Medusa Mining Limited (ASX: MML) gained 33% on Tuesday after releasing its third quarter report for 2017. Overall gold production was up 4% over second quarter figures and gold sales were up a whopping 33%, jumping 6,450 ounces on last year's figure to 27,602 ounces.
The impressive news comes after a disappointing financial year for the mid-tier gold producer. The company reported a net consolidated loss of $79 million for the 2017 financial year, a stark contrast to the previous financial year's $56 million profit.
Medusa has recently had mine development plan issues with its flagship mine Co-O in the Philippines, with production falling 26% over the 2017 financial year.
The company expects to maintain production at lower levels this year while it completes development of the new E15 service shaft, which will likely see swift improvements in performance come March 2018.
