Golconda Gold Ltd. Financial Results for Q2 2024
TORONTO — Golconda Gold Ltd. (“Golconda Gold” or the “Company”) (TSX-V: GG; OTCQB: GGGOF) is pleased to announce the release of its financial results for the three and six months ended June 30, 2024.
A copy of the unaudited condensed consolidated interim financial statements for the three and six months ended June 30, 2024, prepared in accordance with International Financial Reporting Standards, and the corresponding management’s discussion and analysis (the “MD&A”), are available under the Company’s profile on www.sedarplus.ca. All references to “$” in this announcement refer to United States dollars.
Second Quarter 2024 Highlights
Operational Achievements
- Mined 16,623 tonnes of ore from its Galaxy and Princeton ore bodies, with an average grade of 3.03 grammes per tonne (g/t) compared to 13,492 tonnes at 3.37 g/t in the first quarter of 2024 (Q1 2024), marking a 23% increase in ore tonnes mined quarter on quarter.
- Produced 1,514 tonnes of concentrate at an average grade of 32.7 g/t containing 1,591 ounces of gold, an increase of 6% in gold production from 1,095 tonnes at 42.8 g/t containing 1,507 ounces of gold in Q1 2024.
- Generated revenue of $3.0 million from the sale of 1,721 payable ounces of gold at an operating cash cost of $1,812 per payable ounce, compared to $2.2 million revenue in Q1 2024, representing a significant 35% increase in revenue.
- Took delivery of one new production drill rig, one loader, and one dump truck, significantly increasing mining and development rates, with additional equipment expected in Q3 2024.
CEO Commentary
Golconda Gold CEO, Nick Brodie, stated, “The second quarter saw further improvements in ore mined and gold produced. Just as importantly, we noted a 64% increase in development metres compared to Q1 2024, which is anticipated to enhance ore availability and contribute to increased gold production going forward. Additionally, we completed equipping Princeton Top in the quarter and delivered its first ore to the processing plant, another important step in our strategy to ramp up production.”
About Golconda Gold
Golconda Gold operates as an unhedged gold producer and explorer with mining operations and exploration tenements. The Company's management team comprises senior mining professionals with extensive experience in managing mining and processing operations and large-scale exploration programmes. They are dedicated to operating at world-class standards, prioritizing employee safety, environmental respect, and community support.
Key Financial Metrics
Golconda Gold's financial performance for Q2 2024 reflects substantial operational advancements:
- Operating costs recorded were $2,719,760 compared to $2,013,426 in Q1 2024.
- Impairment, depreciation, and depletion expenses were $205,865 for Q2 2024 against $169,622 in Q1 2024.
- Gold production increased to 1,591 ounces in Q2 2024 from 1,507 ounces in Qt 2024, and payable gold increased to 1,255 ounces.
- The total operating cash cost excluding royalties per payable ounce went from $1,667 in Q1 2024 to $1,812 in Q2 2024.
Contact Information
For further information please contact:
Nick Brodie
CEO, Golconda Gold Ltd.
+44 7905 089878
Nick.Brodie@golcondagold.com
www.golcondagold.com
Frequently Asked Questions
What were the key highlights of Golconda Gold's Q2 2024 results?
Key highlights include an increase in ore mined, gold produced, and significant revenue growth compared to the previous quarter.
Who is the CEO of Golconda Gold?
The CEO of Golconda Gold is Nick Brodie.
What operational advancements did Golconda Gold achieve?
Golconda Gold delivered new mining equipment and achieved a substantial increase in development metres compared to the previous quarter.
Where can I find more information about Golconda Gold's financial statements?
Further financial details can be found on the Company's profile at www.sedarplus.ca.
What is the stock ticker for Golconda Gold Ltd.?
The stock ticker for Golconda Gold Ltd. is TSX-V: GG and OTCQB: GGGOF.
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