First Uranium narrows Q1 losses on higher gold and uranium sales

First Uranium Corp (TSE:FIU) announced Tuesday it pointed its first quarter losses as generated more revenue from gold and uranium, offset incompletely by higher expenses from maintenance at its Ezulwini mine for the three months ending June 30, the gold and uranium manufacturer posted a net loss of $28.9 million, or 15-cent loss per share, compared to a $76.9 million loss, or $0.32 loss per share, a year back.

The company's revenues rose 27.3% to $38.0 million, as regular gold selling prices rose 21% during the period, Analysts probable earnings of nil per share and $56.6 million in revenues despite the rise in gold prices, the shaft maintenance plan at its Ezulwini mine, located 40 kilometres from Johannesburg in South Africa, constricted gold production and enlarged costs at the mine by 53%.

As a result, the company sold 12,893 ounces of gold, down 6.3%. Cash costs rose to $2,344 per ounce, from $1,467 per ounce a year back still, higher selling prices caused proceeds to rise 16% to $13.8 million the company's simply operating mine also sold 31,407 pounds of uranium, generating $1.9 million in proceeds, additional than doubled from the $0.8 million generated a year ago.