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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
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