Kingsgate had a solid March quarter. Group gold production for the quarter of 48,725 ounces at a total cash cost of US$977/ounce was in-line with expectations, with production on track to achieve the guidance range for the year.
This result reflects continued focus on operating efficiencies and cost reduction initiatives given the current volatile operating environment for gold producers.
Gold sales for the quarter were 48,216 ounces at an average gold price received of US$1,274/ounce. The Group All-in Sustaining Cash Cost was US$1,126/ounce for the quarter.
- Solid Group operating performance with quarterly gold production in-line with expectations at 48,725 ounces.
- Strong June quarter expected to deliver full year guidance.??Chatree produced 31,609 ounces of gold at US$805/ounce and Challenger produced 17,116 ounces of gold at US$1,293/ounce for the quarter.
- Balance sheet strengthened with institutional placement and accelerated entitlement issue completed raising A$28.5 million (before costs). Retail component completed in April raising an additional A$30.9 million (before costs).
- The Definitive Feasibility Study (DFS) for Nueva Esperanza confirms robust project economics.
- CEO search well advanced.