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Sales of Products
 3 Months Ended
Mar. 31, 2024
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 March 31, 2024, metals that had been sold but not finally settled included 5,737 ounces of which 4,421 ounces were sold at a predetermined price with the remaining 1,316 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, 2024 and 2023 were as follows:

 

 

 

March 31,

 

 

 

2024

 

 

2023

 

Gold

 

$6,121,129

 

 

$3,484,034

 

Silver

 

 

24,245

 

 

 

9,522

 

Less: Smelter and refining charges

 

 

(246,436)

 

 

(151,960)

Total

 

$5,898,938

 

 

$3,341,596

 

 

Sales by significant product type for the three-month periods ended March 31, 2024, and 2023 were as follows:

 

 

 

March 31,

 

 

 

2024

 

 

2023

 

Concentrate sales to H&H Metal

 

$5,898,938

 

 

$3,203,491

 

Dore sales to refinery

 

 

-

 

 

 

138,105

 

Total

 

$5,898,938

 

 

$3,341,596

 

 

At March 31, 2024 and December 31, 2023, our gold sales receivable balance related to contracts with customers of $1,238,474 and $1,038,867, respectively, consist only of amounts due from H&H Metals. There is no allowance for doubtful accounts.