ALTYNGOLD PLC: 1st Quarter Results

TIDMALTN 
 

AltynGold Plc

("AltynGold" or the "Company")

First quarter 2023 production update

AltynGold is pleased to announce its 1Q23 production update.

Highlights:

   --  Implementation of the growth plan is progressing well with the delivery 
      of new mining equipment (LHD CAT R 1300 - 4 pcs., dump trucks AD-30 - 2 
      pcs., vertical sinking complex KPU- P - 1 piece, etc.). Ore mined 
      increased 4% year on year to 139.8kt swiftly recovering from the 
      abnormally low level of 4Q22 of 118.6kt due to extreme weather. In April, 
      ore extraction volumes reached 66kt in support of the full year 
      production target of 750kt/y. 
 
   --  Processing plant capacity expansion to 1.0 million tons/year is also 
      making good progress. The "VNIITsvetmet" design Institute is finalising 
      project details and contracts were already concluded for the supply of 
      the required equipment (mill 4500 6000, a three-stage crushing complex, a 
      hydrocyclone pump unit and three additional leaching tanks with a volume 
      of 800 m3 each etc.). The expanded processing capacity is expected to 
      take effect in 1Q24 without incurring any hindrance to current 
      operations. During the period due to planned maintenance at the crushing 
      facilities, milled ore declined 22.6% year on year. 
 
   --  Reserves development is being accelerated with the preparation of ore 
      bodies No. 11, No. 6-8 and No. 5-5 at +84m horizon and transport slopes 
      No. 1 and No. 2 at +67m and +50m elevations respectively. Grades 
      retreated slightly to 1.9g/t from 2.03g/t from a year ago as a result of 
      the clawback effect from selective mining in 4Q22 when grades reached 
      2.49g/t. This measure was taken in order to offset the decline in mining 
      production due to extreme weather over the previous quarter. 
 
   --  Revenues at USD11.15m were temporarily impacted by reduced volumes 
      given maintenance activity as noted at the crushing facility. 
 
                              1Q2022   1Q2023 
Ore mined            tons     134,461  139,837 
Contained gold       ounces   8,841    8,869 
Ore milled           tons     151,431  117,235 
Average gold grade   g/ton    2.03     1.90 
Gold poured          ounces   8,129    5,902 
Revenues             US$      14.38    11.15 
 

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 Regulation (EU) No. 596/2014, as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018.

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

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    SOURCE: AltynGold Plc 
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June 19, 2023 02:00 ET (06:00 GMT)