Pretium reports Q1 profit at Brucejack, shares up

Brucejack mine, British Columbia. Image from Pretium Resources.

Pretium Resources (TSX/NYSE:PVG) announced adjusted earnings of $25.9 million, or 14 cents per share, in Q1 2020 up from $16.5 million, or 9 cents, in the same period of 2019.

The company, which operates the Brucejack Mine in British Columbia, listed net earnings were $6.2 million, or 3 cents, compared to $4.2 million, or 2 cents, in Q1 2019.

Production totaled 82,888 ounces of gold and 123,926 ounces of silver, compared to 79,180 ounces of gold and 108,234 ounces of silver in the same period of 2019.

In the first quarter, the company generated revenue of $126.6 million compared to revenue of $103.1 million in the first quarter 2019.

Pretium expects to achieve its 2020 gold production guidance at Brucejack of 325,000 ounces to 365,000 ounces. The mine has operated continuously with no confirmed cases of covid-19.

First-quarter free cash flow was $41.8 million at an average realized gold price of $1,605 per ounce, Pretium said.

Pretium's stock was trading up 8% Friday afternoon on the NYSE. The company has a $1.53 billion market capitalization.