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Elysee Development Corp. (ASXSF) is a Vancouver-based company focusing on investing in promising and undervalued mining and energy companies with high growth potential. The company recently announced its financial results, showing a net loss for the nine months ended June 30, 2023, primarily due to unrealized losses on marketable securities and a write-down on other investments. Elysee's portfolio includes significant equity positions in companies such as Arizona Sonoran Copper Company Inc., Dundee Precious Metals Inc., and Hudbay Minerals Inc. The company's net asset value decreased from $15.4 million on December 31, 2022, to $13.3 million on September 30, 2023. Despite challenging market conditions, Elysee maintains a strong cash position and is optimistic about the future revival of the metals and mining sector.
Elysee Development Corp. (TSXV: ELC) announced its unaudited financial results for Q2 2024. The company reported net investment earnings of $163,709 for the six months ended June 30, 2024, compared to a loss of $223,818 in the same period last year. However, after expenses, Elysee incurred a net loss of $63,363 ($0.00 per share) for the period.
The company's Net Asset Value as of June 30, 2024, was $0.40 per share, with cash on hand exceeding $2.3 million. Elysee's portfolio was impacted by Victoria Gold's stock price collapse, resulting in a $350,000 unrealized loss. The company also wrote down two private equity investments and wrote off accrued interest, totaling $685,450 in losses, offset by $800,514 in unrealized gains.
Elysee raised $2 Million through a convertible debenture and received a partial repayment from BakerSci Corp. The company's largest investment, Arizona Sonoran Copper Company, announced a positive PEA for its Cactus project.
Elysee Development Corp. (TSXV: ELC) announces a normal course issuer bid to repurchase up to 1,418,238 common shares, representing 4.99% of outstanding shares. The bid will run from May 13, 2024, to May 12, 2025. The company believes its shares are undervalued and aims to increase shareholder value. The Bid will be conducted through Research Capital , with purchases made on the open market at prevailing prices. Funding will come from existing working capital.
Elysee Development Corp. reported a net income of $278,436 ($0.01 per share) for Q1 2024, down from $574,676 ($0.02 per share) in Q1 2023. Total investment income decreased to $394,915 in Q1 2024 from $715,735 in Q1 2023. Net Asset Value per share rose to $0.40 on March 31, 2024. The company's cash on hand as of March 31, 2024, was $844,675 with no debt. The investment portfolio saw an unrealized gain on securities of $484,727, with interest and dividend income of $58,285 and realized losses of $146,587. General and administrative expenses decreased to $116,479 in Q1 2024. Elysee focused on increasing positions in copper and gold mining companies, with plans to raise more cash by selling non-core investments. The company bought back 163,500 of its shares at a cost of $44,403 during the three months ended March 31, 2024. Significant investments include U.S. Vanadium , Arizona Sonoran Copper Company, Dundee Precious Metals, Calibre Mining Corp., Agnico Eagle Mines , and Hudbay Minerals Inc.
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