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GoGold Resources earns $43.14M (U.S.) in 2020
2020-12-17 09:54 ET - News Release
Mr. Brad Langille reports
GOGOLD REPORTS NET INCOME OF $43.1M US FOR YEAR ENDING SEPTEMBER 30, 2020
GoGold Resources Inc. has released its financial results for the quarter and year ending Sept. 30, 2020, with record annual revenue of $39.5-million (U.S.) (all amounts are in United States dollars) from the sale of 2.2 million silver equivalent ounces which provided cash flow from operations before working capital changes of $8.7-million.
"Parral had a record production year and a record quarter which generated $6.5 million US of cash flow, paying for all of our exploration and general and administrative costs. We have one of the largest drilling programs in Mexico and we are currently self funding from operations at Parral. Parral had an excellent year which resulted in a reversal of a previously recorded impairment of $41.1 million, which really reflects on how strongly that asset is performing now," Brad Langille, President and CEO stated. "With our $52.7 million US cash balance and the cash flow from our Parral operation, we are well positioned to continue the rapid advancement of the Los Ricos district."
Financial Highlights for the year ending September 30, 2020:
Cash flow from operations before working capital changes of $8.7 million, including free cash flow from Parral of $12.6 million
Net income of $43.1 million ($0.21 per share)
Record revenue of $39.5 million, an increase of 46%, on the sale of 2.2 million silver equivalent ounces at a realized price per ounce of $18.00
Cash of $52.7 million
All in sustaining costs of $14.82 per silver equivalent ounce
Cash costs of $12.24 per silver equivalent ounce
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https://www.stockwatch.com/News/Item?bid=Z-C:GGD-3007188&symbol=GGD®ion=C