The Prospector News

GoGold Reports Financial Results for Quarter Ending December 31, 2019

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

GoGold Reports Financial Results for Quarter Ending December 31, 2019

 

 

 

 

 

GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) is pleased to announce the release of financial results for the quarter ending December 31, 2019 with revenue of $9.3 million (all amounts are in U.S. dollars) from the sale of 555,298 silver equivalent ounces and net income of $535,000.

 

“Parral generated $2.3 million of cash flow at site, and the Company after general and administrative and working capital changes generated $789,000 from operations.  Parral had another record production quarter and compared to a year ago revenue has more than doubled, driving the turn around in cash flow from operations,” Brad Langille, President and CEO stated.  “With commissioning on the SART underway, we expect to soon realize the benefits of this optimization to Parral’s profitability.”

 

Financial Highlights for the quarter ending December 31, 2019:

 

  • Revenue of $9.3 million, an increase of 241% from prior year
  • Record production of 584,988 silver equivalent ounces, an increase of 80% from prior year
  • Net income of $535,000
  • Cash flow from operations of $0.8 million, including $1.5 million before changes in working capital
  • Cash of $5 million, an increase from $2.4 million at September 30, 2019
  • All in sustaining costs of $14.59 per silver equivalent ounce
  • Cash costs of $12.54 per silver equivalent ounce

 

 

Summarized Consolidated Financial Information Three months ended December 31
(in thousands USD, except per share amounts) 2019 2018
Revenue $ 9,293 $ 3,850
Cost of sales $ 8,110 $ 5,437
Operating income (loss) $ 160 $ (2,724)
Net income1 $ 535 $ 8,153
Basic net income (loss) per share $ 0.003 $ 0.47
Cash flow from operations $ 789 $ (3,210)
Cash flow from operations, before changes in non-cash working capital $ 1,463 $ (341)
1Net income in 2018 includes a gain of $11,837 on the sale of the Santa Gertrudis royalty      

 

 

Key Performance Indicators1 Three months ended December 31
(in thousands USD, except per ounce amounts) 2019 2018
Total tonnes stacked 331,279 355,613
AISC per silver equivalent ounce2 $ 14.59 $ 20.25
Adjusted AISC per silver equivalent ounce2,4 $ 14.59 $ 16.77
Cash cost per silver equivalent ounce2 $ 12.54 $ 15.80
Adjusted cash cost per silver equivalent ounce2,4 $ 12.54 $ 12.32
Realized silver price $ 16.75 $ 14.20
1Key performance indicators are unaudited non-GAAP
2Gold is converted using actual realized prices
3Using Gold as a by-product credit
4Adjusted for net realizable value adjustment of $994 in quarter ending Dec 31, 2018, see reconciliation in MD&A

 

 

This news release should be read in conjunction with the interim condensed consolidated financial statements for the quarter ended December 31, 2019, notes to the financial statements, and management’s discussion and analysis for the quarter ended December 31, 2019, which have been filed on SEDAR and are available on the Company’s website. 

 

In addition, the Company filed an amended and restated annual information form on SEDAR as an update to the annual information form dated December 30, 2019 to, among other things, clarify that the Company considers their Promotora tailings project to be a mineral project on a property that is not material to the Company.

 

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.

 

Posted February 3, 2020

Share this news article

MORE or "UNCATEGORIZED"


Uranium Energy Corp Confirms Intention to Acquire UEX Corporation

More than 38% of eligible UEX securities have already been tender... READ MORE

August 6, 2022

INFINITUM COPPER CLOSES SECOND TRANCHE OF PRIVATE PLACEMENT AND ANNOUNCED AGREEMENT FOR SHARES FOR DEBT

Infinitum Copper Corp. (TSX-V: INFI) (OTCQB: INUMF)  is pleased ... READ MORE

August 6, 2022

Energy Fuels Announces Q2-2022 Results, Including Continued Robust Balance Sheet and Market-Leading U.S. Uranium & Rare Earth Positions

Energy Fuels Inc. (NYSE: UUUU) (TSX: EFR) reported its financial ... READ MORE

August 6, 2022

LIBERO COPPER CLOSES FLOW-THROUGH AND COMMON SHARE PRIVATE PLACEMENT

Libero Copper & Gold Corporation (TSX-V: LBC) (OTCQB: LBCMF) ... READ MORE

August 6, 2022

Fosterville South Reports Assays from Drilling at Comet-New Trojan at Lauriston Project, Golden Mountain Project and Providence Project

Fosterville South Exploration Ltd. (TSX-V: FSX) (OTCQX: FSXLF) (G... READ MORE

August 5, 2022

We acknowledge the [financial] support of the Government of Canada.

Government of Canada Supported
Copyright 2022 The Prospector News