Golconda Gold Ltd. Reports Financial Results for Q2 2024
TORONTO — Golconda Gold Ltd. (“Golconda Gold” or the “Company”) (TSX-V: GG; OTCQB: GGGOF) is excited to share its financial results for the three and six months ending June 30, 2024.
You can find a copy of the unaudited condensed consolidated interim financial statements for this period, which have been prepared in line with International Financial Reporting Standards, along with the management’s discussion and analysis (the “MD&A”), on the Company’s profile at www.sedarplus.ca. Please note that all dollar amounts referenced in this announcement are in United States dollars.
Highlights from the Second Quarter of 2024
Operational Achievements
- During this quarter, the Company mined 16,623 tonnes of ore from its Galaxy and Princeton ore bodies, achieving an average grade of 3.03 grammes per tonne (g/t). This is an increase from 13,492 tonnes at 3.37 g/t in the first quarter of 2024 (Q1 2024), reflecting a 23% rise in ore tonnes mined from the previous quarter.
- Gold production reached 1,514 tonnes of concentrate with an average grade of 32.7 g/t, which contained 1,591 ounces of gold. This marks a 6% increase from the 1,095 tonnes at 42.8 g/t, which yielded 1,507 ounces of gold in Q1 2024.
- The Company generated $3.0 million in revenue from the sale of 1,721 payable ounces of gold, with an operating cash cost of $1,812 per payable ounce. This is a significant increase from the $2.2 million in revenue generated in Q1 2024, representing a 35% growth.
- Golconda Gold took delivery of a new production drill rig, a loader, and a dump truck, which will greatly enhance mining and development rates, with more equipment expected to arrive in Q3 2024.
Comments from the CEO
Nick Brodie, CEO of Golconda Gold, remarked, “In the second quarter, we experienced further improvements in both ore mined and gold produced. Notably, we also observed a 64% increase in development metres compared to Q1 2024, which we believe will improve ore availability and boost gold production in the future. Furthermore, we successfully equipped the Princeton Top this quarter and delivered its first ore to the processing plant, marking another significant milestone in our production ramp-up strategy.”
About Golconda Gold
Golconda Gold is an unhedged gold producer and explorer, operating mining operations and holding exploration tenements. The Company’s management team consists of seasoned mining professionals who bring extensive experience in managing mining and processing operations, as well as large-scale exploration programs. They are committed to maintaining world-class standards while prioritizing employee safety, environmental stewardship, and community engagement.
Key Financial Metrics
Golconda Gold's financial performance for Q2 2024 shows notable operational progress:
- Operating costs amounted to $2,719,760, an increase from $2,013,426 in Q1 2024.
- Impairment, depreciation, and depletion expenses totaled $205,865 for Q2 2024, compared to $169,622 in Q1 2024.
- Gold production rose to 1,591 ounces in Q2 2024, up from 1,507 ounces in Q1 2024, while payable gold increased to 1,255 ounces.
- The total operating cash cost, excluding royalties, per payable ounce increased from $1,667 in Q1 2024 to $1,812 in Q2 2024.
Contact Information
For more information, please reach out to:
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?
The key highlights include increases in ore mined, gold production, 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 acquired new mining equipment and saw a substantial increase in development metres compared to the previous quarter.
Where can I find more information about Golconda Gold's financial statements?
More financial details can be accessed 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.