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Elevation Gold Reports Financial Results for Quarter Ended March 31, 2024, including $12.9M in Total Revenue

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Elevation Gold Reports Financial Results for Quarter Ended March 31, 2024, including $12.9M in Total Revenue

 

 

 

 

 

Elevation Gold Mining Corporation (TSX-V: ELVT) (OTCQB: EVGDF) is pleased to announce financial results for three months ended March 31, 2024.  All figures are expressed in US dollars unless otherwise noted.

 

Summary for the Three Months Ended March 31, 2024

  • Elevation produced 6,303 ounces of gold and 42,152 ounces of silver for the three months ended March 31, 2024.
  • The Company generated total revenue of $12.9 million during the quarter, on 5,850 ounces of gold and 47,189 ounces of silver sold. The average realized price of gold per ounce sold for the three months ended March 31, 2024 was $2,035.
  • Income from mine operations before depreciation and depletion of $2.6 million.
  • For the three months ended March 31, 2024, total cash costs per ounce of gold sold (1) was $1,598 and all-in sustaining costs (“AISC”) per ounce of gold sold (1) was $2,437.

 

(1) Refer to the Company’s Management Discussion and Analysis for the three months ended March 31, 2024 and 2023 for a reconciliation to non-IFRS performance measures.

 

Tim Swendseid, Elevation Gold CEO, stated: “As previously communicated, production during the quarter was impacted by continuing crushing plant throughput issues.  For the second quarter, we are expecting a meaningful improvement in tons crushed, ounces produced and overall results for the following and other reasons:

  • By the end of Q1, the ore hardness and crusher throughput improved.
  • During Q1, all mining activities shifted to western areas, resulting in significant efficiency improvements that will help reduce costs.
  • On February 27, 2024, we were very pleased to announce positive exploration results in the Reynolds Pit area. To quickly take advantage of the area we successfully completed a reallocation of part of our permitted mining area from the east side of the boundary to the west side, and we are already mining Reynolds Pit’s fifth production bench.
  • Gold price strengthened during Q1, and remains elevated, which will continue to boost revenues.”

 

Consolidated Financial Results Summary

 

The following table provides a summary of the components of the Company’s results for the three months ended March 31, 2024 and 2023.  For further details, refer to the Company’s Condensed Interim Consolidated Financial Statements and Management Discussion and Analysis (“MD&A”) for the three months ended March 31, 2024.

 

 (in thousands of dollars) Q1 2024 Q1 2023
Revenue $ 12,943 $ 16,953
Production costs (9,675) (12,037)
Royalties (712) (890)
Mine operating income before depreciation and depletion 2,556 4,026
Depreciation and depletion (2,797) (3,361)
Income (loss) from mine operations (241) 665
Corporate administrative expenses (694) (716)
Finance costs (1,757) (2,025)
Loss on revaluation of derivative liabilities (1,645) (1,565)
Other 160 2
Loss for the period $ (4,177) $ (3,639)

 

Consolidated Operational Results Summary

 

The following table provides a summary of the Company’s operational statistics for the three months ended March 31, 2024 and 2023.  For further details, refer to the Company’s MD&A for the same periods.

 

Three Months Ended March 31,
2024 2023
Ore tonnes mined t 635,931 678,654
Ore tonnes stacked t 654,354 698,351
Contained gold ounces stacked oz 8,746 9,688
Gold grade g/t 0.42 0.43
Gold ounces produced oz 6,303 7,889
Gold ounces sold oz 5,850 8,078
Average realized gold price (2) ($/oz) $           2,035 $          1,906
Cash costs per ounce of gold sold (2) ($/oz) $           1,598 $          1,407
AISC per ounce of gold sold (2) ($/oz) $           2,437 $          1,842
(2) Refer to the Company’s Management Discussion and Analysis for the three months ended March 31, 2024 and 2023 for a reconciliation to non-IFRS performance measures.

 

Qualified Persons

 

Unless otherwise indicated, the technical disclosure contained within this press release that relates to the Company’s operating mine has been reviewed and approved by Tim J. Swendseid, P.E., MBA, CFA, Chief Executive Officer of the Company and a Qualified Person for the purpose of NI 43-101.

 

Additional Information

 

Condensed Interim Consolidated financial statements for the three months ended March 31, 2024 and 2023 and related MD&A for the same periods can be found at www.sedarplus.ca and the Company’s website at www.elevationgold.com.

 

The following tables represent the calculation of certain Non-IFRS Financial Measures as referenced in this news release.

 

Reconciliation of Cash Costs and AISC

 

(in thousands of dollars, except per ounce figures)  Q1 2024 Q1 2023
Gold ounces sold 5,850 8,078
Cost of sales $             13,184 $            16,288
  Less: Depreciation and depletion (2,797) (3,361)
  Add: Refining and transportation 61 69
  Less: Silver and other bi-product revenue (1,097) (1,628)
Total Cash Costs 9,351 11,368
  Sustaining capital expenditures 633 491
  Capitalized stripping 3,356 2,074
  Accretion 223 232
  Corporate administration 694 716
Total AISC $            14,257 $            14,881
Cash Costs per ounce of gold sold $              1,598 $              1,407
AISC per ounce of gold sold $              2,437 $              1,842

 

Reconciliation of Average Realized Price of Gold per Ounce Sold

 

(in thousands of dollars, except per ounce figures) Q1 2024 Q1 2023
Gold revenue $             11,907 $            15,394
Gold ounces sold 5,850 8,078
Average realized price per ounce sold $               2,035 $              1,906

 

About Elevation Gold Mining Corporation

 

Elevation Gold is a publicly listed gold and silver producer, engaged in the acquisition, exploration, development and operation of mineral properties located in the United States.  Elevation Gold’s common shares are listed on the TSX Venture Exchange in Canada and on the OTCQB in the United States   The Company’s principal operation is its 100% owned Moss Mine in the Mohave County of Arizona.  Elevation also holds the title to the Hercules exploration property, located in Lyon County, Nevada.

 

Posted May 14, 2024

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