Gold Retakes $1800 Handle As Firms Post Impressive 1Q Results

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.

By reading our website you agree to the terms of our disclaimer, which are subject to change at any time. Owners and affiliates are not registered or licensed in any jurisdiction whatsoever to provide financial advice or anything of an advisory nature. Always do your own research and/or consult with an investment professional before investing. Low priced stocks are speculative and carry a high degree of risk, so only invest what you can afford to lose. By using our service you agree not to hold us, our editor’s, owners, or staff liable for any damages, financial or otherwise, that may occur due to any action you may take based on the information contained within our newsletters, website, twitter, Facebook or chat. We do not advise any reader to take any specific action. Our releases are for informational and educational purposes only. Never invest purely based on our articles. Gains mentioned on our website, twitter, Facebook, and on our website may be based on EOD or intraday data. We may be compensated for the production, release, and awareness of this article. We will disclose any and all compensation on the article page. This publication and its owner never hold positions in the securities mentioned in our articles. Our information may contain Forward-Looking Statements, which are not guaranteed to materialize due to a variety of factors. We do not guarantee the timeliness, accuracy, or completeness of the information on our site. The information in our disclaimers is subject to change at any time without notice. We are not held liable or responsible for the information in press releases issued by the companies discussed in these write-ups. Please do your own due diligence