TSX: MPVD
TORONTO, Aug. 10, 2023 /PRNewswire/ -- Mountain Province
Diamonds Inc. ("Mountain
Province", the "Company") (TSX: MPVD) today announces
financial results for the second quarter ended June 30, 2023 ("the Quarter" or "Q2 2023") from
the Gahcho Kué Diamond Mine ("GK Mine"). All figures are expressed
in Canadian Dollars unless otherwise noted.
Second Quarter 2023 Key Takeaways
- 360,308 carats were sold for total proceeds of $59.9 million (US$44.6
million) at an average price of $166 per carat (US$124).
- Adjusted EBITDA1 of $30.7
million.
- Earnings from mine operations of $26.9
million.
- Net income of $17.3 million or
$0.08 basic and diluted earnings per
share.
- Capital expenditures in H1 2023 were $44.7 million, $41.3
million of which were deferred stripping costs, with the
remaining $3.4 million sustaining
capital expenditures related to mine operations1.
- Repurchase for cancellation of approximately US$12 million aggregate principal amount of the
9.000% Senior Secured Second Lien Notes during the fiscal
quarter
1Cash costs
of production, including capitalized stripping costs, and adjusted
EBITDA are non-IFRS measures with no standardized meaning
prescribed under IFRS. See "Reconciliation of non-IFRS
measures" at the end of the news release for explanation and
reconciliation.
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Mark Wall, the Company's President,
and Chief Executive Officer, commented:
"Second quarter production numbers saw quarter-on-quarter
improvements relative to Q1 2023 with the exception of ore tonnes
mined. The revenue reduction from Q1 2023 is due to the additional
sale held during the first quarter delivering record revenue
results. Our H1 sales results in Canadian Dollars are slightly up
year on year when compared to H1 2022.
On ore tonnes mined there was a refocus towards Tuzo waste
stripping to ensure that the 5034 orebody can be mined safely given
that it will be mined concurrently with the Tuzo pit, which is
directly above it. During the period there was also temporarily
blocked ramp access due to geotechnical considerations in the 5034
pit.
This movement of the sequence of ore release is temporary
with mining in the 5034 pit returning to planned rates in H2 2023.
Given the large stockpile of ore, there is no expected carat
production interruption.
On costs, the mine entered a period of heavy capitalized
waste stripping during the quarter, which coupled with some one-off
maintenance related costs, resulted in a high unit cost per carat
recovered and tonne processed. An increase in mine waste stripping
is helpful to the overall plan, we expect these costs to reduce as
we phase out of the heavy waste stripping and return to planned
areas of mining in the pit. Excluding capitalised waste stripping
costs, cash cost of production on a per tonne treated and per carat
basis in the first half of 2023, are approximately 10% below the
same period in 2022.
A key operational initiative in Q2 was the 5-day plant
maintenance shutdown. There were several areas of the processing
plant that were identified as being the primary drivers of plant
instability. There remains one further task to be completed on the
primary crusher in September for the major refresh of the
processing plant to be completed. We have seen a step change in
processing plant performance since these works were
completed.
Considering the points above our 2023 guidance remains
unchanged, with production trending to the mid/lower end and
production costs trending to the mid/upper end of the
range.
We remain focused on paying down debt, with US$12.0 million repaid during the quarter.
Subsequent to the quarter end, we repaid a further US$6 million of debt. The Company continues to
focus on achieving our long-run debt to EBITDA ratio target. Our
earnings per share (EPS) at 8 cents
for Q2 brings us to 22 cents for H1
2023, which is consistent with H1 2022.
On growth, drilling results to date near Tuzo, the Hearne
Deep and the Northwest Extension are returning positive intercepts.
We look forward to continuing our work with our joint venture
partner De Beers to explore and evaluate mine life extension
possibilities for the project, such as deeper drilling at Gahcho
Kué, as well as reviewing potential opportunities to incorporate
kimberlites from our nearby Kennady North Project. We intend to
report on the next phase of this project in early Q4, 2023"
Financial Highlights for Second Quarter 2023 ("Q2
2023")
- Revenue from 360,000 carats sold at $59.9 million (US$44.6
million) at an average realised value of $166 per carat (US$124) compared to $97.8
million from 587,000 carats sold in Q2 2022 (US$76.0 million) at an average realized value of
$167 per carat (US$130).
- Adjusted EBITDA1 of $30.7
million compared to $55.1
million in Q2 2022.
- Earnings from mine operations $26.9
million compared to $51.4
million in Q2 2022.
- Cash costs of production, including capitalized stripping
costs1 of $156 per tonne
treated (2022: $126 per tonne) and
$87 per carat recovered (2022:
$75 per carat).
- Net income of $17.3 million or
$0.08 earnings per share (2022:
$22.6 million or $0.11 earnings per share). Included in the
determination of the net income are foreign exchange gains of
$5.5 million, the majority of which
is an unrealized gain arising on the translation of the Company's
US Dollar denominated long term debt, as a result of the
strengthening of the Canadian Dollar versus US Dollar.
1Cash costs
of production, including capitalized stripping costs, and Adjusted
EBITDA are non-IFRS measures with no standardized meaning
prescribed under IFRS. See the Non-IFRS Measures section of
the Company's June 30, 2023 MD&A for explanation and
reconciliation.
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Operational Highlights for Second Quarter
2023
(all figures reported on a 100% basis unless
otherwise stated)
- 750,241 ore tonnes treated, largely unchanged relative to Q2
2022 (749,821 tonnes treated;)
- 1,339,196 carats recovered, 6% higher than the comparable
quarter (Q2 2022: 1,260,899 carats)
- Average grade of 1.79 carats per tonne, a 6% increase relative
to Q2 2022 (1.68 carats per tonne)
- 595,990 ore tonnes mined, a 43% decrease relative to Q2 2022
(1,043,348 ore tonnes mined)
Financial Highlights for H1 2023
- Total sales revenue of $188.6
million (US$139.6 million) at
an average realised value of $143 per
carat (US$106) compared to
$182.4 million in 2022 (US$142.7 million) at an average realized value of
$167 per carat (US$130).
- Half year Adjusted EBITDA2 of $98.2 million compared to $99.7 million in H1 2022.
- Earnings from mine operations of $74.1
million (2022: $94.2
million).
- Cash costs of production, including capitalized stripping
costs2, of $155 per tonne
treated (2022: $136 per tonne) and
$89 per carat recovered (2022:
$81 per carat).
- Net income for half year 2023 at June
30, 2023 was $45.5 million or
$0.22 basic earnings per share and
$0.21 diluted earnings per share
(2022: net income $47 million or
$0.22 earnings per share). Included
in the determination of the net income for the half year at
June 30, 2023 are foreign exchange
gains of $5.6 million, the majority
of which is an unrealized gain on the translation of the Company's
US Dollar denominated long term debt arising as a result of the
strengthening of the Canadian Dollar versus US Dollar.
- Capital expenditures in H1 2023 were $44.7 million, $41.3
million of which were deferred stripping costs, with the
remaining $3.4 million for sustaining
capital expenditures related to mine operations.
2Cash costs
of production, including capitalized stripping costs, and Adjusted
EBITDA are non-IFRS measures with no standardized meaning
prescribed under IFRS. See the Non-IFRS Measures section of
the Company's June 30, 2023 MD&A for explanation and
reconciliation.
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Operational Highlights for H1 2023
- 18.2 million total tonnes mined in H1 2023, a 13% increase from
the 16.0 million total tonnes mined in H1 2022.
- 1,517,000 tonnes of ore treated in H1 2023; a 4% increase
compared to the 1,457,000 tonnes treated in H1 2022.
- 2,659,000 carats recovered at an average grade of 1.75 carats
per tonne, a 9% increase compared to the 2,446,000 carats, (1.68
carats per tonne) recovered in H1 2022.
Sales Highlights for Second Quarter 2023
As previously released, during the second quarter, 360,308
carats were sold for total proceeds of $59.9
million (US$44.6 million),
resulting in an average price of $166
per carat (US$124 per carat). These
results compare to Q2 2022 where 586,567 carats were sold for total
proceeds of $97.0 million
(US$74.5 million) at an average price
per carat of $165 per carat
(US$129 per carat).
The reduction in volume sold in Q2 2023 relative to Q2 2022 was
due to the acceleration of sales into Q1 2023, where three sales
were held versus the historical norm of two. Relative to Q2 2022,
average price per carat in Q2 2023 benefitted from a coarser than
average mix of goods sold, offsetting a softening in the market. We
expect a finer mix of goods sold in Q3 2023.
Growth
Recent results from the Company's 2023 drill program revealed a
new kimberlite discovery located 40 metres northeast of the known
Tuzo kimberlite. Following the discovery and delineation of the
Hearne Northwest Extension, a program to look for a similar
extension was started at Tuzo; a single drillhole was collared east
of Tuzo to test for a northeast extension, returning approximately
40 metres of kimberlite. Despite exploration northeast of Tuzo
being in the early stage, the Company is encouraged by the width of
the kimberlite intersection and its similarities to Tuzo based on
initial logging.
In addition, during the quarter, the Company announced positive
drilling results at Hearne Deep and the Northwest Extension, which
returned multiple intercepts with the longest returning 287 meters
of kimberlite. During the 2023 program, 11 drillholes were drilled
(seven drillholes were collared outside of the pit and four were
collared on the kimberlite within the pit) to test the width and
depth of the extension. Combined with past results, Mountain Province has 21 drillholes that
define the extension below the final pit and to the northwest,
which will be evaluated with our operating partner De Beers to
examine ways to recover this deeper kimberlite.
Gahcho Kué Mine Operations
The following table summarizes key operating statistics for the
Gahcho Kué Mine in the three and six months ended June 30, 2023 and 2022.
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Three months
ended
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Three months
ended
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Six months
ended
|
Six months
ended
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June 30,
2023
|
June 30,
2022
|
June 30,
2023
|
June 30,
2022
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GK operating
data
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Mining
|
|
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*Ore tonnes
mined
|
kilo
tonnes
|
596
|
1,043
|
1,024
|
2,062
|
*Waste tonnes
mined
|
kilo
tonnes
|
8,639
|
6,838
|
17,146
|
13,987
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*Total tonnes
mined
|
kilo
tonnes
|
9,235
|
7,881
|
18,170
|
16,049
|
*Ore in
stockpile
|
kilo
tonnes
|
1,266
|
1,353
|
1,266
|
1,353
|
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|
|
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Processing
|
|
|
|
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*Ore tonnes
processed
|
kilo
tonnes
|
750
|
749
|
1,517
|
1,457
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*Average plant
throughput
|
tonnes per
day
|
8,333
|
8,231
|
8,290
|
8,050
|
*Average diamond
recovery
|
carats per
tonne
|
1.79
|
1.68
|
1.75
|
1.68
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*Diamonds
recovered
|
000's
carats
|
1,339
|
1,261
|
2,659
|
2,446
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Approximate diamonds
recovered - Mountain Province
|
000's carats
|
656
|
618
|
1,303
|
1,199
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Cash costs of
production per tonne of ore, net of capitalized stripping
**
|
$
|
100
|
103
|
100
|
110
|
Cash costs of
production per tonne of ore, including capitalized
stripping**
|
$
|
156
|
126
|
155
|
136
|
Cash costs of
production per carat recovered, net of capitalized
stripping**
|
$
|
56
|
61
|
57
|
65
|
Cash costs of
production per carat recovered, including capitalized
stripping**
|
$
|
87
|
75
|
89
|
81
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Sales
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Approximate diamonds
sold - Mountain Province***
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000's carats
|
360
|
587
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1,321
|
1,094
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Average diamond sales
price per carat
|
US
|
$
124
|
$
130
|
$
106
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$
130
|
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* at 100% interest in
the GK Mine
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**See Non-IFRS Measures
section
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***Includes the sales
directly to De Beers for fancies and specials acquired by De Beers
through the production split bidding process
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Financial Performance
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Three months
ended
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Three months
ended
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Six months
ended
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Six months
ended
|
(in thousands of
Canadian dollars, except where otherwise noted)
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June 30,
2023
|
June 30,
2022
|
June 30,
2023
|
June 30,
2022
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|
|
|
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Sales
|
$
|
59,918
|
97,761
|
188,575
|
182,414
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Carats sold
|
000's
carats
|
360
|
587
|
1,321
|
1,094
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Average price per carat
sold
|
$/carat
|
166
|
167
|
143
|
167
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Cost of sales per
carat*
|
$/carat
|
92
|
79
|
87
|
81
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Earnings from mine
operations per carat
|
$
|
74
|
88
|
56
|
86
|
Earnings from mine
operations
|
%
|
45 %
|
53 %
|
39 %
|
51 %
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Selling, general and
administrative expenses
|
$
|
3,223
|
3,803
|
7,230
|
7,797
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Operating
income
|
$
|
20,351
|
43,047
|
61,442
|
78,065
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Net income for the
period
|
$
|
17,318
|
22,634
|
45,542
|
46,961
|
Basic earnings per
share
|
$
|
0.08
|
0.11
|
0.22
|
0.22
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Diluted earnings per
share
|
$
|
0.08
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0.11
|
0.21
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0.22
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* This cost of sales
per carat includes the cost of acquiring 51% of the fancies and
specials which have been sold, after having been won in a tendering
process with De Beers Canada.
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Conference Call
The Company will host its quarterly conference call on
Friday, August 11th, 2023
at 11:00AM Eastern Time.
Title: Mountain Province Diamonds Inc. Q2 2023 Earnings
Conference Call
Conference ID: 76959572
Date of call: 08/11/2023
Time of call: 11:00AM Eastern
Time
Expected Duration: 60 minutes
Webcast Link:
https://app.webinar.net/9x2L4L5jok8
Participant Toll-Free Dial-In
Number:
(+1) 888-390-0546
Participant International Dial-In
Number: (+1) 416-764-8688
A replay of the webcast and audio call will be available on the
Company's website following the call.
Reconciliation of Non-IFRS measures
This news release refers to the terms "Cash costs of production
per tonne of ore processed" and "Cash costs of production per carat
recovered", both including and net of capitalized stripping costs
and "Adjusted Earnings Before Interest, Taxes Depreciation and
Amortization (Adjusted EBITDA)" and "Adjusted EBITDA Margin". Each
of these is a non-IFRS performance measure and is referenced in
order to provide investors with information about the measures used
by management to monitor performance. These measures are intended
to provide additional information and should not be considered in
isolation or as a substitute for measures of performance prepared
in accordance with IFRS. They do not have any standardized meaning
under IFRS and therefore may not be comparable to similar measures
presented by other issuers.
Cash costs of production per tonne of ore processed and cash
costs of production per carat recovered are used by management to
analyze the actual cash costs associated with processing the ore,
and for each recovered carat. Differences from production costs
reported within cost of sales are attributed to the amount of
production cost included in ore stockpile and rough diamond
inventories.
Adjusted EBITDA is used by management to analyze the operational
cash flows of the Company, as compared to the net income for
accounting purposes. It is also a measure which is defined in the
Notes documents. Adjusted EBITDA margin is used by management to
analyze the operational margin % on cash flows of the Company.
The following table provides a reconciliation of the Adjusted
EBITDA and Adjusted EBITDA margin with the net income on the
consolidated statements of comprehensive income:
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Three months
ended
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Three months
ended
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Six months
ended
|
Six months
ended
|
|
|
June 30,
2023
|
June 30,
2022
|
June 30,
2023
|
June 30,
2022
|
|
|
|
|
|
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Net income for the
period
|
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$
17,318
|
$
22,634
|
$
45,542
|
$
46,961
|
Add/deduct:
|
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|
|
|
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Non-cash depreciation
and depletion
|
|
10,640
|
12,378
|
35,958
|
21,326
|
Share-based payment
expense
|
|
366
|
480
|
706
|
924
|
Fair value (gain) loss
of warrants
|
|
(563)
|
(7,322)
|
(709)
|
(5,797)
|
Net finance
expenses
|
|
8,780
|
9,054
|
18,302
|
18,206
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Derivative (gains)
losses
|
|
(1,936)
|
1,361
|
(871)
|
1,438
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Deferred income
taxes
|
|
2,080
|
5,650
|
3,900
|
9,920
|
Current income
taxes
|
|
150
|
-
|
900
|
-
|
Unrealized foreign
exchange losses (gains)
|
|
(6,154)
|
10,892
|
(5,509)
|
6,746
|
Adjusted earnings
before interest, taxes, depreciation and depletion (Adjusted
EBITDA)
|
|
$
30,681
|
$
55,127
|
$
98,219
|
$
99,724
|
Sales
|
|
59,918
|
97,761
|
188,575
|
182,414
|
Adjusted EBITDA
margin
|
|
51 %
|
56 %
|
52 %
|
55 %
|
The following table provides a reconciliation of the cash costs of
production per tonne of ore processed and per carat recovered and
the production costs reported within cost of sales on the
consolidated statements of comprehensive income:
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Three months
ended
|
Three months
ended
|
Six months
ended
|
Six months
ended
|
(in thousands of
Canadian dollars, except where otherwise noted)
|
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June 30,
2023
|
June 30,
2022
|
June 30,
2023
|
June 30,
2022
|
|
|
|
|
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Cost of sales
production costs
|
$
|
18,619
|
26,660
|
67,735
|
53,780
|
Timing differences due
to inventory and other non-cash adjustments
|
$
|
18,284
|
11,209
|
6,449
|
24,715
|
Cash cost of
production of ore processed, net of capitalized
stripping
|
$
|
36,903
|
37,869
|
74,184
|
78,495
|
Cash costs of
production of ore processed, including capitalized
stripping
|
$
|
57,223
|
46,396
|
115,464
|
96,906
|
|
|
|
|
|
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Tonnes
processed
|
kilo
tonnes
|
367
|
367
|
743
|
714
|
Carats
recovered
|
000's
carats
|
656
|
618
|
1,303
|
1,199
|
|
|
|
|
|
|
Cash costs of
production per tonne of ore, net of capitalized
stripping
|
$
|
100
|
103
|
100
|
110
|
Cash costs of
production per tonne of ore, including capitalized
stripping
|
$
|
156
|
126
|
155
|
136
|
Cash costs of
production per carat recovered, net of capitalized
stripping
|
$
|
56
|
61
|
57
|
65
|
Cash costs of
production per carat recovered, including capitalized
stripping
|
$
|
87
|
75
|
89
|
81
|
About Mountain Province Diamonds
Inc.
Mountain Province Diamonds is a 49% participant with De
Beers Canada in the Gahcho Kué diamond mine located in Canada's Northwest
Territories. The Gahcho Kué Joint Venture property consists
of several kimberlites that are actively being mined, developed,
and explored for future development. The Company also controls more
than 113,000 hectares of highly prospective mineral claims and
leases surrounding the Gahcho Kué Mine that include an Indicated
mineral resource for the Kelvin kimberlite and Inferred mineral
resources for the Faraday kimberlites. Kelvin is estimated to
contain 13.62 million carats (Mct) in 8.50 million tonnes (Mt) at a
grade of 1.60 carats/tonne and value of US$63/carat, at February
2019. Faraday 2 is estimated to contain 5.45Mct in 2.07Mt at
a grade of 2.63 carats/tonne and value of US$140/ct, at February
2019. Faraday 1-3 is estimated to contain 1.90Mct in 1.87Mt
at a grade of 1.04 carats/tonne and value of US$75/carat, at February
2019. All resource estimations are based on a 1mm diamond
size bottom cut-off.
Qualified Person
The disclosure in this news release of scientific and technical
information regarding Mountain
Province's mineral properties has been reviewed and approved
by Matthew MacPhail, P.Eng., MBA,
and Tom E. McCandless, Ph.D.,
P.Geo., both employees of Mountain Province Diamonds and Qualified
Persons as defined by National Instrument 43-101 Standards of
Disclosure for Mineral Projects.
Caution Regarding Forward
Looking Information
This news release contains certain "forward-looking
statements" and "forward-looking information" under applicable
Canadian and United States
securities laws concerning the business, operations and financial
performance and condition of Mountain Province Diamonds Inc.
Forward-looking statements and forward-looking information include,
but are not limited to, statements with respect to operational
hazards, including possible disruption due to pandemic such as
COVID-19, its impact on travel, self-isolation protocols and
business and operations, estimated production and mine life of the
project of Mountain Province; the
realization of mineral reserve estimates; the timing and amount of
estimated future production; costs of production; the future price
of diamonds; the estimation of mineral reserves and resources; the
ability to manage debt; capital expenditures; the ability to obtain
permits for operations; liquidity; tax rates; and currency exchange
rate fluctuations. Except for statements of historical fact
relating to Mountain Province,
certain information contained herein constitutes forward-looking
statements. Forward-looking statements are frequently characterized
by words such as "anticipates," "may," "can," "plans," "believes,"
"estimates," "expects," "projects," "targets," "intends," "likely,"
"will," "should," "to be", "potential" and other similar words, or
statements that certain events or conditions "may", "should" or
"will" occur. Forward-looking statements are based on the opinions
and estimates of management at the date the statements are made and
are based on a number of assumptions and subject to a variety of
risks and uncertainties and other factors that could cause actual
events or results to differ materially from those projected in the
forward-looking statements. Many of these assumptions are based on
factors and events that are not within the control of Mountain Province and there is no assurance
they will prove to be correct.
Factors that could cause actual results to vary materially
from results anticipated by such forward-looking statements include
the development of operation hazards which could arise in relation
to COVID-19, including, but not limited to protocols which may be
adopted to reduce the spread of COVID-19 and any impact of such
protocols on Mountain Province's
business and operations, variations in ore grade or recovery rates,
changes in market conditions, changes in project parameters, mine
sequencing; production rates; cash flow; risks relating to the
availability and timeliness of permitting and governmental
approvals; supply of, and demand for, diamonds; fluctuating
commodity prices and currency exchange rates, the possibility of
project cost overruns or unanticipated costs and expenses, labor
disputes and other risks of the mining industry, failure of plant,
equipment or processes to operate as anticipated.
These factors are discussed in greater detail in Mountain Province's most recent Annual
Information Form and in the most recent MD&A filed on SEDAR,
which also provide additional general assumptions in connection
with these statements. Mountain
Province cautions that the foregoing list of important
factors is not exhaustive. Investors and others who base themselves
on forward-looking statements should carefully consider the above
factors as well as the uncertainties they represent and the risk
they entail. Mountain Province
believes that the expectations reflected in those forward-looking
statements are reasonable, but no assurance can be given that these
expectations will prove to be correct and such forward-looking
statements included in this news release should not be unduly
relied upon. These statements speak only as of the date of this
news release.
Although Mountain Province
has attempted to identify important factors that could cause actual
actions, events, or results to differ materially from those
described in forward-looking statements, there may be other factors
that cause actions, events or results not to be anticipated,
estimated, or intended. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Mountain
Province undertakes no obligation to update forward-looking
statements if circumstances or management's estimates or opinions
should change except as required by applicable securities laws. The
reader is cautioned not to place undue reliance on forward-looking
statements. Statements concerning mineral reserve and resource
estimates may also be deemed to constitute forward-looking
statements to the extent they involve estimates of the
mineralization that will be encountered as the property is
developed.
Further, Mountain Province
may make changes to its business plans that could affect its
results. The principal assets of Mountain
Province are administered pursuant to a joint venture under
which Mountain Province is not the
operator. Mountain Province is
exposed to actions taken or omissions made by the operator within
its prerogative and/or determinations made by the joint venture
under its terms. Such actions or omissions may impact the future
performance of Mountain Province.
Under its current note and revolving credit facilities Mountain Province is subject to certain
limitations on its ability to pay dividends on common stock. The
declaration of dividends is at the discretion of Mountain Province's Board of Directors,
subject to the limitations under the Company's debt facilities, and
will depend on Mountain Province's
financial results, cash requirements, future prospects, and other
factors deemed relevant by the Board
Contact: Mark Wall, President,
and CEO, 161 Bay Street, Suite 1410, Toronto, Ontario M5J 2S1, Phone: (416)
361-3562, E-mail: info@mountainprovince.com; Matthew MacPhail, Chief Technical and
Sustainability Officer, 161 Bay Street, Suite 1410, Toronto, Ontario M5J 2S1, Phone: (416)
361-3562, E-mail: info@mountainprovince.com
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content:https://www.prnewswire.co.uk/news-releases/mountain-province-diamonds-announces-second-quarter-financial-results-for-2023-301898378.html