Halifax, NS – GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) (“GoGold”, “the Company”) is pleased to announce the financial results for the quarter ending December 31, 2022, with Parral generating $8.5 million (all amounts are in U.S. dollars) from the sale of 411,756 silver equivalent ounces.
“Our December financial statements highlight one of the key strengths of our Company – which is our strong balance sheet which continues to allow us to advance our Los Ricos project. Subsequent to our quarter end, we closed a bought deal financing which further strengthened our balance sheet, with over
$100 million USD in cash as of today,” said Brad Langille, President and CEO. “We continue to be excited for 2023 at Los Ricos including some of these key milestones for the year:
• Completion of PEA at Los Ricos North
• Continued drilling program at Los Ricos South
• Updated Mineral Resource Estimate and Preliminary Economic Assessment (“PEA”) at Los Ricos
South including the impact of the Eagle concession
• Completion of Pre-Feasibility Study (“PFS”) at Los Ricos South
• Underground exploration and development at Los Ricos South focussing initially on the Eagle
• Construction decision and permitting at Los Ricos South
With our above objectives and our strong balance sheet, we expect the year ahead will be strong in value
creation for GoGold as we advance on the development road towards mining.”
Financial Highlights for the quarter ending December 31, 2022:
• Cash of $62.6 million USD
• Revenue of $8.5 million on the sale of 411,756 silver equivalent ounces at a realized price per ounce
of $21.18 per oz
• Production of 441,217 silver equivalent ounces, consisting of 159,838 silver ounces, 2,399 gold
ounces, and 222 copper tonnes
• Adjusted cash cost per silver equivalent ounce of $12.89
• Adjusted all in sustaining cost per silver equivalent ounce of $17.76
Following are tables showing summarized financial information and key performance indicators:
Summarized Consolidated Financial Information Three months ended Dec 31
(in thousands USD, except per share amounts) 2022 2021
Revenue $ 8,478 $ 8,854
Cost of sales, including depreciation 8,765 6,453
Operating income (loss) (2,242) 574
Net loss (2,891) (495)
Basic net income (loss) per share (0.010) (0.002)
Cash flow used in operations (4,246) (4,584)
Key Performance Indicators1
Three months ended Dec 31
(in thousands USD, except per ounce amounts) 2022 2021
Total tonnes stacked 352,363 573,357
Silver equivalent ounces sold 411,756 401,214
Adjusted AISC per silver equivalent ounce2 $ 17.76 $ 18.58
Adjusted Cash cost per silver equivalent ounce2 $ 12.89 $ 13.51
Realized silver price $ 21.18 $ 22.07
Metres drilled 21,642 19,864
1Key performance indicators are unaudited non-GAAP measures, see reconciliation in MD&A.
2Gold and copper are converted using average market prices.
This news release should be read in conjunction with the interim condensed consolidated financial
statements for the quarter ended December 31, 2022, notes to the financial statements, and
management's discussion and analysis for the quarter ended December 31, 2022, which have been filed on
SEDAR and are available on the Company’s website.
Technical information contained in this news release with respect to GoGold has been reviewed and
approved by Mr. Bob Harris, P.Eng., who is a qualified person for the purposes of NI 43-101.
About GoGold Resources
GoGold Resources (TSX: GGD) is a Canadian-based silver and gold producer focused on operating,
developing, exploring and acquiring high quality projects in Mexico. The Company operates the Parral
Tailings mine in the state of Chihuahua and has the Los Ricos South and Los Ricos North exploration projects
in the state of Jalisco. Headquartered in Halifax, NS, GoGold is building a portfolio of low cost, high margin
projects. For more information visit gogoldresources.com.
For further information please c