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  • Trio Resources, Inc. (TRII) Reports Q2 2013 Financial Results, Achieves First Revenues 0 comments
    May 16, 2013 10:22 AM

    Trio Resources, an exploration and small-scale processing company reported financial results for the second quarter ended March 31, 2013, marking the first revenues recorded since the company's inception in May, 2012. The company also recapped its first-quarter achievements, including its five-year off-take agreement with United Commodity AG.

    "During the first quarter, we continued to distinguish ourselves from other junior mining companies by executing on our strategy to monetize our significant stockpiles of mineralized materials and securing a five year off-take agreement with United Commodity AG, one of the world's leading processors of precious metals," Duncan Reid, CEO of Trio Resources stated in the press release. "By closing the more than $30 million United Commodity deal, we not only reached a major milestone by generating our first revenues as a public company, but we secured a consistent and significant revenue stream that will enable us to fund operations and future growth opportunities for years to come."

    Trio reported a second-quarter net loss of $489,965, compared to a net loss of $686,801 from the first quarter of 2013. Comprehensive net loss was $464,214, or $0.0014 per basic and diluted share, as compared to a net loss of $699,682, or $0.002 per basic and diluted share, for the first quarter of 2013.

    The company achieved revenues of $166,299, the first revenues the company recorded since it was established May 16, 2012.

    Operating expenses decreased by 4 percent to $656,264 from operating expenses of $686,801 from the previous quarter of 2013.

    "Overall, we are incredibly pleased with the progress we are making and we believe Trio Resources is well-positioned for continued success," Reid stated. "Going forward, based on our agreement with United Commodity and the strong recovery rates we are seeing with each shipment of our mineralized material, we are confident we will achieve quarterly revenues in the range of $1 to $1.5 million."

    For more information visit trioresources.com

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