Scotgold Resources Q3 Production In Line With Recently Lowered Guidance – Commodity Commentary

On Thursday, Scotgold Resources Ltd. announced lower production for the third quarter of the year, as previously reported, but said the fourth quarter should be ahead of the second and third quarters.

Manufacturing :

“Scotgold’s production for the quarter totaled 2,004 ounces of gold and 10,265 ounces of silver from Cononish, which met the new guidance issued on September 22, 2022.”

“Reduced guidance for Q3 2022 due to successful but delayed power and ventilation upgrades in the underground mine, which stalled mine development on the waste ramp in September 2022.”

“Gold production for the nine months of 2022 totaled 6,759 and 34,528 silver ounces from Cononish.”

At orientation:

“As the company continues to implement optimization initiatives in the processing plant and begin longhole stoping in accordance with the original mine design in December 2022, which represents an important milestone in the overall development of the underground mine, the guidance range for gold production in Q4 2022 has been set at 3,000-3,900 ounces of gold.”

“Scotgold remains confident of achieving Stage 2 production levels of 23,500 ounces per annum, as planned by the end of the first quarter of 2023.”

On sale:

“Q3 2022 gold concentrate shipments totaled 314 tonnes with a sale value of 3.4 million pounds ($3.8 million).”

“Nine months to September 30, 2022 – gold concentrate shipments totaled 729 tonnes with a sale value of £9.7m.”

Shares at 0753 GMT were up 0.50 pence, or 0.8%, at 63.50 pence.

Write to Ian Walker at [email protected]