Superior Gold Produces 17,603 Gold Ounces, Records US$31.2 Million In Revenue For Q1 2021

Superior Gold Inc. (TSXV: SGI) announced today its financial results for Q1 2021, highlighting gold production of 17,603 ounces from its 100%-owned Plutonic Gold operations. This is an 11% increase from Q4 2020, which saw a gold production of 15,838 ounces.

Looking at its financials, the company generated revenue of US$31.2 million this quarter while incurring US$26.9 million in cost of sales. Superior Gold also generated US$3.5 million net income which translates to US$0.03 in earnings per share.

Superior Gold sold 17,538 ounces of gold this quarter, a 4% increase from last year’s gold sales of 16,850 ounces. Total cash cost is at US$1,386 per gold ounce sold and all-in sustaining cost is at US$1,510 per gold ounce sold, both of which are below the realized gold price of US$1,777 per gold ounce. Cash cost and AISC for the quarter are also within the previously announced guidance for 2021 of US$1,350 – US$1,450 and US$1,500 – US$1,600, respectively.

The company ended the quarter with US$4.0 million in cash flow from operations after paying US$2.2 million of its gold loan to Auramet. This led to the company ending Q1 2021 with US$17.9 million in cash and cash equivalents.

The company maintains it is on track with the previously announced full-year 2021 guidance of 65,000 – 75,000 ounces of gold production.

Superior Gold Inc. last traded at $0.77 on the TSX Venture.

Information for this analysis was found via Sedar and Superior Gold Inc. 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.

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