Q3 2024 Operations Update
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ACG Metals Limited is pleased to announce its operations update for the third quarter of 2024 ("Q3 2024" or the "Period").
Key Highlights
- Gediktepe has now achieved 565 LTI-free days and 1,608,452 LTI-free man-hours.
- Given that pre-stripping typically happens in the first part of the year, the cash generation continues to be weighted to the second half of the year.
- The Gediktepe Mine mined 173,972 tonnes of ore, a decrease from the last quarter, as the stockpile was used to feed the plant. This resulted in 294,989 tonnes of ore processed in Q3 2024 which is in-line with expectations. The average Gold grade was 2 g/t and Silver grade was 74 g/t.
- Gediktepe produced 15,397 oz of Gold and 222,493 oz of Silver resulting in 18,178 oz of Gold Equivalent for the quarter.
- C1 costs have remained within the budget at $455 per ounce, with all-in sustaining costs of $1,069 per ounce. The mine is currently ahead of budget for Q3 and the year-to-date.
Artem Volynets, Chairman and CEO of ACG, said:
"This is our first quarter since acquiring Gediktepe and we are managing the transition efficiently. Operations continue to perform well and in-line with expectations, producing 18,178 oz of Gold Equivalent for the quarter.
Safety is our top priority and we are incredibly proud to have continued operating with no LTIs for the whole production period since our first gold pour.
We have added high-calibre project management leadership to our strong operational team on site. The combined team is implementing the value adding opportunities identified in our due diligence."
Operating Summary
| Mine Production and Processing | Q3 2024 | % (+/-) vs Q3 2023 | |
|---|---|---|---|
| Total Ore Mined | t | 173,972 | -22% |
| Gold Grade Mined | g/t | 2.0 | -35% |
| Silver Grade Mined | g/t | 53.0 | -6% |
| Total Ore Processed | t | 294,989 | 38% |
| Gold Grade Processed | g/t | 2.0 | -12% |
| Silver Grade Processed | g/t | 74.0 | 0% |
| Gold Production | oz | 15,397 | 53% |
| Silver Production | oz | 222,493 | 106% |
| Gold Equivalent Production | oz | 18,178 | 60% |
| Sales and Cash Costs | Q3 2024 | % (+/-) vs Q3 2023 | |
| Total Gold Sold | oz | 13,990 | 71% |
| Total Silver Sold | oz | 180,147 | 136% |
| Total Gold Equivalent Sold | oz | 16,455 | 81% |
| Gold Sales Price | $/oz | $2,484 | 29% |
| Silver Sales Price | $/oz | $30 | 25% |
| C1 Cash Costs (produced) | $/oz | $455 | 25% |
| AISC (sold) | $/oz | $1,069 | 14% |
Safety And Sustainability
The Company's strong safety performance was maintained in Q3 2024, with operations continuing to operate fatality-free.
Gediktepe has now achieved 565 LTI-free days and 1,608,452 LTI-free man-hours. This figure is a reflection of the whole team's efforts to maintain the highest standards of safety and operational excellence at the mine.
Sulphide Expansion Project
ACG was pleased to announce on 04 November 2024 that it signed an engineering, procurement and construction contract ("EPC") with Gap İnşaat Yatırım ve Dış Ticaret Anonim Şirketi ("GAP INSAAT"), to construct the expansion of the sulphide and water facilities at the Gediktepe Mine.
This will allow for the mining and processing of sulphide ore in addition to the oxide currently being mined and processed. The expansion project targets annual production of up to 25kt copper equivalent over an 11-year initial mine life.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.