Fiore Gold increases its annual net income by 650%

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Review of operating results. Image credit: Fiore.

(Kitco News) – Fiore Gold (TSXV: F) (OTCQB: FIOGF) yesterday announced its operational and financial results for the fiscal year ended September 30, 2020.

According to the company’s statement, Fiore produced 46,031 ounces of gold in 2020, an 11% increase over the preceding year and within guidance of 45,000-48,000 ounces.

Full-year gold sales were 46,334 ounces at an average realized price of $1,681 per ounce.

Fiore’s consolidated AISC per ounce sold were $1,148, Pan mine AISC per ounce sold were $1,026.

The company recorded annual revenues of $77.9 million with mine operating income of $26.9 million.

Net income was $18.0 million and basic and diluted earnings were $0.18 per share, compared to $2.4 million, or $0.02 per share in 2019.

CEO Tim Warman commented, “FY2020 was an excellent year for all Fiore Gold stakeholders. Pan generated record results, most notably net income of $18.0 million, $0.18 earnings per share and operating cash flow of $24.3 million. More importantly, our recently announced resource and reserve estimate reflects a two-year mine life extension at the Pan Mine, ensuring we will mine well into 2025. With positive drill results at the adjacent Gold Rock project and a significant resource update at our Golden Eagle project, we continue take tangible steps toward achieving our goal of operating Pan and Gold Rock in unison, creating the only multi-asset, 100% US domestic gold producer.”

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