Superior Gold (TSXV: SGI) this morning released production results for the first quarter of 2021, reporting a total of 17,603 ounces of gold were produced. The production figure represents an 11% increase over the prior quarter.
Production was up on a quarter over quarter basis, with a total of 17,603 ounces produced as compared to 15,838 ounces in the prior quarter. The increase in production is related to the steady improvement of the stope grade, which came in at 3.54 g/t on average for the quarter.
Sales for the quarter meanwhile amounted to 17,538 ounces of gold, resulting in improving cash conditions. The firm reportedly has $17.9 million in cash and cash equivalents as of the quarter end.
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Open pit mine development reportedly continued in the quarter, with the open pit mines at Plutonic East slated to begin production in mid-2021, while work also continued at the Perch and Salmon pits, as well as the Hermes and Hermes South pits. Production from these pits, once operation, is expected to generate free cash flow.
Superior Gold last traded at $0.70 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.
