Scotgold Resources Ltd - Stirlingshire-based gold and silver explorer and producer in Scotland - On Thursday last week, says that, in the third quarter of the year, gold production totals 2,004 ounces, increasing year-on-year from 1,123 ounces. However, production slows from 3,531 ounces in the second quarter of 2022. The third quarter amount achieves guidance, which had previously been revised downwards due to delayed power and ventilation upgrades in the underground mine. Gold sales total GBP3.4 million during the period, rising from GBP2.6 million a year before, but slowing from GBP5.0 million in the preceding quarter. Scotgold expects to produce 3,000 to 3,900 ounces of gold in the fourth quarter.
"[Fourth quarter] 2022 production is anticipated to be ahead of [second and third quarter] 2022 production levels, and I believe the quarter will mark a significant step change as we progress towards a processing rate of 5,000 tonnes per calendar month, equating to an annualised production of circa 20,000 ounces of gold per annum run rate, once the tailings thickener has been commissioned in the processing plant," says Chief Executive Officer Phil Day.
Current stock price: 64.85 pence, up 2.1% on Monday in London
12-month change: down 14%
By Elizabeth Winter; elizabethwinter@alliancenews.com
Copyright 2022 Alliance News Limited. All Rights Reserved.