Shanta Gold Limited (AIM:SHG, OTC:SAAGF) trebled pre-tax profits to almost £3mln in 2022 as production and revenues both rose.
The East Africa-focused gold miner saw revenues of US$114mln last year (US$103.8mln in 2021) as production climbed 18% to 65,200oz, helping pre-tax profits rise to £2.95mln (£1mln).
Costs of production were US$1,271/oz compared with an average sale price of US$1,791/oz.
The miner is targeting 100,00oz with its Singida development in Tanzania to come on stream this month and the potentially huge project at West Kenya a little further down the line.
Eric Zurrin, chief executive, said it had been a successful year, adding Singida is nearing completion on time and on budget, and set for its first gold pour.
“This is a transformational moment for Shanta, as the company transitions to a 100,000 ounce per year gold producer," he said.
“The project will quickly move from being a cost centre to a cash generator and further allow us to reinvest into exploration elsewhere in the portfolio.
“Some of that investment will continue to be deployed in West Kenya, where we have seen some fantastic drilling results during the year.
“With the significant update to the MRE [resource] and the growing number of targets discovered in the region during 2022, we are convinced that West Kenya has the potential to become one of Africa's next quality, high-grade gold mines," Zurrin said.
Production this year however is forecast to be flat at 68,000 oz as Singida ramps up.
There was a final dividend of 0.1p.