PERTH (miningweekly.com) – A 15% increase in gold production for the full year ended June 30 has resulted in Australian gold miner Doray Minerals lifting its revenue by 21% and its net profit after tax by 436%.

Doray on Friday said gold production for the full year increased from the 76 785 oz delivered in 2014 to 88 736 oz, on the back of an increase in the size of the high-grade Wilber Lode Stage 2 openpit and significant improvements in controlling dilution underground at the Andy Well mine, in Western Australia, throughout the year.

The higher output and Doray’s decision to undertake a forward sales programme for some 40% of its full-year production, led to an increase in full-year revenues to A$134.1-million, from A$110.6-million in 2014.

Cash operating costs were A$607/oz, while all-in sustaining costs reached A$1 165/oz, while the average gold price received was clocked at A$1 495/oz.

Net profit after tax for the full year reached A$19-million, compared with a net loss after tax of A$5.6-million in 2014.

Doray MD Allan Kelly said on Friday that the company had delivered against all of its objectives for the full 2015, including upgrading its guidance, while completing a takeover of fellow-listed Mutiny Gold.

“I’m very pleased to say the company has again delivered in terms of profitable production, safety performance and exploration results, and is forecast to achieve further near-term production and profit growth once our second high-grade gold mine at Deflector is up and running in mid-2016.”

Doray recently secured financing, including new corporate finance facilities worth some A$90-million, a A$13.8-million equity placement and a A$12.9-million fully underwritten nonrenounceable entitlement offer, to develop the Deflector project.

The Deflector openpit was expected to deliver 61 972 oz of gold, while the underground mine would deliver 348 592 oz of gold over a mine life of about six years.

Kelly expected openpit mining to start in February 2016, while underground mining was slated for May. The project would likely be commissioned in June 2016, with first production expected in late June or early July.