Pretium Resources Jumps After ‘Positive’ Q3 Production Update

Shares of Pretium Resources (PVG) surged after the company reported third quarter production results for the high-grade gold Brucejack Mine.

Pretium said that, in Q3, the Brucejack Mine produced 82,203 ounces of gold. In July, at the onset of the quarter, mill feed was predominately from low-grade stockpiles and development muck and 16,882 ounces of gold were produced, the company said.

As the ramp-up progressed, the mill began processing stope ore exclusively and an additional 65,321 ounces of gold were produced in the last two months of the quarter. For the quarter, mill feed grade and gold recoveries averaged 10.52 grams per tonne gold and 96.49% respectively. Mill feed grade and gold recoveries averaged 12.36 grams per tonne gold and 96.92% respectively during the last two months of the quarter as the mill transitioned to processing stope ore exclusively. The mill processed a total of 261,262 tonnes of ore for the third quarter for an average of 2,840 tonnes per day.

Following the production update, Scotiabank upgraded the stock to Outperform from Sector Perform, citing the “positive” Q3 production results.

Near midday, shares of Pretium Resources are up 19.7% to $11.59.