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Shanta Gold swung to a first-half loss despite increasing its revenue, as it booked a loss on forward gold sales.
Pre-tax losses for the six months through June amounted to $4.1m, compared to losses of $8.4m on-year.
Revenue rose 8.7% to $53.6m, though the cost of sales for the period rose 38%, owing to an increase in depreciation.
Gold production rose 11% to 42,230 ounces and the company reiterated its annual output forecast of 80,000-to-84,000 ounces.
Adjusted Ebitda fell slightly to $22.6m, down from $22.7m.
'In the first half we have continued to see steady operational performance at the New Luika gold mine and remain on track to deliver both full-year production and costs within guidance,' chief executive Eric Zurrin said.
'Singida continues to progress towards the planned IPO and we look forward to offering Tanzanians a rare investment opportunity within their own mining sector as we build Shanta's second mine in Tanzania.'
At 8:32am: (LON:SHG) Shanta Gold Ltd share price was 0p at 9.66p