Artemis Gold (TSXV: ARTG) this morning posted their third quarter financial results, headlined by topline revenue of $308.1 million for their first full quarter of operations.
That topline figures follows the sale of 62,863 ounces of gold at an average realized price of US$3,489 an ounce.
Net income for the quarter totaled out at $110.9 million, or $0.46 per share. On an adjusted basis, net income amounted to $141.7 million, or $0.59 per share, EBITDA totaled $218.0 million in the third quarter, which fell to $211.4 million on an adjusted basis.
Cash flow from operating activities meanwhile totaled $163.7 million. Cash and cash equivalents as of quarter end stood at $75.3 million, following debt repayments of $67 million over the course of the quarter.
In terms of operations, the third quarter saw the production of 60,985 ounces of gold, following a mill throughput rate that averaged 16,618 tonnes per day. Gold grades meanwhile improved to 1.48 g/t, up from 1.34 g/t in May and June, while recoveries grew to 84.9% from 84.0%.
Cash costs totaled out at US$661 per ounce, while all in sustaining costs amounted to US$840 an ounce, leading to an all in sustaining margin US$2,374 per ounce, or 72%.
“We delivered strong financial performance during the quarter with lowest decile AISC1 and increased margins driven by higher realized gold prices. Our Q3 AISC margin1 of 72% of cash revenue is among the highest in the industry and we are generating strong EBITDA1 and steady cash flows to fund future growth,” commented Dale Andres, CEO of Artemis Gold.
Artemis in the third quarter also began the construction of a Phase 1A expansion, which aims to increase the processing plant design capacity by 33%.
Artemis Gold last traded at $32.64 on the TSX Venture.
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