Crocodile Gold said it extracted the first ore from its Cosmo underground mine in Australia on time and budget, and expects the mine to reach full output in the second-half of next year, sending its shares up as much as 5 percent.
The ore was processed at the company's Union Reefs processing facility in Northern Australia, Reuters reported Thursday.
The Canadian company said gold grades confirmed previous results and averaged up to 10.7 grammes a tonne.
Shares of the Toronto-based company were trading at 65 on Thursday on the Toronto Stock Exchange.
