- Elysee Development Corp. (ELC) released its financial results for Q2 2022 and sustained a loss of C$3,424,423
- Elysee’s Net Asset Value declined by 17 per cent from $18.2 million on December 31, 2021 (C$0.64 per share) to C$15 million (C$0.53 per share) on June 30, 2022
- Geopolitical tensions, lockdowns in China, high inflation, and rising interest rates were blamed as chief causes of the decline
- Elysee was down 6.56 per cent, trading at $0.57 a share as of 12:45 pm ET
Elysee Development Corp. (ELC) released its unaudited financial results for Q2 2022.
Noting that the prices of most metals declined sharply, the company sustained a loss of C$3,424,423 for the three months ending June 30, 2022.
The company pointed to geopolitical tensions, lockdowns in China, high inflation, and rising interest rates as chief causes of the decline, but this was partially offset by realized gains of C$234,035 and interest and dividend income of C$85,383.
During the six months ended June 30, 2022, losses of C$3,292,730 outweighed gains of C$753,342.
Elysee’s Net Asset Value declined by 17 per cent from $18.2 million on December 31, 2021 (C$0.64 per share) to C$15 million (C$0.53 per share) on June 30, 2022. Cash on hand as of June 30, 2022, was approximately C$1 million.
Elysee sold its investments in B2 Gold Corp. (TSX:BTO) and Cornish Metals Inc. (TSX:CUSN), among others in Q2. The company participated in several smaller private placements and added to existing equity positions.
Elysee Development Corp. (ELC) is an investment and venture capital firm focused on publicly traded companies in the natural resource sector. The company’s portfolio consists of equity investments in small to medium-sized public companies, focusing on precious metals. Also, it includes investments in convertible debentures of mining companies that provide security of capital and regular income along with participation in the potential for capital appreciation.
Elysee was down 6.56 per cent, trading at $0.57 a share as of 12:45 pm ET.
