Net profit for the first three months of the year stood at 439 million zlotys ($121.08 million), compared with the 453 million zlotys expected by analysts.
Chief executive Jean Sebastien-Jacques said the challenge for the industry is to ensure the benefits from the past frugal years are not lost against a backdrop of rising oil prices and increased political risk.
The company expects both the province and the federal government environmental decisions on the gold-silver project to be issued in the third quarter of the year.
Indicated and inferred gold equivalent resources increased by whooping 208% and 172% respectively, when compared to the project’s maiden mineral resource estimate of 2015.