Asia Broadband Inc. (OTC:AABB) Stock In Focus After Recent News
Considering the latest rally in the price of gold, there is considerable attention on companies that are involved in gold production, and hence, it could be a good time for investors to look closely into the announcement from Asia Broadband Inc. (OTC:AABB) yesterday. The company came into focus yesterday after it announced that in the recent quarter that ended on March 31, 2024, its gold production revenues had hit a record $1.4 million from the Tequila Gold Mine Project that the company owned in the Tequila region of Mexico.
The company announced that the first quarter financial results would be announced in the coming weeks, and they would reveal that gold production had gone up 100% from the levels recorded in the prior year quarter. Asia Broadband also announced that the higher gross profits in the first quarter of 2023 were a result of higher grade recoveries, reduced costs of production due to better economies of scale, and higher daily levels of throughput. More importantly, the company also revealed that the levels of production at the Tequila Gold Mine in the first weeks of April had shown that second-quarter revenues would be equal to those in the first quarter.
The company also stated that the stronger operational strategies and efficiencies of the mining team had led to higher levels of production following the completion of the processing plant at Asia Broadband. Chris Torres, who is the President and Chief Executive Officer of Asia Broadband, spoke about the performance yesterday. He stated that the current levels of production were only generated at the Tequila Mine, and hence, the management was thrilled with the output that had been brought about by the mining operations team of the company. In light of the announcement, it may be a good time to add the stock to the watch lists.
