GoGold Releases Q1 2024 Financial Results
GoGold Releases Q1 2024 Financial Results
Shares Outstanding: 328,222,500
Trading Symbols: TSX: GGD
TCQX: GLGDF
HALIFAX, NS,
Feb. 7, 2024
/CNW/ -
GoGold Resources Inc.
(TSX: GGD) (OTCQX:
GLGDF)
("GoGold", "the Company")
announces the financial results for the quarter ending
December 31, 2023
, with Parral generating
$6.8 million
(all amounts are in U.S. dollars) from the sale
of 305,087 silver equivalent ounces.
"In keeping with our outlook for 2024, as anticipated, the SART Zinc circuit commissioning was
finalized at Parral in January, and now we will ramp up the production of zinc and increased precious
metals production. We anticipate reaching the average run rate by July of this year when we will fully
realize the benefits of the Zinc circuit providing increased free cash flow and production at Parral. The
SART Zinc circuit was completed on budget and on schedule," said
Brad Langille
, President and
CEO. "Our technical team is continuing with the definitive feasibility study and front-end engineering
design for Los Ricos South to be completed within the first six months of 2024. With our strong cash
position, which will be enhanced with improved cash flow from Parral, we are in an excellent position to
move forward with our Los Ricos development."
Highlights for the quarter ending
December 31, 2023
:
Cash of
$88.8 million USD
Revenue of
$6.8 million
on the sale of 305,087 silver equivalent ounces at a realized price per
ounce of
$22.28
per oz
Net income of
$192,000
Production of 300,260 silver equivalent ounces, consisting of 109,016 silver ounces, 1,848 gold
ounces, and 95 copper tonnes
Adjusted cash cost per silver equivalent ounce of
$16.83
Adjusted all in sustaining cost per silver equivalent ounce of
$24.64
Following are tables showing summarized financial information and key performance indicators:
Summarized Consolidated Financial Information
Three months ended Dec 31
(in thousands USD, except per share amounts)
2023
2022
Revenue
$ 6,799
$ 8,478
Cost of sales, including depreciation
6,067
8,765
Operating loss
(1,609)
(2,242)
Net loss
192
(2,891)
Basic net income (loss) per share
0.001
(0.010)
Cash flow used in operations
(3,027)
(4,246)
Key Performance Indicators
1
Three months ended Dec 31
(in thousands USD, except per ounce amounts)
2023
2022
Total tonnes stacked
373,884
352,363
Silver equivalent ounces sold
305,087
411,756
Adjusted AISC per silver equivalent ounce
2
$ 24.64
$ 17.76
Adjusted Cash cost per silver equivalent ounce
2
$ 16.83
$ 12.89
Realized silver price
$ 22.28
$ 21.18
1
Key performance indicators are unaudited non-GAAP measures, see reconciliation in MD&A.
2
Gold 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
December 31, 2023
, notes to the financial statements, and
management's discussion and analysis for the quarter ended
December 31, 2023
, 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 (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
February 6, 2024
for the three months ended
December 31, 2023
, as
presented on SEDAR.
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SOURCE
GoGold Resources Inc.
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%SEDAR: 00029249E
For further information:
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 07-FEB-24