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GoGold Releases Financial Results for Quarter Ending June 30, 2023

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GoGold Releases Financial Results for Quarter Ending June 30, 2023






GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF)  announces the financial results for the quarter ending June 30, 2023, including net income of $2.6 million (all amounts are in U.S. dollars) and Parral generating $8.6 million from the sale of 360,011 silver equivalent ounces.


“GoGold maintains a strong balance sheet with $98.7 million USD in cash which continues to allow us to advance our Los Ricos projects in an expeditious manner. Our main focus at GoGold is our flagship assets at Los Ricos. With the upcoming addition of our zinc circuit at Parral, which is in its tenth year of production, Parral is expected to remain a meaningful contributor of cash flow over the next seven years of mine life. The savings and additional revenue which the zinc circuit will provide should significantly reduce our all in sustaining cost at Parral,” said Brad Langille, President and CEO. “We continue to focus on completing the studies required for the upcoming updated mineral resource estimate and preliminary economic assessment at Los Ricos South to be completed by end of summer.”


Financial Highlights for the quarter ending June 30, 2023:

  • Cash of $98.7 million USD
  • Net income of $2.6 million, including interest income of $1.5 million
  • Revenue of $8.5 million on the sale of 360,011 silver equivalent ounces at a realized price per ounce of $21.39 per oz
  • Production of 375,112 silver equivalent ounces, consisting of 203,894 silver ounces, 1,512 gold ounces, and 135 copper tonnes
  • Adjusted cash cost per silver equivalent ounce of $15.24
  • Adjusted all in sustaining cost per silver equivalent ounce of $20.85


Proposed SART Zinc Circuit


As originally reported on July 12, 2023, the Company has begun the process of adding a zinc circuit to the existing SART plant at Parral. Bench scale and in-field heap leach testing has demonstrated that an addition of a zinc circuit to the SART plant should produce a saleable zinc product and more importantly regenerate cyanide that is expected to increase cash flow at Parral over the next seven years of mine life.


Summary of Zinc circuit effects:

  • Saleable zinc precipitate to be added to the revenue stream
  • Regeneration of approximately 750 tons of cyanide per quarter
  • Anticipated to generate net increased cash flows of $1.5 million per quarter
  • Zinc circuit capital expenditure estimated at $2 million over 6 month construction period
  • Project payback expected within 6 months after construction
  • Construction of zinc circuit is independent of current SART operations, therefore no interruption to current operations is expected
  • Parral up to end of its mine life will be a producer of silver, gold, copper and zinc


Following are tables showing summarized financial information and key performance indicators:


Summarized Consolidated Financial Information Three months ended Jun 30 Nine months ended Jun 30
(in thousands USD, except per share amounts) 2023 2022 2023 2022
Revenue $      8,485 $     10,389 $   24,570 $      29,578
Cost of sales, including depreciation1 6,272 7,962 28,796 21,402
Operating income (loss)1 245 221 (10,149) 2,101
Net income (loss)1 2,604 1,110 (3,593) (382)
Basic net income (loss) per share 0.008 0.004 (0.012) (0.001)
Cash flow used in operations (299) (1,190) (7,210) (7,467)
1Includes a pre-tax non-cash negative inventory adjustment of $10,500 in the nine months ended June 30, 2023



Key Performance Indicators1 Three months ended Jun 30 Nine months ended Jun 30
(in thousands USD, except per ounce amounts) 2023 2022 2023 2022
Total tonnes stacked, fresh tailings 360,460 433,043 1,311,691
Total tonnes stacked, rehandled tailings 407,738 644,262
Silver equivalent ounces sold 360,011 512,670 1,127,508 1,357,826
Adjusted AISC per silver equivalent ounce2 $     20.85 $         17.73 $         13.99 $      18.11
Adjusted Cash cost per silver equivalent ounce2 $     15.24 $         13.17 $         19.38 $      13.29
Realized silver price $     23.57 $         20.26 $         21.79 $      21.78
1Key performance indicators are unaudited non-GAAP measures, see reconciliation in MD&A.
2Gold and copper are converted using average market prices.



This news release should be read in conjunction with the interim condensed consolidated financial statements for the three and nine months ended June 30, 2023, notes to the financial statements, and management’s discussion and analysis for the quarter ended June 30, 2023, which have been filed on SEDAR and are available on the Company’s website.


Technical information contained in this news release with respect to GoGold has been reviewed and approved by Mr. Bob Harris, P.Eng., who is a qualified person for the purposes of NI 43-101.


About GoGold Resources


GoGold Resources is a Canadian-based silver and gold producer focused on operating, developing, exploring and acquiring high quality projects in Mexico. The Company operates the Parral Tailings mine in the state of Chihuahua and has the Los Ricos South and Los Ricos North exploration projects in the state of Jalisco. Headquartered in Halifax, NS, GoGold is building a portfolio of low cost, high margin projects.


Posted August 9, 2023

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