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11 Nov 2024 07:00
AltynGold Plc("AltynGold" or the "Company")Third quarter 2024 production update
Strong operational performance delivering significantly increased revenues with upgraded processing plant set to increase capacity
AltynGold is pleased to announce its Q3 2024 production update.
The Company delivered a robust operational performance in line with the management’s expectations. Revenues were substantially higher, increasing by 39% from the prior 9-month period. The average gold price achieved was above US$2,300oz, the gold price at the date of the report is currently above US$2,700oz.
Production for the period was in line with the current production plan, with ore mined increasing by 4.4% over the prior 9-month period.
The gold grade mined in the 9-month period averaged 2.13g/t with the average grade that has been processed year to date reported at 2.3g/t, reflecting the use of the higher-grade ore from the ore stockpiles.
Details of the key production figures for the quarter and year to date are shown below:
|
| 3Q2024 | 3Q2023 | Year to date 2024 | Year to date 2023 |
Ore mined | tons | 206,199 | 186,120 | 540,300 | 517,303 |
Ore milled | tons | 167,343 | 161,527 | 446,594 | 441,682 |
Contained gold | ounces | 12,347 | 10,986 | 32,936 | 28,419 |
Gold poured | ounces | 10,490 | 9,038 | 27,903 | 23,478 |
Average gold grade processed | g/ton | 2.30 | 2.12 | 2.30 | 2.00 |
Revenues | US$m | 25.1 | 17.9 | 63.7 | 45.7 |
As previously reported, the processing plant upgrade has been undergoing extensive testing as it is integrated into the existing infrastructure.
The management is pleased to confirm this is almost complete, with testing and integration going to plan. The increased capacity is expected to come online within the next month.
The Board continues to make good progress in evaluating additional development opportunities to ensure the Company can continue to deliver long-term sustainable growth.
Further Information:
For further information, please contact:
AltynGold PlcRajinder Basra+44 (0) 203 432 3198
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
View source version on businesswire.com: https://www.businesswire.com/news/home/20241110971384/en/
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