REG-AltynGold Plc 1st Quarter Results

AltyngoldAnnouncement

19/06/2023 07:00

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1st Quarter Results

 

AltynGold Plc

("AltynGold" or the "Company")

First quarter 2023 production update

AltynGold is pleased to announce its 1Q23 production update.

Highlights:


 * Implementation of the growth plan is progressing well with the delivery of new
mining equipment (LHD CAT R 1300 - 4 pcs., dump trucks AD-30 - 2 pcs.,
vertical sinking complex KPU- P - 1 piece, etc.). Ore mined increased 4% year
on year to 139.8kt swiftly recovering from the abnormally low level of 4Q22 of
118.6kt due to extreme weather. In April, ore extraction volumes reached 66kt
in support of the full year production target of ~750kt/y.

 * Processing plant capacity expansion to 1.0 million tons/year is also making
good progress. The “VNIITsvetmet" design Institute is finalising project
details and contracts were already concluded for the supply of the required
equipment (mill 4500х6000, a three-stage crushing complex, a hydrocyclone
pump unit and three additional leaching tanks with a volume of 800 m3 each
etc.). The expanded processing capacity is expected to take effect in 1Q24
without incurring any hindrance to current operations. During the period due
to planned maintenance at the crushing facilities, milled ore declined 22.6%
year on year.

 * Reserves development is being accelerated with the preparation of ore bodies
No. 11, No. 6-8 and No. 5-5 at +84m horizon and transport slopes No. 1 and No.
2 at +67m and +50m elevations respectively. Grades retreated slightly to
1.9g/t from 2.03g/t from a year ago as a result of the clawback effect from
selective mining in 4Q22 when grades reached 2.49g/t. This measure was taken
in order to offset the decline in mining production due to extreme weather
over the previous quarter.

 * Revenues at USD11.15m were temporarily impacted by reduced volumes given
maintenance activity as noted at the crushing facility.
                             1Q2022   1Q2023   
 Ore mined           tons    134,461  139,837  
 Contained gold      ounces  8,841    8,869    
 Ore milled          tons    151,431  117,235  
 Average gold grade  g/ton   2.03     1.90     
 Gold poured         ounces  8,129    5,902    
 Revenues            US$     14.38    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
(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.altyngold.uk&esheet=53421818&newsitemid=20230618051320&lan=en-US&anchor=www.altyngold.uk&index=1&md5=833547ce77409cc60af3ad6e64efa2f0)



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AltynGold Plc


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