GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) is pleased to announce the release of financial results for the quarter ending March 31, 2020 with revenue of $8.6 million (all amounts are in U.S. dollars) from the sale of 567,013 silver equivalent ounces which provided cash flow from operations of $1.9 million.
“The Company’s operations generated $1.9 million USD of cash flow, net of general and administrative expenses, in the quarter. Parral had another record production quarter, which covered corporate general and administrative expenses and the majority of our exploration expenditures at Los Ricos,” Brad Langille, President and CEO stated. “With our $19.1 million cash balance and the cash flow from our Parral operation, we are well positioned to execute on our Los Ricos project.”
Financial Highlights for the quarter ending March 31, 2020:
|Summarized Consolidated Financial Information||Three months ended Mar 31||Six months ended Mar 31|
|(in thousands USD, except per share amounts)||2020||2019||2020||2019|
|Cost of sales, including depreciation||$||7,885||$||6,678||$||15,995||$||12,114|
|Net (loss) income1,2||$||(1,993)||$||2,437||$||(1,458)||$||10,591|
|Basic net (loss) income (loss) per share||$||(0.010)||$||0.014||$||(0.008)||$||0.062|
|Cash flow from operations||$||1,910||$||(4,560)||$||2,697||$||(7,764)|
|1||Net loss in the quarter ended March 31, 2020 includes foreign exchange losses of $1,567.|
|2||Net income in 2019 includes a $3.8M gain on the fair market value of marketable securities in the three months ended March 31 and a gain of $11,837 on the sale of the Santa Gertrudis royalty for the 6 months ended March 31.|
|Key Performance Indicators1||Three months ended Mar 31||Six months ended Mar 31|
|(in thousands USD, except per ounce amounts)||2020||2019||2020||2019|
|Total tonnes stacked||366,808||478,874||698,087||834,487|
|AISC per silver equivalent ounce2||$||15.10||$||14.08||$||14.85||$||16.43|
|Cash cost per silver equivalent ounce2||$||12.33||$||10.75||$||12.43||$||12.58|
|Realized silver price||$||15.19||$||14.77||$||15.95||$||14.56|
|1||Key performance indicators are unaudited non-GAAP measures|
|2||Gold is converted using actual realized prices|
This news release should be read in conjunction with the interim condensed consolidated financial statements for the quarter ended March 31, 2020, notes to the financial statements, and management’s discussion and analysis for the quarter ended March 31, 2020, which have been filed on SEDAR and are available on the Company’s website.
Technical information contained in this news release with respect to GoGold has been reviewed and approved by Mr. Bob Harris, P.Eng., who is a qualified person for the purposes of NI 43-101.
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We acknowledge the [financial] support of the Government of Canada.