02:00 Thu 22 Oct 2020
Trans-Siberian Gold - Q3 Production and Operations Update
Trans-Siberian Gold plc
("TSG", the "Company" or the "Group")
Q3 Production & Operations Update
Trans-Siberian Gold plc (TSG.LN), a low cost, high grade gold producer in
Q3 Highlights
· Total gold doré production of 11,570 oz. (Q2 2020: 11,419 oz.)
· Average gold grade stable at 7.4 g/t (Q2 2020: 7.6 g/t)
·
· Average realised gold price increased by 9.2% QoQ to
· Gold revenue increased by 6.5% QoQ to
· Limited impact of COVID-19 on operations; protective and sanitary measures remain in place
· 1 minor lost-time injury during the period
9M Highlights
· Total gold doré production of 29,848 oz. (9M 2019: 34,509 oz.)
· Average gold grades of 6.8 g/t (9M 2019: 8.5 g/t)
· Gold revenue increased by 16.7% to
· Gold recovery rate stable YoY at 94.2% (9M 2019: 95.3%)
· On track to meet full year production guidance
"As we proceed with the transition to the
In addition, we are progressing with a near-mine exploration programme to identify potential step-out targets at Asacha and have completed an aeromagnetic survey over the licence area. We expect to provide an update in due course.
With nearly 30,000 oz of gold produced in the first nine months of 2020, we are firmly on track to meet our guidance for the full year of 38,000-42,000 oz."
Production Summary
Mining and production data for Q3 and 9M 2020 at the
Q3 2020
Metric |
|
|
Q3 |
Q2 |
Q-on-Q |
|
Q3 |
Y-on-Y |
|
|
2020 |
2020 |
% Change |
|
2019 |
% Change |
|
Mine development |
(m) |
|
801 |
1,510 |
-47.0% |
|
1,903 |
-57.9% |
Ore extracted |
(tonnes) |
|
41,274 |
43,497 |
-5.1% |
|
34,245 |
20.5% |
Ore processed |
(tonnes) |
|
51,385 |
50,316 |
2.1% |
|
48,996 |
4.9% |
Grade, gold |
(g/t) |
|
7.4 |
7.6 |
-1.8% |
|
8.3 |
-10.5% |
Grade, silver |
(g/t) |
|
10.2 |
19.8 |
-48.7% |
|
18.4 |
-44.8% |
Recovery, gold |
(%) |
|
94.2 |
94.0 |
0.1% |
|
95.2 |
-1.1% |
Recovery, silver |
(%) |
|
80.5 |
79.3 |
1.6% |
|
80.7 |
-0.2% |
Gold in dore |
(oz) |
|
11,570 |
11,419 |
1.3% |
|
12,620 |
-8.3% |
Silver in dore |
(oz) |
|
13,880 |
25,774 |
-46.1% |
|
24,686 |
-43.8% |
Gold refined |
(oz) |
|
11,130 |
11,114 |
0.1% |
|
11,291 |
-1.4% |
Silver refined |
(oz) |
|
15,357 |
26,062 |
-41.1% |
|
21,866 |
-29.8% |
Gold sold |
(oz) |
|
11,070 |
11,357 |
-2.5% |
|
9,417 |
17.6% |
Silver sold |
(oz) |
|
14,843 |
47,989 |
-69.1% |
|
21,959 |
-32.4% |
Gold price |
($/oz) |
|
1,899 |
1,738 |
9.2% |
|
1,485 |
27.9% |
Silver price |
($/oz) |
|
23.6 |
17.7 |
33.2% |
|
17.0 |
38.3% |
Gold Revenue* |
( |
|
21,021 |
19,740 |
6.5% |
|
13,984 |
50.3% |
Silver Revenue* |
( |
|
350 |
849 |
-58.8% |
|
374 |
-6.5% |
Total Revenue* |
( |
|
21,370 |
20,588 |
3.8% |
|
14,359 |
48.8% |
9M 2020
Metric |
|
|
9M |
9M |
Y-on-Y |
|
|
|
2020 |
2019 |
% Change |
|
|
Mine development |
(m) |
|
3,852 |
5,787 |
-33.4% |
|
Ore extracted |
(tonnes) |
|
118,779 |
108,101 |
9.9% |
|
Ore processed |
(tonnes) |
|
145,922 |
130,800 |
11.6% |
|
Grade, gold |
(g/t) |
|
6.8 |
8.5 |
-20.1% |
|
Grade, silver |
(g/t) |
|
16.2 |
23.8 |
-31.8% |
|
Recovery, gold |
(%) |
|
94.2 |
95.3 |
-1.2% |
|
Recovery, silver |
(%) |
|
79.5 |
81.7 |
-2.6% |
|
Gold in dore |
(oz) |
|
29,848 |
34,509 |
-13.5% |
|
Silver in dore |
(oz) |
|
61,345 |
84,473 |
-27.4% |
|
Gold refined |
(oz) |
|
28,279 |
34,446 |
-17.9% |
|
Silver refined |
(oz) |
|
63,625 |
85,422 |
-25.5% |
|
Gold sold |
(oz) |
|
28,264 |
31,479 |
-10.2% |
|
Silver sold |
(oz) |
|
62,831 |
91,224 |
-31.1% |
|
Gold price |
($/oz) |
|
1,772 |
1,364 |
29.9% |
|
Silver price |
($/oz) |
|
19.1 |
15.6 |
22.4% |
|
Gold Revenue* |
( |
|
50,093 |
42,935 |
16.7% |
|
Silver Revenue* |
( |
|
1,199 |
1,422 |
-15.7% |
|
Total Revenue* |
( |
|
51,291 |
44,357 |
15.6% |
|
*Note: Unaudited figure
Totals may not add up due to rounding
Commentary
It has been another successful quarter for the Group, which has recorded stable gold production and continued to progress with its near-mine exploration programme.
During Q3, gold prices have remained very favourable with an all-time record spot price recorded on
The Group's operational performance in Q3 was broadly in-line with the previous quarter. Average mill feed gold grade was 7.4 g/t, which was in part supported by test ore extracted from Vein 25. The quality and consistency of Vein 25 is significantly compensating for the lower and variable gold grades from the
The Group has continued with exploration drilling near-mine and proximal step-out targets in the vicinity of the
The Group continues to progress with a scoping study on the Rodnikova deposit, and expects to finalise this in 2020.
As previously announced, the ongoing COVID-19 pandemic continues to have a modest impact on the Group's operations. The Group remains vigilant to the risks that the pandemic poses and continues to implement strict measures to ensure the safety of our employees and contractors, to maintain strong preparedness amid a second wave of the virus.
Existing guidance for 2020 production estimates remains unchanged.
TSG intends to provide a production update for Q4 2020 in
ENDS
Contacts: |
|
TSG |
+44 (0) 7799 694195 |
Arden Partners plc
|
+44 (0) 207 614 5900 |
|
+44 (0) 207 796 4133 |
About TSG
TSG is focused on low cost, high grade mining operations and stable gold production from its 100% owned
Additional information is available from the Company's website: www.trans-siberiangold.com
Market Abuse Regulations
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR'). Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.
Abbreviations
g/t grammes per tonne
oz ounce
m metre
Disclaimer
This announcement contains "forward-looking statements" - that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should" or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets, fluctuations in interest and/or exchange rates and metal prices; and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements.
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