Key Highlights

  • Inception Mining Inc. (“Inception”, “company”) reported record revenues in Q3-2019, reporting a 133% YoY, and 68% QoQ increase to $1.85 million. This is highly encouraging especially because revenues in H1-2019 were down 14% YoY.
  • The company has not disclosed gold sales data, however, we suspect that the 68% QoQ revenue growth came primarily from higher gold sales and partially from a 12% QoQ increase in gold prices.
  • The company was also successful in lowering its General and Administrative expenses by 13% YoY to $0.56 million in Q3-2019.
  • EBITDA in Q3-2019 was $0.81 million versus -$0.51 million in Q3-2018, and -$0.12 million in Q2-2019.
  • Balance sheet remains significantly leveraged from $14 million in related party debt, and $12 million (face value + accrued interest) in convertible notes. All of the related party notes have to be paid out by 2024. Most of the convertible notes are only due by 2021 / 2022.
  • The company has entered into an agreement to potentially sell its UP-Burlington project for $0.50 million.

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