- Los Andes Copper has released financial results for the year ended September 30, 2021
- During the past fiscal year it continued to update the technical aspects of the Vizcachitas Project with positive metallurgical and other technical work
- It completed a $5 million convertible debenture which was closed in June 2021
- At year end, $73.7 million in accumulated net costs had been capitalized to the Vizchachitas Project ( Sept 30 – $74.8 million)
- A key objective of the current drilling is to explore areas that are within the planned open pit from the preliminary assessment
- Los Andes Copper Ltd. (LA) is up 4.08 per cent, trading at C$12.75 at 1:41 pm EST
Los Andes Copper (LA) is advancing the Vizcachitas Copper Project located in the heart of the copper belt in Chile.
The Vizcachitas Project is a large open-pit “porphyry” copper deposit containing 13 billion pounds of copper equivalent with an active drilling program.
Its objective is to advance the Vizcachitas Project to a Pre-Feasibility Study with an updated resource and mine plan.
The drilling currently underway at the Vizcachitas Project is within the open pit designed in the completed preliminary economic assessment, however, these areas were not previously fully explored as a result of a fragmented land position and previous permitting.
The current program is the first time the property can be explored throughout the area with the objective of optimizing the mine plan.
The past year has been an active one for Los Andes. It has taken steps to strengthen the Board with a focus on capital markets and environmental and social governance.
The objectives of the changes have been to grow its presence in the capital markets with an overall plan to maximize the project value for all stakeholders.
During the past fiscal year, it continued to update the technical aspects of the Vizcachitas Project with positive metallurgical and other technical work. The work was completed by the team and will be used in the Pre-Feasibility Study.
At the end of April 2021, the permit to drill the Vizcachitas Project was received. In May 2021 Warren Gilman of Queens Road Capital was nominated to the Board and Corinne Boone was appointed to the Board.
It completed a $5 million convertible debenture which was closed in June 2021.
In October 2021, R. Michael Jones, P. Eng, was appointed as CEO of Los Andes and a Company office was established in London with the aim of increasing the Company’s public market profile.
Finally, in November 2021, drilling started on the project and shares in Los Andes started trading on the OTCQX market in the USA.
During the year ended Sept 30, 2021, it incurred a net loss of $ 1.65 million (September 30, 2020 – a net loss of $1.89 million).
General and administrative expenses during the year were $1.6 million (September 30, 2020 – $1.27 million) with the increase due to increased activity.
Loss per share for the year amounted to $0.06 as compared to a loss of $0.07 per share for fiscal 2020.
Accounts receivable on Sept 30, 2021, totalled $7,660, largely associated with a pending royalty payment (September 30, 2020 – $2.27 million) while accounts payable and other liabilities amounted to $0.82 million (Sept 30, 2020 – $0.85 million).
Total expenditures on the Vizchachitas Project, for the year, were approximately $3.8 million (Sept 30, 2020 – $4.17million).
At year-end, $73.7 million in accumulated net costs had been capitalized to the Vizchachitas Project ( Sept 30 – $74.8 million).
A key objective of the current drilling is to explore areas that are within the planned open pit from the preliminary assessment that for historical reasons were not drilled.
It is working on adding copper to the mine plan from areas that have not yet been drilled and were therefore considered as waste material.
Los Andes Copper Ltd. (LA) is up 4.08 per cent, trading at C$12.75 at 1:41 pm EST.