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Silver Lake profit soars 699pc on increased production

Robert Guy

Silver Lake Resources has forecast lower gold sales and higher costs in the 2021 financial year after a substantial rise in full year profits from increased production and the record breaking run in the price of the precious metal.

The company reported a 3,852 per cent increase in statutory net profit after tax of $256.9 million, but that included a tax benefit of $123.7 million arising from the recognition of prior year tax losses on the balance sheet.

Excluding this tax benefit, the Company’s normalised net profit after tax for the year was $133.1 million, a 699 per cent increase from $16.7 million at the same time last year.


The miner produced 273,071 ounces compared to 166,695 ounces at the same time last year.

Revenue grew 87 per cent to $563.4 million from the sale of 263,362 ounces gold at an average realised price of $2132 an ounce. The realised gold price was $1754 an ounce in the 2019 financial year.

The increase in revenue reflects higher sales of 154,900 ounces from Mount Monger, a full year’s contribution from Deflector and higher realised gold prices.

The all-in sustaining cost was $1295 an ounce, which was 5 per cent lower than in the 2019 financial year.

Silver Lake Resources has forecast 2021 financial year gold sales of between 240,000 ounces and 250,000 ounces at an AISC of between $1,400 an ounce and $1,500 an ounce.

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