On August 28, 2019, Inception Mining Inc. (“Inception”, “company”) announced production of 975 oz gold and 272 oz silver in the first half of Q3-2019 (up 400% YoY), bringing the total YTD production to approximately 2,520 oz gold equivalent, up 30% YoY.
Q2 revenues were down 7% YoY, but up 20% QoQ, to $1.10 million. H1-2019 revenues were down 14% YoY to $2.02 million. As actual sales data were not disclosed, we suspect that revenues dropped due to lower gold prices.
Gross margins increased YoY in Q2-2019 from 28% to 40%.
EBITDA in Q2-2019 was -$0.12 million versus -$0.17 million in Q2-2018, and -$0.94 million in Q1-2019.
The company’s balance sheet is significantly leveraged from $14.11 million in related party debt, and $5.62 million in convertible notes.
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