GoGold Announces Net Income
GoGold Resources announces the financial results for the quarter and year ending September 30, 2019 with record revenue of $27.0 million from the sale of 1,758,307 silver equivalent ounces during the year. Record revenue of $27.0 million shows an increase of 28% from prior year’s record, from the sale of 1,005,899 silver and 8,752 gold ounces, at a realized price of $15.33 per silver equivalent ounce.
Record production of 1,781,080 silver equivalent ounces is an increase of 37% from prior year’s record & net income of $8.1 million. Over all gain on sale of Santa Gertrudis royalty of $11.8 million. Net working capital of $13.1 million is available to fund operations and future exploration at Los Ricos.
“The Company is in a strong financial position with Parral operating at record levels, and the drilling results to date at Los Ricos looking exceptional. During the year, we were able to generate a significant gain on the sale of the Santa Gertrudis royalty, which combined with the gain on the marketable securities we took as consideration for that sale, generated $15 million in income, in addition to the $53 million realized last year on the sale of Santa Gertrudis.
Our team continues to demonstrate our ability to generate value for shareholders from exploration projects”, Brad Langille, President and CEO stated. “Our Company generated $2 million in cash from operations, excluding working capital adjustments, in the September quarter, which is showing that Parral is the engine which will drive our exploration of Los Ricos going forward.”
GoGold generated record revenue from record production for the year end September 30, 2019, with cash costs per silver equivalent ounce of $11.80 for the year. Production for the year was 1,781,080 silver equivalent ounces, consisting of 1,033,365 silver and 8,673 gold ounces, an increase of 37% from the prior year record.
