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Q3 2019 Production Update

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RNS Number : 6223Q
Trans-Siberian Gold PLC
22 October 2019
 

 

22 October 2019

Trans-Siberian Gold plc

("TSG" or the "Company")

Q3 and 9M Production & Operations Update

Trans-Siberian Gold plc (TSG.LN), a low cost, high grade gold producer in Russia, announces its production update at the Asacha Gold Mine for the three months ended 30 September 2019 ("Q3" or the "Period") and for the first nine months ("9M") of 2019.

 

Q3 Highlights

·      32% QoQ increase in gold production to 12,620 oz (Q2 2019: 9,544oz)

·      Average gold grade increased by 6.3% YoY to 8.3 g/t (Q3 2018: 7.8 g/t)

·      28.2% increase YoY in gold revenues to approximately $14milion* (Q3 2018: $11milion)

·      Average realised gold price for the period rose by 23.6% YoY to $1,485 (Q3 2018: $1,201)

·      One minor lost-time injury during the period

 

9M Highlights

·      Revenue increased by 12.9% YoY to $44.3million* (9M 2018: $39.2milion)

·      Substantial increase of 18.8% in gold production YoY to 34,509 oz (9M 2018: 29,059)

·      Average gold grades 25.6% higher YoY at 8.5 g/t (9M 2018: 6.8 g/t)

·      Estimated average realised gold price for the period 6.1% higher YoY at $1,364 (9M 2018: $1,286)

·      On track to meet upper end of production guidance for the full year

 

Alexander Dorogov, Chief Executive Officer of TSG, commented:

"I am pleased to announce our production results for Q3 and 9M 2019, that are underpinned by our continued operational improvement. We are particularly delighted to note that following a substantial increase in the average gold price last quarter, we have successfully maintained the high grade of 8.3g/t during this period. Our production to date of 34,509 oz places TSG firmly on track to meet the upper end of our annual output guidance of 40-44,000oz."

 

 

Production Summary

Mining and production data for Q3 and 9M 2019 at the Asacha Gold Mine is shown in the following tables:

 

Q3 2019

 

Metric

 

 

Q3

Q3

Y-on-Y

 

Q2

Q-on-Q

 

 

2019

2018

% Change

 

2019

% Change

Mine development

(m)

 

1,903

1,844

3.2%

 

1,864

2.1%

Ore extracted

(tonnes)

 

34,245

37,073

-7.6%

 

39,017

-12.2%

Ore processed

(tonnes)

 

48,996

49,948

-1.9%

 

37,058

32.2%

Grade, gold

(g/t)

 

8.3

7.8

6.3%

 

8.4

-1.2%

Grade, silver

(g/t)

 

18.4

24.3

-24.1%

 

26.4

-30.3%

Recovery, gold

(%)

 

95.2

95.1

0.2%

 

95.2

0.0%

Recovery, silver

(%)

 

80.7

78.1

3.3%

 

84.0

-3.9%

Gold in dore

(oz)

 

12,620

11,698

7.9%

 

9,544

32.2%

Silver in dore

(oz)

 

24,686

30,203

-18.3%

 

27,629

-10.7%

Gold refined

(oz)

 

11,291

10,814

4.4%

 

11,298

-0.1%

Silver refined

(oz)

 

21,866

26,853

-18.6%

 

32,683

-33.1%

Gold sold

(oz)

 

9,417

9,085

3.7%

 

10,113

-6.9%

Silver sold

(oz)

 

21,959

48,626

-54.8%

 

32,937

-33.3%

Gold price

($/oz)

 

1,485

1,201

23.6%

 

1,313

13.1%

Silver price

($/oz)

 

14.8

14.5

2.3%

 

14.7

0.5%

Gold Revenue*

  ($,000)

 

13,985

10,911

28.2%

 

13,276

5.3%

Silver Revenue*

  ($,000)

 

325

703

-53.8%

 

484

-33.0%

Total Revenue* 

  ($,000)

 

14,310

11,614

23.2%

 

13,761

4.0%

 

 

 

9M 2019

 

Metric

 

 

9m

9m

Y-on-Y

 

 

2019

2018

% Change

Mine development

(m)

 

5,787

4,646

24.6%

Ore extracted

(tonnes)

 

108,101

132,591

-18.5%

Ore processed

(tonnes)

 

130,800

142,165

-8.0%

Grade, gold

(g/t)

 

8.5

6.8

25.6%

Grade, silver

(g/t)

 

23.8

20.9

14.3%

Recovery, gold

(%)

 

95.3

94.7

0.7%

Recovery, silver

(%)

 

81.7

76.9

6.2%

Gold in dore

(oz)

 

34,509

29,059

18.8%

Silver in dore

(oz)

 

84,473

72,321

16.8%

Gold refined

(oz)

 

34,446

31,512

9.3%

Silver refined

(oz)

 

85,422

73,006

17.0%

Gold sold

(oz)

 

31,479

29,557

6.5%

Silver sold

(oz)

 

91,224

79,416

14.9%

Gold price

($/oz)

 

1,364

1,286

6.1%

Silver price

($/oz)

 

15.0

15.4

-2.4%

Gold Revenue*

  ($,000)

 

42,936

38,008

13.0%

Silver Revenue*

  ($,000)

 

1,372

1,224

12.2%

Total Revenue* 

  ($,000)

 

44,308

39,231

12.9%

*Note: Unaudited figure

Totals may not add up due to rounding

 

Commentary

In Q3 2019, the positive gold price environment remained largely unchanged with the precious metal on track for its best year of price performance since 2010. The strong revenue generation for the period was supported by the continued favourable gold price environment.

A decrease in silver production numbers for the quarter was expected, and is the result of a different ore body being mined during the period. It is not material to the Group's overall financial performance. Management do expect higher silver - gold mineralisation at the depth in the ore body.

In January 2018 announced that its wholly owned subsidiary TZ had received a claim of RUB 140million (approximately US$2.2 million) from the Federal Service for Supervision of Use of Natural Resources, RosPrirodNadzor ("RPN") over payments for the disposal of waste materials following a site inspection in 2016. Having taken appropriate advice, TZ disputed the claim made by RPN in court. During the Period, the Court fully rejected RPN's claim. The deadline for the claimant to appeal the Court's resolution is 4 November 2019.

In Q3 2019, 7,500m underground drilling on the Main Zone at depth and 5,000m surface drilling on Vein 25 (East Zone) was successfully completed and the Company commenced updating its geological models and interpretation. As disclosed in the Company's Interim Results, preliminary internal estimates indicated the published JORC compliant in-situ resource may be overestimated; as a result, the Directors consider that the operational life of the Asacha Gold Mine beyond 2024 will need to be reviewed.

As the Company ramps up its near-mine exploration surrounding Asacha and development of Rodnikova, it has expanded its geological team significantly. The enlarged team is led by Oleg Dukov who previously worked at the Julietta Mine (also an epithermal gold deposit) owned by Kinross Gold Corporation.

The Company has engaged Competent Persons to produce updated JORC-compliant Mineral Resource Estimates for both Asacha and Rodnikova and expects to publish these during the fourth quarter of the year.

TSG intends to provide a production update for Q4 2019 in January 2020.

 

ENDS

 

Contacts:

 

TSG

Stewart Dickson

+44 (0) 7799 69419

Arden Partners plc

Paul Shackleton (Corporate Finance)
Tim Dainton / Fraser Marshall (Equity Sales)

+44 (0) 207 894 7000

Hudson Sandler (Financial PR)

Charlie Jack / Katerina Parker / Elfreda Kent

+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 Asacha Gold Mine in Far East Russia. The Company also holds the licence for the development and exploration of the Rodnikova deposit, one of the largest gold fields in South Kamchatka.

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.

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
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