ALTYNGOLD PLC: 3rd Quarter Results
October 24 2023 - 2:00AM
UK Regulatory
TIDMALTN
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.
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 $17.9m on
higher average gold price and expanded volumes with gold poured up
2.7% yoy.
Details of the key production figures for the quarter and year
to date are shown below:
Year to Year to
3Q2023 3Q2022 date 2023 date 2022
Ore mined tons 186,120 131,204 517,303 408,602
Ore milled tons 161,527 154,817 441,682 461,416
Contained gold ounces 10,986 10,538 28,419 30,869
Gold poured ounces 9,038 8,799 23,478 25,764
Average gold grade g/ton 2.12 2.12 2.00 2.08
Revenues US$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/
CONTACT:
AltynGold Plc
SOURCE: AltynGold Plc
Copyright Business Wire 2023
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