Avocet Mining swung into the black in the year to the end of December with a pre-tax profits of $5.3m against a loss of $55.7m in 2015.
Revenues rose to $89.6m from $85.0m and the group made an operating profit of $9.5m aginast a loss of $52.5m last time.
Chairman Russell Edey said: "After a turbulent few years, during which the mining sector as a whole experienced a protracted bear market, there were signs at the start of 2016 that the economic environment for gold mining companies might be on the turn.
" By early March 2016, the gold price had risen US$200 per ounce compared to its closing price in 2015 of US$1,062 and in the course of the year, a number of transactions were announced that signalled the re-emergence of consolidation among junior players in West Africa, which had almost dried up since 2013.
"Both of these factors were important for Avocet's strategic priorities in 2016."