Acacia Mining plc reported unaudited group earnings and production results for the first quarter ended March 31, 2018. For the quarter, the company reported revenue of USD 156,517,000 compared to USD 233,901,000 a year ago. Profit before net finance expense and taxation was USD 61,784,000 compared to USD 47,651,000 a year ago. Profit before taxation was USD 58,080,000 compared to USD 46,010,000 a year ago. Net profit for the period was USD 49,995,000 compared to USD 26,827,000 a year ago. EBITDA was USD 85,774,000 compared to USD 82,193,000 a year ago. Adjusted EBITDA was USD 43,804,000 compared to USD 82,193,000 a year ago. Basic earnings per share was 12.2 cents compared to 6.5 cents a year ago. Net earnings were USD 49,995,000 compared to USD 26,827,000 a year ago. Adjusted net earnings were USD 7,116,000 compared to USD 26,827,000 a year ago. Adjusted earnings per share were 1.7 cents compared to 6.5 cents a year ago. Cash generated from operating activities was USD 23,954,000 compared to USD 25,224,000 a year ago. Capital expenditure was USD 25,779,000 compared to USD 46,828,000 a year ago. Adjusted EBITDA was offset by working capital outflows of USD 7 million, provisional corporate tax payments of USD 10 million, finance costs of USD 3 million and other non-cash items of USD 7 million. The decrease in capital expenditure was mainly driven by lower capitalised development costs.

For the quarter, the company reported gold production of 120,981 ounces compared to 219,670 ounces a year ago. Tonnes mined were 4,027,000 tonnes compared to 9,481,000 tonnes a year ago. Ore tonnes mined were 838,000 tonnes compared to 3,216,000 tonnes a year ago.

Production at all three of assets was in line with mine plans and puts the company in a good position to deliver against full year guidance of 435,000-475,000 ounces at an AISC of USD 935-985 per ounce.