Net income was listed at $12.3 million, or 2 cents a share, compared to a net loss of $1.8 million, or a penny, in the same period a year ago. Revenue rose 44% to $30.8 million from $21.4 million.

“During Q1 2020, we continued improving production numbers as we move toward our sustainable goal of 25,000 ounces per quarter,” said CEO Vern Baker in the media release.

“Q1 2020 is our second quarter in a row with positive free cash flow, and the fourth quarter in a row with increasing ounce production. With the fulfillment of the last option contracts, Jaguar is unhedged.”

Baker added that Pilar Gold mine in the state of Minas Gerais Brazil had its highest production quarter on record at 11,521 ounces.

“Turmalina gold mine production was consistent with the prior quarter at 9,487 ounces., and development rates are sufficient to see the augmentation of production in the second half of the year.”

Midday Wednesday, Jaguar’s stock was up 6.5% on the TSX. The company has a C$235 million market capitalization.