Cerrado Gold Inc. (TSXV: CERT | OTCQX: CRDOF) has reported its operational and financial results for Q3 2022.
Mark Brennan, CEO and co-chairman stated: “Q3 provided challenges as we integrated new pits, increased strip ratios, and incurred increased labour costs. We expect unit operating costs to have peaked with the fourth quarter looking particularity strong and note that production levels are within our range of guidance for 2022.
Q3 2022 financial and operational highlights include production of 11,015oz of gold in Q3 2022 (11,284 gold equivalent ounces), which runs in line with an annual guidance of 45,000 – 55,000oz of production. AISC of US$1,494/oz Au sold due to higher stripping costs, lower throughput, and higher labour costs during the quarter. However, Cerrado expects costs to be significantly reduced in the fourth quarter.
The company has also stated that there was a Q3 adjusted EBITDA of US$0.7M, primarily due to higher operating costs.
“Our heap leach pad construction has commenced, and we believe this is the first step towards bringing stronger long term operating metrics to MDN. In Brazil, work continues to upgrade the resources at Monte Do Carmo while feasibility works are progressing as planned.” Mark added.
To find out more, please visit www.cerradogold.com