Resolute Mining boss John Welborn has put his money where his mouth is, snapping up shares in the gold miner after it released a bullish quarterly report yesterday.
Two change of director’s interest notices lodged with the ASX yesterday and today reveal the former Western Force and Wallabies player spent $104,756 buying 90,000 Resolute shares on the market at an average price of $1.16.
The purchase brings his shareholding in the company to nearly two million shares. He also holds about four million performance rights due to vest between June 2018 and June 2020.
Yesterday Resolute released a bullish March quarter activities report confidently entitled “Production Up, Costs Down, More Treasure”.
It showed the miner produced 88,622 ounces in the quarter at all-in sustaining costs of $1091 an ounce.
The gold miner also upgraded its full-year 2017 production guidance from 300,000 ounces at all-in sustaining costs of $1280 an ounce to 325,000 ounces at all-in sustaining costs of $1150 an ounce.
Mr Welborn said Resolute had again delivered excellent quarterly production and cost results which had allowed it to significantly improve guidance for the full financial year.
He said at the same time, the company was focused on transforming its Syama mine in Mali and its Ravenswood operations in Queensland into new long life mines.
“Resolute’s excellent operational performance was supported by more exciting drilling results from Nafolo at Syama and Bibiani in Ghana,” he said.
“With cash, bullion and listed investments now totalling $291 million, we continue to be in a strong position to support our investments in development and exploration.”
Picture: John Welborn The West Australian