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GoGold posts net loss in Q4 2022, expects 2023 will be 'strong' in value creation

Kitco Media
By Vladimir Basov
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(Kitco News) - GoGold Resources (TSX: GGD) announced today that in Q4 2022, the company generated revenue of $8.5 million on the sale of 411,756 silver equivalent ounces, compared to Q4 2021 revenue of $8.9 million on the sale of 401,214 ounces.

The company also reported Q4 2022 net loss of $2.9 million (Q4 2021: net loss of $0.5 million) and adjusted all in sustaining cost per silver equivalent ounce of $17.76 (Q4 2021: $18.58 per ounce).

In 2023, the company expects the completion of the PEA at Los Ricos North, the completion of the PFS at Los Ricos South, as well as the construction decision and permitting at Los Ricos South.

"Our December financial statements highlight one of the key strengths of our Company – which is our strong balance sheet which continues to allow us to advance our Los Ricos project. Subsequent to our quarter end, we closed a bought deal financing which further strengthened our balance sheet, with over $100 million USD in cash as of today," said Brad Langille, President and CEO.

"We expect the year ahead will be strong in value creation for GoGold as we advance on the development road towards mining," he added.

GoGold Resources is a Canadian-based silver and gold producer focused on operating, developing, exploring and acquiring 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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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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