Medusa Mining (ASX: MML, LON: MML) had a healthy US$21mln of cash in the bank going into the New Year after raising funds in a placing.
The company confirmed that production was, as expected, lower in the latest quarter due to power cell failures with the new SAG Mill at its flagship Co-O gold mine in the Philippines.
The new mill, however, operated at 1,800 tonnes per day in the last few days of December.
Production came in at 11,587 ounces of gold, down from 14,502 ounces in the September quarter. The new mill was not operational until December 6.
Cash costs were US$526 an ounce, up from US$339 in the previous quarter.
108,000 wet metric tonnes were mined, with 91,000 dry metric tonnes of ore milled.
Exploration spend in the quarter was US$4.1mln, down a touch from the September quarter.
The company sold 11,774 ounces of gold in the three-month period, another decrease on the prior quarter, at a lower average gold price of US$1,262, but still a comfortable margin given the low cash costs.
The shares traded flat at 112p.