PERTH (miningweekly.com) – Junior gold miner Silver Lake Resources has reported an increase in revenue on the back of higher gold sales for the financial year ended June.
Gold sales reached 137 000 oz, at an average sales price of A$1 654/oz, compared with the 132 400 oz sold during 2016 at an average price of A$1 580/oz.
Revenue for the full year increased to A$227.5-million, compared with A$209.5-million in the 2016 financial year.
Silver Lake on Wednesday noted that net profit after tax for the financial year declined from A$4.4-million to A$2-million, while earnings before interest, taxes, depreciation and amortisation rose by 23%, to A$70-million.
“Silver Lake has delivered a strong set of financial results driven by a relentless focus on operating productivity and cash flow generation at Mount Monger,” said MD Luke Tonkin.
“Our investment in exploration has delivered tangible results and has allowed a transition to longer life mines being incorporated into the mine plan, with increased production visibility.”
Tonkin noted that 2018 would see the development of two low capital intensity operations at Cock-eyed Bob and Harry’s Hill, and a further A$11.8-million investment in exploration at the Mount Monger gold camp.
For the 2018 financial year, Silver Lake expects to produce between 135 000 oz and 145 000 oz of gold.