- GEMXX reported significant growth in its Q2 2023 revenue and net income, with the company anticipating additional growth and increased production of its gold assets in 2024
- GEMXX, in partnership with Crazy Horse Mining Inc., proved the commercial viability of the Snow Creek gold mine and is looking to similarly prove the viability of the Rosella Creek gold asset in 2024
- For the balance of 2023 and into 2024, the company is targeting additional acquisitions, more mine production, and more revenues, and plans to expand gemstone and jewelry production by 300% in 2024
GEMXX (OTC: GEMZ), a company specializing in gold mining and production and distribution of jewelry and gemstones on a global scale, supplying its own mined resources, shared positive financial results for the second quarter of fiscal 2023, ended September 20, 2023, and provided business and mining updates. Key highlights included a near-60% year-over-year increase in its net income to $212,526 from $132,842 in the same period last year and revenue growth YTD to $418,115 in the just-ended quarter up from $388,717 in Q2 2022 and $183,673 in Q1 2023. The company reported that its total assets had increased to $20,116,566, up from $18,400,825 in Q2 2022, and that its long-term debt remains at $0.00 (https://ibn.fm/RVX6m).
“We are pleased with the performance of the company, and we are excited for the anticipated growth in shopping television sales and 2024 production of our gold assets. We look forward to updating shareholders as each new project comes online. Everything the company has planned is focused on driving shareholder value,” conveyed Jay Maull, GEMXX CEO.
GEMXX’s focus on driving shareholder value saw the company complete the acquisition of 50% of Crazy Horse Mining Inc. (“CHMI”), a Canadian company with significant gold assets, including its mineral assets located in British Columbia, Canada, according to a May 23 news release (https://ibn.fm/iqrJ7). CHMI’s principal gold exploration assets include the Snow Creek and Rosella Creek projects, as well as additional options on mining claims located in British Columbia. The Snow Creek project covers 498 acres, of which about 80% is mineable, while the Rosella Creek project occupies an area of 240 acres, with approximately 90% being mineable.
“The acquisition of the Snow Creek and Rosella Creek gold asset portfolio enhances the company’s long-term asset expansion plan and helps to de-risk revenues, but most importantly, it complements our Ammolite production with the world’s most sought-after commodity, GOLD” said Maull of the acquisition.
Since May, GEMXX has made several strides and achieved significant milestones, which the company documented in a November 7 mining update (https://ibn.fm/5qx03). The update emphasized the company’s continued commitment to maintaining control over every stage of its production and operation, from gold mining and gemstone production to jewelry manufacturing and worldwide distribution, stressing that the company has been able to continue its expansion efforts while avoiding long-term debt.
According to the update, GEMXX, in partnership with CHMI, proved the commercial viability of the Snow Creek gold mine, having successfully completed gold production at the test site for the 2023 mining season. As part of the test and mining exercise, a total of 31,200 cubic yards of gold-bearing ore was processed, yielding 0.929 ounces per 100 cubic yards. These commercial production results met all expectations, according to the company, proving that the project is worth scaling up in 2024 (https://ibn.fm/8oVqF).
Accordingly, GEMXX has included in its 2024 objectives plans to upscale the gold mine operation with the aim of tripling production at the Snow Creek Mine site. In the meantime, however, GEMXX is compiling all test and mining results from the 2023 mining season in order to use them as part of the information required to complete an S-K 1300-compliant resource report.
The November 7 update also highlighted that GEMXX and CHMI are working closely to maximize resources and equipment to operate both the Snow Creek and the Rosella Creek gold mines in 2024. In 2024, the test plant used at the Snow Creek site will be transferred to Rosella Creek to prove the commercial viability of the project.
In addition, through the update, GEMXX notified investors of ongoing preparations to open an Ammolite mine on the company’s south block, possibly in early 2024, and plans to expand gemstone and jewelry production by 300% in the coming year. Moreover, the company is working to complete due diligence and the 50% acquisition of the historic Yukon Gold Property by the end of the 2023 calendar year. The NI 43-101 Resource Report, akin to the S-K 1300 report, completed by parties unaffiliated with GEMXX, confirms that the property holds 2,210,660 ounces of proven gold resources (https://ibn.fm/lI8A5).
For the remainder of 2023 and into 2024, the company is focused on expansion and adding shareholder value, which means additional acquisitions, more mine production, and more revenues.
Those interested in becoming a GEMXX investor are encouraged to visit the company’s investor page (https://ibn.fm/XKt4s) or contact company officials for more information (ir@gemxx.com – 702-930-1815).
For more information, visit the company’s website at www.GEMXX.com/investors.
NOTE TO INVESTORS: The latest news and updates relating to GEMZ are available in the company’s newsroom at https://ibn.fm/GEMZ
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