GoGold Reports 36% Increase in Production at Parral to 551,337 Silver Equivalent Ounces and Provides Outlook for 2025
Rhea-AI Summary
GoGold Resources reported strong Q4 2024 production results with 551,337 silver equivalent ounces, marking a 36% increase. The production comprised 226,343 silver ounces, 3,213 gold ounces, 121 tonnes of copper, and 161 tonnes of zinc. The company's cash balance grew from $72M to $76M during the quarter.
The improved performance is attributed to Parral's SART Zinc circuit completion in 2024, which exceeded expectations in base metal production and enhanced gold and silver leachability. Looking ahead to 2025, GoGold anticipates several key milestones, including the release of Los Ricos South's Definitive Feasibility Study, expected underground mine permit approval by March 2025, and project financing arrangements for Los Ricos South construction.
Positive
- 36% increase in silver equivalent production to 551,337 ounces in Q4 2024
- Cash balance increased by $4M to $76M in Q4 2024
- SART Zinc circuit exceeding performance expectations
- Advanced stages of discussions with prospective lenders for Los Ricos South project financing
Negative
- None.
News Market Reaction
On the day this news was published, GLGDF gained 8.88%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Shares Outstanding: 330,973,461
Trading Symbols: TSX: GGD
OTCQX: GLGDF
"Parral's SART Zinc circuit, which was completed in 2024, has exceeded expectations on both base metal production and has increased the leachability of gold and silver in the heap as well, which is driving the
- Parral significantly contributing to the growth in our cash balance leading up to and during the anticipated construction at Los Ricos South;
- Release of Los Ricos South's Definitive Feasibility Study ("DFS") expected imminently;
- Our expectation is that we will receive a positive outcome on our permit application for our underground mine at Los Ricos South by the end of March 2025;
- Enter into definitive agreement on project financing for balance of funds required for construction of Los Ricos South, discussions with prospective lenders are positive and are in advanced stages;
- Anticipate a definitive positive construction decision of Los Ricos South after DFS, permits, and financing in place;
- Continue with Los Ricos South near mine exploration, targeting additional growth in resources during the anticipated construction phase of the mine;
- Upgrade the Los Ricos North project with more drilling, advancing engineering and technical reports, with the ultimate objective of proceeding to the mine permitting stage."
Table 1: Quarterly Production Summary
Quarter Ended | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 |
Silver Production (oz) | 169,443 | 109,016 | 138,657 | 138,708 | 167,001 | 226,343 |
Gold Production (oz) | 1,106 | 1,848 | 2,184 | 2,436 | 2,232 | 3,213 |
Copper Production (tonnes) | 115 | 95 | 93 | 148 | 132 | 121 |
Zinc Production (tonnes) | - | - | 92 | 125 | 100 | 161 |
Silver Equivalent Production (oz)1 | 300,789 | 300,260 | 375,745 | 400,236 | 406,150 | 551,337 |
1. | "Silver equivalent production" include gold ounces and copper tons produced and converted to a silver |
Mr. Robert Harris, P.Eng. is the qualified person as defined by National Instrument 43-101 and is responsible for the technical information of this release related to Parral.
About GoGold Resources
GoGold Resources (TSX: GGD) is a Canadian-based silver and gold producer focused on operating, developing, exploring and acquiring high quality projects in Mexico. The Company operates the Parral Tailings mine in the
CAUTIONARY STATEMENT:
The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "
This news release may contain "forward-looking information" as defined in applicable Canadian securities legislation. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the Parral tailings project, the Los Ricos project, future operating margins, future production and processing, and future plans and objectives of GoGold, constitute forward looking information that involve various risks and uncertainties. Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect, including, but not limited to, assumptions in connection with the continuance of GoGold and its subsidiaries as a going concern, general economic and market conditions, mineral prices, the accuracy of mineral resource estimates, and the performance of the Parral project There can be no assurance that such information will prove to be accurate and actual results and future events could differ materially from those anticipated in such forward-looking information.
Important factors that could cause actual results to differ materially from GoGold's expectations include exploration and development risks associated with the GoGold's projects, the failure to establish estimated mineral resources or mineral reserves, volatility of commodity prices, variations of recovery rates, and global economic conditions. For additional information with respect to risk factors applicable to GoGold, reference should be made to GoGold's continuous disclosure materials filed from time to time with securities regulators, including, but not limited to, GoGold's Annual Information Form. The forward-looking information contained in this release is made as of the date of this release.
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SOURCE GoGold Resources Inc.
FAQ
What was GLGDF's silver equivalent production in Q4 2024?
How much did GLGDF's cash balance increase in Q4 2024?
When does GLGDF expect to receive the Los Ricos South underground mine permit?
What impact did the SART Zinc circuit have on GLGDF's production in Q4 2024?
