GoGold Resources Inc (GLGDF) closed up 12.06 percent at $2.23 on Monday. The price of GoGold stock fluctuated between $2.02 and $2.28 on the day. Over the past three months, the GLGDF stock has increased by 16.21% with an average monthly volume exceeding 183.65K shares. While there is little current news about GLGDF stock, the company released its quarterly results recently, which may provide useful information for this stock.
How did the quarterly results turn out?
Silver and gold mining company GoGold is based in Canada specializing in operating, developing, exploring and acquiring projects throughout Mexico. In addition to operating the Parral Tailings mine in the state of Chihuahua, GLGDF has two exploration projects, Los Ricos South and Los Ricos North, in Jalisco. GLGDF is well-positioned to generate low-cost, high-margin projects managing from its headquarter based in Halifax, Nova Scotia.
GoGold released its financial results last week, reporting revenues of $13.2 million from sales of 541,608 silver equivalent ounces with cash from operations of $3.3 million.
Quarterly financial highlights of the period ending March 31, 2021:
- Parral generated a free cash flow of $6.3 million for GLGDF in the first three months of this year.
- Before working capital, GLGDF’s cash flow from operations was $4.9 million; after working capital, it was $3.3 million.
- A net income of $2.7 million or $0.01 per share was recorded by GLGDF.
- The sale of 541,608 silver equivalent ounces generated revenue of $13.2 million at a realized price of $24.43 per ounce for GLGDF.
- Before financing, $54.7 million in cash was available with GLGDF.
- In terms of silver equivalent ounces, 551,207 silver ounces were produced by GLGDF of which 302,933 were silver ounces, 3,208 were gold ounces, and 86 tonnes of copper.
A recently announced bought deal financing valued at $28.75 million was close on May 7, 2021, to strengthen the balance sheet of GoGold (GLGDF) and de-risk future development of the Los Ricos South mine.