Cerrado Gold (TSXV: CERT) has announced its operational and financial results for Q1 2023 at its Minera Don Nicolas (MDN) gold project in Santa Cruz province, Argentina. The company has also reported on its ongoing activities at the Monte Do Carmo (MDC) gold project in Brazil.
Q1 2023 MDN operational highlights include gold production of 13,951 GEO, a 3% improvement year-on-year. Also, an operating margin of US$6.8M and operating cash flows of US$17.3M, and AISC of US$1,145/oz.
Mark Brennan, CEO and chairman, stated, “These results demonstrate another solid quarter of production and operating performance from the team at MDN. We are now looking forward to the next stage of growth at MDN from the ramp up of our initial heap leach project at Las Calandrias which is on schedule for first gold production in June.”
“In addition, work to complete the feasibility study at the Monte Do Carmo project in Brazil is progressing well, with completion expected in June. We expect the feasibility study to demonstrate the significant value of MDC as well as highlight the robust growth profile we expect to see in the coming years.”
Cerrado Gold generated revenue of US$27.5M for the three months ended 31 March 2023, from the sale of 16,255 GEO at an average realized price per gold oz sold of US$1,696, and price per silver oz sold of US$22.83.
For the three months ended 31 March 2022, the company generated revenue of US$27.4M from the sale of 15,044 GEO. Revenue from sales of gold and silver for the current period was slightly higher than Q1 2022, due to the higher number of oz sold, offset by the lower realized price in the current period due to a one-time deferred revenue adjustment of US$2.4M recorded in Q1 2023. Revenue for the quarter without the deferred revenue adjustment was US$29.9M.
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