Austral Gold (AGD) Q2 2024 TU earnings summary

Executive summary

• Q2 2024 gold equivalent production was 3,781 GEOs, down 20.2% sequentially and 46.8% year-over-year due to equipment delays impacting heap leach throughput.

• Sales revenue for the quarter was US$9.4 million, with 97.2% from gold and an average selling price of US$2,335/GEO.

• Revised FY 2024 production guidance to 17,000–18,000 GEOs from 18,000–20,000 GEOs due to ongoing equipment repairs.

• Updated Mineral Resource Estimate for Casposo Mine: 138,740 GEOs Measured & Indicated, 124,459 GEOs Inferred.

Financial highlights

• Cash and cash equivalents at Q2 end were US$1.2 million; total liquidity including inventory was US$2.1 million.

• Net consolidated financial debt stood at US$18.8 million, unchanged from Q1 2024.

• Operating cash flow after working capital was a deficiency of US$3.2 million, down from US$0.2 million in Q1 2024 and US$3.0 million in Q2 2023.

• Net cash from investing activities was US$3.8 million, mainly from equity investment sales.

Outlook and guidance

• FY 2024 production guidance revised to 17,000–18,000 GEOs due to equipment delays.

• Forecasted cash costs (C1) revised to US$1,800–1,900/GEO and AISC to US$1,900–2,000/GEO.

• HRC 800 equipment expected to be operational by September 2024, supporting production recovery.