08:09 AM EDT, 05/25/2020 (MT Newswires) -- Athabasca Minerals (AMI.V) said Monday that basic and diluted losses for Q1 2020 were $0.018 compared with $0.026 basic and diluted losses in the prior year period.

Q1 2020 revenue reached $0.8 million compared with $0.4 million in Q1 2019, due aggregate sales from AMI RockChain of $0.5 million.

In its outlook, Athabasca is set to preserve its cash position throughout 2020 to sustain progress in its initiatives and corporate objectives.

CEO Robert Beekhuizen said: "In 2020, we continue to advance our corporate strategies with steady progress in transforming, diversifying, and creating value across the corporation's businesses."

In response to the COVID-19 pandemic, the company adjusted for fluctuations in the construction and energy markets with measures to reduce and optimize payroll by near 30% at all levels of the company, including the Board of Directors.

In terms of mergers and acquisitions, Athabasca continues to be active with screening, assessing, and reviewing acquisition and joint venture investment opportunities to expand revenues in the use and application of industrial minerals.

Also in its 2020 outlook for its three divisions, Athabasca said its base division, AMI Aggregates, will generate revenues from commercial operations and production at the Coffey Lake Public Pit, as well as its True North Staging Hub. AMI RockChain continues to see growing demand based on project bids in Q1 2020 where the RockChain platform and associated algorithm are being used extensively to optimize supply and delivery of aggregates. At AMI Silica, the company is re-adjusting Montney Silica Sand Delineation & Development program for cashflow management in relation to concurrent demands related to the Duvernay Project. Together with its existing joint-venture partner, 'Privco', the parties are taking "a measured approach" on expenditures to confirm a cost-effective location for development within the 370,650-acre area in which the JV holds mineral leases.

Shares last Friday slid 10.0% to $0.13 apiece in a 52-week range of $0.08 - 0.79.