Fiore Gold Ltd. V.ROU

FIORE GOLD ANNOUNCES FISCAL Q1 2021 RESULTS

[lewdogg]

https://fioregold.com/fiore-gold-announces-fiscal-q1-2021-results/


Fiscal Q1 2021 Highlights

(all figures in U.S. dollars unless otherwise indicated)

Operating & Financial

• Q1 gold production of 9,204 ounces, reflecting guided lower production in first half of fiscal 2021
• Gold sales of 9,210 ounces at an average realized price of $1,868 per ounce
• Mined ore production in Q1 of 14,586 tons per day with a stripping ratio of 1.0:1.0 and grade of 0.49 grams/tonne
• Q1 cash costs per ounce sold¹ of $923, a $102 per ounce decrease relative to Q1 2020 reflecting the expected benefit of a decreasing stripping ratio and consistent crusher operations
• Q1 Pan Mine AISC¹ per ounce sold of $1,019 and Q1 2021 Fiore consolidated AISC¹ of $1,219
• Recorded quarterly revenues of $17.2 million with mine operating income of $7.3 million
• Generated Pan operating cash flow¹ of $5.7 million and consolidated operating cash flow of $3.0 million
• Net income of $4.5 million and net earnings per share of $0.05 per share
• Closing cash balance of $19.2 million at December 31, 2020, a reduction in cash from September 30, 2020 as we invest in the expansion of the Pan heap leach pad to accommodate added mine life, and on-going drilling and Feasibility Study activities to advance Gold Rock
• One-million hours worked at the Pan Mine without a lost time injury achieved subsequent to quarter- end
• 69,940 total site hours worked in Q1 with no reportable incidents and zero lost-time injuries