Avesoro Resources Inc. reported unaudited consolidated earnings and production results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported gold sales of $74,530,000 against $19,313,000 for the same period a year ago. Profit from operations was $4,027,000 against loss from operations of $6,448,000 for the same period a year ago. Profit before tax was $378,000 against loss before tax of $9,478,000 for the same period a year ago. Net loss attributable to owners of the company was $4,172,000 or $0.051 per basic and diluted share against $9,478,000 or $0.178 per basic and diluted share for the same period a year ago. Operating cash flows were $8.5 million in the quarter of 2018. Capital spend was $13.2 million for the second quarter of 2018. EBITDA was $24.4 million.

For the six months, the company reported gold sales of $165,900,000 against $39,012,000 for the same period a year ago. Profit from operations was $25,620,000 against loss from operations of $13,076,000 for the same period a year ago. Profit before tax was $16,814,000 against loss before tax of $19,032,000 for the same period a year ago. Net profit attributable to owners of the company was $3,847,000 or $0.047 per basic and diluted share against net loss attributable to owners of the company of $19,032,000 or $0.357 per basic and diluted share for the same period a year ago. Cash flows from operating activities were $47,909,000 against cash flows used in operating activities of $7,365,000 for the same period a year ago. Payments to acquire property, plant and equipment were $23,447,000 against $12,002,000 for the same period a year ago. Payments to acquire intangible assets were $3,359,000 for the six months of 2018. Capital spend was $26.8 million against $12.0 million for the same period a year ago. EBITDA was $64.6 million against $1.1 million a year ago.

For the quarter, the company reported gold production of 60,231 ounces, a decrease of 12% on the previous quarter, as a result of planned lower grades at the Youga mine.

For the six months, the company reported gold production of 128,319 ounces against 30,735 ounces for the same period a year ago.

The company maintains its full year 2018 production guidance of 220,000 - 240,000 ounces of gold at an operating cash cost of $620 to $660 per ounce sold and all-in-sustaining cost of between $960 and $1,000 per ounce sold.