AltynGold PLC on Monday said gold grades were down in the first quarter as revenue also fell.
The London-based mining, exploration and development company, with assets in Kazakhstan, said the average grade of gold produced during the first quarter of 2023 was 1.90 grams per tonne, down 6.4% from 2.03 grams per tonne in the first quarter of 2022.
Revenue fell 22% to $11.2 million, from $14.4 million the year prior, as a result of reduced volumes due to maintenance at its crushing facility.
The firm noted that it is expanding its processing capacity by 1.0 million tonnes per year, with the expanded capacity anticipated to be in effect by the first quarter of 2024.
The company said ore mined during the period increased 4.0% to 139,837 tonnes, from 134,461 tonnes a year ago, however, contained gold remained flat at 8,869 tonnes, compared to 8,841 tonnes. AltynGold noted that ore mined increased by 17% from 118,600 tonnes in the fourth quarter of 2022, which it said was an ‘abnormally low level’, due to extreme weather.
AltynGold noted that ore milled fell by 23% to 117,235 tonnes, from 151,431 tonnes.
AltynGold shares fell 8.4% to 115.00 pence each in London on Monday morning.
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