Teranga Gold Reports Record First Quarter Production

Teranga Gold (TSX:TGZ) reported record first quarter gold production of 70,727 ounces in its quarterly results report, driven by record high mill throughput.
As quoted in the press release:

Q1 2016 Financial and Operating Highlights

• Net profit attributable to shareholders of $7.8 million or $0.02 earnings per share
• Record first quarter gold production of 70,727 ounces driven by record high mill throughput
• 7 percent improvement in cash costs underlie low all-in sustaining costs per ounce of $824⁽¹⁾
• More than 960 days worked without a lost time incident
• Reduced corporate expenses by $1 million compared to original plan
• Strengthened senior management team, appointing COO and VP Exploration
• Cash balance of $53.5 million at March 31, 2016, an increase of $9.1 million from the start of the year; pro forma cash balance of $70.0 million including VAT certificates received to date and VAT recoverable

Richard Young, Teranga president and CEO, said:

Our first quarter results were strong, driven by last year’s production deferral, record high mill throughput, and our lower long-term cost structure. Based on this strong start to the year, we are on track to achieve our 2016 production guidance of between 200,000 and 215,000 ounces of gold.
With a large and growing cash balance and strong liquidity, we are in a solid financial position. Maximizing free cash flow remains our top priority and we continued to streamline our cost structure in the first quarter, trimming 2016 corporate expenses by $1 million from our original budget. As outlined in our updated technical report, which was filed in March, we expect to generate cash flow of $549 million⁽⁵⁾ over the life of mine at gold prices significantly lower than today’s prices.

Click here for the full press release.