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Sales of Products

6 Months Ended

Jun. 30, 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 June 30, 2023, metals that had been sold but not finally settled included 5,223 ounces of which 4,276 ounces were sold at a predetermined price with the remaining 947 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 and six-month periods ended June 30, 2023 and 2022 were as follows:

		June 30, 2023								June 30, 2022
		Three Months				Six Months				Three Months				Six Months
Gold		$	3,399,049			$	6,883,110			$	2,547,096			$	4,730,119
Silver			13,824				23,346				3,517				6,958
Less: Smelter and refining charges			(176,358	)			(328,345	)			(192,121	)			(334,168	)
Total		$	3,236,515			$	6,578,111			$	2,358,492			$	4,402,909

Sales by significant product type for the three and six-month periods ended June 30, 2023, and 2022 were as follows:

		June 30, 2023								June 30, 2022
		Three Months				Six Months				Three Months				Six Months
Concentrate sales to H&H Metal		$	3,098,410			$	6,440,006			$	2,054,876			$	4,099,293
Dore sales to refinery			138,105				138,105				303,616				303,616
Total		$	3,236,515			$	6,578,111			$	2,358,492			$	4,402,909

At June 30, 2023 and December 31, 2022, our gold sales receivable balance related to contracts with customers of $840,288 and $909,997, respectively, consist only of amounts due from H&H Metal. There is no allowance for doubtful accounts.