VANCOUVER – Fiore Gold Ltd. announced net income of $4.14 million, or 4 cents per share, for the quarter ending June 30 and gold production at the Pan Mine in Nevada totaled 11,751 ounces in the quarter, which is the company’s fiscal third quarter.
Adjusted net earnings were nearly $4.47 million in the quarter, down from $5.71 million in the third quarter of 2020, while net income was down from nearly $5.14 million in last year’s quarter. Revenues totaled $21.3 million, down slightly from $21,959 in the 2020 quarter.
The average realized gold price was $1,815 per ounce, according to the Aug. 25 earnings report, up from $1,720 per ounce in the 2020 quarter.
“Strong gold production continued to drive strong operation cash flow of $6 million in the quarter, as Pan continues to fire on all cylinders,” said Fiore’s chief executive officer, Tim Warman.
Gold production was down, however, from the 2020 quarter, when 12,764 ounces were produced, due partly to lower grades, and all-in sustaining costs were a little higher at $1,100 per ounce than the $1,010 in costs last year.
“Cash balance and working capital both increased despite ongoing investment in our leach pad and additional Gold Rock drilling. We expect further production improvement in fiscal Q4 as we irrigate fresh ore directly above the liner on the new leach pad,” Warman said.
Pan is Fiore’s only producing mine, but the company’s Gold Rock exploration project is nearby in White Pine County, and the company recently acquired Illipah, an older mine that once produced gold and will be explored.
Warman said Fiore plans to invest in an “aggressive exploration program over the next 12 to 18 months” at the Pan and Gold Rock land package and at Illipah, which is also in White Pine County.
“Given the success of previous drill programs at both Pan and Gold Rock, we are confident that this expanded exploration program will demonstrate the longer-term potential of all our Nevada assets,” he said.