ALTYN PLC: Third quarter productions results and financial update

TIDMALTN 
 
 

Altyn plc ("Altyn" or the "Company"), is pleased to announce its third quarter production results.

Highlights:

   -- The company has been granted a supplementary credit line of KZT 3bn (USD 
      7m) from Kazakh Bank JSC "Bank Center Credit" (BCC). The loan is 
      repayable in instalments over a term of five years and bears an interest 
      rate of 6%. The loan will be used to increase processing plant output in 
      line with the company's plans. 
   -- Revenues increased significantly, up 38% quarter on quarter (qoq) driven 
      by higher gold prices and the claw back of accruals relating to timing 
      differences of the sale of production to the refinery from the previous 
      quarter. 
   -- Average grade increased by 3.3% qoq. The Company expects further 
      improvement in grades over the coming quarters given the ongoing mining 
      and reserves uncovering works. 
   -- Delivery of a JSB crawler excavator with a bucket capacity of 1.8 cu. m, 
      equipped with a buoyancy machine. The equipment will be used for loading 
      ore on portals 1 and 2 and crushing oversized ore. 
   -- Regarding the COVID-19 situation, the Company has put additional measures 
      in place to ensure the health and safety of its personnel. There 
      continues to be minimal impact on the production operations of the 
      Company, however management will continue to closely monitor the 
      situation while cooperating with the relevant authorities. 
 
                               3Q20     2Q20     1Q20 
Ore mined            tons      134,715  143,400  92,324 
Contained gold       ounces    6,794    6,930    4,376 
Ore milled           tons      92,567   94,057   92,909 
Average gold grade   gr/tone   1.55     1.50     1.49 
 
Gold poured          ounces    3,492    3,610    3,380 
Revenue              USD m     6.31     4.58     4.58 
 

For further information please contact:

Altyn plc

Rajinder Basra, CFO [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 Information on the Company

Altyn Plc (LSE:ALTN) is an exploration and development company, which is listed on the main segment of the London Stock Exchange. To read more about Altyn Plc please visit our website www.altyn.uk

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Altyn Plc

 
    SOURCE: Altyn Plc 
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December 08, 2020 02:00 ET (07:00 GMT)