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Antioquia Gold Inc. (TSXV: AGD, OTC Pink: AGDXF) is a Canadian-based mining company primarily focused on the exploration and production of gold. The company operates the Cisneros Project, located in the Antioquia region of Colombia, which comprises two underground mines – Guaico and Guayabito, and a processing plant with a capacity of 1,200 tonnes per day.
Recently, Antioquia Gold has undergone significant operational challenges and structural changes. On August 14, 2023, the company announced the temporary closure of the Guayabito Mine by the regional environmental agency, CORNARE, due to insufficient water treatment capacity. Despite this setback, the company continues to produce gold from the Guaico Mine and maintains normal operations at its process plant.
In the second quarter of 2023, Antioquia Gold produced 8,926 ounces of gold, a decrease of 26% compared to the same period in 2022. The company's revenue for this quarter was $24.4 million, marking a 20% drop from the previous year. Adjusted EBITDA also fell sharply, from $7.3 million in Q2 2022 to $0.4 million in Q2 2023.
The company’s third quarter of 2023 showed further decline, with gold production at 8,502 ounces (24% lower than Q3 2022) and revenues at $12 million (46% lower than Q3 2022). Additionally, the average realized gold price increased to US$2,100 per ounce, compared to US$1,566 in the same quarter of the previous year.
On November 22, 2023, Antioquia Gold announced the approval for a voluntary delisting from the TSX Venture Exchange (TSXV) effective December 1, 2023. This decision followed the company's inability to meet public distribution requirements and was approved by a majority of its shareholders.
Despite these financial and regulatory challenges, Antioquia Gold remains committed to its Cisneros Project. The company controls approximately 17,000 hectares of mineral rights and actively engages in exploration to expand its resource base. The project’s mineral resource estimates have been independently validated, and the recent updates are consistent with CIM Definition Standards and NI 43-101 guidelines.
Financially, the company has faced increased costs, with a rise in cash costs and All-In Sustaining Costs (AISC) per ounce sold. This financial strain is reflected in the net loss reported for both Q2 and Q3 of 2023, highlighting the need for strategic adjustments.
For further information, investors can visit the company’s website or contact the CEO, Gonzalo de Losada, and Director, Thomas Kelly, via email at info@antioquiagold.com.
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