09:59 AM EDT, 03/26/2020 (MT Newswires) -- RNC Minerals (RNX.TO) was up more than 3% after the company on Thursday said fourth-quarter gold production from its Australian mines exceeded guidance even as its profit in the period fell 18% as costs rose.

RNC said it earned C$10.47 million in the quarter, down from C$12.79 million. Adjusted earnings were unchanged at C$0.02 per share.

"Our fourth quarter results continue to build upon the success of the previous quarter despite the challenges associated with the bushfires in Australia in late 2019," chief executive Paul Huet said in a release.

The company said it produced 26,874 ounces of gold in the quarter, up 31% from the year-prior quarter. Full year production of 64,277 ounces, including 51.090 ounces in the second half of the year, topping the high end of its guidance for the half of 49,000 ounces.

All-in sustaining costs rose 65% to US$1,131 per ounce.

RNC also reiterated its 2020 production guidance of about 92,500 ounces, though it cautioned the figure did not account for potential shutdowns due to quarantine measures.

RNC shares were last seen up C$0.01 to C$0.33 on the Toronto Stock Exchange.

Price: 0.32, Change: +0.01, Percent Change: +3.23