Strong first year for Superior

TORONTO-listed Superior Gold is on solid footing to expand after its first full-year of production at the Plutonic mine in Western Australia.

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Superior Gold's Plutonic mine

Plutonic produced 80,143 ounces of gold for the year, exceeding guidance of 75,000-80,000oz with recoveries increasing to 84% in the December quarter compared to the average 80% over the year.

All-in sustaining costs were US$1019 an ounce, including $1118/oz in the December quarter due to mill maintenance, increased employee numbers due to the development of the Herme satellite pit, and increased exploration.

Superior sold 82,019oz of gold in 2017 at an average realised price of $1256/oz.

Cashflow from operations was $22.2 million for the year.

The company posted a modest adjusted $2 million profit after tax for the year on revenue of $103.2 million.

Superior had cash, equivalents and restricted cash of $30.9 million at the end of 2017.

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