The Prospector News

GoGold Releases Q3 2024 Financial Results

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

GoGold Releases Q3 2024 Financial Results

 

 

 

 

 

GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) is pleased to announce the financial results for the quarter ending June 30, 2024.  The Company generated revenue of $10.4 million (all amounts are in U.S. dollars) from the sale of 365,119 silver equivalent ounces.

 

“During the quarter, we passed 10 years of continuous production at Parral.  We constantly make efforts to optimize our operations and congratulate the team on completing 10 years of production,” said Brad Langille, President and CEO.  “We feel that the next decade plus of growth in GoGold lies within our flagship Los Ricos district, with the immediate catalyst being the release of the results of our definitive feasibility study in September at Los Ricos South.  During the engineering work for the feasibility study we have redesigned the mine plan to have a bulk underground operation for at least the first decade of production.  We are confident that we will be issued an underground permit and therefore are preparing to execute on long lead time items such as construction of a power line and paying deposits for certain major components.”

 

Highlights for the quarter ending June 30, 2024:

  • Cash of $76.4 million USD
  • Revenue of $10.4 million on the sale of 365,119 silver equivalent ounces at a realized price per ounce of $28.37 per oz
  • Production of 400,236 silver equivalent ounces, consisting of 138,708 silver ounces, 2,436 gold ounces, 148 copper tonnes, and 125 zinc tonnes
  • First sale of zinc precipitate from SART zinc expansion
  • Adjusted cash cost per silver equivalent ounce of $18.54
  • Adjusted all in sustaining cost per silver equivalent ounce of $24.59

 

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) 2024 2023 2024 2023
Revenue $      10,358 $      8,485 $      26,097 $      24,570
Cost of sales, including depreciation1 4,590 6,272 17,173 28,796
Operating income (loss)1 3,600 245 1,869 (10,149)
Net (loss) income1 (483) 2,604 864 (3,593)
Basic net (loss) income per share1 (0.002) 0.008 0.003 (0.012)
Cash flow used in operations (2,157) (299) (9,819) (7,210)
1Affected by inventory net realizable value adjustments of: Q3-24 $2,957, Q3-23 nil, YTD-24 $3,276, YTD-23 ($10,500)

 

 

Key Performance Indicators1 Three months ended Jun 30 Nine months ended Jun 30
(in thousands USD, except per ounce amounts) 2024 2023 2024 2023
Total tonnes stacked 425,804 407,738 1,223,665 1,077,305
Silver equivalent ounces sold 365,119 360,011 1,044,346 1,127,508
Adjusted AISC per silver equivalent ounce2 $     24.59 $     20.85 $     24.47 $     19.38
Adjusted Cash cost per silver equivalent ounce2 $     18.54 $     15.24 $     17.59 $     13.99
Realized silver price $     28.37 $     23.57 $     24.99 $     21.79
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 June 30, 2024, notes to the financial statements, and management’s discussion and analysis for the quarter ended June 30, 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 August 8, 2024

Share this news article

MORE or "UNCATEGORIZED"


New Found Intersects 455 G/T Au Over 4.1m, 148 G/T Au Over 7.0m And 58.6 G/T Au Over 11.6m At Keats With Phase II Trench Channel Samples

  New Found Gold Corp. (TSX-V: NFG) (NYSE-A: NFGC) is pleased to announce the results of the seco... READ MORE

December 2, 2024

TRX Gold Reports Year-End 2024 Results

  TRX Gold Corporation (TSX: TRX) (NYSE American: TRX) today reported its results for the year end ... READ MORE

December 2, 2024

Arizona Metals Intersects 20.1 m @ 3.6 g/t AuEq in Kay2 Zone at Kay Deposit

Arizona Metals Corp. (TSX: AMC) (OTCQX: AZMCF) is pleased to announce new drill results from the Ka... READ MORE

December 2, 2024

American Pacific Closes Transaction to Gain USD$10M and 100% Interest in the Palmer VMS Project in Alaska

American Pacific Mining Corp. (CSE: USGD) (OTCQX: USGDF) (FWB: 1QC) announced today that it has clos... READ MORE

December 2, 2024

Aya Gold & Silver Announces First Silver Pour at Expanded Zgounder Mine

Aya Gold & Silver Inc. (TSX: AYA) (OTCQX: AYASF) is pleased to announce the first silver pour f... READ MORE

December 2, 2024

Copyright 2024 The Prospector News