- Antioquia Gold (AGD) announced a summary of its financial results for the first quarter ended March 31, 2022
- Gold production was 12,766 ounces; 84 per cent increase YoY
- Net income was $1.3M compared to a loss of $2.5M for the same period last year
- Antioquia Gold is a Canada-based mineral exploration and development company
- Antioquia Gold Inc. (AGD) remains unchanged, trading at C$0.03 per share at 1:40 pm ET
Antioquia Gold (AGD) announced a summary of its financial results for the first quarter ended March 31, 2022.
The company has shown significant improvement in its first quarter financial performance in comparison to the previous year. The result is attributable to constant improvements in mine planning and mining operations, process plant optimizations and increased processing of third-party mineralized material.
Operational and financial highlights:
- Gold production was 12,766 ounces; 84 per cent increase YoY
- Total revenues were $24.4M, 58 per cent increase YoY
- Adjusted EBITDA for the first quarter of 2022 was $8.1M compared to $3.0M for the first quarter of 2021, a 168 per cent increase
- Net income was $1.3M compared to a loss of $2.5M for the same period last year
- The average realized gold price for the first quarter of 2022 was US$1,709/ounce compared to US$1,685/ounce for the first quarter of 2021
- Cash cost per ounce sold was US$1,091 against $1,261 for the comparable period
- AISC per ounce sold was US$1,252 compared to $1,396 for the same period last year
Cisneros Project
Antioquia Gold owns and operates the Cisneros Project, located in the Municipality of Santo Domingo (Antioquia, Colombia). Its approximately 70-km from the city of Medellin.
The Cisneros Project consists of two operating, underground mines, Guaico and Guayabito and a processing plant with a newly expanded capacity of 1,200-tonnes/day, tailings deposit and a 10 km pipeline. Flotation and gravity concentrates are produced and sold through internationally recognized trading houses.
The company controls the mineral rights to a large, consolidated land package of approximately 17,000 hectares and maintains an active exploration program. This program helps to identify and confirm resources around current mines. It has produced new projects (La Palma and El Papi), and generated a number of highly-prospective targets that are being investigated.
Antioquia Gold is a Canada-based mineral exploration and development company. It engages in the acquisition, exploration, evaluation, and development of mineral resource properties in Colombia.
Antioquia Gold Inc. (AGD) remains unchanged, trading at C$0.03 per share at 1:40 pm ET.
