AltynGold Shares Surge Following Q4 Production Update

AltynGold (LON: ALTN) shares have surged on Monday after the company said its revenues increased by 92% quarter-over-quarter, driven by higher gold production, which soared 88%.

The company’s fourth-quarter 2020 production update said planned maintenance was successfully completed on time in the third quarter, which allowed for uninterrupted production in the Q4 and saw a growth of milled ore production increase 52% QoQ.

The average grade also improved by 10% QoQ from 1.55g/t to 1.70g/t, with Altyn saying it expects further grade improvements over the next few quarters.

WELCOME BONUS - Free Share Bundle When You Invest £50! Get up to £500 cashback for investing with IG.

Invest in 15,000+ shares and ETFs. Open an account now, invest at least £50, and you’ll get a free share bundle worth between £40 and £200. T&Cs apply.

5.0

Open Account Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

The UK-based firm is also continuing with the development, drilling, and exploration programs at Teren-Sai site, which they say looks positive, while they also did not experience any significant adverse effect on production operations from the COVID-19 pandemic.

Altyn shares surged to highs of 149p following the update. They are now trading at 133p, up 26.89%.