Golden Band Resources is reporting a $7.4 million loss in the quarter ending January 31.
This, despite bringing in $6.4 million in revenues from gold sales generated by its holdings in the La Ronge Gold Belt.
In the same quarter a year earlier, Golden Band recorded a net loss of $80,000 on the strength of gold sales revenue of $17.1 million.
The company notes it poured just 3,767 gold ounces in the quarter ending Jan. 31, compared to 9,679 gold ounces a year earlier.
In a release, Golden Band says the reduction in gold production was a result of lower grade ore from Roy Lloyd mine as scheduled, and dilution due to challenges faced with shrink stoping.
It also says the delay in getting the Komis mine into production also impacted gold poured from November through January, as a higher percentage of mill feed was sourced from near-surface ore, which has a lower grade than ore at depth.
The company recently announced it was temporarily shutting down its Komis and Golden Heart deposits.