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.
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%.