Picture of Altyngold logo

ALTN Altyngold News Story

0.000.00%
gb flag iconLast trade - 00:00
Basic MaterialsSpeculativeMicro CapValue Trap

REG-Altyn Plc 1st Quarter Results

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20210511:nBw61jbnGa&default-theme=true


1st Quarter Results

 

AltynGold Plc

("AltynGold" or the "Company")

First quarter production results and financial update

AltynGold is pleased to announce its 1Q21 production results and financial
update.

Highlights:


 * Revenues soared by almost 120% year-over-year mainly driven by improved gold
poured production and also by higher gold price during the 1Q21 compared to
1Q20.

 * Production went up by almost 43% year-over-year and the quantity of contained
gold increase more than by 70% year-over-year. The positive momentum in
production growth and improving contained gold is expected to be increased
over the coming quarters.

 * Average grade improved by almost 20% year-over-year from 1.49g/t to 1.78g/t.
The Company plans improving grade further in the upcoming quarters due to the
new equipment.

 * After the planned maintenance completed in 3Q20 the Company demonstrated
uninterrupted production in 4Q20 and continued demonstrating it during 1Q21 as
well. Despite of more severe weather conditions during cold and snowy first
three months of 2021, growth of milled ore production increased by 43%
year-over-year.

 * In September 2019 the Company agreed a facility with Bank Center Credit JSC
(BCC) for an amount of US$17m. As of 1Q21 the Company has repaid US$4.71m of
the bank facility.

 * The Company has significantly improved its financial position in 2020 and
1Q21. The Company’s Net Debt to EBITDA ratio has steadily improved over the
last years: 5.6x in 2018, 4.7x in 2019 and 1.6x in 2020. Management maintains
a positive view on the Company’s capacity to raise funding for the
Company’s upcoming capital requirements at attractive terms.


 * On COVID-19 update, the Company did not experience any negative effect or
interruptions on its production operations during the quarter. All operational
processes continued at a regular pace despite of unfavorable weather
conditions during the quarter. The management of the Company continues
cooperating with the authorities and monitoring the situation on the virus
with regular PCR testing of all staff. The health and safety of our employees
is the top priority of the Company.
                              1Q20    1Q21     
 Ore mined           tons     92,324  131,733  
 Contained gold      ounces   4,376   7,462    
 Ore milled          tons     92,909  132,834  
 Average gold grade  gr/tone  1.49    1.78     
 Gold poured         ounces   3,380   6,272    
 Revenue             USD m    4.58    10.06    


Further Information:

For further information please contact:

AltynGold Plc

Rajinder Basra

+44 (0) 207 932 2455

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014.

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
(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.altyngold.uk&esheet=52426599&newsitemid=20210510005654&lan=en-US&anchor=www.altyngold.uk&index=1&md5=496e88dd0d997814f48ee169addf13ff)



View source version on businesswire.com:
https://www.businesswire.com/news/home/20210510005654/en/
(https://www.businesswire.com/news/home/20210510005654/en/)

Altyn Plc


Copyright Business Wire 2021

Recent news on Altyngold

See all news