OREANDA-NEWS. The gold producer Nord Gold SE ("Nordgold") announces its unaudited financial and operating results for the first quarter ended 31 March 2017.

Refined gold production in Q1 2017 increased to 239.4 thousand gold equivalent ounces ("koz"), up 14% year-on-year ("YoY") mainly driven by the launch of Bouly in Burkina Faso in September 2016.

Average realised gold price in Q1 2017 increased by 3% both YoY and quarter-on-quarter ("QoQ") to US$1,229 per oz. Q1 2017 revenue increased by 17% YoY and by 6% QoQ mainly driven by higher sales volumes along with higher gold price. EBITDA1 increased by 10% YoY and 11% QoQ to US$131.0 million in Q1 2017. EBITDA margin of 44.7% in Q1 2017 against 47.6% in Q1 2016 and 42.7% in Q4 2016.

Net profit of US$39.8 million and normalised net profit attributable to shareholders of US$36.7 million in Q1 2017.

In Q1 2017, five of Nordgold’s nine mines delivered positive free cash flow with Bissa-Bouly generated US$20.4 million, Berezitovy generated US$11.6 million, Suzdal generated US$9.1 million and Lefa generated US$2.7 million. In Q1 2017, Total Cash Costs ("TCC") increased by 11% YoY or by US$65/oz to US$644/oz. TCC in Q1 2017 decreased by 5% QoQ or by US$34/oz.

AISC in Q1 2017 increased by 2% or US$15/oz YoY to US$840/oz mainly due to higher TCC which was partially offset by lower capitalised stripping activities. In Q1 2017, AISC decreased by 11% or US$103/oz QoQ.

Q1 2017 total debt down to US$927.9 million YoY and Q1 2017 net debt 2 at US$677.7 million.

The Board has declared a dividend of 3.22 US cents per share for Q1 2017, representing a total pay-out of US$11.0 million.