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4. Sales of Products
 9 Months Ended
Sep. 30, 2021
Notes  
4. Sales of Products

4. Sales of Products 

 

Our products consist of both gold flotation concentrates which we sell to a single broker (H&H Metal), and an unrefined gold-silver product known as doré which we sell to a precious metal refinery. At September 30, 2021, metals that had been sold but not final settled thus exposed to future price changes totaled 1,711 ounces of gold. The Company has received provisional payments on the sale of these ounces with the remaining amount due reflected in gold sales receivable.

Sales of products by metal type for the three and nine-month periods ended September 30, 2021 and 2020 were as follows:

 

 

September 30, 2021

September 30, 2020

Three Months

Nine Months

Three Months

Nine Months

Gold

$

2,253,431

$

6,256,461

$

1,654,334

$

4,629,816

Silver

 

5,756

 

20,078

 

2,593

 

6,881

Less: Smelter and refining charges

 

(160,338)

 

(410,831)

 

(100,857)

 

(355,296)

Total

$

2,098,849

 

5,865,708

$

1,556,070

$

4,281,401

 

Sales by significant product type for the three and nine-month periods ended September 30, 2021 and 2020 were as follows:

 

 

September 30, 2021

September 30, 2020

Three Months

Nine Months

Three Months

Nine Months

Concentrate sales to H&H Metal

$

1,845,547

$

5,535,899

$

1,476,395

$

4,144,583

Dore sales to refinery

 

253,302

 

329,809

 

79,675

 

136,818

Total

$

2,098,849

$

5,865,708

$

1,556,070

$

4,281,401

 

At September 30, 2021 and December 31, 2020, our gold sales receivable balance related to contracts with customers of $212,125 and $264,779, respectively, consist only of amounts due from H&H Metal. There is no allowance for doubtful accounts.