Revenue for the three months ended March 31 rose 37% year-on-year to C$18.5 million, with cash margins of 82% and cash costs of $133/oz gold-equivalent sold.

Gold-equivalent output increased 3%, despite coronavirus setbacks at certain assets, to 11,714oz, with cash costs slightly up at $133/oz sold versus $123/oz a year earlier.

Nevertheless, the cash margin increased 6% to 82%.

The performance pushed first-quarter EBITDA 48% higher year-on-year to $15.3 million.

During the quarter, Zijin Mining Group completed its takeover of Continental Gold, giving it control of the Buritica mine where first gold has now been poured. The Colombia operation is ramping up more slowly than planned due to COVID-19 restrictions.

Another asset under COVID constraints is the Pumpkin Hollow copper-gold in Nevada, USA, which has languished on care and maintenance for months now after delivering first gold under the stream agreement on March 11.

Meanwhile, Excelsior Mining has also deferred a ramp up to full production from Gunnison in Arizona in response to COVID-19. It is positioned for a rapid production restart once markets warrant.

Red Flag has guided for annual output of 100,000oz GEO through 2023.

It last year pulled the plug on a $360 million IPO, one of the biggest offerings in the Canadian mining sector in years, citing challenging market conditions.

Red Flag currently has eight streams and 31 royalties.