Richland Resources Ltd (LON:RLD) produced 699,957 carats of gemstones during the first quarter of 2017 as part of the production and ramp-up process at the Capricorn sapphire mine in Australia.
Average grades rang in at approximately 17 carats per tonne in a total of just over 42,000 tonnes of ore mined during the period.
However, there was no production during March, as the company was putting the finishing touches to its plant and infrastructure.
In total, gems sold delivered US$341,000 of revenue, although at this stage costs are still running higher than that.
But full production of 1.2 mln carats per quarter is now expected by the end of the second quarter.
“With the final ramp-up stage and optimisation work commencing during the period our Capricorn sapphire mine is currently ahead of schedule to achieve full-scale production by the end of Q2 2017,” said chief executive Bernard Olivier.
“Our sales strategy continues to progress well and Richland is on target to achieve operational profitability during the first half of 2017. Our objective remains to be a reliable, ethical producer of rough and beneficiated coloured gemstones located in politically stable regions."