2 Aug 2021 07:00
2 August 2021
Trans-Siberian Gold plc
("TSG", the "Company" or the "Group")
H1 Production & Operations Update
Trans-Siberian Gold plc (TSG.LN), a low cost, high grade gold producer in Russia, announces its production update at the Asacha Gold Mine for the quarter ("Q2") and six months ended 30 June 2021 ("H1" or the "Period").
H1 Highlights
· Average gold grade down 5.4% year on year ("YoY") at 6.1 g/t (H1 2020: 6.4 g/t)
· Average realized gold price increased 4.3% YoY to $1,764/oz (H1 2020: $1,691/oz)
· Total gold doré production decreased by 3.8% YoY to 17,579 oz (H1 2020: 18,278oz)
· Gold revenue increased by 11.4% YoY to $32.4 million (H1 2020: $29.1 million)
· Total revenues increased 12.3% YoY to $33.6 million (H1 2020: $29.9 million)
Q2 Highlights
· Average gold grade down 12.9% quarter on quarter ("QoQ") at 5.7 g/t (Q1 2021: 6.5 g/t)
· Average realized gold prize increased by 3.7% QoQ to $1,796/oz (Q1 2021: $1,732/oz)
· Total gold doré production decreased by 12.4% QoQ to 8,208 oz (Q1 2021: 9,371 oz)
· Total gold sold decreased by 3.5% QoQ to 9,021 oz (Q1 2021: 9,349 oz)
· Gold revenue was flat QoQ at $16.2 million (Q1 2021: $16.2 million)
Production Summary
Mining and production data for Q2 and H1 2021 at the Asacha Gold Mine is shown in the following tables:
Q2 2021
Metric |
|
| Q2 | Q1 | Q-on-Q |
| Q2 | Y-on-Y |
|
| 2021 | 2021 | % Change |
| 2020 | % Change | |
Mine development | (m) |
| 676 | 625 | 8.3% |
| 1,510 | -55.2% |
Ore extracted | (tonnes) |
| 20,284 | 37,172 | -45.4% |
| 43,497 | -53.4% |
Ore processed | (tonnes) |
| 47,864 | 44,597 | 7.3% |
| 50,316 | -4.9% |
Grade, gold | (g/t) |
| 5.7 | 6.5 | -12.9% |
| 7.6 | -24.9% |
Grade, silver | (g/t) |
| 15.6 | 26.8 | -41.8% |
| 19.8 | -21.2% |
Recovery, gold | (%) |
| 92.7 | 94.4 | -1.8% |
| 94.0 | -1.4% |
Recovery, silver | (%) |
| 70.8 | 73.6 | -3.8% |
| 79.3 | -10.7% |
Gold in dore | (oz) |
| 8,208 | 9,371 | -12.4% |
| 11,419 | -28.1% |
Silver in dore | (oz) |
| 17,523 | 29,515 | -40.6% |
| 25,774 | -32.0% |
Gold refined | (oz) |
| 8,910 | 9,454 | -5.7% |
| 11,114 | -19.8% |
Silver refined | (oz) |
| 19,650 | 27,017 | -27.3% |
| 26,062 | -24.6% |
Gold sold | (oz) |
| 9,021 | 9,349 | -3.5% |
| 11,357 | -20.6% |
Silver sold | (oz) |
| 19,727 | 27,081 | -27.2% |
| 47,989 | -58.9% |
Gold price | ($/oz) |
| 1,796 | 1,732 | 3.7% |
| 1,738 | 3.3% |
Silver price | ($/oz) |
| 26.3 | 25.0 | 5.2% |
| 17.7 | 48.9% |
Gold Revenue* | ($,000) |
| 16,202 | 16,196 | 0.0% |
| 19,740 | -17.9% |
Silver Revenue* | ($,000) |
| 520 | 678 | -23.4% |
| 849 | -38.8% |
Total Revenue* | ($,000) |
| 16,721 | 16,874 | -0.9% |
| 20,588 | -18.8% |
H1 2021
Metric |
|
| H1 | H1 | Y-on-Y |
| H2 | H-on-H |
|
| 2021 | 2020 | % Change |
| 2020 | % Change | |
Mine development | (m) |
| 1,301 | 3,051 | -57.4% |
| 1,496 | -13.0% |
Ore extracted | (tonnes) |
| 57,456 | 77,506 | -25.9% |
| 92,412 | -37.8% |
Ore processed | (tonnes) |
| 92,461 | 94,537 | -2.2% |
| 101,689 | -9.1% |
Grade, gold | (g/t) |
| 6.1 | 6.4 | -5.4% |
| 8.9 | -31.2% |
Grade, silver | (g/t) |
| 21.0 | 19.6 | 7.5% |
| 13.1 | 60.2% |
Recovery, gold | (%) |
| 93.6 | 94.2 | -0.6% |
| 94.2 | -0.6% |
Recovery, silver | (%) |
| 72.9 | 79.0 | -7.7% |
| 78.1 | -6.7% |
Gold in dore | (oz) |
| 17,579 | 18,278 | -3.8% |
| 26,788 | -34.4% |
Silver in dore | (oz) |
| 47,039 | 47,466 | -0.9% |
| 31,409 | 49.8% |
Gold refined | (oz) |
| 18,364 | 17,149 | 7.1% |
| 26,689 | -31.2% |
Silver refined | (oz) |
| 46,666 | 48,267 | -3.3% |
| 32,406 | 44.0% |
Gold sold | (oz) |
| 18,370 | 17,194 | 6.8% |
| 26,690 | -31.2% |
Silver sold | (oz) |
| 46,808 | 47,989 | -2.5% |
| 32,341 | 44.7% |
Gold price | ($/oz) |
| 1,764 | 1,691 | 4.3% |
| 1,884 | -6.4% |
Silver price | ($/oz) |
| 25.6 | 17.7 | 44.6% |
| 24.5 | 4.5% |
Gold Revenue* | ($,000) |
| 32,398 | 29,072 | 11.4% |
| 50,276 | -35.6% |
Silver Revenue* | ($,000) |
| 1,197 | 849 | 41.1% |
| 791 | 51.3% |
Total Revenue* | ($,000) |
| 33,595 | 29,921 | 12.3% |
| 51,067 | -34.2% |
*Note: Unaudited figure
Totals may not add up due to rounding
Takeover Offer
Pursuant to the Offer by Horvik, cancellation of TSG Shares to trading on AIM will take effect at 7.00 am on 9 August 2021.
ENDS
Contacts: |
|
TSG Stewart Dickson | +44 (0) 7799 694195 |
Canaccord Genuity Limited (Nominated Adviser & Joint Corporate Broker) Henry Fitzgerald-O'Connor / James Asensio | +44 (0) 20 7523 8000 |
Panmure Gordon (UK) Limited (Joint Corporate Broker) John Prior / Hugh Rich / Ailsa MacMaster | +44 (0) 20 7886 2500 |
Hudson Sandler (Financial Public Relations) Charlie Jack / Katerina Parker / Elfie Kent | +44 (0) 207 796 4133
|
About TSG
TSG is focused on low cost, high grade mining operations and stable gold production from its 100% owned Asacha Gold Mine in Far East Russia. The Company also holds the licence for the development and exploration of the Rodnikova deposit, one of the largest gold fields in South Kamchatka.
Additional information is available from the Company's website: www.trans-siberiangold.com
Market Abuse Regulations
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 ('MAR'). Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.
Abbreviations
g/t grammes per tonne
oz ounce
m metre
Disclaimer
This announcement contains "forward-looking statements" - that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should" or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets, fluctuations in interest and/or exchange rates and metal prices; and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements.