Latest news with #goldproduction
Zawya
2 days ago
- Business
- Zawya
Ghana's President Mahama to Deliver Keynote Address at Mining in Motion 2025
John Dramani Mahama, President of the Republic of Ghana, will deliver the keynote address at the official opening of the Mining in Motion conference, taking place from June 2-4 at the Kempinski Hotel in Accra. His address will outline the country's strategy and efforts by Africa to drive economic development through the sustainable exploitation of mineral resources. As Africa's leading gold producer, Ghana – under the leadership of President Mahama - continues to set the standard in sustainable resource management, investment attraction and local content development. In 2024, the country's gold mining sector generated $11.6 billion, with small-scale gold mining ( alone contributing $5 billion in export revenue and employing over one million people. The President's participation underscores Ghana and Africa's commitment to fostering a responsible, high-growth mining industry that supports economic expansion and job creation. Under the theme, Sustainable Mining&Local Growth – Leveraging Resources for Global Growth, Mining in Motion 2025 will convene Africa's top industry stakeholders, global investors and leading institutions – including the World Bank and the World Gold Council – to explore emerging trends, regulatory developments and technological advancements shaping the future of mining. The conference will highlight Ghana and Africa's strategic vision, emphasizing policies that enhance local benefits, promote sustainability and strengthen international partnerships. Organized by the Ashanti Green Initiative – led by Oheneba Kwaku Duah, Prince of Ghana's Ashanti Kingdom – in collaboration with the World Bank and the World Gold Council, with the support of Ghana's Ministry of Lands and Natural Resources, the summit offers unparalleled opportunities to connect with industry leaders and engage in critical discussions on artisanal, small-scale and large-scale mining. Stay informed about the latest advancements, network with industry leaders, and engage in critical discussions on key issues impacting ASGM and medium to large scale mining in Ghana. Secure your spot at the Mining in Motion 2025 Summit by visiting For sponsorship opportunities or delegate participation, contact Sales@ Distributed by APO Group on behalf of Energy Capital&Power.
Yahoo
3 days ago
- Politics
- Yahoo
Multiple men face serious consequences after authorities uncover illegal destruction in protected area: 'It is a hazard to our nation and the region'
Eight people in eastern Ghana have been arrested for illegal mining, according to Joy Online. The mining had been polluting local water supplies, but miners had continued regardless. The local government's Eastern Regional Security Council confiscated 24 excavator batteries, 16 pumping machines, a chainsaw, three monitors, five control boards, three single-barrel guns, two pump-action rifles, cartridges, and cash in the police action. While the exact type of mining wasn't announced, Ghana is the sixth-largest gold producer in the world, per and another mining operation was recently shut down for illegally harvesting gold. Extractive industries have deep human and environmental tolls. Child labor has been employed in other African nations for mining, while tailing ponds have rendered rivers poisonous in others. Some mining operations have destroyed great ape habitat, adding more pressure on stressed populations. Regulations can help improve working and ecological conditions. South Africans, for example, are calling for improved regulations to lessen environmental impacts, per the Conversation. Artisanal mining is especially dangerous since it lacks safety protocols and government oversight, but properly regulating it may yield better working standards by documenting the chain of custody of minerals, the Atlantic Council revealed. Maintaining robust enforcement and strong laws against illegal mining can help preserve ecosystems and vital water supplies used by nearby communities. Gold mines in Australia and Idaho are just a few that have faced the legal limits of their operation. While arresting eight illegal miners is good news, there's more progress to be made. Ghana's president has already committed to banning mining in protected forests. Ghanaian authorities were resolute in continuing to crack down on ongoing illegal mining operations. "For the past days, we have been combing the Eastern region with our military and police to make sure the mandate by the president is obeyed," said regional minister Rita Akosua Adjei Awatey, per Joy Online. "If you go around, our waters are so bad, the environment is destroyed, pits are uncovered, our forest is being destroyed. It is a hazard to our nation and the region, so for the few days our men have been on the ground and here you are with several excavators that have been seized from them." Do you think America does a good job of protecting its natural beauty? Definitely Only in some areas No way I'm not sure Click your choice to see results and speak your mind. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
ABC News
5 days ago
- Business
- ABC News
Tennant Creek hopes gold mine reopening marks return to 'gold capital'
Four decades after gold was last poured at Nobles Nob, the first bars of the precious metal have been produced at the mine's new processing plant. It marks a return to large-scale gold production for the historic gold mining centre of Tennant Creek, a town of 3,000 people about 500 kilometres north of Alice Springs. Tennant Mines said it planned to reach commercial production in July, ramping up to 52,000 ounces of gold production in 2026 and 100,000 ounces in three years. At today's gold price, peak production would earn operators more than $500 million per year. The community in the heart of the Northern Territory hopes the restarted mine will bring a return to the Barkly region's golden era. Barkly Regional Council Mayor Sid Vashist said gold would help put the region back on the map. "Barkly is no longer on the cusp, Tennant Creek is no longer on the cusp," Mr Vashist said. Tennant Mines managing director Peter Main said 35 per cent of 160 newly created jobs would be filled by residents from the Barkly. One in six jobs are currently filled by Indigenous Australians. "Our policy is Indigenous engagement first, Barkly second, Territory third," Mr Main said. "We are trying to work through programs with the Indigenous groups. "That's a long-term plan." The operators of the nearby Warrego Rehabilitation Project went into voluntary administration in April. The iron ore project had promised about 70 jobs and up to $300 million for the NT. Barkly MLA Steve Edgington said Nobles Nob's return was a boost for the region, as some other mining operations struggled. Nobles Nob is the first project outside Africa for mid-tier gold producer Pan African Resources, which acquired Tennant Mining in November. Pan African Resources CEO Cobus Loots said the project was the right fit for the company. "For us it's about geology, and then also about the fit with the people," Mr Loots said. "We found both geology and the people to be definitely aligned with what we look for." Martijn Weezepoel has lived in Tennant Creek for 15 years, and shows off the towns history to visitors at the Battery Hill Gold Mining and Heritage Centre. He hoped Nobles Nob's return would take the town back to its heyday. "We're a very small town, so we need more people to come up here, more housing, more everything. "As long as the government puts in a bit of effort and tries to get us up to speed, I think we really could make something out of it."
Yahoo
6 days ago
- Business
- Yahoo
Unaudited interim results for the three-month period ended 31 March 2025
Unaudited interim results for the three-month period ended 31 March 2025 Serabi Gold plc ('Serabi' or the 'Company') (AIM:SRB, TSX:SBI, OTCQX:SRBIF), the Brazilian focused gold mining and development company, is pleased to release its unaudited results for the three-month period ended 31 March 2025 . HIGHLIGHTS Gold production for Q1-2025 of 10,013 ounces (Q1-2024: 9,007 ounces). Cash held at 31 March 2025 of $26.5 million (31 December 2024: $22.2 million). EBITDA for the three-month period of $12.4 million (Q1-2024: $4.7 million). Post-tax profit for the three-month period of $8.8 million (Q1-2024: $3.6 million). Profit per share of 11.58 cents (Q1-2024: 4.80 cents). Net cash inflow from operations for the three-month period (after mine development expenditure of $1.6 million and pre operating costs of $1.5 million) of $7.1 million (Q1-2024: $0.3 million inflow after mine development expenditure and pre operating costs of $1.6 million). Average gold price of $2,908 per ounce received on gold sales during the three-month period (Q1-2024: $2,081). Cash Cost for the quarter of $1,269 per ounce (Q1-2024: $1,461 per ounce). All-In Sustaining Cost for the three-month period to March 2025 of $1,636 per ounce (Q1-2024: $1,859 per ounce). The full interim statements together with commentary can be accessed on the Company's website using the following LINK. Colm Howlin, CFO, Commented 'Q1 2025 marked a strong start to the year, continuing the positive momentum from H2-2024. Gold production for the quarter totalled 10,013 ounces, representing an 11% increase on Q1-2024. This was driven by higher feed grades at both Palito and Coringa, supported by the first full quarter of operations at the Coringa classification plant. The strong operational performance contributed to cash generation of $4.2 million in the quarter, increasing the Group's cash position to $26.5 million at 31 March 2025, up from $22.2 million at 31 December 2024. The average realised gold price for the quarter was $2,908 per ounce, compared to $2,407 per ounce for the fiscal 2024 year. We also commenced our 2025 exploration programme, with $9 million allocated for the year and a similar commitment anticipated for 2026. Drilling activity is now underway at both Palito and Coringa. Early drill results from the programme have been encouraging. We look forward to providing an exploration update in the oncoming weeks.' Overview of the financial results Reported revenues and costs reflect the ounces sold in each period and as a result total revenues and costs for the three-month period are higher than the corresponding period in 2024. In Q1-2025, the Group reported revenue and operating costs related to the sale of 9,699 ounces in the period (10,013 ounces produced). This compares to sales reported of 9,007 ounces in Q1-2024. Whilst the Company benefited from an improving gold price throughout the first quarter of 2025, the most material uplift occurred only in March, with the USD gold price rising to $2,996 and averaging $2,908 for the quarter, compared to a current spot price of approximately $3,300 per ounce. This contributed to a Q1 average gold price in Brazilian Real of BRL17,018. In Q1-2025, the average USD gold price increased by 18% in comparison to Q1-2024 ($2,908 in Q1-2025 vs $2,469 in Q1-2024). BRL strengthened during Q1-2025, with the USD:BRL rate moving from 6.19 at 31 December 2024 to 5.74 at 31 March 2025. This strengthening limited the extent to which the stronger USD gold price translated into local currency margins. The Group delivered a strong start to 2025 with an 11% increase in production year-on-year, driven by significant grade improvements at both Palito (+32%) and Coringa (+8%). Coringa's first full quarter of classification plant operations contributed meaningfully to the grade uplift, while development at new zones across both sites and a ramped-up $9 million brownfield exploration programme with a focus on doubling our resource at Palito Complex and Coringa, position the Group well for continued growth. Cash balances at the end of March 2025 were $26.5 million, in comparison to the cash balances at the end of December 2024 of $22.2 million. On 6 January 2025 the Company fully repaid its $5.0 million unsecured loan arrangement with Itau Bank in Brazil which carried an interest coupon of 8.47 per cent. On 22 January 2025, the Group secured a new $5.0 million loan from Banco Santander. The Banco Santander loan is repayable as a bullet payment on 21 January 2026 and carries an interest coupon of 6.16%. The Company had a net cash balance at the end of Q1-2025 (after interest bearing loans and lease liabilities) of $20.9 million (31 December 2024: net cash $16.2 million). Key Financial Information SUMMARY FINANCIAL STATISTICS FOR THE THREE-MONTHS ENDING 31 MARCH 2025 3 months to31 March 2025$(unaudited) 3 months to31 March 2024$(unaudited) Revenue 27,593,363 20,246,400 Cost of sales (13,138,165) (13,556,599) Gross operating profit 14,455,198 6,689,801 Administration and share based payments (2,006,445) (1,984,990) EBITDA 12,448,753 4,704,811 Depreciation and amortisation charges (1,834,773) (1,046,561) Operating profit before finance and tax 10,613,980 3,658,250 Profit after tax 8,769,759 3,637,563 Earnings per ordinary share (basic) 11.58c 4.80c Average gold price received ($/oz) $2,908 $2,081 As at31 March 2025$(unaudited) As at31 December 2024$(audited) Cash and cash equivalents 26,504,939 22,183,049 Net funds (after finance debt obligations) 21,168,759 16,341,245 Net assets 120,008,729 104,181,654 Cash Cost and All-In Sustaining Cost ('AISC') 3 months to 31 March 2025 3 months to 31 March 2024 12 months to 31 December 2024 Gold production for cash cost and AISC purposes (ounces) 10,013 9,007 37,520 Total Cash Cost of production (per ounce) $1,269 $1,461 $1,326 Total AISC of production (per ounce) $1,636 $1,859 $1,700 The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018. The person who arranged for the release of this announcement on behalf of the Company was Andrew Khov, Vice President, Investor Relations & Business Development. Enquiries SERABI GOLD plcMichael Hodgson t +44 (0)20 7246 6830Chief Executive m +44 (0)7799 473621 Colm Howlin Chief Financial Officer m +353 89 6078171 Andrew Khov m +1 647 885 4874Vice President, Investor Relations & Business Development e contact@ BEAUMONT CORNISH LimitedNominated Adviser & Financial AdviserRoland Cornish / Michael Cornish t +44 (0)20 7628 3396 PEEL HUNT LLPJoint UK BrokerRoss Allister / Georgia Langoulant t +44 (0)20 7418 9000 TAMESIS PARTNERS LLPJoint UK BrokerCharlie Bendon/ Richard Greenfield t +44 (0)20 3882 2868 CAMARCOFinancial PR - EuropeGordon Poole / Emily Hall t +44 (0)20 3757 4980 HARBOR ACCESS Financial PR – North AmericaJonathan Patterson / Lisa Micali t +1 475 477 9404 Forward-looking statementsCertain statements in this announcement are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', 'should' ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions, competition, environmental and other regulatory changes, actions by governmental authorities, the availability of capital markets, reliance on key personnel, uninsured and underinsured losses and other factors, many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with such forward looking statements. Qualified Persons StatementThe scientific and technical information contained within this announcement has been reviewed and approved by Michael Hodgson, a Director of the Company. Mr Hodgson is an Economic Geologist by training with over 35 years' experience in the mining industry. He holds a BSc (Hons) Geology, University of London, a MSc Mining Geology, University of Leicester and is a Fellow of the Institute of Materials, Minerals and Mining and a Chartered Engineer of the Engineering Council of UK, recognizing him as both a Qualified Person for the purposes of Canadian National Instrument 43-101 and by the AIM Guidance Note on Mining and Oil & Gas Companies dated June 2009. NoticeBeaumont Cornish Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as nominated adviser to the Company in relation to the matters referred herein. Beaumont Cornish Limited is acting exclusively for the Company and for no one else in relation to the matters described in this announcement and is not advising any other person and accordingly will not be responsible to anyone other than the Company for providing the protections afforded to clients of Beaumont Cornish Limited, or for providing advice in relation to the contents of this announcement or any matter referred to in it. Neither the Toronto Stock Exchange, nor any other securities regulatory authority, has approved or disapproved of the contents of this news release. See for more information and follow us on X @Serabi_Gold The following information, comprising, the Income Statement, the Group Balance Sheet, Group Statement of Changes in Shareholders' Equity, and Group Cash Flow, is extracted from the unaudited interim financial statements for the three months to 31 March 2025. Statement of Comprehensive IncomeFor the three-month period ended 31 March 2025. For the three months ended31 March 2025 2024 (expressed in US$) Notes (unaudited) (unaudited) CONTINUING OPERATIONS Revenue (from continuing operations) 27,593,363 20,246,400 Cost of sales (13,138,165) (13,556,599) Depreciation and amortisation charges (1,834,773) (1,046,561) Total cost of sales (14,972,938) (14,603,160) Gross profit 12,620,425 5,643,240 Administration expenses (1,978,239) (1,942,740) Share-based payments (67,714) (53,883) Gain on disposal of fixed assets 39,508 11,633 Operating profit 10,613,980 3,658,250 Other income – exploration receipts 2 — 339,854 Other expenses – exploration expenses 2 — (312,518) Foreign exchange (loss)/gain 70,426 (34,566) Finance expense 3 (110,974) (174,605) Finance income 3 206,078 141,555 Profit before taxation 10,779,510 3,617,970 Income and other taxes 4 (2,009,751) 19,593 Profit after taxation(1) 8,769,759 3,637,563 Other comprehensive income (net of tax) Exchange differences on translating foreign operations 6,989,602 (1,780,928) Total comprehensive profit for the period(1) 15,759,361 1,856,635 Profit per ordinary share (basic) 5 11.58c 4.80c Profit per ordinary share (diluted) 5 11.58c 4.80c (1) The Group has no non-controlling interest and all profits are attributable to the equity holders of the Parent Company Balance Sheet as at 31 March 2025 (expressed in US$) As at31 March 2025 (unaudited) As at31 March 2024 (unaudited) As at31 December 2024(audited) Non-current assets Deferred exploration costs 21,710,728 20,075,458 18,839,836 Property, plant and equipment 60,650,590 52,662,606 53,593,723 Right of use assets 4,957,791 5,006,117 4,287,020 Taxes receivable 5,396,180 3,734,309 6,246,352 Deferred taxation 2,532,594 1,736,077 1,878,081 Total non-current assets 95,247,883 83,214,567 84,845,012 Current assets Inventories 15,649,258 13,999,674 13,115,648 Trade and other receivables 2,841,707 4,024,896 2,533,450 Prepayments and accrued income 3,553,485 3,181,024 2,220,463 Cash and cash equivalents 26,504,939 11,056,317 22,183,049 Total current assets 48,549,389 32,261,911 40,052,610 Current liabilities Trade and other payables 12,772,721 7,808,639 9,695,560 Interest bearing liabilities 5,336,180 5,689,805 5,841,804 Accruals 462,371 401,939 419,493 Total current liabilities 18,571,272 13,900,383 15,956,857 Net current assets 29,978,117 18,361,528 24,095,753 Total assets less current liabilities 125,226,000 101,576,095 108,940,765 Non-current liabilities Trade and other payables 1,928,799 4,249,115 2,809,243 Provisions 3,037,979 2,568,287 1,839,916 Interest bearing liabilities 250,493 56,126 109,952 Total non-current liabilities 5,217,271 6,873,528 4,759,111 Net assets 120,008,729 94,702,567 104,181,654 Equity Share capital 11,213,618 11,213,618 11,213,618 Share premium reserve 36,158,068 36,158,068 36,158,068 Option reserve 289,327 229,456 221,613 Other reserves 20,110,100 16,708,285 19,486,684 Translation reserve (71,470,163) (63,561,669) (78,459,765) Retained surplus 123,707,779 92,954,809 115,561,436 Equity shareholders' funds 120,008,729 94,702,567 104,181,654 The interim financial information has not been audited and does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. Whilst the financial information included in this announcement has been compiled in accordance with International Financial Reporting Standards ('IFRS') this announcement itself does not contain sufficient financial information to comply with IFRS. The Group statutory accounts for the year ended 31 December 2024 prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 will be filed with the Registrar of Companies before 30 June 2025. The auditor's report on these accounts was unqualified and did not contain a statement under Section 498 (2) or 498 (3) of the Companies Act 2006. Statements of Changes in Shareholders' EquityFor the three-month period ended 31 March 2025 (expressed in US$) (unaudited) Sharecapital Sharepremium Share option reserve Other reserves (1) Translation reserve Retained Earnings Total equity Equity shareholders' funds at 31 December 2023 11,213,618 36,158,068 175,573 15,960,006 (61,780,741) 91,065,525 92,792,049 Foreign currency adjustments — — — — (1,780,928) — (1,780,928) Profit for the period — — — — — 3,637,563 3,637,563 Total comprehensive income for the period — — — — (1,780,928) 3,637,563 1,856,635 Transfer to taxation reserve — — — 748,279 — (748,279) — Share option expense — — 53,883 — — — 53,883 Equity shareholders' funds at 31 March 2024 11,213,618 36,158,068 229,456 16,708,285 (63,561,669) 93,954,809 94,702,567 Foreign currency adjustments — — — — (14,898,096) — (14,898,096) Profit for the period — — — — — 24,182,155 24,182,155 Total comprehensive income for the period — — — — (14,898,096) 24,182,155 9,284,059 Transfer to taxation reserve — — — 2,778,399 — (2,778,399) — Share based incentives lapsed in period — — (202,871) — — 202,871 — Share based incentive expense — — 195,028 — — — 195,028 Equity shareholders' funds at 31 December 2024 11,213,618 36,158,068 221,613 19,486,684 (78,459,765) 115,561,436 104,181,654 Foreign currency adjustments — — — — 6,989,602 — 6,989,602 Profit for the period — — — — — 8,769,759 8,769,759 Total comprehensive income for the period — — — — 6,989,602 8,769,759 15,759,361 Transfer to taxation reserve — — — 623,416 — (623,416) — Share option expense — — 67,714 — — — 67,714 Equity shareholders' funds at 31 March 2025 11,213,618 36,158,068 289,327 20,110,100 (71,470,163) 123,707,779 120,008,729 (1) (1) Other reserves comprise a merger reserve of US$361,461 and a taxation reserve of US$19,748,639 (31 December 2024: merger reserve of US$361,461 and a taxation reserve of US$19,125,223).Condensed Consolidated Cash Flow StatementFor the three-month period ended 31 March 2025 For the three monthsended31 March 2025 2024 (expressed in US$) (unaudited) (unaudited) Operating activities Post tax profit for period 8,769,759 3,637,563 Depreciation – plant, equipment and mining properties 1,834,773 1,046,561 Net financial (income)/expense (165,530) 67,616 (Gain)/loss on asset disposals (39,508) (11,633) Provision for taxation 2,009,751 (19,593) Share-based payments 67,714 53,883 Taxation paid (1,931,751) (15,354) Interest paid (380,770) (392,268) Foreign exchange loss 182,387 67,747 Changes in working capital Increase in inventories (1,907,662) (349,744) (Increase)/decrease in receivables, prepayments and accrued income (1,071,364) 1,881,445 Decrease in payables, accruals and provisions 2,852,038 (686,484) Net cash inflow from operations 10,219,837 1,900,441 Investing activities Purchase of property, plant and equipment and assets in construction (1,601,149) (438,985) Mine development expenditure (1,626,214) (1,589,627) Pre-operational project expenditure (1,535,853) Geological exploration expenditure (1,525,508) (149,584) Proceeds from sale of assets 49,508 11,908 Interest received 206,078 134,723 Net cash outflow on investing activities (6,033,138) (2,031,565) Financing activities Receipt of short-term loan 5,000,000 5,000,000 Repayment of short-term loan (5,153,577) (5,000,000) Payment of finance lease liabilities (141,654) (255,245) Net cash outflow from financing activities (295,231) (255,245) Net increase / (decrease) in cash and cash equivalents 3,891,468 (386,369) Cash and cash equivalents at beginning of period 22,183,049 11,552,031 Exchange difference on cash 430,422 (109,345) Cash and cash equivalents at end of period 26,504,939 11,056,317 Notes Basis of preparation These interim condensed consolidated financial statements are for the three-month period ended 31 March 2025. Comparative information has been provided for the unaudited three-month period ended 31 March 2024 and, where applicable, the audited twelve-month period from 1 January 2024 to 31 December 2024. These condensed consolidated financial statements do not include all the disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with the 2024 annual condensed consolidated financial statements for the periods have been prepared in accordance with International Accounting Standard 34 'Interim Financial Reporting' and the accounting policies are consistent with those of the annual financial statements for the year ended 31 December 2024 and those envisaged for the financial statements for the year ending 31 December 2025. Accounting standards, amendments and interpretations effective in 2024 The Group has not adopted any standards or amendments in advance of their effective date. The following new amendment has been issued by the IASB and is effective for annual periods beginning on or after 1 January 2025: Amendments to IAS 21 – The Effects of Changes in Foreign Exchange Rates: Lack of ExchangeabilityThe amendments provide guidance for determining the spot exchange rate when exchangeability between two currencies is lacking. They clarify when a currency is considered exchangeable and introduce a methodology for estimating an appropriate exchange rate when necessary. The Group does not expect a material impact on its financial statements from these other standards or amendments are expected to be effective in 2025. Certain new accounting standards and interpretations have been published that are not mandatory for the current period and have not been early adopted. These standards are not expected to have a material impact on the Company's current or future reporting periods. These financial statements do not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. (i) Going concernAt 31 March 2025 the Group held cash of US$26.5 million which represents an increase of US$4.3 million compared to 31 December 2024. On 7 January 2024, the Group completed a US$5.0 million unsecured loan arrangement with Brazilian bank Itau which carried a fixed interest coupon of 8.47 per cent. The loan was repaid as a bullet payment on 6 January 2025. On 22 January 2025, the Group completed a further US$5.0 million unsecured loan arrangement with a different Brazilian bank (Santander) which carries a fixed interest coupon of 6.16 per cent. This loan is repayable on 16 January 2026. Management prepares, for Board review, regular updates of its operational plans and cash flow forecasts based on their best judgement of the expected operational performance of the Group and using economic assumptions that the Directors consider are reasonable in the current global economic climate. The current plans assume that during 2025 the Group will continue gold production from its Palito Complex operation as well as increase production from the Coringa mine and will be able to increase gold production to exceed the levels of 2024. The Directors will limit the Group's discretionary expenditures, when necessary, to manage the Group's liquidity. The Directors acknowledge that the Group remains subject to operational and economic risks and any unplanned interruption or reduction in gold production or unforeseen changes in economic assumptions may adversely affect the level of free cash flow that the Group can generate on a monthly basis. The Directors have a reasonable expectation that, after taking into account reasonably possible changes in trading performance, and the current macroeconomic situation, the Group has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the Financial Statements. 2. Other Income and Expenses Under the copper exploration alliance with Vale announced on 10 May 2024, the related exploration activities undertaken by the Group under the management of a working committee (comprising representatives from Vale and Serabi), were funded in their entirety by Vale during Phase 1 of the programme. Following the completion of Phase 1, Vale advised the Group, in April 2025, that it did not wish to continue the exploration alliance. Exploration and development of copper deposits is not the core activity of the Group and further funding beyond the Phase 1 commitment would be required before a judgment could be made as to a project being commercially viable. There is a significant cost involved in developing new copper deposits and it is unlikely that, without the financial support of a partner, the Group would independently seek to develop a copper project in preference to any of its existing gold projects and discoveries. As a result, both the funding received from Vale and the related exploration expenditures has been recognised through the income statement. As this is not a principal business activity of the Group these receipts and expenditures are classified as other income and other expenses. 3. Finance expense and income 3 months ended31 March 2025(unaudited) 3 months ended31 March 2024 (unaudited) US$ US$ Interest expense on unsecured loan (79,011) (141,647) Interest expense on finance leases (14,287) (14,036) Interest expense on short term trade loan (17,676) (18,922) Total finance expense (110,974) (174,605) Interest income 206,078 134,723 Gain on revaluation of hedging derivatives — 6,832 Total finance income 206,078 141,555 Net finance (expense) 95,104 (33,050) 4. Taxation The Group has recognised a deferred tax asset to the extent that the Group has reasonable certainty as to the level and timing of future profits that might be generated and against which the asset may be recovered. The deferred tax liability arising on unrealised exchange gains has been eliminated in the three-month period to 31 March 2025 reflecting the stronger Brazilian Real exchange rate at the end of the period and resulting in deferred tax income of US$466,264 (three months to 31 March 2024 – income of US$674,185). The Group has also incurred a tax charge in Brazil for the three-month period of US$2,475,989 (three months to 31 March 2024 tax charge - US$654,592). 5. Earnings per Share 3 months ended 31 March 2025(unaudited) 3 months ended 31 March 2024(unaudited) Profit attributable to ordinary shareholders (US$) 8,769,759 3,637,563 Weighted average ordinary shares in issue 75,734,551 75,734,551 Basic profit per share (US cents) 11.58c 4.80c Diluted ordinary shares in issue (1) 75,734,551 75,734,551 Diluted profit per share (US cents) 11.58c 4.80c (1) At 31 March 2025 there were 3,357,649 conditional share awards in issue (31 March 2024 - 2,814,541). These are subject to performance conditions which may or not be fulfilled in full or in part. These CSAs have not been included in the calculation of the diluted earnings per share. 6. Post balance sheet events There has been no item, transaction or event of a material or unusual nature likely, in the opinion of the Directors of the Company to affect significantly the continuing operation of the entity, the results of these operations, or the state of affairs of the entity in future financial in retrieving data Sign in to access your portfolio Error in retrieving data
Globe and Mail
6 days ago
- Business
- Globe and Mail
Golconda Gold Ltd. Releases Financial and Operating Results for Q1 2025
TORONTO, May 28, 2025 (GLOBE NEWSWIRE) -- Golconda Gold Ltd. (' Golconda Gold ' or the ' Company ') (TSX-V: GG; OTCQB: GGGOF) is pleased to announce the release of its financial and operating results for the three months ended March 31, 2025. A copy of the unaudited condensed consolidated interim financial statements for the three months ended March 31, 2025, 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 All references to '$' in this press release refer to United States dollars. First Quarter 2025 ('Q1 2025') Highlights: mined 27,371 tonnes of ore from its Galaxy and Princeton ore bodies at an average grade of 3.47 grammes per tonne (g/t) compared to 29,479 tonnes at 3.17g/t in the three months ended December 31, 2024 (' Q4 2024 '); produced 2,281 tonnes of concentrate at an average grade of 40.2 g/t containing 2,947 ounces of gold compared to 1,923 tonnes at 36.1 g/t containing 2,230 ounces of gold in Q4 2024, an increase of 32% in gold production; generated revenue of $6.6 million from the sale of 2,324 payable ounces of gold at a price of $2,830 per ounce and an operating cash cost of $1,369 (1) per payable ounce, compared to revenue of $4.2 million in Q4 2024 at an operating cash cost of $1,873 per payable ounce, representing a 57% increase in revenue and a 27% reduction in operating cash cost; and repaid $950,000 of short-term loans and borrowings. Golconda Gold CEO, Ravi Sood commented: 'Q1 2025 provided strong operating results and net cash flow, with a 32% increase in gold production, a 27% reduction in operating cash costs and a record gold price enabling further investment in renewing and expanding our mining fleet while significantly reducing our short-term debt. Improvements in underground development rates also continued, setting Galaxy up well to continue its trend in increasing production further going forward. (2) Looking ahead to the second quarter of 2025, we are currently enjoying a materially higher gold price environment than we saw in the first quarter which is contributing further to our improving financial and operating position. With reduced indebtedness, improved operating results and a substantially improved financial position we are now more aggressively pursuing the re-start of the Summit Mine in New Mexico, USA. We do not yet have a confirmed start date but are working with mining contractors and other service providers and stakeholders to put ourselves in a position to restart the mine in the first half of 2026.' (2) About Golconda Gold Golconda Gold is an un-hedged gold producer and explorer with mining operations and exploration tenements in South Africa and New Mexico. Golconda Gold is a public company and its shares are quoted on the TSX Venture Exchange under the symbol 'GG' and the OTCQB under the symbol 'GGGOF'. Golconda Gold's management team is comprised of senior mining professionals with extensive experience in managing mining and processing operations and large-scale exploration programmes. Golconda Gold is committed to operating at world-class standards, focused on the safety of its employees, respecting the environment, and contributing to the communities in which it operates. Notes: (1) Cash cost is a non-GAAP measure. Refer to the table below and to 'Supplemental Information to the MD&A' for reconciliation to measure reported in the Company's financial statements. Q1 2025 Operating costs (US$) 3,825,816 Adjust for: Depreciation and depletion (353,358) Inventory movement 24,943 Total operating cash cost 3,497,401 Royalties (283,070) Total operating cash cost excluding royalties 3,214,331 Gold production (contained ozs) 2,947 Gold production (payable ozs) 2,348 Total operating cash cost excluding royalties per payable oz 1,369 (2) This is forward-looking information and is based on a number of assumptions. See 'Cautionary Notes'. Cautionary Notes Certain statements contained in this press release constitute 'forward-looking statements'. All statements other than statements of historical fact contained in this press release, including, without limitation, those statements regarding the Company's ability to continue its trend in increasing production in future periods, the Company's intention to restart Summit Mine in the first half of 2026, and the Company's future financial position and results of operations, strategy, proposed acquisitions, plans, objectives, goals and targets, and any statements preceded by, followed by or that include the words 'believe', 'expect', 'aim', 'intend', 'plan', 'continue', 'will', 'may', 'would', 'anticipate', 'estimate', 'forecast', 'predict', 'project', 'seek', 'should' or similar expressions or the negative thereof, are forward-looking statements. These statements are not historical facts but instead represent only the Company's expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict. Therefore, actual results may differ materially from what is expressed, implied or forecasted in such forward-looking statements. Additional factors that could cause actual results, performance or achievements to differ materially include, but are not limited to the risk factors discussed in the MD&A. Management provides forward-looking statements because it believes they provide useful information to investors when considering their investment objectives and cautions investors not to place undue reliance on forward-looking information. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company. These forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update or revise them to reflect subsequent information, events or circumstances or otherwise, except as required by law. Information of a technical and scientific nature that forms the basis of the disclosure in the press release has been approved by Kevin Crossling Pr. Sci. Nat., MAusIMM. Geological Consultant for Golconda Gold, and a 'qualified person' as defined by National Instrument 43-101. Mr. Crossling has verified the technical and scientific data disclosed herein and has conducted appropriate verification on the underlying data. Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
