The Jerritt Canyon operation was expected to produce between 119,000-133,000 oz. of gold this year.

The updated estimate’s 1.78 million oz. of contained gold is a 144% increase compared with an initial resource in November 2021.

"Gold's volatility reflects that the market is digesting the recent shotgun wedding between Credit Suisse and UBS and the possible contagion."

The estimate outlined a total inferred resource of 937,000 tonnes grading 410 g/t silver and 2.1 g/t gold.

Shares surged as much as 11% on Monday as the Australian gold miner started underground production three months ahead of schedule.

Nine Chinese nationals were killed in an attack by militants at a gold mine outside Bangui.

Gold is sprinting towards its best week in four months.