp.
Total
NAPP
Corp.
Total
Net and comprehensive source of income (loss)
$21,959$
$ (2,519)
$19,440$
$ (3,371)
$ (1,109)
$ (4,480)
Add (subtract):
Depreciation and amortization expense
4 216
–
4 216
3 048
–
3 048
Interest expense
831
541
1 372
369
410
779
Income from tax expenses
–
1 349
1 349
–
–
–
EBITDA
27 006
(629)
26 377
46
(699)
(653)
Add (subtract):
PennDOT Regulations
(23 333)
–
(23 333)
–
–
–
Stock-Based Pay (b)
–
60
60
–
11
11
Net Financial Expense (Income), Interest Expense (c)
2 257
38
2 295
1 967
74
2 041
(Gain) loss on disposal of (d)
(191)
–
(191)
13
–
13
Other Charges
855
28
883
(247)
100
(147)
Adjusted EBITDA
$6,594 $
$ (503)
$6,091$
$1,779$
$ (514)
$1,265$
(one)
It reflects the amount included in another source of income and expenses similar to the legal settlement with PennDOT.
(b)
It reflects non-cash expenses similar to the acquisition of inventory options.
(C)
Components of the monetary source of income and expenses: interest expense.
(d)
It reflects amounts included in other sources of income and expenses similar to the disposition of unused assets in the Company’s mining operations.
(e)
It reflects adjustments, none of which were separately significant, similar to the adjustment of the Company’s employee pay liability, prices incurred for the Company’s internal investigation into the Commercial Agents matter, and legal settlements.
EBITDA and Adjusted EBITDA for the months ended September 30, 2023 and 2022
For the months ended
For the months ended
September 30, 2023
September 30, 2022
(in thousands)
NAPP
Corp.
Total
NAPP
Corp.
Total
Net and comprehensive source of income (loss)
$34,846$
$ (5,496)
MX$29,350
$ (7,020)
$ (4,407)
$ (11,427)
Add (subtract):
Depreciation and amortization expense
10 134
–
10 134
9 198
–
9 198
Interest expense
2 496
1 562
4 058
995
1 063
2 058
Income from tax expenses
–
1 842
1 842
–
–
–
EBITDA
47 476
(2 092)
45 384
3 173
(3 344)
(171)
Add (subtract):
PennDOT Regulations
(23 333)
–
(23 333)
–
–
–
Restructuring fees (b)
–
–
–
–
886
886
Share-Based Pay (c)
–
191
191
–
12
12
Net Monetary Expenditure (Income), Interest Expense (d)
3 780
145
3 925
7 507
238
7 745
(Gain) loss on disposal of (e)
(180)
–
(180)
148
–
148
Other prices (f)
1 447
178
1 625
63
572
635
Adjusted EBITDA
MX$29,190
$ (1,578)
$27,612$
$10,891$
$ (1,636)
MX$9,255
(one)
It reflects the amount included in another source of income and expenses similar to the legal settlement with PennDOT.
(b)
Reflects termination prices related to the Company’s former President, Chief Executive Officer and Chief Operating Officer.
(C)
It reflects non-cash expenses similar to the acquisition of inventory options.
(d)
Components of the monetary source of income and expenses: interest expense.
(e)
It reflects amounts included in other sources of income and expenses similar to the disposition of unused assets in the Company’s mining operations.
(F)
It reflects adjustments, none of which were separately significant, similar to the adjustment of the Company’s employee pay liability, prices incurred for the Company’s internal investigation into the Commercial Agents matter, and legal settlements.
Realized value consistent with ton sold for the 3 months ended September 30, 2023 and 2022
For the 3 months completed.
For the 3 months completed.
September 30, 2023
September 30, 2022
NAPP
NAPP
NAPP
NAPP
(in thousands of quantities consistent with the tonne)
Gathered
Thermal
Total
Gathered
Thermal
Total
Income
MX$50,780
US$278
$51,058$
$44,524$
$1,414$
$45,938$
Add (subtract):
Toll revenue
–
–
–
(244)
–
(244)
Transport from the preparation plant to the customer.
(1 814)
–
(1 814)
(1 619)
(8)
(1 627)
Limestone Income
(133)
–
(133)
(213)
–
(213)
Net of coal (at the preparation plant)
$48,833$
US$278
$49,111$
MX$42,448
$1,406$
MX$43,854
Coal – tons
302
3
305
268
14
282
Realized value consistent with tonne sold (at the preparation plant)
$161. 70$
$ 92. 67
$161. 02$
$158. 39$
MX$100. 43
$155. 51$
Realized value consistent with tonne sold for the nine months ended September 30, 2023 and 2022
For the months ended
For the months ended
September 30, 2023
September 30, 2022
NAPP
NAPP
NAPP
NAPP
(in thousands of quantities consistent with the tonne)
Gathered
Thermal
Total
Gathered
Thermal
Total
Income
MX$150,375
$3,937$
$154,312$
MX$125,292
$1,745$
$127,037$
Add (subtract):
Toll revenue
–
–
–
(1 481)
–
(1 481)
Transport prices from the processing plant to the customer
(5 639)
–
(5 639)
(5. 292)
(22)
(5 314)
Limestone Income
(388)
–
(388)
(504)
–
(504)
Net of coal (at the preparation plant)
MX$144,348
$3,937$
MX$148,285
$118,015$
$1,723$
$119,738$
Coal – tons
847
40
887
739
17
756
Realized value consistent with tonne sold (at the preparation plant)
$170. 42$
$ 98. 43
$ 167. 18
$159. 70$
$101. 35$
$158. 38$
Cash charge consistent with ton sold, production monetary charge consistent with ton sold, and currency charge consistent with coal purchased consistent with ton sold for the 3 months ended September 30, 2023 and 2022
For the 3 months completed.
For the 3 months completed.
September 30, 2023
September 30, 2022
NAPP
NAPP
NAPP
NAPP
(in thousands of quantities consistent with the ton)
Gathered
Thermal
Total
Gathered
Thermal
Total
Cost of Sales:
Extraction and processing costs.
$31,779$
US$71
$31,850$
$29,571$
$848
$30,419$
Costs of Purchased Coal
4 679
198
4 877
6 521
526
7 047
Royalties
2 577
–
2 577
1 927
–
1 927
Total Monetary Prices of Tons Sold
$39,035$
US$269
$39,304
$38,019$
$1,374$
$39,393$
Total Tons Sold
302
3
305
268
14
282
Cash consistent with tonne sold (at compounding plant)
$129. 25$
$ 89. 67
$ 128. 87
$141. 86$
US$98. 14
$139. 69$
Total Monetary Prices of Tons Sold
$39,035$
US$269
$39,304
$38,019$
$1,374$
$39,393$
Less: Purchased Coal
(4 679)
–
(4 679)
(6 521)
–
(6 521)
Cash from coal produced sold
$34,356$
US$269
$34,625$
$31,498$
$1,374$
$32,872$
Tons produced
269
3
272
230
14
244
Production cash consistent with tonne sold (at preparation plant)
$ 127. 72
$ 89. 67
MX$127. 30
$136. 95$
US$98. 14
$134. 72$
Purchased coal
$4,679$
Ps
$4,679$
$6,521$
Ps
$6,521 $
Tons of coal purchased
33
–
33
38
–
38
Cash of coal purchased consistent with tonne sold (at the preparation plant)
$141. 79$
Ps
$141. 79$
$171. 61$
Ps
$171. 61$
Cash charge consistent with ton sold, production monetary charge consistent with ton sold, and currency charge consistent with coal purchased consistent with ton sold for the months ended September 30, 2023 and 2022
For the months ended
For the months ended
September 30, 2023
September 30, 2022
NAPP
NAPP
NAPP
NAPP
(in thousands of quantities consistent with the tonne)
Gathered
Thermal
Total
Gathered
Thermal
Total
Cost of Sales:
Extraction and processing costs.
$88,769$
$982
$89,751$
$78,576$
$1,159$
$79,735$
Costs of Purchased Coal
10 005
2 795
12 800
17 399
532
17 931
Royalties
7 513
–
7 513
4 882
–
4 882
Total Monetary Prices of Tons Sold
MX$106,287
$3,777$
MX$110,064
MX$100,857
$1,691$
MX$102,548
Total Tons Sold
847
40
887
739
17
756
Cash consistent with tonne sold (at compounding plant)
$125. 49$
$ 94. 43
$124. 09$
MX$136. 48
$ 99. 47
$135. 65$
Total Monetary Prices of Tons Sold
MX$106,287
$3,777$
MX$110,064
MX$100,857
$1,691$
MX$102,548
Less: Purchased Coal
(10 005)
–
(10 005)
(17 399)
–
(17 399)
Cash from coal produced sold
$96,282$
$3,777$
MX$100,059
$83,458$
$1,691$
MX$85,149
Tons produced
779
40
819
636
17
653
Production cash consistent with tonne sold (at preparation plant)
$123. 60$
$ 94. 43
$ 122. 17
$131. 22$
$ 99. 47
$130. 40$
Purchased coal
MX$10,005
Ps
MX$10,005
$17,399$
Ps
$17,399$
Tons of coal purchased
68
–
68
103
–
103
Cash of coal purchased consistent with tonne sold (at the preparation plant)
$ 147. 13
Ps
$147. 13$
$168. 92$
Ps
$168. 92$
Cash margin consistent with the tonne for the 3 months ended September 30, 2023 and 2022
For the 3 months completed.
For the 3 months completed.
September 30, 2023
September 30, 2022
NAPP
NAPP
NAPP
NAPP
Gathered
Thermal
Total
Gathered
Thermal
Total
Realized value consistent with tonne sold (at the preparation plant)
$161. 70$
$ 92. 67
$161. 02$
$158. 39$
MX$100. 43
$155. 51$
Cash consistent with tonne sold (at compounding plant)
$129. 25$
$ 89. 67
$ 128. 87
$141. 86$
US$98. 14
$139. 69$
Cash margin consistent with tonne sold
$32. 45$
US$3. 00
$32. 15$
$ 16. 53
$ 2. 29
$ 15. 82
Cash margin consistent with tonne sold for the months ended September 30, 2023 and 2022
For the months ended
For the months ended
September 30, 2023
September 30, 2022
NAPP
NAPP
NAPP
NAPP
Gathered
Thermal
Total
Gathered
Thermal
Total
Realized value consistent with tonne sold (at the preparation plant)
$170. 42$
$ 98. 43
$ 167. 18
$159. 70$
$101. 35$
$158. 38$
Cash consistent with the ton sold (at the compounding plant)
$125. 49$
$ 94. 43
$124. 09$
$136. 48$
$ 99. 47
$135. 65$
Cash margin consistent with tonne sold
MX$44. 93
US$4. 00
$43. 09$
$ 23. 22
$ 1. 88
$ 22. 73
SOURCECorsa Coal Corp.
View content: http://www. newswire. ca/en/releases/archive/October2023/31/c6179. html