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GoGold Releases Q1 2024 Financial Results

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GoGold Releases Q1 2024 Financial Results

 

 

 

 

 

GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) announces the financial results for the quarter ending December 31, 2023, with Parral generating $6.8 million (all amounts are in U.S. dollars) from the sale of 305,087 silver equivalent ounces.

 

“In keeping with our outlook for 2024, as anticipated, the SART Zinc circuit commissioning was finalized at Parral in January, and now we will ramp up the production of zinc and increased precious metals production.  We anticipate reaching the average run rate by July of this year when we will fully realize the benefits of the Zinc circuit providing increased free cash flow and production at Parral.  The SART Zinc circuit was completed on budget and on schedule,” said Brad Langille, President and CEO.  “Our technical team is continuing with the definitive feasibility study and front-end engineering design for Los Ricos South to be completed within the first six months of 2024.  With our strong cash position, which will be enhanced with improved cash flow from Parral, we are in an excellent position to move forward with our Los Ricos development.”

 

Highlights for the quarter ending December 31, 2023:

  • Cash of $88.8 million USD
  • Revenue of $6.8 million on the sale of 305,087 silver equivalent ounces at a realized price per ounce of $22.28 per oz
  • Net income of $192,000
  • Production of 300,260 silver equivalent ounces, consisting of 109,016 silver ounces, 1,848 gold ounces, and 95 copper tonnes
  • Adjusted cash cost per silver equivalent ounce of $16.83
  • Adjusted all in sustaining cost per silver equivalent ounce of $24.64

 

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

 

Summarized Consolidated Financial Information Three months ended Dec 31
(in thousands USD, except per share amounts) 2023 2022
Revenue $      6,799 $      8,478
Cost of sales, including depreciation 6,067 8,765
Operating loss (1,609) (2,242)
Net loss 192 (2,891)
Basic net income (loss) per share 0.001 (0.010)
Cash flow used in operations (3,027) (4,246)

 

 

Key Performance Indicators1 Three months ended Dec 31
(in thousands USD, except per ounce amounts) 2023 2022
Total tonnes stacked 373,884 352,363
Silver equivalent ounces sold 305,087 411,756
Adjusted AISC per silver equivalent ounce2 $     24.64 $     17.76
Adjusted Cash cost per silver equivalent ounce2 $     16.83 $     12.89
Realized silver price $     22.28 $     21.18
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 quarter ended December 31, 2023, notes to the financial statements, and management’s discussion and analysis for the quarter ended December 31, 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. For more information visit gogoldresources.com.

 

Posted February 7, 2024

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