These results are improved compared to a net loss of CA$6.3 million and a net loss of CA$13.7 million for the comparable periods in fiscal 2013.

North American Tungsten's tungsten production decreased to 59,877 mtus during Q3 2014, driven primarily by lower grade mill feed and metallurgical recovery. Sales revenues were CA$22.5 million for the quarter and CA$66.0 million for the nine month period. This was an increase of 7% and 15% respectively due to higher realised prices as compared to the comparable periods of fiscal 2013. 

Cash flows from operations before change in non-cash working capital were CA$2.7 million for Q3 2014 and CA$8.6 million for the nine months ended June 30, 2014, a significant improvement from an outflow of CA$0.3 million and CA$0.5 million respectively, in the comparable 2013 periods. "While the overall financial results for the quarter were somewhat disappointing, we have made significant progress on the operational front,” said Kurt Heikkila, chairman and CEO.

Increased throughput

“The mill enhancement project has now been substantially completed to allow us to increase our throughput in the mill by close to 25% and increase our tungsten recoveries. We believe our exploration and development drilling program will identify additional resources to extend the life of the Cantung mine."