(GoGold, 8.Aug.2024) — GoGold Resources Inc. announced the financial results for the quarter ending 30 June 2024. The Company generated revenue of $10.4mn (all amounts are in U.S. dollars) from the sale of 365,119 silver equivalent ounces.
“During the quarter, we passed 10 years of continuous production at Parral. We constantly make efforts to optimize our operations and congratulate the team on completing 10 years of production,” said Brad Langille, President and CEO. “We feel that the next decade plus of growth in GoGold lies within our flagship Los Ricos district, with the immediate catalyst being the release of the results of our definitive feasibility study in September at Los Ricos South. During the engineering work for the feasibility study we have redesigned the mine plan to have a bulk underground operation for at least the first decade of production. We are confident that we will be issued an underground permit and therefore are preparing to execute on long lead time items such as construction of a power line and paying deposits for certain major components.”
Highlights for the quarter ending 30 June 2024:
- Cash of $76.4mn USD
- Revenue of $10.4mn on the sale of 365,119 silver equivalent ounces at a realized price per ounce of $28.37 per oz
- Production of 400,236 silver equivalent ounces, consisting of 138,708 silver ounces, 2,436 gold ounces, 148 copper tonnes, and 125 zinc tonnes
- First sale of zinc precipitate from SART zinc expansion
- Adjusted cash cost per silver equivalent ounce of $18.54
- Adjusted all in sustaining cost per silver equivalent ounce of $24.59
Following are tables showing summarized financial information and key performance indicators:
| Summarized Consolidated Financial Information | Three months ended 30 June | Nine months ended 30 June | |||
| (in thousands USD, except per share amounts) | 2024 | 2023 | 2024 | 2023 | |
| Revenue | $ 10,358 | $ 8,485 | $ 26,097 | $ 24,570 | |
| Cost of sales, including depreciation1 | 4,590 | 6,272 | 17,173 | 28,796 | |
| Operating income (loss)1 | 3,600 | 245 | 1,869 | (10,149) | |
| Net (loss) income1 | (483) | 2,604 | 864 | (3,593) | |
| Basic net (loss) income per share1 | (0.002) | 0.008 | 0.003 | (0.012) | |
| Cash flow used in operations | (2,157) | (299) | (9,819) | (7,210) | |
| 1Affected by inventory net realizable value adjustments of: Q3-24 $2,957, Q3-23 nil, YTD-24 $3,276, YTD-23 ($10,500) |
| Key Performance Indicators1 | Three months ended 30 June | Nine months ended 30 June | |||
| (in thousands USD, except per ounce amounts) | 2024 | 2023 | 2024 | 2023 | |
| Total tonnes stacked | 425,804 | 407,738 | 1,223,665 | 1,077,305 | |
| Silver equivalent ounces sold | 365,119 | 360,011 | 1,044,346 | 1,127,508 | |
| Adjusted AISC per silver equivalent ounce2 | $ 24.59 | $ 20.85 | $ 24.47 | $ 19.38 | |
| Adjusted Cash cost per silver equivalent ounce2 | $ 18.54 | $ 15.24 | $ 17.59 | $ 13.99 | |
| Realized silver price | $ 28.37 | $ 23.57 | $ 24.99 | $ 21.79 | |
| 1Key performance indicators are unaudited non-GAAP measures, see reconciliation in MD&A. |
| 2Gold and copper are converted using average market prices. |
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