Scotgold Resources provides interim results

Highlights

• Significant progress made at Cononish Gold and Silver Mine (Cononish) in Scotland, as the company targets gold production run rate of approximately 23 500 oz/yr by end of 1Q23.
• Vision to build a multi-asset gold production company in Scotland.
• Total revenues of AUS$6.4 million in 1H22 (1H21: nil).
• Loss before taxation in 1H22 of AUS$5.3 million (1H21: AUS$2.8 million).
• Cash at 31 December 2021 of AUS$963 000 (30 June 2021: AUS$2.6 million).

Scotgold Resources CEO, Phil Day, said: “It’s been a transformative time for Scotgold which has seen the team work determinedly to deliver on our targets and maximise value at our flagship Cononish mine. The 2H CY21 saw us lay the foundations for growth by implementing initiatives to increase Cononish’s gold recoveries and in turn improve the gold production profile of the mine. During the past quarter, we have been focused on preparing the access to the second cut and fill stope at Cononish and I’m pleased to report we accessed it as of 21 March 2022. This is a pivotal moment in our mine development plan, allowing us to access reserve mine gold grade more readily, which should see our gold grades increase significantly in-line with our mine plan during 2022 and beyond.

“I look forward to reporting on our 1Q CY22 production results in due course, as we continue to implement optimisation initiatives at Cononish to increase our gold production profile with the target of achieving a 23 500 oz/yr production run rate of gold by end of 1Q23.”

Read the article online at: https://www.globalminingreview.com/finance-business/30032022/scotgold-resources-provides-interim-results/