Business
Minera Alamos Releases Operations Update and Q3 Financials
Toronto, Ontario--(Newsfile Corp. - November 30, 2023) - Minera Alamos Inc. (TSXV: MAI) (th...
About this update from Minera Alamos Inc.
[{"type":"text","content":"Minera Alamos Releases Operations Update and Q3 FinancialsToronto, Ontario--(Newsfile Corp. - November 30, 2023) - Minera Alamos Inc. (TSXV: MAI) (the \"Company\" or \"Minera Alamos\") is pleased to provide an operations update and select financial highlights from the third quarter of 2023 as well as some highlights of corporate activities during the quarter and the year. For a full overview please refer to the Q3 Financial Statements and MD&A filed on Sedarplus.ca on November 29th, 2023.HighlightsCompletion of Maiden Resource Statement at the Santana gold project. Total Measured and Indicated Resources of 198,000 oz (grading 0.65 g/t gold) and an additional 103,000 oz of Inferred Resources (grading 0.58 g/t gold) (see news release dated October 3rd, 2023).Mining rates increased in the third quarter as had been forecast in Q2. Due to normal delays following the stacking and initiation of leaching from new mineralization additional recoverable gold from these operations will be achieved in Q4. Further expansion of mining rates will be dependent on the pending permit amendment that will allow for more efficient stacking and sequencing of pad leaching activities. Total gold ounces recovered, since the start of operations through until September 30, 2023 was 14,720 ounces from the Santana Project with a recoverable gold inventory on the leach pad increasing to 6,337 ounces as at September 30, 2023.Sales revenues from 636 ounces of gold sold in the third quarter of 2023 totaled $1,790,245 and revenues from 4,381 ounces of gold sold during the first nine months of 2023 totaled $11,654,580. As of the end of the third quarter, Cash and Cash Equivalents totaled $6,573,453 and the Company had positive working capital position of $19,668,154. This includes cash received from sales completed from the Q3 production where the related revenues have been treated as deferred in the financial statements and will be accounted in the Q4 Financial Statements.On October 27, 2023, the Company announced it had completed definitive documentation with Auramet International Inc. and Auramet Capital Partners LP on a US$25 million loan and royalty funding package which will cover the anticipated construction costs of the planned Cerro de Oro gold mine in Zacatecas, Mexico and included a draw-down of US$5 million under the loan facility. Subseq...