SEMAFO Inc. reported unaudited consolidated earnings and operating results for the first quarter ended March 31, 2018. For the quarter, gold production was 45,500 ounces compared to 55,400 ounces for the same period in 2017.

The company reported net cash provided by operating activities of $2.8 million compared to $17.4 million for the same period in 2017. Net loss attributable to equity shareholders of $4.7 million or $0.01 per diluted share compared to $2.7 million or $0.01 per diluted share for the same period in 2017. The company reported revenues of $62.7 million compared to $66.9 million for the last year. Operating loss $8.1 million compared to $1.8 million a year ago. Adjusted operating loss was $8.0 million compared to $1.9 million a year ago. Adjusted net loss attributable to equity shareholders was $6.5 million or $0.02 per share compared to $4.4 million or $0.01 per share a year ago. Loss before income taxes was $7.3 million compared to $0.5 million for the last year. Acquisition of property, plant and equipment was $61.2 million compared to $37.2 million for the last year. It reported cash flows from operating activities of $18.4 million or $0.06 per share compared to $23.1 million or $0.07 per share for the same period in 2017.

The company expects to attain its 2018 production outlook of between 235,000 and 265,000 ounces of gold, and to meet its all-in sustaining cost outlook of between $900 and $940 per ounce.