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3rd Quarter Results

Business Wire
·2-min read

LONDON, October 24, 2023--(BUSINESS WIRE)--

AltynGold Plc
("AltynGold" or the "Company")
Third quarter 2023 production update

AltynGold is pleased to announce its 3Q2023 production update.

As noted in the interims, year to date processed ore volume was affected by the current plant upgrade. To mitigate disruptions, the management has streamlined workflows while works are ongoing. As a result, 3Q23 ore milled increased 4.3% yoy. The fully expanded 1mt/y capacity is expected to be operational by the end of 1Q24.

Following substantial investments in mining equipment, 3Q23 production expanded significantly to reach an annualised level of 744kt/y and a growth rate of 41.8% yoy. Excess ore is being stockpiled ahead of the processing plant upgrade.

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Grades recovered to 2.12g/t in line with 3Q22 level. Year to date grades stood at 2.00g/t slightly below last year’s average of 2.08g/t.

Revenues for the quarter increased 20.95% yoy to $17.9m on higher average gold price and expanded volumes with gold poured up 2.7% yoy.

Details of the key production figures for the quarter and year to date are shown below:

3Q2023

3Q2022

Year to
date 2023

Year to
date 2022

Ore mined

tons

186,120

131,204

517,303

408,602

Ore milled

tons

161,527

154,817

441,682

461,416

Contained gold

ounces

10,986

10,538

28,419

30,869

Gold poured

ounces

9,038

8,799

23,478

25,764

Average gold grade

g/ton

2.12

2.12

2.00

2.08

Revenues

US$m

17.9

14.8

45.7

44.3

Further Information:

For further information please contact:

AltynGold Plc
Rajinder Basra
+44 (0) 203 432 3198

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014, as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018.

Information on the Company

AltynGold Plc (LSE:ALTN) is an exploration and development company, which is listed on the Main Market segment of the London Stock Exchange.

To read more about AltynGold Plc please visit our website www.altyngold.uk

View source version on businesswire.com: https://www.businesswire.com/news/home/20231023542490/en/

Contacts

AltynGold Plc