Avesoro Resources edge lower as adj. EBITDA turns positive

Shares in Avesoro Resources edged lower as the West African gold producer recorded first-quarter revenues of $19.7m, and posted its first-ever positive EBITDA.

This revenue was achieved on gold sales of 16,008 ounces, with an average realised gold price of $1231 an ounce.

There was a $17.0m improvement on the prior-quarter adjusted EBITDA to $0.5m. This was the first positive EBITDA in the company's history, it said.

It was largely driven by improvements in mining and processing productivity, operational efficiency and cost savings through the insourcing of core activities.

Mining, processing and operating costs were lower. All-in sustaining costs of $1488 an ounce were down 28% on the prior quarter.

At 11:09 BST, shares in AIM-traded Avesoro were down 1.15% to 2.15p each.