Nordex Explosives Ltd.
TSX VENTURE : NXX

Nordex Explosives Ltd.

November 27, 2015 11:06 ET

Nordex Explosives Quarter 3 Financial Results

KIRKLAND LAKE, ONTARIO--(Marketwired - Nov. 27, 2015) - NORDEX EXPLOSIVES LTD. ("Nordex" or the "Corporation") (TSX VENTURE:NXX) is pleased to announce the filing of the Third Quarter financial statements and management discussion and analysis for the fiscal period ended September 30, 2015. This information is available on SEDAR and the Corporation's website.

Highlights for the Third Quarter ending September 30, 2015

  • Revenue of $3,756,442 for the period.
  • Gross Profit Margin of 17.0% for the period compared to 8.9% in the 1st quarter and 13.3% in the 2nd quarter.
  • Total Assets of $18,652,845 and total liabilities of $10,335,808 for a book value of $8,317,037.
  • Signed two year supply agreement with Alamos Gold Inc. for the supply of explosive products to the Young-Davidson mine located in Matachewan, Ontario.
  • Signed an exclusive supply agreement with Technica Mining for the Harte Gold Project.
  • Entered into an unsecured loan agreement with NIL Funding Corp. for up to Cdn $2 million.

President and CEO Jim Taylor states; "This quarter the affects of our reductions in general and administrative expenses have started to be realized as evidenced by increases in our gross margins each successive quarter in 2015. This trend is expected to continue for the balance of 2015 and into 2016. We also expect product demand to begin increasing in 2016 as we continue to focus on new opportunities in the construction and quarry sectors."

About Nordex Explosives

Nordex Explosives Ltd. is a Canadian based manufacturer and distributor of explosives for the mining, quarry and construction industries since 1970. Its manufacturing operations and distribution centre is strategically located in one of the world's largest mining regions near Kirkland Lake, Ontario. Additional information can be found at www.nordexexplosives.com.

Neither the TSX Venture nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.

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