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GoGold Releases Q2 2024 Financial Results and Announces Changes to Board of Directors

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GoGold Releases Q2 2024 Financial Results and Announces Changes to Board of Directors






GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) is pleased to announce the financial results for the quarter ending March 31, 2024.  The Company generated net income of $1.3 million and revenue of $8.9 million (all amounts are in U.S. dollars) from the sale of 374,140 silver equivalent ounces.


“At Parral, we’re seeing the benefits of increasing production and rising metal prices, along with the successful addition of the SART zinc circuit.  With our production anticipated to continue increasing in the coming quarters, we see it being a contributor to our strong balance sheet and ability to execute on our Los Ricos South project,” said Brad Langille, President and CEO.


Highlights for the quarter ending March 31, 2024:

  • Cash of $80.8 million USD
  • Revenue of $8.9 million on the sale of 374,140 silver equivalent ounces at a realized price per ounce of $23.90 per oz
  • Net income of $1.3 million
  • Production of 375,745 silver equivalent ounces, consisting of 138,657 silver ounces, 2,184 gold ounces, and 93 copper tonnes
  • First quarter producing a zinc precipitate, with 92 tonnes produced
  • Adjusted cash cost per silver equivalent ounce of $17.29
  • Adjusted all in sustaining cost per silver equivalent ounce of $24.20


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


Summarized Consolidated Financial Information Three months ended Mar 31 Six months ended Mar 31
(in thousands USD, except per share amounts) 2024 2023 2024 2023
Revenue $      8,940 $      7,607 $      15,739 $      16,085
Cost of sales, including depreciation1 6,517 13,760 12,584 22,525
Operating loss1 (123) (8,152) (1,732) (10,395)
Net income (loss)1 1,268 (3,308) 1,463 (6,197)
Basic net income (loss) per share1 0.004 (0.011) 0.005 (0.020)
Cash flow used in operations (4,637) (2,734) (7,665) (6,914)
1 Affected by inventory net realizable value adjustments of: Q2-24 $683, Q2-23 ($7,962), YTD-24 $319, YTD-23 ($10,500)



Key Performance Indicators1 Three months ended Mar 31 Six months ended Mar 31
(in thousands USD, except per ounce amounts) 2024 2023 2024 2023
Total tonnes stacked 423,977 317,204 797,861 669,567
Silver equivalent ounces sold 374,140 355,741 679,227 767,497
Adjusted AISC per silver equivalent ounce2 $     24.20 $     19.76 $     24.40 $     18.69
Adjusted Cash cost per silver equivalent ounce2 $     17.29 $     14.00 $     17.08 $     13.41
Realized silver price $     23.90 $     21.39 $     23.17 $     20.96
1 Key performance indicators are unaudited non-GAAP measures, see reconciliation in MD&A.
2 Gold and copper are converted using average market prices.


Board of Directors Changes


The Company is announcing the retirement of George Waye, FCPA, FCA from its Board.  Mr. Waye has provided invaluable expertise and guidance over the 14 years served on the Company’s Board, originally joining in June 2010.  His financial expertise combined with strategic knowledge helped grow GoGold from a shell company to a silver and gold producer for over 10 years at Parral along with being well positioned for the upcoming development of the Los Ricos district.  “We’d like to thank George for the many years of service, and all of the valuable expertise and contributions that he provided over 14 years to help the company grow to the strong position we’re in today,” said John Turner, Chairman of the Board.


The Company has appointed Douglas Reid to its Board, effective May 7, 2024.  Mr. Reid is a former partner of KPMG Canada, where he served in various leadership roles including Atlantic Managing Partner and as a member of the Board of Directors of KPMG Canada. During his 40-year career with KPMG, Mr. Reid provided professional services to many of Atlantic Canada’s leading public and private corporations, including entities in the mining sector and entities with international operations.  Mr. Reid currently serves on the board of directors of the Halifax Port Authority. “We’re extremely pleased to have Doug join the team.  With his exceptional experience and skillset, along with his familiarity with GoGold, we’re confident that his addition as a director of the Company will be very beneficial to shareholders,” said Mr. Langille.


This news release should be read in conjunction with the interim condensed consolidated financial statements for the quarter ended March 31, 2024, notes to the financial statements, and management’s discussion and analysis for the quarter ended March 31, 2024, 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 May 8, 2024

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