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ITRONICS REPORTS 2021 FIRST QUARTER SALES; UPDATES CURRENT OPERATIONS
AND GROWTH PROJECTS
RENO, Nevada, June 25, 2021 -- Itronics Inc. (OTC:ITRO), an
emerging Cleantech Materials growth Company that manufactures GOLDn
GRO Multi-Nutrient Fertilizers and produces silver, gold, zinc, critical
minerals, and battery minerals recovered from industrial and mining waste,
today reported its first quarter 2021 sales and updated its operations and
growth projects.
Total Revenues for the three months ended March 31, 2021, were
$410,988 compared to $670,822 in the same period in 2020, a 39 percent
decrease. The decline is primarily due to effects of Covid-19 continuing
from the fourth quarter 2020.
During the second quarter of 2021 the Company has had a backlog
of fertilizer orders, but raw material shortages and raw material supplier
inability to timely deliver raw materials has been a challenging issue and
has limited our sales due to inability to fill orders on a just in time
basis. Fertilizer delivery trucking has not been affected.
Covid-19 has had a significant negative impact on Itronics fertilizer
sales. In the first quarter 2020 the Company was on a path to double sales in
2020. That growth was ended by the Covid-19 shut down starting in April 2020.
Late in the second quarter of 2021 demand is picking up. It appears that sales
are getting back on the growth path similar to the first quarter 2020.
The 2021 outlook for full year silver sales is uncertain due to
limitations on operating supplies needed to support the refining operations
created by Covid-19 supply chain disruptions. One bullion shipment was settled
late in the second quarter with very positive results. Silver content of the
bullion significantly increased due to on-going recovery optimization. Value
was also increased by sharply higher silver and gold prices compared to 2020.
The Companys research project to produce metallic zinc is
successfully using the Companys experimental electro-winning cell.
Smooth zinc plate is being obtained and the process is ready for
expansion of a larger zinc electro-winning cell which is being assembled
and is nearly ready for operational testing.
The Company has continued to move forward in planning to expand
the Rock Kleen technology to a pilot scale operation, including evaluating
the technical feasibility of processing the mine tailings located on Auric
Fulstone claims adjacent to the former Minnesota Iron mine located in the
northwestern part of the Yerington Mining District at Yerington, Nevada.
2021 First Quarter Sales Results
Unaudited Revenues for the first quarter ending March 31, 2021,
together with comparative figures for 2020 are presented below:
ITRONICS INC.
For the Quarter
Ended March 31
2021 2020
REVENUE
Fertilizer $407,175 $594,129
Silver $ 26 $ 68,445
Photo Services $ 1,951 $ 4,461
Mining Technical
Services $ 1,836 $ 3,787
$410,988 $670,822
Operations and Expansion Updates
GOLDn GRO Multi-Nutrient Fertilizers: Core sales are being maintained,
but growth is being restrained by continuing Covid-19 related supply chain
issues. During the first quarter the Companys distributor continued its
Covid-19 retail branch access restrictions, as well as restrictions on
application development activities. These restrictions were continued
through the second quarter, and our expectation is that they may be
continued through most of the third quarter. Company expectations are
that these issues will be resolved in a positive way in the August-
September time frame. This is based on information being provided
to us by our suppliers.
Silver Bullion and Other Metal Production: The pilot scale computer
circuit board refining operation is now able to operate reliably.
Metal recovery optimization is underway and is increasing bullion
silver and gold content while at the same time improving furnace
efficiency and reducing the unit cost of metals being recovered.
During the second quarter supplies needed to continue the pilot
refining operation became unavailable due to Covid-19 related
supply chain issues, so the refining operation is temporarily
on hold. The Company is expecting to resume the refining operation
late in the third quarter or early in the fourth quarter, but this
is dependent on being able to obtain the required operating supplies.
The experimental work to produce zinc metal using electro-
winning technology was started in early January 2021 using a laboratory
scale electro-winning cell developed by the Company. Small amounts of
zinc metal have been produced while the operating parameters were being
developed. The Company plans to expand zinc output in stages starting at
laboratory scale and expanding to pilot scale at the Companys 35,000
square foot Reno, Nevada manufacturing and R&D facility. The Company
already owns most of the equipment needed to do this. The equipment
is on site and can be put into operation with only minor modifications.
This work was put on hold in the second quarter to free our research
lab to start work on the Auric Fulstone tailings evaluation for
suitability for Rock Kleen processing. The Company plans to restart
this research later in the year.
Processing zinc bearing flue dust is one of the technologies in
the Companys portfolio of Zero Waste Energy Saving Technologies that
are being prepared for expansion to commercial scale. Activating this
technology development starts the process of establishing the ability to
produce pure metals using electrochemistry and opens the door to processing
alkaline battery paste which contains zinc, manganese, and potassium. Some
of the new EV battery technologies use manganese, one of the four most
important battery metals, and this technology development may enable the
company to process Electric Vehicle (EV) battery pastes in the future.
In addition, the Companys Rock Kleen technology has shown the ability
to recover the battery metals nickel, manganese, and zinc from mine
tailings, all of which will need to be separated and recovered using
electrochemistry.
Rock Kleen Technology and Business Plan Development: During the first
quarter 2020 the Company announced completion of a detailed three-year
growth plan for Reno manufacturing operations. A 10-year growth plan
for consolidated operations that include expansion to the new
Itronics Cleantech Materials Campus was completed in the second
quarter. This plan was updated in the third quarter to factor in
the 2020 impacts of Covid-19 on the growth plan. The expected impacts
of expanded materials recoveries using the Rock Kleen technology were
also incorporated into the plan. Itronics is anticipating rapid
growth over the next several years, to be driven by GOLDn GRO
fertilizer sales and to be supported by development of the new Rock
Kleen technology which was selected from the Companys portfolio of
Zero Waste Energy Saving Technologies for commercial development
as a major new line of business.
A long-term objective for Itronics is to become a leading
producer of high purity metals, including the U.S. critical metals
manganese and tin, using the Companys breakthrough hydrometallurgy,
pyrometallurgy, and electrochemical technologies. Additionally,
Itronics is also strategically positioned with its portfolio of
Zero Waste Energy Saving Technologies to help solve the recently
declared emergency need for domestic production of Critical Minerals
from materials located at mine sites.
Auric Fulstone Polymetallic Gold Project: Early in the first half
2021 the Company began developing a modified business plan for Auric
Gold & Minerals that envisions that Auric would become a tailings
supplier for the Itronics Rock Kleen pilot plant that is being
planned. This update of the business plan is expected to be
completed in the third quarter.
If you would like to be added to our e-mail list for all
updates on our emerging clean technologies, please call us at
775-689-7696, e-mail investor@itronics.com, or leave a message
in our message box on our website at www.itronics.com so that we
can get a profile report to you. The Company thanks its supporters
as it expands its technologies to make the world cleaner and greener
while continuing to expand revenues and drive towards profitability.
About Itronics
Headquartered in Reno, Nevada, Itronics Inc. is a Zero Waste
Energy Saving Technology Company which produces GOLDn GRO
specialty liquid fertilizers, silver bullion, and silver-bearing
glass. The Company is an emerging critical mineral and battery
materials producer. The Companys goal is to achieve profitable
cleantech materials technology driven organic growth in specialty
GOLDn GRO fertilizers, silver, gold, zinc, critical minerals,
and battery minerals. The Companys technologies maximize the
recovery and uses of metals and minerals and by doing this
maximize sustainability.
The Companys growth forecast centers upon its 10-year
business plan designed to integrate its Zero Waste Energy Saving
Technologies and to grow annual sales from $2 million in 2019,
to $100 million in 2025.
The Companys environmentally friendly award winning GOLDn
GRO liquid fertilizers, which are extensively used in agriculture,
can be used for lawns and houseplants, and are available at the
Companys e-store on Amazon.Com at http://www.amazon.com/s/ref=bl_
sr_lawn-garden?ie+UTF8&field-brandtextbin=GOLD%27n+GRO&node+2972638011.
Due to expanded retail customer interest, GOLDn GRO fertilizer may
now be purchased in Reno, Nevada at Buy Nevada First Gift Shop,
4001 S. Virginia St.
Follow Itronics on Facebook: https://www.facebook.com/itronicsinc
Follow Itronics on Twitter: https://twitter.com/itronicsinc
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VISIT OUR WEB SITE: http://www.itronics.com
(Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: This press release contains or may contain
forward-looking statements such as statements regarding the
Companys growth and profitability, growth strategy, liquidity
and access to public markets, operating expense reduction, and
trends in the industry in which the Company operates. The
forward-looking statements contained in this press release
are also subject to other risks and uncertainties, including
those more fully described in the Companys filings with the
Securities and Exchange Commission. The Company assumes no
obligation to update these forward-looking statements to reflect
actual results, changes in risks, uncertainties or assumptions
underlying or affecting such statements, or for prospective
events that may have a retroactive effect.)
Contact: Paul Knopick
888.795.633
