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Antioquia Gold posts net loss of C$2.5 million in Q3 on lower gold prices and higher costs

Kitco Media
By Vladimir Basov
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(Kitco News) - Antioquia Gold (TSXV: AGD) announced today that for the third quarter ended September 30, 2022 the company generated revenue of C$22.37 million compared to C$27.55 million in the same period of 2021.

The company said that quarterly revenue was lower year-over-year due to the decrease in the average realized gold price to C$2,044 per ounce for the third quarter of 2022 from C$2,180 in the same period of 2021.

The company’s gold production for the third quarter of 2022 was 11,254 ounces compared to 11,281 ounces for the third quarter of 2021 (a 0.2% decrease).

Net loss for the third quarter of 2022 was C$2.5M compared to an income of C$3M for the third quarter of 2021.

Cash cost per ounce sold for the third quarter of 2022 was US$1,303 compared to $1,039 for the third quarter 2021 (a 25.4% increase). AISC per ounce sold for the third quarter of 2022 was US$1,543 compared to $1,115 for the third quarter of 2021 (a 38.4% increase).

The company owns and operates the Cisneros project, located in the Municipality of Santo Domingo (Antioquia, Colombia) and approximately 70-km from the city of Medellin.

The Cisneros project consists of two operating, underground mines, Guaico and Guayabito and a processing plant with a newly expanded capacity of 1,200-tonnes/day, tailings deposit and a 10 km pipeline.

Kitco Media

Vladimir Basov

Vladimir (PhD, MEng in Mining) is a professional mining engineer, scientist and analyst that has more than 20 years of practical in-field and research experience. He is particularly interested in collecting, processing baseline data and writing insightful data-driven mining industry analytics, articles, statistical and research reports.

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