Argonaut’s Gold Production Increase Outweighs Realized Price Reductions – Commodity Commentary

By Adriano Marchese

Argonaut Gold Inc. more than offset the decline in gold prices achieved in the third quarter with greater production from its Mexican operations, supporting the generation of 37% additional cash flow during the period.

Manufacturing :

“During the third quarter of 2021, the Company sold 58,528 ounces of gold at an average realized price per ounce of $ 1,789, compared to 47,651 ounces of gold sold at an average realized price per ounce of 1,915 $ during the same period of 2020.

“The 20% increase in gold equivalent ounce production was mainly linked to increased production from all Mexican operations due to the two-month suspension for COVID-19 at the start of the pandemic global, higher gold grade and operational and productivity improvements at Florida Mine Canyon following its July 1, 2020 acquisition and higher gold grade at La Colorada mine. “

On the financial results:

“The third quarter of 2021 saw an realized gold price down 7% from the third quarter of 2020, while generating 37% additional cash flow when comparing the two periods. Overall it was a great financial quarter with a 12% increase in net income and a 43% increase in adjusted net income year over year. “

Write to Adriano Marchese at [email protected]

Source link

About Natalee Broderick

Natalee Broderick

Check Also

India to record one of the highest growth rates, says Ashima Goyal

Prominent economist Ashima Goyal said on Sunday that India is likely to have one of …