Chaarat Gold Holdings Ltd (LON:CGH) produced 16,174 ounces of gold equivalent from its mine in Armenia during the quarter to 31 March 2021.
All-in-sustaining costs rang int at US$1,024, a comfortable margin on the current gold price of over US$1,750.
EBITDA amounted to US$6.9mln, a 245% increase on the corresponding period a year ago.
Meanwhile the company also continued to advance development plans for its Tulkubash & Kyzyltash projects in the Kyrgyz Republic. An updated bankable feasibility study is expected in May 2021, with project financing likely to follow soon after.
Net debt stands at US$12mln.
“I am pleased that we can report another strong quarter with further improvements to the mine,” said chief executive Artem Volynets.
“Especially the work on minimising dilution and increasing efficiencies supported by the continuing strong commodity price environment have resulted in strong first quarter performance. I am very happy with the performance of the Kapan team in delivering higher production this quarter by mining higher grade areas and treating more third-party ore, offsetting a temporary reduction in own tonnes mined.”