China Gold International Resources Reports 2022 Third Quarter Results
China Gold International
Resources Corp. Ltd.
Suite 660, One Bentall Centre
505 Burrard Street, Box 27
Vancouver, BC
Canada V7X 1M4
China Gold International Resources Reports 2022 Third Quarter Results
VANCOUVER, November 14, 2022 – China Gold Internati onal Resources Corp. Ltd.
(Toronto Stock Code : CGG; Hong Kong Stock Code : 2099) (the “ Company ” or “ China Gold
International Resources ”) is pleased to report financial and operational r esults for the
three months (“ Q3” or “ third quarter 2022 ”) and nine months (“ nine months 2022 ”)
ended September 30, 2022. This news release should be read in conjunction with the
Company’s Financial Statements, Notes to the Financial Statements and Management’s
Discussion and Analysis (“ MD&A ”).
For detailed information, please read the Company’s Financial Statements and MD&A
which are available on SEDAR at www.sedar.com, The Stock Exchange of Hong Kong
Limited’s website at www.hkex.com.hk, the Company's website at
www.chinagoldintl.com, or call the Company at +1-60 4-609-0598 and email to
Selected Production and Financial Highlights: Q3 2022 Compared to Q3 2021
• Revenue increased by 3% to US$255.0 million from US$248.3 million for the same
period in 2021.
• Mine operating earnings decreased by 8% to US$75. 7 million from US$82.6 million
for the same period in 2021.
• Net income decreased by 55% to US$23.4 million fr om US$52.2 million for the same
period in 2021 mainly due to the decrease of metal price and foreign exchange loss.
• Cash flow from operation decreased by 24% to US$8 9.8 million from US$117.5
million for the same period in 2021.
• Total gold production decreased by 4% to 54,734 o unces from 57,288 ounces for the
same period in 2021.
• Total copper production increased by 12% to 46.9 million pounds (21,254 tonnes)
from 41.8 million pounds (18,947 tonnes) for the same period in 2021.
Selected Production and Financial Highlights: First Nine Months 2022 Compared
to That of 2021
• Revenue increased by 3% to US$851.0 million from US$825.3 million for the same
period in 2021.
• Mine operating earnings increased by 2% to US$298 .9 million from US$292.3 million
for the same period in 2021.
• Net income decreased by 16% to US$176.9 million f rom US$209.9 million for the
same period in 2021 mainly due to foreign exchange loss.
• Cash flow from operation decreased by 9% to US$35 8.2 million from US$393.9
million for the same period in 2021.
• Total gold production slightly decreased by 2% to 178,844 ounces from 182,034
ounces for the same period in 2021.
• Total copper production decreased less than 1% to 142.3 million pounds (64,532
tonnes) from 143.3 million pounds (65,013 tonnes) for the same period in 2021.
China Gold International
Resources Corp. Ltd.
Suite 660, One Bentall Centre
505 Burrard Street, Box 27
Vancouver, BC
Canada V7X 1M4
• The Company continues to focus its efforts on opt imizing the operation at both mines,
stabilizing the Jiama Mine’s production and potenti ally extending the mine life of the
CSH Mine basing on the new underground gold resources anchored.
• The Company has been taking effective measures to prevent and control the
COVID-19 pandemic. Both of the Company’s mines have been able to operate and
sell products during the nine months ended Septembe r 30, 2022. The Company
continues to closely monitor the health of its employees and supply chains to be able
to respond to any potential disruptions, should any arise. The Company is also
managing its cash reserves to be able to withstand any financial ramifications of
potential disruptions.
The Company’s Chairman and CEO, Mr. Junhu Tong, sai d, “The mining industry is
complex and ever-changing, and the market environme nt is extremely challenging in
2022. China Gold International Resources has made e very effort to stabilize operation,
strengthen management, and avoid risks, and has bas ically maintained stable
production and performance in the first three quart ers. The results achieved are hard to
come by. In the future, the management team will co ntinue to be committed to strategic
development and operational optimization, consolida te the resource base, tap growth
potential, promote the quality of the Company, and return shareholders with value
creation.”
About China Gold International Resources
China Gold International Resources is a gold and ba se metal mining company
incorporated in BC, Canada and operates two mines, the CSH Gold Mine in Inner
Mongolia, China and the Jiama Copper-Gold Polymetal lic Mine in Tibet, China. The
Company’s objective is to build shareholder value t hrough growing production at its
current mining operations, expanding its resource b ase, and acquiring and developing
new projects internationally. The Company is listed on the Toronto Stock Exchange
(Stock Code : CGG) and the Main Board of The Stock Exchange of Hong Kong Limited
(Stock Code : 2099).
Cautionary Note About Forward-Looking Statements
Certain information regarding China Gold Internatio nal Resources contained herein may constitute
forward-looking statements within the meaning of ap plicable securities laws. Forward-looking statement s
may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements
that are not statements of fact. Although China Gol d International Resources believes that the
expectations reflected in such forward-looking stat ements are reasonable, it can give no assurance tha t
such expectations will prove to have been correct. China Gold International Resources cautions that actual
performance will be affected by a number of factors , most of which are beyond its control, and that fu ture
events and results may vary substantially from what China Gold International Resources currently
foresees. Factors that could cause actual results t o differ materially from those in forward-looking
statements include market prices, exploitation and exploration results, continued availability of capi tal and
financing and general economic, market or business conditions. The forward-looking statements are
expressly qualified in their entirety by this cautionary statement. The information contained herein is stated
as of the current date and subject to change after that date.