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Cerrado Gold Announces Q1 Financials, Cashflow and Operating Cost Performance for Its Minera Don Nicolas Mine in Argentina
Q1 Gold equivalent production of 11,204 GEO while transitioning to new Calandrias Norte deposit ...
About this update from Cerrado Gold Inc
[{"type":"text","content":"Cerrado Gold Announces Q1 Financials, Cashflow and Operating Cost Performance for Its Minera Don Nicolas Mine in ArgentinaQ1 Gold equivalent production of 11,204 GEO while transitioning to new Calandrias Norte depositProduction levels at MDN stabilized beginning in March at both the CIL and Heap leachMDN production for March, April and May exceeded 17,000 ounces, supporting the ongoing turnaround of operations at MDNApplication to remove Cease Trade Order Underway TORONTO, ON / ACCESSWIRE / June 26, 2024 / Cerrado Gold Inc. (TSXV:CERT)(OTCQX:CRDOF) (\"Cerrado\" or the \"Company\") announces its operational and financial results for the first quarter (\"Q1/24\") at its Minera Don Nicolas (\"MDN\") gold project in Santa Cruz Province, Argentina and for its ongoing activities at the Monte Do Carmo gold project in Brazil and Mont Sorcier Iron Project in Quebec.Production results for MDN were previously released on April 30, 2024. The Company's financial results are reported and available on SEDAR as well as on the Company's website (www.cerradogold.com). As previously disclosed, the filing of the company's financial results were delayed as a result of delays in filing the annual statements. The Company has now applied to the Ontario Securities Commission for removal of the cease trade order and is expecting a response shortly.Q1/24 MDN Highlights:Q1/24 production of 11,204 Gold Equivalent Ounces (\"GEO\") and Q1 AISC of $2,045 per ounce.Q1 Adjusted EBITDA of $3.0 million loss due to lower production and higher operating costs per ounce in the first two months before accessing higher grades in the new Calandrias Norte pit during March.Total production in April of 6,641 GEO and 5,486 GEO in MayCalandrias Norte produced 6,150 GEO in April, 4,500 GEO in May and is expected to hold at these levels until around year end.Ramp-up of production from the Las Calandrias Heap Leach on track, delivering approximately 1,000 GEO per month from May.Cashflow and proceeds of asset sales are now starting to improve the balance sheet, with the working capital position expected to improve during Q2 2024.The Company produced 11,204 gold equivalent ounces and sold 10,331 gold equivalent ounces during Q1 2024.Production was lower than planned during January and February as the company transitioned to full operation in the new Calandrias Norte pit. Producti...