08:17 AM EST, 03/06/2024 (MT Newswires) -- Argonaut Gold ( ARNGF ) on Wednesday posted a fourth-quarter adjusted loss despite higher gold sales and improved prices.

The company said its adjusted loss, which excludes most one-time items, was US$17.39 million, or US$0.02 per share, in the period, compared with a loss of US$37.72 million, or US$0.05, in the year prior quarter, The result matched the average analyst estimate for a US$0.02 per share adjusted loss, according to Capital IQ.

Net income, including items, was a profit of US$27.93 million, or US$0.03 per share, compared with a loss US$174.94 million, or US$0.02, a year earlier.

Revenue rose 21% to US$115.58 million from US$95.88 million, as gold sales rose 18% to 59,632 ounces, while its average gold price rose 2.5% to US$1,907 per ounce.

The results included a contribution from its Magino mine in Ontario, which entered commercial production in November and is ramping up to full output.

"Looking ahead to 2024, we consider Magino to be our future and the key driver for per-share growth. Our immediate focus remains on production optimization and unlocking the significant potential at Magino through reserve expansion. Additionally, we are diligently working on optimizing mining operations at the Florida Canyon mine with the sulfide redevelopment plan. Furthermore, we plan to finalize a debt refinancing agreement to enhance liquidity and flexibility, enabling us to achieve our expansion goals," chief executive Richard Young said in a release.

Argonaut shares closed up C$0.015 to C$0.255 Tuesday on the Toronto Stock Exchange.