Mr. John Lewins reports:
Strong quarterly production of 30,794 ounces gold equivalent (“AuEq”)(1) or 27,405 oz gold, 1,526,547 lbs copper and 34,001 oz silver, representing an 18% increase from Q2 2022 and 43% increase from Q1 2023, and quarterly sales of 28,141 oz gold, 1,657,115 lbs copper and 36,253 oz silver. The second half of the year is expected to be the stronger operationally, with 2023 guidance unchanged.
Operational performance strengthened considerably after early April, long hole open stoping performed to design, resulting in an average mill head grade in Q2 of 9.23 g/t AuEq or 8.20 g/t gold, 0.66% copper and 11.56 g/t silver.
A major milestone achieved with the completion of the Stage 2A Plant Expansion in May following the commissioning of the final upgrade, the rougher flotation expansion. Post-commissioning, the process plant is performing well, delivering a significant increase to metallurgical recoveries. Recoveries for June were 93.0% for gold and 92.9% for copper. Q2 recoveries averaged 92.4% for gold and 92.8% for copper, representing the highest quarterly recoveries since Q4 2021 for both gold and copper, and significantly higher than the 2022 average of 90.4% for gold and 90.5% for copper.
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