In This Article:
LONDON, May 07, 2024--(BUSINESS WIRE)--
AltynGold Plc
("AltynGold" or the "Company")
First Quarter 2024 production update
AltynGold is pleased to announce its 1Q2024 production update.
Production volumes were strong with both mined and milled ore increasing 11% YoY to 154.8kt and 129.7kt respectively.
Gold grade increased to 2.17g/t. The improvement is driven by positive mix effect from accumulated stock piles as well as grade recovery from underlying operations which increased to 2.08g/t from 1.92g/t in 1Q23. As a result, volume of gold poured expanded 25% YoY to 7,370/oz.
Revenues for the quarter increased 41% YoY to US$15.7m primarily on stronger sales which expanded 28% YoY to 7,546/oz (1Q2023: 5,902/oz). The average selling price also increased 10% YoY to $2,083/oz (1Q2023: US$1,889/oz) in line with positive momentum in gold price globally.
The processing plant expansion is progressing well and in line with budget.
Details of the key production figures for the quarter are shown below:
| 1Q2024 | 1Q2023 | ||
| Ore mined | tons | 154,824 | 139,837 |
| Ore milled | tons | 129,705 | 117,235 |
| Contained gold | ounces | 10,354 | 8,869 |
| Gold poured | ounces | 7,370 | 5,884 |
| Average gold grade | g/ton | 2.17 | 1.92 |
| Revenues | US$m | 15.7 | 11.15 |
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
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Contacts
AltynGold Plc