Silver Lake Resources Limited [ASX:SLR] shares are currently trading at 60 cents, up from 58 cents yesterday.
At one point today, their share price increased by 5.17%, reaching a high of 0.62 cents.
Silver Lake is a gold producing company with resources in Western Australia.
Founded in 2004, their main projects are based in Mount Monger, Murchison and Great Southern Projects.
Why did this increase happen?
Silver Lake made a net profit of $2 million from a revenue that totalled at $227.5 million.
However, things have started to take a turn in the right direction.
Silver Lake’s March quarter results showed great improvement.
The company had a zero debt status along with a cash and bullion balance of $87 million.
Silver Lake were able to achieve these figures due to improved production and the success from their Mount Monger Project.
A record amount of 49koz with 309kt mined at 4.95g/t for the quarter was extracted by the company.
What’s next for Silver Lake?
With no debt and $87 million in cash and bullion, Silver Lake is in a strong position.
Silver lake also recently announced the Daisy North Project (further findings of gold), what they call ‘A potential game changer.’
They are hopeful that this project will maintain their strong cash position, not just for them, but for their investors too.
For Money Morning
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