GoGold Releases Positive Financial Results for 2024
GoGold Releases Positive Financial Results for
2024
Shares Outstanding: 329,527,261
Trading Symbols: TSX: GGD
OTCQX: GLGDF
HALIFAX, NS
,
Dec. 12, 2024
/CNW/ -
GoGold Resources Inc.
(TSX: GGD) (OTCQX: GLGDF)
("GoGold",
"the Company")
announces the financial results for the year ending
September 30, 2024
, with Parral revenue
increasing by 20%, generating
$37 million
(all amounts are in U.S. dollars) from the sale of 1.4 million silver
equivalent ounces.
"The SART Zinc circuit addition which we completed in the year has performed well. Not only has the circuit
given us a saleable zinc precipitate, but also removing zinc from the solution has increased the leachability of
the gold and silver. This has significantly increased the production and profitability at Parral, which we are
seeing in our current December quarter," said
Brad Langille
, President and CEO. "Looking forward to 2025,
we are confident we will have our permit for Los Ricos South and be in a position to make a positive
construction decision moving towards production of the Company's second operating mine."
Highlights for the year ending
September 30, 2024
:
Cash of
$72.0 million USD
Revenue of
$36.5 million
on the sale of 1.4 million silver equivalent ounces at an average realized price per
ounce of
$25.95 USD
Net income of
$1.6 million
Production of 1,482,391 silver equivalent ounces, consisting of 553,382 silver ounces, 8,700 gold ounces,
468 copper tonnes, 316 zinc tonnes
Adjusted cash cost per silver equivalent ounce of
$17.62
Adjusted all in sustaining cost per silver equivalent ounce of
$24.15
Following are tables showing summarized financial information and key performance indicators:
Summarized Consolidated Financial Information
Three months ended Sep 30
Year ended Sep 30
(in thousands USD, except per share amounts)
2024
2023
2024
2023
Revenue
$ 10,406
$ 5,690
$ 36,503
$ 30,260
Cost of sales, including depreciation
7,139
5,412
24,313
34,209
Operating income (loss)
4,021
(1,514)
3,230
(11,840)
Net income (loss)
719
(4,295)
1,580
(7,890)
Basic net income (loss) per share
0.002
(0.014)
0.005
(0.025)
Cash flow used in operations
(857)
(140)
(10,678)
(7,419)
Key Performance Indicators
1
Three months ended Sep 30
Year ended Sep 30
(in thousands USD, except per ounce amounts)
2024
2023
2024
2023
Total tonnes stacked
363,695
329,944
1,587,360
1,407,249
Silver equivalent ounces sold
362,314
243,518
1,406,660
1,371,026
Adjusted AISC per silver equivalent ounce
2
$ 23.26
$ 27.28
$ 24.15
$ 20.78
Adjusted Cash cost per silver equivalent ounce
2
$ 17.71
$ 19.72
$ 17.62
$ 15.01
Realized silver price
$ 28.72
$ 23.37
$ 25.95
$ 22.07
1
Key performance indicators are unaudited non-GAAP measures, see reconciliation in MD&A.
2
Gold, copper and zinc are converted using average market prices.
This news release should be read in conjunction with the consolidated financial statements for the year ended
September 30, 2024
, notes to the financial statements, and management's discussion and analysis for the year
ended
September 30, 2024
, which have been filed on SEDAR and are available on the Company's
website. The Company's annual information form has also been filed and is available on SEDAR and 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 (TSX: GGD) 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
.
CAUTIONARY STATEMENT:
The securities described herein have not been, and will not be, registered under the United States Securities
Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and may not be offered or
sold within
the United States
or to, or for the benefit of, U.S. persons (as defined in Regulation S under the
U.S. Securities Act) except in compliance with the registration requirements of the U.S. Securities Act and
applicable state securities laws or pursuant to exemptions therefrom. This release does not constitute an offer
to sell or a solicitation of an offer to buy of any of GoGold's securities in
the United States
.
This news release may contain "forward-looking information" as defined in applicable Canadian securities
legislation. All statements other than statements of historical fact, included in this release, including, without
limitation, statements regarding the Parral tailings project, the Los Ricos project, future operating margins,
future production and processing, and future plans and objectives of GoGold, constitute forward looking
information that involve various risks and uncertainties. Forward-looking information is based on a number of
factors and assumptions which have been used to develop such information but which may prove to be
incorrect, including, but not limited to, assumptions in connection with the continuance of GoGold and its
subsidiaries as a going concern, general economic and market conditions, mineral prices, the accuracy of
mineral resource estimates, and the performance of the Parral project There can be no assurance that such
information will prove to be accurate and actual results and future events could differ materially from those
anticipated in such forward-looking information.
Important factors that could cause actual results to differ materially from GoGold's expectations include
exploration and development risks associated with the GoGold's projects, the failure to establish estimated
mineral resources or mineral reserves, volatility of commodity prices, variations of recovery rates, and global
economic conditions. For additional information with respect to risk factors applicable to GoGold, reference
should be made to GoGold's continuous disclosure materials filed from time to time with securities regulators,
including, but not limited to, GoGold's Annual Information Form. The forward-looking information contained in
this release is made as of the date of this release.
Cautionary non-GAAP Measures and Additional GAAP Measures
Note that for purposes of this section, GAAP refers to IFRS. The Company believes that investors use certain
non-GAAP and additional GAAP measures as indicators to assess mining companies. They are intended to
provide additional information and should not be considered in isolation or as a substitute for measures of
performance prepared with GAAP. Non-GAAP and additional GAAP measures do not have a standardized
meaning prescribed under IFRS and therefore may not be comparable to similar measures presented by other
companies.
Additional GAAP measures that are presented on the face of the Company's consolidated statements of
comprehensive income include "Operating income (loss)". These measures are intended to provide an
indication of the Company's mine and operating performance. Per ounce measures are calculated by dividing
the relevant mining and processing costs and total costs by the tonnes of ore processed in the period.
"Adjusted cash costs per ounce" and "Adjusted all-in sustaining costs per ounce" are used in this analysis and
are non-GAAP terms typically used by mining companies to assess the level of gross margin available to the
Company by subtracting these costs from the unit price realized during the period. These non-GAAP terms are
also used to assess the ability of a mining company to generate cash flow from operations. There may be
some variation in the method of computation of these metrics as determined by the Company compared with
other mining companies. In this context, "Adjusted cash costs per ounce" reflects the cash operating costs
allocated from in-process and dore inventory associated with ounces of silver and gold sold in the period.
"Adjusted cash costs per ounce" may vary from one period to another due to operating efficiencies, grade of
material processed and silver/gold recovery rates in the period. "Adjusted all-in sustaining costs per ounce"
include total cash costs, exploration, corporate and administrative, share based compensation and sustaining
capital costs. For a reconciliation of non-GAAP and GAAP measures, please refer to the Management
Discussion and Analysis dated
December 11, 2024
for the year ended
September 30, 2024
, as presented on
SEDAR.
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SOURCE
GoGold Resources Inc.
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For further information:
For further information please contact: Steve Low, Corporate Development, GoGold
Resources Inc., T: 416 855 0435, Email: [email protected]; Or visit : www.gogoldresources.com
CO: GoGold Resources Inc.
CNW 08:30e 12-DEC-24