Fiore posts record quarterly production, stock jumps

The Pan mine. Photo by Fiore Gold.

US-focused gold producer Fiore Gold (TSXV: F) announced Wednesday preliminary production results for the fiscal third quarter of 2020 from its Pan open-pit mine in White Pine County, Nevada.

The Pan mine, located 28 kms southeast of the town of Eureka, was bought by the company out of bankruptcy in 2016 for approximately $5 million.

For the three-month period, gold production from the mine totalled 12,792 ounces, marking a second successive quarter of record production. A total of 12,761 ounces were sold at an average realized price of $1,720 per ounce.

As a result of increased production and sales, Fiore ended the quarter with a cash balance of $17.3 million, which was $8.2 million higher than previous quarter.

During the quarter, Fiore also completed 71,505 feet of drilling, the results of which will be used to support an updated resource and reserve estimate in H2 2020.

Shares of Fiore Gold were up 7.3% by 2 p.m. EDT on Wednesday. Earlier in the session, the stock had hit a two-year high of C$1.35 per share. The Toronto-based miner has a market capitalization of C$121.2 million.