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Sales of Products

9 Months Ended

Sep. 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 Metals), and an unrefined gold-silver product known as doré which we sell to a precious metal refinery. At September 30, 2023, metals that had been sold but not finally settled included 6,512 ounces of which 4,182 ounces were sold at a predetermined price with the remaining 2,330 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 nine-month periods ended September 30, 2023 and 2022 were as follows:

		September 30, 2023								September 30, 2022
		Three Months				Nine Months				Three Months				Nine Months
Gold		$	3,458,174			$	10,347,001			$	1,890,626			$	6,620,745
Silver			14,283				37,630				3,034				9,992
Less: Smelter and refining charges			(171,236	)			(505,299	)			(148,382	)			(482,550	)
Total		$	3,301,221			$	9,879,332			$	1,745,278			$	6,148,187

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

		September 30, 2023								September 30, 2022
		Three Months				Nine Months				Three Months				Nine Months
Concentrate sales to H&H Metals		$	3,301,221			$	9,741,227			$	1,745,278			$	5,844,571
Dore sales to refinery			-				138,105				-				303,616
Total		$	3,301,221			$	9,879,332			$	1,745,278			$	6,148,187

At September 30, 2023 and December 31, 2022, our gold sales receivable balance related to contracts with customers of $1,127,604 and $909,997, respectively, consist only of amounts due from H&H Metals. There is no allowance for doubtful accounts.