Elevation Gold Sees Q3 2021 Revenue Decline To US$12.1 Million

Elevation Gold Corp. (TSXV: ELVT) announced on Friday its financial results for the quarter ending September 30, 2021, the first quarterly report since it changed its name from Northern Vertex Mining. The report highlighted a revenue of US$12.1 million, a decline from both Q2 2021’s revenue of US$16.6 million and Q3 2020’s revenue of US$26.8 million.

On the other hand, the mining firm was able to produce 6,526 gold ounces during the quarter, down from last quarter’s production of 7,054 gold ounces. Gold sales also dipped to 6,214 ounces from 8,045 ounces last quarter. The average realized gold price for the quarter came in at US$1,785 per ounce while cash costs and all-in sustaining costs for Moss mine are US$1,316 per ounce and US$1,643 per ounce, respectively.

Further down the financials, the company posted US$3.5 million net income this quarter, mainly driven by a US$4.0 million gain in the revaluation of derivative liabilities. This figure is an increase from US$0.7 million last quarter and a net loss of US$18.8 million last quarter. The quarterly income translates to US$0.06 earnings per share.

The firm also ended the quarter with US$1.4 million in cash and cash equivalents, putting the balance of current assets at US$31.7 million. Current liabilities ended at US$19.3 million.

The Vancouver-based mining company relayed that it has started the ramp-up to full operation of the 3A heap leach pad, expecting to start mining higher-grade materials in Q1 2022.

Elevation Gold last traded at $1.02 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.

Leave a Reply

Video Articles

Endeavour Mining Q1 Earnings: Cash Flow Is King

G Mining Oko West Feasibility: Move Fast, Break.. Nothing?

New Gold Q1 Earnings: What’s Behind The Market’s Surprising Reaction?

Recommended

Giant Mining Encounters Native Copper As Hole MHB-34 Hits 563 Metres Depth

Verses Hits Commercialization Stage With Genius AI Platform

Related News

US To Impose Sanctions On Russia’s Lower House, Block Gold-Related Transactions With Central Bank

The US is pushing up the ante on its sanctions against Russia related to the...

Thursday, March 24, 2022, 03:47:00 PM

Pegasus Sees Drilling Commence On Joint Ventured Property

Pegasus Resources (TSXV: PEGA) has seen its joint venture partner commence a drill program at...

Thursday, March 11, 2021, 08:44:11 AM

Grande Portage: Assays For Herbert Gold Property Expected In Near Term

Earlier this month, Grande Portage Resources (TSXV: GPG) announced that the company had completed the...

Sunday, November 22, 2020, 04:58:00 PM

iMetal Samples 69.7 G/T Gold At Gowganda

iMetal Resources, Inc. (TSXV: IMR) came forth today with the assay results from the April...

Thursday, June 10, 2021, 10:01:00 AM

Karora Acquires Spargos Property In Western Australia

Karora Resources (TSX: KRR) has acquired the Spargos Reward Gold project, located roughly 65 kilometres...

Friday, August 7, 2020, 08:38:03 AM