09:02 AM EDT, 05/05/2016 (MT Newswires) -- Gold producer Claude Resources (CRJ.TO) Thursday reported strong core earnings for Q1 2016 while announcing its production guidance for 2016.
Adjusted net earnings were $9.1 million, or $0.05 per share, compared to last year's $5.1 million, or $0.03 per share. The significant improvement in financial performance relates to an increase in gold sales volumes, higher margin ore from the Santoy Gap deposit and higher Canadian dollar gold prices. Gold revenues in the quarter were $34 million, up 30% from 2015. The increase in gold revenue period over period was attributable to a 21% increase in gold sales volume and a 7% increase in Canadian dollar gold prices realized.
For 2016, the company expects production to be between 65,000 and 72,000 ounces of gold.
The stock finished Wednesday at $1.95, at the top half of 52-week range $0.51 - $2.20.