GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) is pleased to announce the release of financial results for the quarter ending June 30, 2020 with revenue of $7.9 million (all amounts are in U.S. dollars) from the sale of 469,545 silver equivalent ounces which provided cash flow from operations before working capital changes of $1.3 million.
“Parral generated cash flows of $2.2 million US in the quarter which, despite an interruption to the operations due to COVID-19, paid for our general and administrative costs, some working capital, and a portion of our exploration costs at Los Ricos,” Brad Langille, President and CEO stated. “With the increase in metal prices we’ve seen since June 30, Parral will generate significantly more cash in the September quarter, and along with the additional cash we anticipate receiving from warrant exercises, our cash balance should significantly increase from the $17.5 million US at June 30.”
Financial Highlights for the quarter ending June 30, 2020:
|Summarized Consolidated Financial Information||Three months ended June 30||Nine months ended June 30|
|(in thousands USD, except per share amounts)||2020||2019||2020||2019|
|Cost of sales, including depreciation||6,401||6,062||2,743||3,832|
|Operating income (loss)||254||(903)||(271)||(4,413)|
|Net income (loss)1,2||2||(2,324)||(1,184)||13,667|
|Basic net (loss) income (loss) per share||0.00||(0.019)||(0.007)||0.043|
|Cash flow from operations||523||(3,590)||3,236||(11,349)|
|1 Net income in the nine months ended June 30, 2019 includes a gain of $11,837 on the sale of the Santa Gertrudis.|
|Key Performance Indicators1||Three months ended June 30||Nine months ended June 30|
|(in thousands USD, except per ounce amounts)||2020||2019||2020||2019|
|Total tonnes stacked||282,743||519,643||980,830||1,354,130|
|AISC per silver equivalent ounce2||$||14.93||$||13.61||$||14.87||$||15.32|
|Cash cost per silver equivalent ounce2||$||12.13||$||10.72||$||12.35||$||11.89|
|Realized silver price||$||16.80||$||14.55||$||16.20||$||14.56|
|1Key performance indicators are unaudited non-GAAP measures|
|2Gold 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 June 30, 2020, notes to the financial statements, and management’s discussion and analysis for the quarter ended June 30, 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.