VANCOUVER, BC, May 13, 2024 /CNW/ – Elevation Gold Mining Corporation (TSXV:ELVT) (OTCQB:EVGDF) (the “Company” or “Elevation Gold”) is pleased to announce financial results for three months ended March 31, 2024. All figures are expressed in US dollars unless otherwise noted.
Summary for the Three Months Ended March 31, 2024
Elevation produced 6,303 ounces of gold and 42,152 ounces of silver for the three months ended March 31, 2024.
The Company generated total revenue of $12.9 million during the quarter, on 5,850 ounces of gold and 47,189 ounces of silver sold. The average realized price of gold per ounce sold for the three months ended March 31, 2024 was $2,035.
Income from mine operations before depreciation and depletion of $2.6 million.
For the three months ended March 31, 2024, total cash costs per ounce of gold sold (1) was $1,598 and all-in sustaining costs (“AISC”) per ounce of gold sold (1) was $2,437.
(1)
Refer to the Company’s Management Discussion and Analysis for the three months ended March 31, 2024 and 2023 for a reconciliation to non-IFRS performance measures.
Tim Swendseid, Elevation Gold CEO, stated: “As previously communicated, production during the quarter was impacted by continuing crushing plant throughput issues. For the second quarter, we are expecting a meaningful improvement in tons crushed, ounces produced and overall results for the following and other reasons:
By the end of Q1, the ore hardness and crusher throughput improved.
During Q1, all mining activities shifted to western areas, resulting in significant efficiency improvements that will help reduce costs.
On February 27, 2024, we were very pleased to announce positive exploration results in the Reynolds Pit area. To quickly take advantage of the area we successfully completed a reallocation of part of our permitted mining area from the east side of the boundary to the west side, and we are already mining Reynolds Pit’s fifth production bench.
Gold price strengthened during Q1, and remains elevated, which will continue to boost revenues.”
Consolidated Financial Results Summary
The following table provides a summary of the components of the Company’s results for the three months ended March 31, 2024 and 2023. For further details, refer to the Company’s Condensed Interim Consolidated Financial Statements and Management Discussion and Analysis (“MD&A”) for the three months ended March 31, 2024.
(in thousands of dollars)
Q1 2024
Q1 2023
Revenue
$
12,943
$
16,953
Production costs
(9,675)
(12,037)
Royalties
(712)
(890)
Mine operating income before depreciation and depletion
2,556
4,026
Depreciation and depletion
(2,797)
(3,361)
Income (loss) from mine operations
(241)
665
Corporate administrative expenses
(694)
(716)
Finance costs
(1,757)
(2,025)
Loss on revaluation of derivative liabilities
(1,645)
(1,565)
Other
160
2
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