GREY:RNKLF - Post by User
Post by
tickerhiton May 07, 2020 2:09pm
105 Views
Post# 30999080
RNC Minerals Reports Q1 Adjusted Earnings of $12.6 Million
RNC Minerals Reports Q1 Adjusted Earnings of $12.6 Million | 2020-05-07 12:26:23 PM ET (MT Newswires) | | | |
| | | | 12:26 PM EDT, 05/07/2020 (MT Newswires) -- RNC Minerals (RNX.TO) reported Q1 2020 net income of $539,000, compared with a net loss of $1.57 million for the previous corresponding quarter. Adjusted earnings was $12.6 million, or $0.02 per adjusted share, versus an adjusted loss of $373,000 for the previous corresponding quarter. RNC also reported quarterly revenue of 54.3 million, compared with $10.8 million for Q1 2019. Q1 consolidated gold production was 24,816 ounces at an AISC of US$1,101 per ounce sold The company maintained its 2020 gold production guidance of 90,000 to 95,000 ounces and is targeting AISC costs of approximately USD $1,000 per ounce sold by the end of 2020. As part of its COVID-19 strategy, RNC Minerals has increased ROM stockpile levels, which now total 106,000 tonnes, should disruptions to the mine site or supply chain occur in the future. This strategy proved prudent ahead of the Australian bushfires, which affected both Q4 2019 and Q1 2020, the company said. | |