The company, which is the subject of an acquisition bid by Shandong Gold Mining, posted revenues of $48 million on sales of 24,650 ounces of gold from its Hope Bay operation in Nunavut, Canada, at an all-in sustaining cost of US$1,700 per ounce. Its costs were higher than the previous quarter due to significantly lower production and sales volumes.

The company has yet to file its first quarter 2020 financials although it simultaneously published its production figures of 32,290oz, an increase of 31% over the prior quarter. During the first quarter, mining throughput increased to 1,760 tonnes per day with a grade of 10.2 grams per tonne, up from 1,440tpd at 7.1g/t in the prior quarter.

Earlier this month, Shandong made a $1.75 per share bid for TMAC, a 52% premium to its 20-day volume-weighted average price and valuing the company at US$149 million.

The impairment includes the write-off of $80.6 million in goodwill related to the 2013 Hope Bay acquisition from Newmont and the write-down of property, plant and equipment of $594 million. The carrying value of the Hope Bay assets, after impairment, was $415.0 million, which the company said was consistent with the value implicit in the Shandong transaction.

As a result of the impairment, TMAC's book value has fallen from $930.6 million to $304.5 million.