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Sales of Products
 3 Months Ended
Mar. 31, 2023
Sales of Products  
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 March 31, 2023, metals that had been sold but not finally settled included 5,844 ounces of which 4,500 ounces were sold at a predetermined price with the remaining 1,344 exposed to future price changes. 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-month periods ended March 31, 2023 and 2022 were as follows:

 

 

 

March 31,

 

 

 

2023

 

 

2022

 

Gold

 

$3,484,034

 

 

$2,183,024

 

Silver

 

 

9,522

 

 

 

3,440

 

Less: Smelter and refining charges

 

 

(151,960)

 

 

(142,047)

Total

 

$3,341,596

 

 

$2,044,417

 

 

Sales by significant product type for the three-month periods ended March 31, 2023, and 2022 were as follows:

 

 

 

March 31,

 

 

 

2023

 

 

2022

 

Concentrate sales to H&H Metal

 

$3,203,491

 

 

$2,044,417

 

Dore sales to refinery

 

 

138,105

 

 

 

-

 

Total

 

$3,341,596

 

 

$2,044,417

 

 

At March 31, 2023 and December 31, 2022, our gold sales receivable balance related to contracts with customers of $1,342,390 and $909,997, respectively, consist only of amounts due from H&H Metal. There is no allowance for doubtful accounts.