Elevation Gold Corp. (TSXV: ELVT) announced on late Thursday its operation and financial results for Q1 2022. The report highlighted a revenue of US$13.5 million, a decline from Q1 2021’s revenue of US$16.4 million.
On the other hand, the mining firm was able to produce 6,268 gold ounces during the quarter, down from last year’s production of 8,787 gold ounces. Gold sales also dipped to 6,512 ounces from 8,121 ounces last year. The average realized gold price for the quarter came in at US$1,881 per ounce while cash costs and all-in sustaining costs for Moss mine are US$1,648 per ounce and US$2,248 per ounce, respectively.
Further down the financials, the company posted a net loss of US$1.7 million this quarter, also a drop from US$1.6 million net loss last year. The quarterly bottomline translates to US$0.03 loss per share.
The firm also ended the quarter with US$14.7 million in cash and cash equivalents coming from a starting balance of US$1.1 million. The inflow is mostly driven by net proceeds from issuance of share capital amounting to US$17.2 million. This puts the balance of current assets at US$45.1 million while current liabilities ended at US$29.0 million.
The Vancouver-based mining company relayed that it plans to complete several key capital projects for the balance of 2022, including the construction of the new heap leach pad 2C.
Elevation Gold last traded at $0.24 on the TSX Venture.
Information for this briefing was found via Sedar, and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.