ALTYNGOLD PLC: Fourth quarter revenue and production update

TIDMALTN 
 
 

AltynGold Plc

("AltynGold" or the "Company")

Fourth quarter 2022 production update

AltynGold is pleased to announce its 4Q22 production update.

Highlights:

   -- For the year to 31 December 2022, 34.023koz of gold were produced - the 
      highest level since operations at Sekisovskoye mine commenced -- this was 
      achieved as a result of a combined improvement in ore quality (average 
      grade 2.17g/t) and the gold recovery factor (83.3%). 
   -- Ore production for 4Q22 was abnormally low at 118.6kt due to extreme 
      weather conditions, while mined ore reached 124.1kt as the company drew 
      on its ore stockpile. 
   -- Notwithstanding, gold production remained above the eight thousand ounces 
      mark on significantly improved grades that reached 2.49g/t in 4Q22. This 
      shows the company's capacity for grade management as well as the depth of 
      its exploration program. 
   -- Revenues for the quarter were marginally down with positive gold price 
      dynamic mitigating reduced volumes. Revenues for the year totalled 
      US$61.2m (2021 us$50.3m) an increase of US$10.9m, a 22% increase in 
      revenues from the prior year. 
   -- With respect to 2023 the company is accelerating its growth plan driven 
      by an expanded fleet of LHDs and underground dump tracks. In anticipation, 
      AltynGold has been accelerating the opening of deeper horizons with the 
      development of transport declines #1 and #2 below +100m mark. During 4Q22 
      mining operations at the Sekisovskoye mine were carried out at +150m, 
      +134m, +117m and +100m levels. 
 
                               1Q22     2Q22     3Q22     4Q22     Total 
Ore mined            tons      134,461  142,937  131,204  118,629  527,231 
Contained gold       ounces    8,841    9,510    9,144    9,324    36,819 
Ore milled           tons      151,431  155,168  153,560  124,064  584,223 
Average gold grade   gr/tone   2.03     2.09     2.11     2.49     2.17 
Gold poured          ounces    8,129    8,836    8,799    8,259    34,023 
Revenue              USD m     14.38    17.57    14.72    14.51    61.18 
 

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.altyn.uk

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AltynGold Plc

 
    SOURCE: AltynGold Plc 
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March 15, 2023 03:00 ET (07:00 GMT)