Last checked at 24 Oct 2023 07:00
AltynGold Plc ("AltynGold" or the "Company") Third quarter 2023 production update
AltynGold is pleased to announce its 3Q2023 production update.
As noted in the interims, year to date processed ore volume was affected by the current plant upgrade. To mitigate disruptions, the management has streamlined workflows while works are ongoing. As a result, 3Q23 ore milled increased 4.3% yoy. The fully expanded 1mt/y capacity is expected to be operational by the end of 1Q24.
Following substantial investments in mining equipment, 3Q23 production expanded significantly to reach an annualised level of 744kt/y and a growth rate of 41.8% yoy. Excess ore is being stockpiled ahead of the processing plant upgrade.
Grades recovered to 2.12g/t in line with 3Q22 level. Year to date grades stood at 2.00g/t slightly below last year’s average of 2.08g/t.
Revenues for the quarter increased 20.95% yoy to $17.9m on higher average gold price and expanded volumes with gold poured up 2.7% yoy.
Details of the key production figures for the quarter and year to date are shown below:
|
| 3Q2023 | 3Q2022 | Year to date 2023 | Year to date 2022 |
Ore mined | tons | 186,120 | 131,204 | 517,303 | 408,602 |
Ore milled | tons | 161,527 | 154,817 | 441,682 | 461,416 |
Contained gold | ounces | 10,986 | 10,538 | 28,419 | 30,869 |
Gold poured | ounces | 9,038 | 8,799 | 23,478 | 25,764 |
Average gold grade | g/ton | 2.12 | 2.12 | 2.00 | 2.08 |
Revenues | US$m | 17.9 | 14.8 | 45.7 | 44.3 |
Further Information:
For further information please contact:
AltynGold Plc Rajinder 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
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