December quarter gold production was 77,522 ounces of gold, comprising 40,370oz from Carosue Dam and 37,152oz from Thunderbox.

All-in sustaining costs for the quarter were A$1176 an ounce.

The result for the December half was 157,795oz at AISC of $1091/oz, ahead of guidance of around 300,000oz at AISC of $1150/oz.

When questioned on it, Saracen boss Raleigh Finlayson said the company would be maintaining guidance as the company moved to a more “unpredictable” ore source at Kailis.

“It was a consistent quarter and we’re clearly on track for our 300,000oz target, which was first articulated in November 2015,” he said.

Revenue for the quarter was $118.9 million from the sale of 74,320oz of gold at $1600/oz.

Cash and cash equivalents rose by 37% to $83 million and Finlayson said consistent cash build was another internal goal for the company.

Saracen finalised the sale of its King of the Hills project to Red 5 during the quarter, and today announced the sale of its non-core Wallbrook gold project to Nexus Minerals.

Consideration is 1.49 million Nexus shares and Saracen will also subscribe for $320,000 worth of Nexus shares at a premium.

Finlayson said Saracen had significant growth opportunities, particularly in the “corridor of riches” at Carosue Dam.

“We’ve got enviable global growth attributes and we’re looking to articulate that to the market in the next few months,” he said.

Saracen shares rose by 0.7% to $1.717, not far off the 18-month high of $1.792 reached on January 3.