As it had been promising in the past few weeks, Western Australian miner Gascoyne Resources has delivered its best-ever quarterly production performance (reports MiningNews).

After what managing director Simon Lawson has called a “solid, but challenging” 2021, the company said first quarter production was likely to exceed a record 21,000 ounces of gold, and it delivered today with 21,669oz.

While it is yet to reveal its costs, with an average realised price of A$2586/oz, the now-unhedged company generated A$55 million in revenue from sales of 21,260oz.

It poured 21,319oz of gold.

The miner capped of its March quarter by repaying the remaining $10 million left from its convertible note facility, a full 18 months early, leaving it with a net cash position of $31.2 million at March 31.

It recently completed a $15 million placement with Canaccord Genuity and Bridge Street Capital Partners, and has a share purchase plan to raise up to a further $4 million at 30c.

Lawson said the company now had greater financial flexibility and full exposure to the strong gold pricing, while its team was performing well, delivering “the right rocks” to its 2.5 million tonne per annum Dalgaranga mill.

It is ramping up exploration, with a particular focus on the emerging Gilbey’s North discovery. A maiden resource is due later quarter.

Current resources at Dalgaranga are around 650,000oz plus there is 244,000oz at the nearby Melville project at Yalgoo, which is being studied for eventual development.

Gascoyne shares were last traded at 28c, at the lower end of its 52-week trading range of 24-64.5c.

At current levels, the company is worth around $118 million.