Financial Results Announcement: Golconda Gold Ltd – First Quarter 2024 Highlights

Golconda Gold Ltd. Releases Financial Results for First Quarter 2024

In an exciting development, Golconda Gold Ltd. has announced the release of its financial results for the first quarter of 2024. The company reported significant achievements and growth in various aspects of its operations during this period.

Key highlights from the first quarter of 2024 include:
– Mined 13,492 tonnes of ore from its Galaxy and Princeton ore bodies, with an average grade of 3.37 grammes per tonne (g/t), marking a 33% increase in contained gold compared to the previous quarter.
– Produced 1,095 tonnes of concentrate at an average grade of 42.8 g/t containing 1,507 ounces of gold, representing a 15% increase in gold production quarter on quarter.
– Generated revenue of $2.2 million from the sale of 1,099 payable ounces of gold at an operating cash cost of $1,667 per payable ounce, a 16% increase in revenue.
– Closed a metal purchase and sale agreement with Empress Royalty Holding Corp., receiving an up-front cash payment of $5 million for payable gold produced from the Galaxy mine.

CEO of Golconda Gold, Nick Brodie, expressed optimism about the company’s performance, stating that the increase in mining volumes and gold production is a positive sign for future growth. The funds received from the Empress Investment are expected to further boost production over the next 12 months.

Additionally, the company has invested in new mining equipment and is working on refurbishing existing equipment to enhance production capacity. Delivery of new equipment is scheduled for the second and third quarters of 2024, further indicating Golconda Gold’s commitment to expansion and improvement.

Golconda Gold is an un-hedged gold producer and explorer with operations in South Africa and New Mexico. The company’s management team comprises experienced mining professionals dedicated to operating at world-class standards and contributing to the communities in which they operate.

Overall, Golconda Gold’s first-quarter results demonstrate a positive trajectory for the company, setting the stage for continued growth and success in the future.
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