The Toronto-based company said December quarter production of 26,874oz brought the second half total to 51,090oz, better than guidance for the period of 42,000-49,000oz.

All-in sustaining costs were lower than guidance at US$1,144/oz. The company seems to have a better handle on costs in recent quarters, with a 4% AISC improvement on the prior-year December quarter and 12% better first six months of the year.

Headline earnings came in at C$15.9 million, or 3c per share for the full year, up 15% over 2018 and better than the consensus forecast for a full-year loss of 2c per share.

RNC ended 2019 with a cash position of $34.7 million, net of a $3 million debt repayment, and working capital of $26.5 million.

RNC reported further progress on improving Higginsville mill availability, achieving 97% in the most recent period, up from 93% in the previous three months.

The company says expansion opportunities exist at the three mines feeding the central mill, at Baloo, Fairplay North and Beta Hunt. RNC is working through openpit optimisation scenarios at Higginsville and plans to announce an updated life-of-mine plan later this year.

With operations "performing well" in the year to date, RNC said it remained on track to meet its production guidance of 90,000-95,000oz and US$1,050-$1,200/oz AISC, assuming no significant interruption in operations as a result of the Covid-19 virus.

RNC said it was building critical supplies beyond normal levels to reduce potential disruptions to supply chains.

Shares in the company (RNX:TSX) closed 5% or C1.5c lower Thursday at 30.5c, giving it a market capitalisation of $174 million.