GoGold Resources (GGD) Q3 2024 earnings summary

Executive summary

• Revenue reached $10.4 million from the sale of 365,119 silver equivalent ounces for Q3 2024, with Parral mine marking 10 years of continuous production.

• Focus is shifting to growth at the Los Ricos district, with a definitive feasibility study for Los Ricos South expected in September and preparations underway for a bulk underground operation.

Financial highlights

• Q3 2024 revenue was $10.4 million, up from $8.5 million in Q3 2023; nine-month revenue was $26.1 million, down from $28.8 million year-over-year.

• Operating income for Q3 2024 was $3.6 million, compared to $0.2 million in Q3 2023; net loss was $0.5 million versus net income of $2.6 million last year.

• Adjusted cash cost per silver equivalent ounce was $18.54, and adjusted all-in sustaining cost (AISC) was $24.59, both higher than the prior year.

• Cash flow used in operations was $2.2 million for Q3 2024, compared to $0.3 million in Q3 2023.

• Cash balance at quarter-end was $76.4 million.

Outlook and guidance

• Los Ricos South feasibility study results are expected in September, with a redesigned mine plan for a bulk underground operation for at least the first decade.

• Preparations for long lead-time items, such as power line construction and deposits for major components, are underway in anticipation of permit approval.