Avesoro Resources Inc. announced unaudited consolidated earnings and production results for the first quarter ended March 31, 2018. For the quarter, the company reported gold sales of $91,370,000 compared to $19,699,000 a year ago. Profit from operations was $21,593,000 compared to loss of $6,629,000 a year ago. Profit before tax was $16,436,000 compared to loss of $9,555,000 a year ago. Net profit attributable to owners of the company was $8,019,000 or $0.10 per basic and diluted share compared to loss of $9,555,000 or $0.18 per basic and diluted share a year ago. Cash flows from operating activities were $39,372,000 compared to $1,810,000 a year ago. Payments to acquire property, plant and equipment were $11,798,000 compared to $4,992,000 a year ago. Payments to acquire intangible assets were $1,761,000. Net debt decreased by $17.5 million to $106.6 million. Revenues were $91.4 million compared to $19.7 million a year ago. EBITDA was $40.2 million compared to $0.2 million a year ago.

For the quarter, the company reported gold production of 68,088 oz compared to 14,906 oz a year ago.

The company provided production guidance for the year 2018. For the year, the company expects gold production to be in the range of 220,000 ounces to 240,000 ounces.