12:15 PM EDT, 05/08/2024 (MT Newswires) -- Xtra-Gold Resources ( XTGRF ) on Wednesday reported first-quarter earnings attributable to the company of US$510,987 ($701,041), or US$0.01 per share, down from US$553,197, or US$0.01, in the year-prior quarter.

It reported no revenue for the quarter.

Additionally, the company said it is in development as an exploration company and may need financing for its exploration and acquisition activities, though it avoids issuing shares to fund its operations.

"Our company had another very successful quarter, covering all our exploration drilling and operating costs," chief executive James Longshore said in a release. "We have financed all our operating costs over the last 14 years, with our shareholders suffering no dilution to their share ownership. We continue aggressively drilling at our Kibi Gold Project, with our three diamond drill rigs operating ... We believe our Kibi Gold Project will prove to be a multi-million ounce gold resource, with our shareholders having significant "up-side leverage" to the gold price as it appreciates in value."

The company's shares were last seen down C$0.01 to C$1.25 on the Toronto Stock Exchange.

Price: 1.25, Change: -0.01, Percent Change: -0.79