GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) is pleased to announce the release of financial results for the quarter ending December 31, 2020 with record revenue of $14.1 million (all amounts are in U.S. dollars) from the sale of 601,551 silver equivalent ounces which provided cash flow from operations of $5.9 million.
“Parral set another quarterly production record which generated $6.7 million US of free cash flow, paying for all of our exploration and general and administrative costs for the second consecutive quarter. With the strength of our Parral operation, the Company also added cash to our bank account this quarter,” Brad Langille, President and CEO stated. “With our $56 million US cash balance combined with our Parral operation’s cash flows, we are able to rapidly execute on unlocking shareholder value at Los Ricos by adding to mineral resources and accelerating Los Ricos South towards production.”
Financial Highlights for the quarter ending December 31, 2020:
Following are tables showing summarized financial information and key performance indicators:
|Summarized Consolidated Financial Information||Three months ended Dec 31|
|(in thousands USD, except per share amounts)||2020||2019|
|Revenue||$ 14,078||$ 9,293|
|Cost of sales, including depreciation||8,409||8,110|
|Basic net income per share||0.016||0.003|
|Cash flow from operations||5,863||789|
|Key Performance Indicators1||Three months ended Dec 31|
|(in thousands USD, except per ounce amounts)||2020||2019|
|Total tonnes stacked||449,825||331,279|
|Silver equivalent ounces sold||601,551||555,298|
|AISC per silver equivalent ounce2||$ 15.19||$ 14.59|
|Cash cost per silver equivalent ounce2||$ 12.27||$ 12.54|
|Realized silver price||$ 23.40||$ 16.75|
|1Key performance indicators are unaudited non-GAAP measures.|
|2Gold and copper are converted using average market prices.|
This news release should be read in conjunction with the interim condensed consolidated financial statements for the quarter ended December 31, 2020, notes to the financial statements, and management’s discussion and analysis for the quarter ended December 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.
About GoGold Resources
GoGold Resources is a Canadian-based silver and gold producer focused on operating, developing, exploring and acquiring high quality projects in Mexico. The Company operates the Parral Tailings mine in the state of Chihuahua and has the Los Ricos South and Los Ricos North exploration projects in the state of Jalisco. Headquartered in Halifax, NS, GoGold is building a portfolio of low cost, high margin projects.
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