approximates the average market ratio during the period; previously we used a fixed 75:1 silver:gold ratio. The change in the silver:gold ratio primarily impacts gold equivalent ounces produced and sold as well as cash cost and all-in sustaining cost per gold equivalent ounce for the San José mine.
Using the Q1/19 silver:gold ratio of 75:1, production in Q1/20 would have been 36,600 or 300 gold equivalent ounces higher than in Q1/19, including our attributable share of production from the San José mine.
Production from our 100% owned mines of 20,200 gold equivalent ounces in Q1/20 increased by 3,800 gold equivalent ounces or 23% compared to Q1/19, reflecting full quarter production from the Gold Bar mine in Q1/20, compared to one month of start up production in Q1/19, partially offset by lower production at the El Gallo Project (2,700 fewer ounces), as the latter has been in residual leaching since June 2018.
Our share of the San José mine production of 14,900 gold equivalent ounces in Q1/20 was 5,000 ounces or 25% lower than in Q1/19 mainly due to the state of emergency and nationwide mandatory quarantine declared by the Argentine government, which resulted in a temporary suspension of operations at the San José mine beginning on March 20, 2020, and the change in the silver:gold ratio from 75:1 in Q1/19 to 94:1 in Q1/20. Excluding the impact of the change in the silver:gold ratio, the attributable production from the San José mine would have been 16,400 gold equivalent ounces, or 3,500 ounces lower than in Q1/19.
CONSOLIDATED FINANCIAL REVIEW
Revenue from gold and silver sales in Q1/20 increased by 102% to $31.4 million compared to Q1/19, reflecting 7,900 or 64% more gold equivalent ounces sold from our 100% owned mines in Q1/20 and at a higher average realized price per ounce compared to same period in 2019 ($1,591/oz in Q1/20 or $289/oz higher). The increase in gold equivalent ounces sold is due to Q1/20 including a full quarter of production for the Gold Bar mine compared to one month of start up production in Q1/19.
Production Costs applicable to sales in Q1/20 increased by 155% to $28.4 million compared to Q1/19, reflecting 64% more gold equivalent ounces sold at a higher cost per ounce in the various operations (details in the “Operations Review” section).
Depreciation and depletion for Q1/20 of $6.7 million increased by $3.7 million compared to the same period in 2019, reflecting more gold ounces sold from the Gold Bar mine in Q1/20 at a higher depreciation and depletion per ounce sold which more than offset the impact of fewer ounces sold from El Gallo and Black Fox. Both El Gallo and Black Fox have a lower depreciation and depletion per ounce than Gold Bar mine.
Advanced projects of $2.6 million for Q1/20 remained consistent with the same period in 2019. Advanced projects in Q1/20 included spending for advancing the Froome project in Timmins, Ontario, expenditures related to property holding payments and other spending for the Fenix project in Mexico, and engineering and permit work at the Gold Bar South property in Nevada.
Exploration costs of $3.8 million for Q1/20, decreased by $0.4 million from the same period in 2019.
General and administrative expenses of $2.1 million in Q1/20 decreased slightly by $0.2 million from Q1/19.
Loss from investment in MSC of $2.7 million in Q1/20, increased by $0.4 million from the same period in 2019, reflecting a lower gross profit of $1.3 million due to 22% lower revenue and comparable production costs applicable to sales, partially offset by lower exploration and deferred income and mining tax expense. The decrease in revenue reflects fewer gold and silver ounces sold (29% and 31% fewer gold and silver ounces sold, respectively) due to lower production and temporary logistic issues that prevented the shipment of 6,900 gold equivalent ounces held in inventory as of March 31, 2020, with the majority sold subsequent to quarter end.
Revision of estimates and accretion of asset retirement obligations of $0.7 million in Q1/20, increased slightly by $0.2 million from the same period in 2019.