Austral Gold (AGD) Q3 2024 TU earnings summary

Executive summary

• Q3 2024 gold equivalent production was 3,383 GEOs, down 10.5% from Q2 2024 and 35.8% year-over-year, mainly due to equipment delays and operational challenges at Guanaco/Amancaya.

• Sales revenue reached US$7.7 million, with 97.2% from gold and an average selling price of US$2,477/GEO.

• Cash at quarter-end was US$0.3 million (US$1.5 million including unrefined GEOs), with net financial debt rising to US$20.5 million.

• A US$2 million related-party loan was received post-quarter, increasing related-party debt to US$10 million.

Financial highlights

• Operating cash flow after working capital was a deficit of US$1.8 million, an improvement of US$1.4 million from Q2 2024 but US$3.5 million lower than Q3 2023.

• Net cash from investing activities was US$1.3 million, mainly from the sale of Unico Silver shares and equipment.

• Net cash used in financing activities was US$0.4 million, reflecting repayments and interest, partially offset by new debt proceeds.

• Net current liabilities at quarter-end were US$18.9 million, or US$5.5 million excluding short-term financial debt.

Outlook and guidance

• 2024 production guidance is 17,000–18,000 GEOs, with forecasted C1 cash costs of US$1,712–1,990/GEO and AISC of US$1,782–2,388/GEO.

• The Heap Reprocessing Project at Guanaco is expected to be the main production source in coming years.