GGD.TO · 2024-08-08 12:00:00

GoGold Releases Q3 2024 Financial Results

Financials

Shares Outstanding: 329,452,261

Trading Symbols: TSX: GGD

OTCQX: GLGDF

HALIFAX, NS

Aug. 8, 2024

/CNW/ -

GoGold Resources Inc.

(TSX: GGD) (OTCQX:

GLGDF)

("GoGold", "the Company")

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 depreciation

4,590

6,272

17,173

28,796

Operating income (loss)

3,600

245

1,869

(10,149)

Net (loss) income

(483)

2,604

864

(3,593)

Basic net (loss) income per share

(0.002)

0.008

0.003

(0.012)

Cash flow used in operations

(2,157)

(299)

(9,819)

(7,210)

Affected by inventory net realizable value adjustments of: Q3-24 $2,957, Q3-23 nil, YTD-24 $3,276, YTD-23 ($10,500)

Key Performance Indicators

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 ounce

$ 24.59

$ 20.85

$ 24.47

$ 19.38

Adjusted Cash cost per silver equivalent ounce

$ 18.54

$ 15.24

$ 17.59

$ 13.99

Realized silver price

$ 28.37

$ 23.57

$ 24.99

$ 21.79

Key performance indicators are unaudited non-GAAP measures, see reconciliation in MD&A.

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

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 (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

August 7, 2024

for the three months ended

June 30, 2024

, as

presented on SEDAR.

View original content to download multimedia:

https://www.prnewswire.com/news-releases/gogold-releases-q3-2024-financial-results-302217680.html

SOURCE

GoGold Resources Inc.

View original content to download multimedia:

http://www.newswire.ca/en/releases/archive/August2024/08/c6482.html

%SEDAR: 00029249E

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 08-AUG-24

← Back to feed