Avesoro Resources Inc. Reports Unaudited Production and Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Provides Production Guidance for the Year 2018
For the year, the company reported gold production of 76,179 ounces compared to 49,730 a year ago.
For the fourth quarter, the company reported revenues were $33.3 million, EBITDA of $11.1 million, cash flow from operations of $7.7 million, and capital spend of $10.5 million.
For the year, the company reported revenues, were $97.8 million compared to $63.6 million a year ago. EBITDA was $17.3 million compared to negative EBITDA of $88.1 million a year ago. Cash flow from operations of $10.9 million compared to cash flow used in operations of $40.1 million a year ago. Capital spend was $30.0 million compared to $54.1 million a year ago.
The company's annual gold production guidance for 2018 of 220,000 to 240,000 ounces of gold.