Doray Minerals Ltd announced today strong earnings and record cash flow for the 2016 financial year, whilst funding and building the Company’s second high‐grade gold mine at Deflector.
Full year ending 30 June 2016 showed revenue of A$131.1 million and net profit before tax of A$17.5 million including a one off A$5.8 million exploration write-down. Doray’s Managing Director, Mr Allan Kelly, said Andy Well had delivered within production and cost guidance for the third consecutive year and the Company looked forward to reaping the benefits of having a second high‐grade gold operation for the first time with the ongoing ramp‐up of production from Deflector.
“Over the last 12 months, we achieved EBITDA of $62.7 million from revenue of $131.1 million, resulting in an outstanding EBITDA margin of 47.8%, amongst the highest of any ASX gold producer,” Mr Kelly said. “Our cash and debt position was also better than expected at the end of the financial year, as a combined result of higher gold prices being received for production at Andy Well and the new Deflector Project coming on line on schedule and within budget.”