Avesoro Resources Inc. Reports Unaudited Consolidated Earnings and Production Results for the Third Quarter and Nine Months Ended September 30, 2018; Maintains Production Guidance for the Full Year of 2018
For the nine months, the company reported gold sales was $225,147,000 against $64,464,000 a year ago. Profit from operations was $11,806,000 against loss from operations of $14,998,000 a year ago. Profit before tax was $475,000 against loss before tax of $23,684,000 a year ago. Net loss after tax was $9,161,000 against $23,684,000 a year ago. Net loss after tax attributable to owners of the company was $11,960,000 against $23,684,000 a year ago. Basic loss per share was $0.147 against $0.445 a year ago.
For the quarter, the company gold production of 47,177 ounces, a decrease of 22% on the previous quarter, due to a scheduled reduction in high grade mill feed from Youga's Balogo satellite deposit.
For the nine months, the company gold production of 175,496 ounces, in line with full year 2018 guidance of 220,000 240,000 ounces, and a 247% increase versus the same period in the prior year.
The company maintains its full year production guidance of 220,000 - 240,000 ounces of gold and all- in-sustaining cost of between $960 and $1,000 per ounce sold. Full year operating cash cost guidance has been revised to between $726 and $792 per ounce sold.