Junior producer
The turnaround is attributable to output at the Glimmer gold mine near Matheson, Ont., where 16,275 oz. were produced at a cash cost of US$226 per oz. Exall owns a 65.5% interest in the mine, which entered commercial production this year; the remainder is held by
Bullion produced from Glimmer was sold for US$290.61 per oz., and this, when added to proceeds the company received from a previously closed hedging position, translated into revenue of $7.6 million.
About 79,290 tonnes grading 6.69 grams gold per tonne were custom-milled at the nearby Stock plant owned by
Earnings in the first nine months were $1.1 million on revenue of $21.6 million, compared with a loss of $784,831 on zero revenue in the year-ago period.
Cash flow from operations was $1.6 million in the recent period.
Production in the first nine months of the year topped 46,615 oz., and the company is on-track to meet its year-end target of 65,000 oz. Cash costs for the period were US$254 per oz., while the average price realized from sales was US$293.86 per oz.
As of May 31, Glimmer hosted reserves of 1.3 million tonnes averaging 10.25 grams per tonne — sufficient for an estimated seven years of production at the projected annual rate of 65,000 oz.
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