Elevation Gold Corp. (TSXV: ELVT) announced on Friday its financial results for the quarter ending September 30, 2021, the first quarterly report since it changed its name from Northern Vertex Mining. The report highlighted a revenue of US$12.1 million, a decline from both Q2 2021’s revenue of US$16.6 million and Q3 2020’s revenue of US$26.8 million.

On the other hand, the mining firm was able to produce 6,526 gold ounces during the quarter, down from last quarter’s production of 7,054 gold ounces. Gold sales also dipped to 6,214 ounces from 8,045 ounces last quarter. The average realized gold price for the quarter came in at US$1,785 per ounce while cash costs and all-in sustaining costs for Moss mine are US$1,316 per ounce and US$1,643 per ounce, respectively.

Further down the financials, the company posted US$3.5 million net income this quarter, mainly driven by a US$4.0 million gain in the revaluation of derivative liabilities. This figure is an increase from US$0.7 million last quarter and a net loss of US$18.8 million last quarter. The quarterly income translates to US$0.06 earnings per share.

The firm also ended the quarter with US$1.4 million in cash and cash equivalents, putting the balance of current assets at US$31.7 million. Current liabilities ended at US$19.3 million.

The Vancouver-based mining company relayed that it has started the ramp-up to full operation of the 3A heap leach pad, expecting to start mining higher-grade materials in Q1 2022.

Elevation Gold last traded at $1.02 on the TSX Venture.

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