GoGold Releases Positive Financial Results for 2024
GoGold Resources reported financial results for the year ending September 30, 2024, showing significant growth with Parral revenue increasing by 20% to $37 million. The company sold 1.4 million silver equivalent ounces at an average price of $25.95 USD. The newly completed SART Zinc circuit has enhanced production and profitability by improving gold and silver leachability.
Key financial highlights include: cash position of $72.0 million, net income of $1.6 million, and production of 1,482,391 silver equivalent ounces. The company achieved an adjusted cash cost of $17.62 per silver equivalent ounce and an all-in sustaining cost of $24.15. Looking ahead to 2025, GoGold anticipates receiving permits for Los Ricos South and moving forward with construction of its second operating mine.
GoGold Resources ha riportato i risultati finanziari per l'anno che si è concluso il 30 settembre 2024, mostrando una crescita significativa con un aumento del 20% nei ricavi di Parral che hanno raggiunto i 37 milioni di dollari. L'azienda ha venduto 1,4 milioni di once equivalenti d'argento a un prezzo medio di 25,95 USD. Il nuovo circuito SART per lo zinco completato ha migliorato la produzione e la redditività aumentando la leachabilità di oro e argento.
I principali punti salienti finanziari includono: una posizione di cassa di 72,0 milioni di dollari, un reddito netto di 1,6 milioni di dollari e una produzione di 1.482.391 once equivalenti d'argento. L'azienda ha raggiunto un costo di cassa rettificato di 17,62 dollari per oncia equivalente d'argento e un costo totale sostenibile di 24,15 dollari. Guardando al 2025, GoGold prevede di ricevere i permessi per Los Ricos South e di procedere con la costruzione della sua seconda miniera operativa.
GoGold Resources informó los resultados financieros para el año que finalizó el 30 de septiembre de 2024, mostrando un crecimiento significativo con un aumento del 20% en los ingresos de Parral que alcanzaron los 37 millones de dólares. La empresa vendió 1,4 millones de onzas equivalentes de plata a un precio promedio de 25,95 USD. El nuevo circuito SART de zinc completado ha mejorado la producción y la rentabilidad al aumentar la lixiviación de oro y plata.
Los principales aspectos financieros incluyen: una posición de efectivo de 72,0 millones de dólares, un ingreso neto de 1,6 millones de dólares y una producción de 1.482.391 onzas equivalentes de plata. La empresa logró un costo de efectivo ajustado de 17,62 dólares por onza equivalente de plata y un costo total sostenible de 24,15 dólares. Mirando hacia el 2025, GoGold anticipa recibir permisos para Los Ricos South y avanzar con la construcción de su segunda mina operativa.
GoGold 리소스는 2024년 9월 30일로 마감된 연도의 재무 결과를 보고했으며, Parral 수익이 20% 증가하여 3,700만 달러에 달하는 등 상당한 성장세를 보이고 있습니다. 이 회사는 평균 가격 25.95 USD로 140만 온스의 실버 등가 산출물을 판매했습니다. 새로 완공된 SART 아연 회로는 금과 은의 용해율을 개선함으로써 생산성과 수익성을 향상시켰습니다.
주요 재무 하이라이트는 현금 보유량 7200만 달러, 순이익 160만 달러, 그리고 1,482,391온스의 실버 등가 생산량을 포함합니다. 회사는 실버 등가 온스당 17.62달러의 조정된 현금 비용과 24.15달러의 전체 지속 가능 비용을 달성했습니다. 2025년을 바라보며, GoGold는 Los Ricos South에 대한 허가를 받고 두 번째 운영 광산의 건설을 진행할 계획입니다.
GoGold Resources a publié ses résultats financiers pour l'année se terminant le 30 septembre 2024, montrant une croissance significative avec un augmentation de 20% des revenus de Parral, atteignant 37 millions de dollars. L'entreprise a vendu 1,4 million d'onces équivalentes d'argent à un prix moyen de 25,95 USD. Le nouveau circuit SART de zinc, récemment achevé, a amélioré la production et la rentabilité en augmentant la lixiviabilité de l'or et de l'argent.
Les principaux points financiers comprennent : une position de trésorerie de 72,0 millions de dollars, un revenu net de 1,6 million de dollars et une production de 1 482 391 onces équivalentes d'argent. L'entreprise a réalisé un coût de trésorerie ajusté de 17,62 dollars par once équivalente d'argent et un coût total durable de 24,15 dollars. En regardant vers 2025, GoGold anticipe de recevoir des permis pour Los Ricos South et de progresser dans la construction de sa deuxième mine opérationnelle.
GoGold Resources hat die finanziellen Ergebnisse für das am 30. September 2024 endende Jahr veröffentlicht und bemerkenswertes Wachstum verzeichnet, mit einem Umsatzanstieg von 20% aus Parral, der sich auf 37 Millionen Dollar beläuft. Das Unternehmen hat 1,4 Millionen Silberäquivalent-Unzen zu einem Durchschnittspreis von 25,95 USD verkauft. Der neu abgeschlossene SART-Zinkkreis hat die Produktion und Rentabilität durch verbesserte Auslaugung von Gold und Silber gesteigert.
Zu den wichtigsten finanziellen Highlights gehören: eine Liquiditätsposition von 72,0 Millionen Dollar, ein Nettoergebnis von 1,6 Millionen Dollar und eine Produktion von 1.482.391 Silberäquivalent-Unzen. Das Unternehmen erreichte einen angepassten Barkosten von 17,62 Dollar pro Silberäquivalent-Unze und Gesamtkosten von 24,15 Dollar. Für 2025 erwartet GoGold die Genehmigungen für Los Ricos South zu erhalten und mit dem Bau seiner zweiten Betriebsgrube fortzufahren.
- Revenue increased 20% to $36.5 million
- Net income of $1.6 million, improved from $7.89 million loss in 2023
- Strong cash position of $72.0 million
- SART Zinc circuit implementation improved production efficiency
- Higher realized silver price of $25.95/oz vs $22.07/oz in 2023
- Operating cash flow declined to -$10.67 million from -$7.41 million
- Adjusted AISC increased to $24.15/oz from $20.78/oz
- Adjusted cash cost rose to $17.62/oz from $15.01/oz
Shares Outstanding: 329,527,261
Trading Symbols: TSX: GGD
OTCQX: GLGDF
HALIFAX, NS, Dec. 12, 2024 /PRNewswire/ - GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) ("GoGold", "the Company") announces the financial results for the year ending September 30, 2024, with Parral revenue increasing by
"The SART Zinc circuit addition which we completed in the year has performed well. Not only has the circuit given us a saleable zinc precipitate, but also removing zinc from the solution has increased the leachability of the gold and silver. This has significantly increased the production and profitability at Parral, which we are seeing in our current December quarter," said Brad Langille, President and CEO. "Looking forward to 2025, we are confident we will have our permit for Los Ricos South and be in a position to make a positive construction decision moving towards production of the Company's second operating mine."
Highlights for the year ending September 30, 2024:
- Cash of
$72.0 million USD - Revenue of
$36.5 million $25.95 USD - Net income of
$1.6 million - Production of 1,482,391 silver equivalent ounces, consisting of 553,382 silver ounces, 8,700 gold ounces, 468 copper tonnes, 316 zinc tonnes
- Adjusted cash cost per silver equivalent ounce of
$17.62 - Adjusted all in sustaining cost per silver equivalent ounce of
$24.15
Following are tables showing summarized financial information and key performance indicators:
Summarized Consolidated Financial Information | Three months ended Sep 30 | Year ended Sep 30 | ||
(in thousands USD, except per share amounts) | 2024 | 2023 | 2024 | 2023 |
Revenue | $ 10,406 | $ 5,690 | $ 36,503 | $ 30,260 |
Cost of sales, including depreciation | 7,139 | 5,412 | 24,313 | 34,209 |
Operating income (loss) | 4,021 | (1,514) | 3,230 | (11,840) |
Net income (loss) | 719 | (4,295) | 1,580 | (7,890) |
Basic net income (loss) per share | 0.002 | (0.014) | 0.005 | (0.025) |
Cash flow used in operations | (857) | (140) | (10,678) | (7,419) |
Key Performance Indicators1 | Three months ended Sep 30 | Year ended Sep 30 | ||
(in thousands USD, except per ounce amounts) | 2024 | 2023 | 2024 | 2023 |
Total tonnes stacked | 363,695 | 329,944 | 1,587,360 | 1,407,249 |
Silver equivalent ounces sold | 362,314 | 243,518 | 1,406,660 | 1,371,026 |
Adjusted AISC per silver equivalent ounce2 | $ 23.26 | $ 27.28 | $ 24.15 | $ 20.78 |
Adjusted Cash cost per silver equivalent ounce2 | $ 17.71 | $ 19.72 | $ 17.62 | $ 15.01 |
Realized silver price | $ 28.72 | $ 23.37 | $ 25.95 | $ 22.07 |
1 | Key performance indicators are unaudited non-GAAP measures, see reconciliation in MD&A. |
2 | Gold, copper and zinc are converted using average market prices. |
This news release should be read in conjunction with the consolidated financial statements for the year ended September 30, 2024, notes to the financial statements, and management's discussion and analysis for the year ended September 30, 2024, which have been filed on SEDAR and are available on the Company's website. The Company's annual information form has also been filed and is available on SEDAR and the Company's website.
Technical information contained in this news release with respect to GoGold has been reviewed and approved by Mr. Bob Harris, P.Eng., who is a qualified person for the purposes of NI 43-101.
About GoGold Resources
GoGold Resources (TSX: GGD) is a Canadian-based silver and gold producer focused on operating, developing, exploring and acquiring high quality projects in Mexico. The Company operates the Parral Tailings mine in the
CAUTIONARY STATEMENT:
The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "
This news release may contain "forward-looking information" as defined in applicable Canadian securities legislation. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the Parral tailings project, the Los Ricos project, future operating margins, future production and processing, and future plans and objectives of GoGold, constitute forward looking information that involve various risks and uncertainties. Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect, including, but not limited to, assumptions in connection with the continuance of GoGold and its subsidiaries as a going concern, general economic and market conditions, mineral prices, the accuracy of mineral resource estimates, and the performance of the Parral project There can be no assurance that such information will prove to be accurate and actual results and future events could differ materially from those anticipated in such forward-looking information.
Important factors that could cause actual results to differ materially from GoGold's expectations include exploration and development risks associated with the GoGold's projects, the failure to establish estimated mineral resources or mineral reserves, volatility of commodity prices, variations of recovery rates, and global economic conditions. For additional information with respect to risk factors applicable to GoGold, reference should be made to GoGold's continuous disclosure materials filed from time to time with securities regulators, including, but not limited to, GoGold's Annual Information Form. The forward-looking information contained in this release is made as of the date of this release.
Cautionary non-GAAP Measures and Additional GAAP Measures
Note that for purposes of this section, GAAP refers to IFRS. The Company believes that investors use certain non-GAAP and additional GAAP measures as indicators to assess mining companies. They are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared with GAAP. Non-GAAP and additional GAAP measures do not have a standardized meaning prescribed under IFRS and therefore may not be comparable to similar measures presented by other companies.
Additional GAAP measures that are presented on the face of the Company's consolidated statements of comprehensive income include "Operating income (loss)". These measures are intended to provide an indication of the Company's mine and operating performance. Per ounce measures are calculated by dividing the relevant mining and processing costs and total costs by the tonnes of ore processed in the period. "Adjusted cash costs per ounce" and "Adjusted all-in sustaining costs per ounce" are used in this analysis and are non-GAAP terms typically used by mining companies to assess the level of gross margin available to the Company by subtracting these costs from the unit price realized during the period. These non-GAAP terms are also used to assess the ability of a mining company to generate cash flow from operations. There may be some variation in the method of computation of these metrics as determined by the Company compared with other mining companies. In this context, "Adjusted cash costs per ounce" reflects the cash operating costs allocated from in-process and dore inventory associated with ounces of silver and gold sold in the period. "Adjusted cash costs per ounce" may vary from one period to another due to operating efficiencies, grade of material processed and silver/gold recovery rates in the period. "Adjusted all-in sustaining costs per ounce" include total cash costs, exploration, corporate and administrative, share based compensation and sustaining capital costs. For a reconciliation of non-GAAP and GAAP measures, please refer to the Management Discussion and Analysis dated December 11, 2024 for the year ended September 30, 2024, as presented on SEDAR.
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SOURCE GoGold Resources Inc.
FAQ
What was GoGold's (GLGDF) revenue growth in fiscal 2024?
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What is GLGDF's cash position as of September 30, 2024?
How has the SART Zinc circuit affected GLGDF's operations in 2024?
What are GLGDF's plans for Los Ricos South in 2025?
