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GoGold Releases Financial Results for Year Ending September 30, 2022

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GoGold Releases Financial Results for Year Ending September 30, 2022






GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) is pleased to announce the financial results for the year ending September 30, 2022, with Parral generating $36 million (all amounts are in U.S. dollars) from the sale of 1.7 million silver equivalent ounces.


“As we look forwards towards 2023 and the opportunity for value creation at Los Ricos, it cannot be understated what great position the Company is in with such a strong balance sheet. That, and the effects an increasing commodity price will have on Parral cash flows will allow us to fully take advantage of the opportunities that Los Ricos presents,” said Brad Langille, President and CEO. “We believe 2023 at Los Ricos will be a year of increasing resources, advancing economic studies in Los Ricos South with the inclusion of the recently acquired Eagle concession, and a first look at economics in Los Ricos North with an upcoming Preliminary Economic Assessment (“PEA”). We expect the year ahead will be strong in value creation for GoGold.”


The Company’s strong balance sheet, which includes $73.3 million of cash and no debt, provides the resources for management to execute on the Los Ricos projects.  The Company drilled 26,348 metres for the quarter ended September 30, 2022 (“Q4-22”) and 90,042 metres for the year then ended.  The majority of the drilling in Q4-22 was on the Company’s newly acquired Eagle concession, which has produced some of the strongest results to date in the Los Ricos district. The Eagle covers the northern strike extension of the Main Deposit on the Los Ricos South (“LRS”) property.This represents an extension to the previously defined Mineral Resource Estimate at LRS, upon which the January 20, 2021 PEA was released.


Highlights for the year ending September 30, 2022:

  • Cash of $73.3 million USD
  • Revenue of $36.1 million on the sale of 1,721,977 silver equivalent ounces at a realized price per ounce of $20.94 per oz
  • Collected $12.3 million USD input tax recoverable relating to VAT receivable from the Mexican Federal Government, including $5.1 million in interest
  • Production of 1,810,326 silver equivalent ounces, consisting of 741,772 silver ounces, 10,708 gold ounces, and 469 copper tonnes
  • Adjusted cash cost per silver equivalent ounce of $13.35
  • Adjusted all in sustaining cost per silver equivalent ounce of $18.36


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


Summarized Consolidated Financial Information Three months ended Sep 30 Year ended Sep 30
(in thousands USD, except per share amounts) 2022 2021 2022 2021
Revenue $      6,476 $      10,949 $    36,054 $   53,232
Cost of sales, including depreciation 9,332 8,435 30,734 33,625
Operating income (loss) (4,840) 178 (3,079) 8,002
Net income (loss) 1,076 (327) 692 7,080
Basic net income (loss) per share 0.004 (0.001) 0.002 0.026
Cash flow from operations 6,492 538 (976) 12,384



Key Performance Indicators1 Three months ended Sep 30 Year ended Sep 30
(in thousands USD, except per ounce amounts) 2022 2021 2022 2021
Total tonnes stacked 368,114 468,117 1,679,805 1,815,929
Silver equivalent ounces sold 364,151 475,734 1,721,977 2,187,665
Adjusted AISC per silver equivalent ounce2 $     19.30 $         19.29 $    18.36 $         16.81
Adjusted Cash cost per silver equivalent ounce2 $     13.54 $         14.25 $    13.35 $         13.11
Realized silver price $     17.78 $         22.81 $    22.28 $         24.33
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 consolidated financial statements for the year ended September 30, 2022, notes to the financial statements, and management’s discussion and analysis for the year ended September 30, 2022, which have been filed on SEDAR and are available on the Company’s website. The Company’s annual information form has also been filed and is available on SEDAR and 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 December 22, 2022

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