Mining News
GoGold's net income down in FY22 on lower silver prices, production and higher costs
(Kitco News) - GoGold Resources (TSX: GGD) reported today that for the fiscal year ending September 30, 2022 (FY22), the company generated $36 million in revenue from the sale of 1.7 million silver equivalent ounces, compared to a revenue of $53 million from the sale of 2.2 million ounces a year ago.
The company also reported net income of $692 thousand in FY22, compared to a net income of $7,080 thousand in FY21.
GoGold produced 1,810,326 silver equivalent ounces in FY22, consisting of 741,772 silver ounces, 10,708 gold ounces, and 469 copper tonnes. For comparison, in FY21, the company produced 2,270,073 silver equivalent ounces, consisting of 1,138,358 silver ounces, 13,447 gold ounces, and 470 copper tonnes.
The company said that adjusted all in sustaining cost per silver equivalent ounce was $18.36 in FY22, compared to $16.81 per ounce in FY21.
GoGold noted that its strong balance sheet, which includes $73.3 million of cash and no debt, provides the resources for management to execute on the Los Ricos projects.
President and CEO Brad Langille commented, "We believe 2023 at Los Ricos will be a year of increasing resources, advancing economic studies in Los Ricos South with the inclusion of the recently acquired Eagle concession, and a first look at economics in Los Ricos North with an upcoming preliminary economic assessment. We expect the year ahead will be strong in value creation for GoGold."
GoGold Resources is a Canadian-based silver and gold producer focused on operating, developing, exploring and acquiring high quality projects in Mexico. The company operates the Parral Tailings mine in the state of Chihuahua and has the Los Ricos South and Los Ricos North exploration projects in the state of Jalisco.
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