Elevation Gold Corp (OTCMKTS:EVGDF) Stock Falls 15% in a Week: But Why?

United States focussed gold producing company Elevation Gold Corp (OTCMKTS:EVGDF) did not have a particularly great time in the capital markets on Friday.

Market Action

On Friday, EVGDF stock decreased 2.59% to $0.80 with 34.75K shares, compared to its average volume of 42.85K shares. The stock has moved within a range of $0.8000 – 0.8252 after opening trade at $0.8198.

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The stock suffered from a strong selloff and ended up with a decline of as much as 15%. The company was in focus on Friday after it announced its financial results for the quarter that had ended on September 30, 2021 and it seems that investors were not impressed with the numbers. In this situation, it might be a good idea for investors to take a closer look at some of the highlights from the financial results.

In the third quarter, Elevation Gold managed to bring in revenues to the tune of as much as $1.2 million and on the other hand, the earnings from operations prior to depletion and depreciation stood at $2.9 million.

The company also noted that it had also managed to ramp up operations to its highest capacity at the Heap Launch Pad 3A. On the production front, the company managed to generate gold equivalent production of 7209 ounces for the third quarter. Last but not the least, the all in sustaining cost for the quarter came in at $1643 an announce.

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