Teranga Gold Corporation reported consolidated earnings and production results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported revenue of $86,050,000 compared to $72,040,000 a year ago. This growth was driven by increase in ounces sold and slightly higher realized gold prices compared to the prior year 3- and 6-month periods. Profit attributable to shareholders of the company was $11,586,000 or $0.11 per share compared to $9,640,000 or $0.09 per share a year ago. EBITDA was $44,949,000 compared to $23,827,000 a year ago. Operating cash flow was $19,181,000 compared to $7,434,000 a year ago. Sustaining capital expenditures was $4,150,000 compared to $9,611,000 a year ago. Growth capital expenditures were $22,830,000 compared to $6,932,000 a year ago. Adjusted net profit attributable to shareholders was $6,192,000 or $0.06 per share compared to $9,723,000 or $0.09 per share a year ago. Adjusted net profit for the second quarter was lower due to higher current income tax expense.

For the quarter, the company reported gold produced was 65,381 oz against 57,557 oz a year ago.

For the six months period, the company reported revenue of $172,292,000 compared to $142,362,000 a year ago. Profit attributable to shareholders of the company was $14,567,000 or $0.15 per share compared to $15,803,000 or $0.15 per share a year ago. EBITDA was $69,314,000 compared to $45,701,000 a year ago. Operating cash flow was $32,900,000 compared to $28,692,000 a year ago. Sustaining capital expenditures was $7,307,000 compared to $14,928,000 a year ago. Growth capital expenditures were $44,849,000 against $9,130,000 a year ago. Adjusted net profit attributable to shareholders was $16,095,000 or $0.09 per share compared to $16,195,000 or $0.15 per share a year ago.

For the six months, the company reported gold produced was 129,412 oz against 114,460 oz a year ago.

The company achieved record second quarter and half year production at Sabodala and increased its full year 2018 production guidance to at least 230,000 ounces of gold. In Burkina Faso, construction of its second mine at Wahgnion is on track for first pour before the end of next year and the company continue to see positive exploration results at Golden Hill, its most advanced exploration property. By the end of 2019, The company expects to increase its annualized gold production by about 50% to between 300,000 and 350,000 ounces.