08:45 AM EST, 02/12/2020 (MT Newswires) -- Pretium Resources (PVG.TO) dropped 22% in premarket New York trading after the company on Wednesday said its fourth-quarter profit rose nearly ten fold on higher gold prices and lower expenses, though its 2020 outlook sees production nearly unchanged though costs will rise.

The gold and silver miner said it earned US$20.05 million, or US$0.11 per share, in the quarter, compared to a profit of US$2.85 million, or US$0.01, in the final period of 2018. Adjusted profit, which excludes most one-time items, rose 64% to US$33.12 million, or US$0.18, exceeding the US$0.17 consensus estimate for the measure from analysts polled by Capital IQ.

Revenue rose 25% to US$135.48 million as gold production edged down 0.1% to 96,327 ounces while its average price for the metal rose 18% to US$1,480 per ounce. All-in sustaining costs rose 10% to US$866 per ounce.

Pretium said it expects all-in sustaining costs to rise to between US$910 and US$1,060 per ounce in 2020, with production from its Brucejack mine in British Columbia expected to be between 325,000 and 365,000 ounces.

The company has also launched a search for a new chief executive to replace the departing Joseph Ovsenek, who agreed to remain in the role until his successor is found.

The company's shares fell US$2.02 to US$7.55 in premarket trading on the New York Stock Exchange.

Price: 12.72, Change: -0.29, Percent Change: -2.23