Orosur Mining Inc (LON: OMI) produced 35,371 ounces of gold from its Uruguay operations in the full year to May 31 2017, following a significant increase in production in the fourth quarter.
The average gold price received was US$1,258 per ounce.
Profit before tax came in at US$2mln, as against a loss of US$3.2mln in the corresponding period in 2016.
During the year the company successfully built and developed the San Gregorio West underground mine from internally generated funds, including US$5.9 mln in 2017.
Orosur had US$3.4mln in cash as at the end of May, but in August completed a US$3.2mln equity raise.
“We are very pleased to report a successful FY17 having achieved a number of important corporate milestones whilst simultaneously delivering in line with production and cost targets for the fourth consecutive year,” said chief executive Ignacio Salazar said in a statement.
“The completion of the recent financing announced on August 11th 2017, which was oversubscribed and at a premium to the prevailing market when negotiated, is an important step to support our growth strategy.”