MONTREAL, QUEBEC, August 28, 2014 – Dundee Sustainable Technologies Inc. (“DSTI” or the “Corporation”) (CSE: DST), the developer and owner of proprietary technologies to serve the natural resource sector with environmentally friendly procedures, today announced its financial results for the six months ended June 30, 2014.
The Corporation’s unaudited condensed interim financial statements, along with management's discussion and analysis have been filed on the System for Electronic Document Analysis and Retrieval ("SEDAR") and may be viewed under the Corporation's profile at www.sedar.com or the Corporation's website at www.dundeetechnologies.com.
Highlights
January 1st, 2014 to date:
Construction update
The construction and operation of the demonstration plant, which commenced in June 2013, is budgeted at $27 million. The design has been completed and the commissioning of the demonstration facilities is scheduled for completion by the end of 2014. To date the following milestones have been achieved:
The Corporation filed consortium agreements with third parties regarding the global financing of demonstration plant and the procurement of mineral concentrates. Consortium agreements were signed with Creso, Dundee Precious Metals and a privately held gold mining company for the procurement of mineral concentrates.
Summary of financial results
Reflective of its current stage of development, the Corporation does not report any revenue.
During the six months ended June 30, 2014, it incurred a net loss of $4.6 million (six months ended June 30, 2013 – $1.8 million), including research and development expenses of $4.4 million relating to the cost of the demonstration plant (six months ended June 30, 2013 – $1.1 million relating to research activities conducted in the pilot plant).
During the three months ended June 30, 2014, the Corporation incurred losses of $3.4 million (three months ended June 30, 2013 – $0.8 million), including research and development expenses of $2.1 million relating to the cost of the demonstration plant (three months ended June 30, 2013 – $0.6 million relating to research activities conducted in the pilot plant).
Patents
To date DSTI has obtained 25 patents in 19 countries for its technologies relating to the extraction of precious metals and base metals as well as the neutralization of arsenic and production of fertilizer. DSTI has 14 pending patent applications worldwide for its technologies, which include the ability to process gold concentrates without the use of cyanide.
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