FIRST QUARTER 2018
Mining operations at the Mineral Ridge mine were suspended in early November 2017. Management expects to generate limited revenues from residual but diminishing gold recoveries from the leach pads until approximately July 2018. A summary of the Q1 2018 financial results is presented in the Company's May 29, 2018
news release with complete details provided in the Q1 2018 Financial Statements
and Management Discussion & Analysis
HIGHLIGHTS FOR THE FIRST QUARTER ("Q1") ENDED MARCH 31, 2018
(1)This is a non-IFRS measure; refer to Non-IFRS Measures section of this press release and the Company's Management Discussion & Analysis for a complete definition and reconciliation to the Company's financial statements.
- 2,833 ounces of gold were produced at the Mineral Ridge mine during Q1 of 2018, compared to 5,741 ounces during Q1 of 2017.
- Revenue of $3.0 million, compared to $9.9 million during Q1 of 2017.
- Total cash cost per ounce of gold sold(1) of $832 compared to $876 during Q1 of 2017.
- Mine operating earnings of $1.1 million compared to $2.4million during Q1 of 2017.
- Net earnings of 0.1 million ($0.00 basic and diluted per share), compared to close to nil ($0.00 basic and diluted per share) during Q1 of 2017.
- Adjusted net earnings(1) of $0.4 million ($0.00 basic and diluted per share) compared to $1.5 million ($0.01 basic and diluted per share) for Q1 of 2017.
- Adjusted EBITDA(1) of $0.7 million ($0.00 basic and diluted per share) compared to $2.1 million ($0.01 basic and diluted per share) during Q1 of 2017.
- On January 4, 2018, the Company announced the results of an updated feasibility study to process heap leach materials and additional open-pit mineral reserves at its Mineral Ridge property.
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