Elevation Gold Reports Revenue of US$12.1 Million Financial Results for Quarter Ending September 30, 2021
Elevation Gold Corp. (OTCQX: EVGDF) reported a revenue of $12.1 million for the quarter ending September 30, 2021. The earnings from mine operations reached $2.9 million, with a production of 7,209 gold equivalent ounces. Cash costs were $1,316 per ounce sold, while the All In Sustaining Cost (AISC) was $1,643 per ounce. The company experienced a successful ramp-up of Heap Leach Pad 3A and completed a significant share consolidation. Exploration efforts yielded promising results, enhancing resource estimates by 36%.
- Revenue of $12.1 million for Q3 2021.
- Earnings from mine operations of $2.9 million.
- Gold equivalent production of 7,209 ounces.
- Successful ramp-up of Heap Leach Pad 3A.
- 36% increase in Measured and Indicated Resources.
- Operating income for the quarter was only $160, indicating low profitability.
- Cash costs increased to $1,316 per ounce sold compared to previous periods.
- AISC of $1,643 per ounce indicates higher operational costs.
VANCOUVER, BC, Nov. 26, 2021 /PRNewswire/ - Elevation Gold Corp. (TSXV: ELVT) (OTCQX: EVGDF) ("Elevation Gold " or the "Company") a U.S.-focused gold producer with district-scale exploration potential in the Walker Lane Trend in Arizona and Nevada, is pleased to announce financial results for the quarter ending September 30, 2021. All figures are expressed in US dollars unless otherwise noted.
Highlights for the Quarter ended September 30, 2021
- Revenue of
$12.1 million - Earnings from mine operations of
$2.9 million before depreciation and depletion - Commissioning and ramp up to full operation of Heap Leach Pad 3A
- Gold equivalent production of 7,209 ounces1
- Cash costs of
$1,316 per ounce sold on sales of 6,214 gold ounces2 - Moss mine All In Sustaining Cost ("AISC") of
$1,643 per ounce sold, including$317 per ounce in capital expenditures2 - Exploration success highlighted by 64.01 meters grading 1.65 g/t gold and 15.39 g/t silver3
- Completed a 6:1 share consolidation and name change
- Gold equivalent oz = Gold Oz + (Ag oz/75)
- Refer to reconciliation of Non-IFRS Performance Measures at the end of this release
- For further details please refer to the Company's September 8, 2021 news release
Michael G. Allen, President of Elevation Gold stated, "The ramp-up of the 3A Heap Leach Pad now allows the mining team to focus on pre-stripping the south wall of the East pit to allow for higher grade material to be mined in Q1 2022. In addition, the crusher team has been focussing on improving operational efficiencies to increase throughput in alignment with higher grade material being mined. Subsequent to quarter end we announced an updated mineral resource estimate, which included a
Consolidated Three and Nine Months ended September 30, 2021 Financial Results
US$'000 (except per share amounts) | Three Months Ended | Nine Months Ended |
Revenue | 12,095 | 45,086 |
Costs of sales (including depreciation and amortization) | (10,898) | (38,027) |
Operating income | 160 | 3,211 |
Net income | 3,5351 | 2,7012 |
Net income per share (basic) | 0.06 | 0.05 |
1. | Includes a non-cash accounting derivative revaluation gain of |
2. | Includes a non-cash accounting derivative revaluation gain of |
Consolidated Three and Nine Months ended September 30, 2021
Operating Statistics
US$'000 (except per ounce amounts) | Three Months Ended | Nine Months Ended |
Average realized gold price ($/oz) | 1,785 | 1,794 |
Ore Tonnes Mined (t) | 730,447 | 2,119,071 |
Ore Stacked (t) | 714,6421 | 2,047,648 |
Grade (g/t Au) | 0.40 | 0.45 |
Gold Ounces Produced | 6,526 | 22,368 |
Gold Ounces Sold | 6,214 | 22,380 |
Total Cash Costs ($/oz) | 1,316 | 1,202 |
Moss Mine AISC ($/oz) 1 | 1,643 | 1,906 |
Capital Expenditures | 1,9682 | 15,5593 |
1. | Tonnes stacked for the three and nine months ended September 30, 2021 included 112,053 of low-grade ore which was stacked as overliner for the new heap leach pad. |
2. | AISC includes |
3. | AISC includes |
Qualified Person
The foregoing technical information contained in this news release has also been reviewed and verified by Mr. Joseph Bardswich, P.Eng., a Qualified Person ("QP") for the purpose of National Instrument 43-101 (Disclosure Standards for Mineral Projects).
Dr. Warwick Board, P.Geo., Vice President Exploration of Elevation Gold, is the Qualified Person as defined by NI 43-101 responsible for the Moss Regional Exploration Project and has reviewed and approved the scientific and technical information in this news release related thereto.
Full Condensed Interim Consolidated Financial Statements and the Management Discussion & Analysis can be found at www.sedar.com and the Company's website at elevationgold.com/.
Non-IFRS Performance Measures
The following tables represent the calculation of certain Non-IFRS Financial Measures as referenced in this news release.
Reconciliation to Cash Costs and All In Sustaining Costs
Three Months Ended | Nine Months Ended | |||
Gold ounces sold | 6,214 | 22,380 | ||
Cash costs reconciliation | ||||
Cost of sales | $ | 10,898 | $ | 38,027 |
Less: Depreciation and depletion | (1,713) | (6,177) | ||
Add: Refining and transportation | 60 | 212 | ||
Less: Silver revenue | (1,065) | (5,157) | ||
Cash costs | 8,180 | 26,905 | ||
Cash costs per ounce of gold sold | $ | 1,316 | $ | 1,202 |
AISC reconciliation | ||||
Cash costs | $ | 8,180 | $ | 26,905 |
Sustaining capital expenditures | 1,968 | 15,559 | ||
Accretion | 62 | 195 | ||
10,210 | 42,659 | |||
Moss Mine AISC per ounce sold | $ | 1,643 | $ | 1,906 |
About Elevation Gold Corporation
Elevation offers investors a rare combination of cash flow, production, top-tier management and exceptional exploration potential within two projects on the Walker Lane Gold Trend of western Nevada and Arizona. Management is executing a clear strategy that expands production and resources at the Moss Mine in Arizona while aggressively exploring the Hercules Project in Nevada.
ON BEHALF OF THE BOARD OF ELEVATION GOLD
"Michael G. Allen"
President
TSXV: ELVT | OTCQX: EVGDF | ELVT.WT | Frankfurt: 54N | ISIN: CA6660061012 | WKN: A1JUA0
Neither TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements:
This news release contains statements about our future business and planned activities. These are "forward-looking" because we have used what we know and expect today to make a statement about the future. Forward-looking statements including but are not limited to comments regarding the timing and content of upcoming work and analyses. Forward-looking statements usually include words such as scheduled, may, intend, plan, expect, anticipate, believe or other similar words. Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by such forward-looking statements. We believe the expectations reflected in these forward-looking statements are reasonable. However, actual events and results could be substantially different because of the risks and uncertainties associated with our business or events that happen after the date of this news release. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date made. As a general policy, we do not update forward-looking statements except as required by securities laws and regulations. US investors should be aware that mining terminology used for Canadian mineral project reporting purposes differs significantly from US terminology.
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SOURCE Elevation Gold Mining Corp.
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