Aurwest Resources Corporation Reports 2023 Year-End and Fourth Quarter Financial and Operating Results

Aurwest Resources Corporation disclosed its financial and operational outcomes for both the fourth quarter and the entire year ending December 31, 2023, highlighting several key financial metrics and strategic adjustments.

The company reported a net loss of $4,061,348 for 2023, which incorporated a substantial non-cash write-off totalling $3,467,631 associated with asset impairments at Paradise Lake, Miguel Lake, and the Stellar Project. Despite the net loss, Aurwest demonstrated effective cost management by reducing its operating costs by 38%, from $951,570 in the previous year to $593,717 in 2023. In terms of liquidity, the company finished the year with consolidated cash and cash equivalents of $69,997.

In an effort to optimize future financial flexibility, Aurwest focused on minimizing capital obligations, which in turn should support intensified exploration activities at its Stars Copper project in British Columbia.