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Elevation Gold Reports Financial Results for Quarter Ended September 30, 2023, including $18.2M in Total Revenue

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Elevation Gold Reports Financial Results for Quarter Ended September 30, 2023, including $18.2M in Total Revenue

 

 

 

 

 

Elevation Gold Mining Corporation (TSX-V: ELVT) (OTCQX: EVGDF) is pleased to announce financial results for three and nine months ended September 30, 2023. All figures are expressed in US dollars unless otherwise noted.

 

Summary for the Three Months Ended September 30, 2023

  • Elevation produced 8,380 ounces of gold and 53,911 ounces of silver for the three months ended September 30, 2023.
  • The Company generated total revenue of $18.2 million during the quarter, an increase of 7% compared to the third quarter of 2022 and 22% increase on the second quarter of 2023, on 8,391 ounces of gold and 82,412 ounces of silver sold. The average realized price of gold per ounce sold (1) for the quarter was $1,941.
  • Income from mine operations before depreciation and depletion of $3.8 million.

 

Tim Swendseid, Elevation Gold CEO, stated: “Compared to Q2 2023, the team at Moss had a much-improved quarter as a result of higher ore grade, significantly improved fragmentation, record crusher throughput, and operational stability. We are sourcing ore from the East Pit and Mordor areas, and as of this press release, we have completed the 3A-Ph2 Leach Pad, on time and under budget. Gold prices remain strong, and our income from mine operations before depreciation and depletion was $3.8 million for the quarter and $8.7 million for YTD, both significant improvements compared to results for the same periods last year. Cash costs per ounce are similar for the quarter and down $262/oz for the year versus similar periods last year, reflecting great work by the team at Moss Mine. We continue a limited reverse circulation drilling program in Reynolds Pit and await assays, and we maintain our guidance for the year of 34,000-36,000 ounces produced.”

 

Consolidated Financial Results Summary

 

The following table provides a summary of the components of the Company’s net income (loss) for the three and nine months ended September 30, 2023 and 2022. For further details, refer to the Company’s Condensed Interim Consolidated Financial Statements and Management Discussion and Analysis for the three and nine months ended September 30, 2023.

 

 (in thousands of dollars) Q3 2023 Q3 2022 YTD 2023 YTD 2022
Revenue $ 18,152 $ 16,979 $ 50,019 $ 44,900
Production costs (13,387) (13,948) (38,792) (42,929)
Royalties (939) (899) (2,538) (2,244)
Mine operating income (loss) before depreciation and
depletion
3,826 2,132 8,689 (273)
Depreciation and depletion (3,758) (1,837) (10,334) (5,847)
Income (loss) from mine operations 68 295 (1,645) (6,120)
Corporate administrative expenses (736) (965) (2,288) (2,717)
Finance costs (2,564) (1,643) (6,381) (5,061)
Gain on revaluation of derivative liabilities 1,035 3,240 1,430 13,264
Impairment of mineral properties (48) (48) (33,850)
Other 95 266 (8) 166
Income (loss) for the period $ (2,150) $ 1,193 $ (8,940) $ (34,318)

 

Consolidated Operational Results Summary

 

The following table provides a summary of the Company’s operational statistics for the three and nine months ended September 30, 2023 and 2022. For further details, refer to the Company’s MD&A for the same periods.

 

 

Three Months Ended
September 30,
Nine Months Ended
September 30,
2023 2022 2023 2022
Ore tonnes mined t 702,745 778,177 2,127,181 2,239,620
Ore tonnes stacked t 774,588 750,908 2,194,126 2,237,803
Contained gold ounces stacked oz 13,247 12,354 31,786 30,861
Gold grade g/t 0.53 0.51 0.45 0.43
Gold ounces produced oz 8,380 8,835 23,057 21,912
Gold ounces sold oz 8,391 9,096 23,309 22,606
Average realized gold price (1) ($/oz) $            1,941 $           1,713 $           1,930 $          1,808
Cash costs per ounce of gold sold (1) ($/oz) $            1,485 $           1,479 $           1,558 $          1,820
AISC per ounce of gold sold (1) ($/oz) $            2,120 $           1,712 $           2,131 $          2,377
(1) Refer to the Company’s Management Discussion and Analysis for the year ended December 31, 2022 and 2021 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

 

Full condensed interim consolidated financial statements for the three and nine months ended September 30, 2023 and 2022 and related MD&A for the same period can be found at www.sedarplus.ca and the Company’s website at www.elevationgold.com.

 

Non-IFRS Performance Measures

 

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) Q3 2023 Q3 2022(1) YTD 2023 YTD 2022(1)
Gold ounces sold 8,391 9,096 23,309 22,606
Cost of sales $         18,084 $        16,684 $       51,664 $      51,020
  Less: Depreciation and depletion (3,758) (1,837) (10,334) (5,847)
  Add: Refining and transportation 71 94 227 223
  Less: Silver and other bi-product revenue (1,937) (1,492) (5,253) (4,249)
Total Cash Costs 12,460 13,449 36,304 41,147
  Sustaining capital expenditures 3,787 1,108 5,869 9,568
  Capitalized stripping 407 4,144
  Accretion 403 46 1,068 309
  Corporate administration 736 965 2,288 2,717
Total AISC $         17,793 $        15,568 $       49,673 $      53,741
Cash Costs per ounce of gold sold $           1,485 $          1,479 $         1,558 $        1,820
AISC per ounce of gold sold $           2,120 $          1,712 $         2,131 $        2,377

 

The Company has calculated Total Cash Costs, Total AISC, and relevant per ounce of gold unit rates consistently across each of the periods presented, and include period adjustments for the heap leach and doré impairment charges (and reversals), which were incurred in Q3 2023. These impairment charges and reversals can create fluctuations in reported amounts in the periods in which they are recorded.

 

Reconciliation of Average Realized Price of Gold per Ounce Sold

 

(in thousands of dollars, except per ounce figures) Q3 2023 Q3 2022 YTD 2023 YTD 2022
Gold revenue $         16,286 $         15,581 $        44,993 $           40,874
Gold ounces sold 8,391 9,096 23,309 22,606
Average realized price per ounce sold $           1,941 $           1,713 $          1,930 $             1,808

 

 

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 OTCQX 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 November 16, 2023

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