08:31 AM EDT, 08/26/2024 (MT Newswires) -- Golconda Gold ( GGGOF ) said Monday that its revenue increased 35% in the second quarter compared to the previous quarter.

The company said it generated revenue of US$3.0 million from the sale of 1,721 payable ounces of gold at an operating cash cost of US$1,812 per payable ounce, compared to revenue of US$2.2 million at an operating cash cost of US$1,667 per payable ounce.

Gold production rose to 1,255 payable ounces from 1,207 payable ounces while operating costs climbed to US$2.7 million from US$2.0 million.

"The second quarter saw further improvements in ore mined and gold produced," CEO Nick Brodie said. "Just as importantly, we saw a 64% increase in development meters compared to Q1 2024, which is expected to increase ore availability and help facilitate our budgeted increase in gold production going forward."

Golconda was trading just shy of 52-week highs last Friday at $0.34 per share.