UPDATE 1.40pm: Shares in Saracen Mineral Holdings were firmer after the gold miner announced record production for the fourth consecutive quarter.
The company said it produced 41,241 ounces of gold in the September quarter, beating its previous record of 36,430 ounces set in the June quarter by 13 per cent.
Saracen said September production was 4000 ounces above budget.
The company also announced record gold sales for the quarter of 43,096 ounces for revenue of about $66 million at an average gold price of $1531 an ounce.
Milled head grade for the quarter was also a new record of 2.27 grams per tonne, eclipsing previous record of 2.09 grams per tonne set in the June quarter.
"The most pleasing aspect of the quarter was the continued reduction in cash expenditure and significant cash build on the back of record gold sales resulting from the record gold production and gold hedging program that Saracen has in place, with 159,050 ounces at $1687 an ounce remaining until July 2016," the company said in a statement.
"Saracen is now in a net cash position compared with last quarter when the company was in a net debt position of $8.7 million."Saracen shares closed up 2.5 cents, or 12.5 per cent, at 22.5 cents.