Richmont Mines Inc. (USA) (NYSE: RIC) disclosed that its Island Gold produced 26,589 ounces of gold in the first quarter representing an increase of 147 percent from the year-ago quarter. It also represented 87 percent growth from the preceding quarter, according to the company, which pointed out the increased production to the favorable impact of higher than estimated reconciled grades of 11.31 g/t milled throughput.
Richmont Mines said that the total consolidated production of gold was 32,369 ounces incurring cash costs of US$587 an ounce in the first quarter.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
The company said its revenue were C$52.6 million for the first quarter with the average price realization of C$1,629 per ounce of gold. In the American currency, the company realized $1,186 an ounce.
Richmont Mines said its cash balance was about US$45 million at the close of the first quarter.
On Monday, shares of the company closed with a gain of 3 percent.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.