ALTYN PLC: 1st Quarter Results

TIDMALTN 
 
 

AltynGold Plc

("AltynGold" or the "Company")

First quarter production results and financial update

AltynGold is pleased to announce its 1Q21 production results and financial update.

Highlights:

   -- Revenues soared by almost 120% year-over-year mainly driven by improved 
      gold poured production and also by higher gold price during the 1Q21 
      compared to 1Q20. 
 
   -- Production went up by almost 43% year-over-year and the quantity of 
      contained gold increase more than by 70% year-over-year. The positive 
      momentum in production growth and improving contained gold is expected to 
      be increased over the coming quarters. 
 
   -- Average grade improved by almost 20% year-over-year from 1.49g/t to 
      1.78g/t. The Company plans improving grade further in the upcoming 
      quarters due to the new equipment. 
 
   -- After the planned maintenance completed in 3Q20 the Company demonstrated 
      uninterrupted production in 4Q20 and continued demonstrating it during 
      1Q21 as well. Despite of more severe weather conditions during cold and 
      snowy first three months of 2021, growth of milled ore production 
      increased by 43% year-over-year. 
 
   -- In September 2019 the Company agreed a facility with Bank Center Credit 
      JSC (BCC) for an amount of US$17m. As of 1Q21 the Company has repaid 
      US$4.71m of the bank facility. 
 
   -- The Company has significantly improved its financial position in 2020 and 
      1Q21. The Company's Net Debt to EBITDA ratio has steadily improved over 
      the last years: 5.6x in 2018, 4.7x in 2019 and 1.6x in 2020. Management 
      maintains a positive view on the Company's capacity to raise funding for 
      the Company's upcoming capital requirements at attractive terms. 
   -- On COVID-19 update, the Company did not experience any negative effect or 
      interruptions on its production operations during the quarter. All 
      operational processes continued at a regular pace despite of unfavorable 
      weather conditions during the quarter. The management of the Company 
      continues cooperating with the authorities and monitoring the situation 
      on the virus with regular PCR testing of all staff. The health and safety 
      of our employees is the top priority of the Company. 
 
                               1Q20    1Q21 
Ore mined            tons      92,324  131,733 
Contained gold       ounces    4,376   7,462 
Ore milled           tons      92,909  132,834 
Average gold grade   gr/tone   1.49    1.78 
Gold poured          ounces    3,380   6,272 
Revenue              USD m     4.58    10.06 
 

Further Information:

For further information please contact:

AltynGold Plc

Rajinder Basra

[phone]

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.

Information on the Company

AltynGold Plc (LSE:ALTN) is an exploration and development company, which is listed on the main market segment of the London Stock Exchange.

To read more about AltynGold Plc please visit our website www.altyngold.uk

View source version on businesswire.com: https://www.businesswire.com/news/home/20210510005654/en/

 
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Altyn Plc

 
    SOURCE: Altyn Plc 
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May 11, 2021 02:00 ET (06:00 GMT)