Gold has bounced back after coming under pressure in recent months. The precious metal has retaken the $1800 an ounce level waiting to see if the Bull Run will persist. Despite the gold sell-off in the first quarter, gold mining companies continue to post impressive first-quarter results.
Equinox 1Q Results
Equinox Gold Corp. (TSX: EQX) (NYSE American: EQX) is the latest to deliver impressive first-quarter results whereby it sold 128,555 ounces of gold at an average price of $1786 per ounce. Earnings from mining operations totaled $44.2 million, with the company delivering a net income of $50.3 million or $0.21 a share.
The gold mining company had a busy first quarter closing the Premier Gold acquisition and integrated the Mercedes Mine and Greenstone project. It also commenced construction works at Greenstone Santa Luz. During the quarter, Equinox also strengthened its balance sheet with a $75 million private placement.
Equinox has since reiterated it expects production for the full year to be in the range of 600,000 to 665,000 oz. of gold. Mine cash costs are expected at between $940 and $1,000.
SSR Mining Results
SSR Mining Inc. (NASDAQ: SSRM) (TSX: SSRM) is another gold stocks to report impressive operational and financial quarter helped by high gold prices. The company delivered 196,094 ounces of gold, consequently generating $77 million in free cash flow.
The company delivered $145.2 million in cash flows from operating activities as free cash flow came in at $76.6 million. Net income attributable to shareholders totaled $53 million or $0.24 a share. SSR Mining Exited the quarter with cash and cash equivalent of $866 million
US Gold Corp Feasibility Study
Amid the solid financial results, gold companies are ramping up exploration and mining operations to take advantage of the high gold prices. U.S. Gold Corp. (Nasdaq: USAU) has confirmed a 2021 summer field season program at its CK Gold project in Wyoming.
The program seeks to fill gaps as part of the company’s Pre-Feasibility study program due in mid-year. The company is advancing the CK project, having already obtained baseline environmental data.
