- Alkane Resources (ALK) has pipped its gold production forecast over the March quarter, with 16,040 ounces produced over the three month period
- The mining stock recorded gold sales of 15,844 ounces, at an average price of $2203 per ounce, bringing in revenue of $34.9 million
- The company has also increased its guidance for FY21 again, increasing it from 47,000 ounces to 52,000 ounces to a new total of between 50,000 ounces to 55,000 ounces
- The forecast all-in sustaining cost (AISC) has also reduced from between $1450 to $1600 per ounce to between $1400 to $1550 per ounce
- Financially, Alkane ended March 31, with $72.4 million worth of cash, bullion and listed investments
- In terms of activities, ALK upgraded the global mineral resource for the Tomingley Extension Project during the period
- Shares in Alkane Resources are trading down 1.31 per cent at 75.5 cents per share
Alkane Resources (ALK) has released its latest quarterly report, showing it managed to pip its gold production forecast over the March quarter.
The gold miner said it produced a total of 16,040 ounces (oz) from its Tomingley Gold Operations near Dubbo, NSW.
The company’s site operating cash costs sat at around $803 per ounce, while ALK’s all-in sustaining cost (AISC) was $997 per ounce.
Gold sales for the mining stock totalled 15,844 oz at the end of March, at an average price of $2203 per ounce, bringing in total revenues of $34.9 million.
Alkane stated its bullion stocks at the end of the quarter totalled 1275 ounces, with a fair value of $2.9 million.
Altogether, the company ended March 31 with $72.4 million worth of cash, bullion and listed investments.
Its site operating cash flow was $22.3 million for the quarter and $64.6 million for the financial year to date.
In terms of activities, ALK used the quarter to upgrade the global mineral resource for the Tomingley Extension Project, which includes the Roswell and San Antonio deposits.
Extensive drilling has been carried out at San Antonio, with final results reported during the quarter as well as a resource update.
The total global mineral resource for Tomingley Extension, including San Antonio, is now 17.4 million tonnes at 1.9g/t gold including 1.06 million oz.
Looking ahead, the company has increased its guidance for FY21 again, from 47,000 oz to 52,000 oz to a new total of between 50,000 oz to 55,000 oz.
Its forecast all-in sustaining cost (AISC) has also reduced from between $1450 to A$1600/oz to between $1400 to $1550/oz.
Following today’s update, shares in Alkane Resources are trading down 1.31 per cent at 75.5 cents per share at the close of market on Friday.