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What: Shares of gold miner Allied Nevada Gold (NYSEMKT: ANVGQ ) shot 27% higher today, after the company reported preliminary first-quarter results.
So what: The company said it put 9.6 million tons of ore on leach pads that should generate approximately 106,473 ounces of gold and 1,359,467 ounces of silver in the quarter. Actual sales were 27,256 ounces of gold and 174,766 ounces of silver.
Now what: The company's Hycroft mine is now beginning to perform as management expected, and there appears to be momentum going forward. Allied has purchased about 58% of the $1.24 billion in capital to expand the mine, and the expansion will start up in 2015. Final results will be released during the week of May 6, and then we'll find out whether the company can beat expectations, something it hasn't done in more than a year.
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