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Golconda Gold Ltd. releases financial and operating results for the first quarter of 2024

Published

8 months ago

29 May, 2024

Golconda Gold Ltd

TORONTO, May 29, 2024 (GLOBE NEWSWIRE) – Golconda Gold Ltd.Golconda Gold” or the “Company”) (TSX-V: GG; OTCQB: GGGOF) is pleased to announce the release of its financial results for the three-month period ending March 31, 2024.

A copy of the unaudited condensed consolidated interim financial statements for the three months ended March 31, 2024, prepared in accordance with International Financial Reporting Standards, and the corresponding management discussion and analysis (the “MD&A”), are available on the Company profile at www.sedarplus.ca. All references to “$” in this press release refer to United States dollars.

Highlights of the first quarter of 2024 (“1st quarter of 2024”):

extracted 13,492 tonnes of ore from its Galaxy and Princeton orebodies, with an average grade of 3.37 grams per tonne (g/t) compared to 11,644 tonnes at 2.94 g/t in the three months ending 31 December 2023 (“4th quarter of 2024”), an increase in contained gold of 33%;
produced 1,095 tonnes of concentrate averaging 42.8 g/t containing 1,507 ounces of gold compared to 932 tonnes of 43.9 g/t containing 1,314 ounces of gold in Q4 2023, a 15% increase in gold production quarter by quarter;
generated revenue of US$2.2 million from the sale of 1,099 payable ounces of gold at an operating cash cost of US$1,667(1) per payable ounce, compared to revenue of US$1.9 million in the fourth quarter 2023 at an operating cash cost of US$1,687 per payable ounce, representing a 16% increase in revenue; It is
closed the previously announced metal purchase and sale agreement with Empress Royalty Holding Corp. (“Empress”), a wholly owned subsidiary of Empress Royalty Corp., under which the Company received an advance cash payment of US$5 million for payable gold produced at the Galaxy mine. These funds are being invested in additional new mining equipment, the renewal of existing mining equipment, and working capital to accelerate underground development to access a second level in the Galaxy in order to allow for an increase in mining volumes to utilize the significant idle capacity in the processing plant.(2 )

Golconda Gold CEO Nick Brodie commented: “Q1 2024 saw mining volumes and gold production increase relative to Q4 2023. With the receipt of funds received from the closure of Empress Investment, we should see production will continue to increase gradually over the next 12 months.(2)

After the end of the quarter, we received a new drilling rig, loader and dump truck, with additional equipment scheduled to arrive in late Q2 2024 and early Q3 2024.(2) Work also progressed well in the renovation of our existing buildings. mining fleet to improve equipment availability and further develop the Galaxy and Princeton ore bodies to increase production. After the end of the quarter, we delivered our first ore to the Princeton Top plant, a pre-developed mining area that we expect to provide immediate ounces of production.”(2)

The story continues

About Golconda Gold

Golconda Gold is an unhedged gold producer and explorer with mining operations and exploration tenements in South Africa and New Mexico. Golconda Gold is a public company and its shares are listed on the TSX Venture Exchange under the symbol “GG” and on the OTCQB under the symbol “GGGOF”. Golconda Gold’s management team is comprised of senior mining professionals with extensive experience in managing mining and processing operations and large-scale exploration programs. Golconda Gold is committed to operating to world-class standards and is focused on the safety of its employees, respecting the environment and contributing to the communities in which it operates.

Grades:

(1) Cash cost is a non-GAAP measure. Please refer to the table below and the “Supplementary Information to Management’s Discussion and Analysis” in the Performance Analysis Report for reconciliation with the measures reported in the Company’s interim financial statements.

	1st quarter of 2024
Operational costs	2,013,426
Fit for:
Impairment, depreciation and depletion	(169,622	)
Stock Movement	178,590
Total cash operating cost	2,022,394
Royalties	(9,848	)
Total operating cash cost, excluding royalties	2,012,546
Gold production (ounces)	1,507
Gold production (ounces payable)	1,207
Total cash operating cost excluding royalties per ounce payable	1,667

(2) This is forward-looking information and is based on a number of assumptions. See “Warning Notes”.

Warning Notes

Certain statements contained in this press release constitute “forward-looking statements.” All statements other than statements of historical fact contained in this press release, including, without limitation, statements regarding the Company’s ability to accelerate underground development to access a second level in the Galaxy to enable an increase in mining volumes to utilize capacity significant idle capacity at the processing plant, the company’s expectation that production will gradually increase over the next 12 months, the company’s expectation that it will receive additional equipment in late second quarter 2024 and early third quarter 2024, the the Company’s expectation that Princeton Top will provide immediate cumulative production ounces, and the Company’s future financial position and results of operations, strategy, proposed acquisitions, plans, objectives, goals and targets, and any statements preceded by, followed by or that include the words “believe,” “expect,” “aim,” “intend,” “plan,” “continue,” “will,” “may,” “would,” “anticipate,” “estimate,” “ predict”, “anticipate”, “project”, “seek”, “should” or similar or negative expressions thereof are forward-looking statements. These statements are not historical facts, but merely represent the Company’s expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict. Therefore, actual results may differ materially from what is expressed, implied or anticipated in such forward-looking statements.

Additional factors that could cause actual results, performance or achievements to be materially different include, but are not limited to: the Company’s dependence on two mineral projects; gold price volatility; risks associated with conducting the Company’s mining activities in South Africa and New Mexico; regulatory, consent or permitting delays; risks related to the Company’s exploration, development and mining activities located in South Africa and New Mexico; risks related to trust in the Company’s management team and external service providers; risks relating to mineral resources and reserves; the Company’s inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks relating to the inability to generate sufficient cash flow from operations; risks related to project financing and capital issuances; risks arising from the Company’s fair value estimates in relation to the carrying value of mineral interests; mining tax regimes; risks arising from holding derivative instruments; the Company’s need to replace reserves depleted by production; risks and unknowns inherent in all mining projects, including the inaccuracy of reserves and resources, metallurgical recoveries and capital and operating costs of such projects; disputes over property titles, especially titles to undeveloped properties; laws and regulations governing the environment, health and safety; the ability of the communities in which the Company operates to manage and deal with the implications of COVID-19; the economic and financial implications of COVID-19 for the Company; operational or technical difficulties related to mining or development activities; lack of infrastructure; labor relations, labor unrest or unavailability; health risks in Africa; the Company’s interactions with neighboring communities and artisanal miners; the Company’s ability to successfully integrate acquired assets; risks related to the restart of production; the speculative nature of exploration and development, including the risks of diminishing quantities or levels of reserves; development of the Company’s exploration properties into commercially viable mines; stock market volatility; conflicts of interest between certain directors and officers; lack of liquidity for the Company’s shareholders; risks related to market perception of junior gold companies; and litigation risk. Management provides forward-looking statements because it believes they provide useful information to investors as they consider their investment objectives and cautions investors not to place undue reliance on forward-looking information. Accordingly, all forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that actual results or developments will be realized or, even if substantially realized, that will have the expected consequences or effects for the Company. These forward-looking statements are made as of the date of this press release and the Company undertakes no obligation to update or revise them to reflect subsequent information, events or circumstances or otherwise, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information, please contact:
Nick Brodie
CEO, Golconda Gold Ltd.
+44 7905 089878
Nick.Brodie@golcondagold.com
www.golcondagold.com

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News

Breakfast on Wall Street: The Week Ahead

Published

6 months ago

14 July, 2024

FinCrypto Staff

The spotlight next week will shift somewhat to the Federal Reserve’s second-quarter earnings season and monetary policy. Market watchers will be treated to results from several major names, including Dow 30 components Goldman Sachs (GS), UnitedHealth (UNH), Johnson & Johnson (JNJ) and American Express (AXP), along with streaming giant Netflix (NFLX).

The Fed will still attract some attention as investors will be eager to hear from a packed lineup of central bank speakers just before the policy meeting lockout period.

In terms of the economic calendar, after fifteen days of labor market and inflation indicators, activity data will gain momentum in the form of the latest retail sales and industrial production reports.

Earnings Highlight: Monday, July 15 – Goldman Sachs (GS) and BlackRock (Black). See the full earnings calendar.

Earnings Highlight: Tuesday, July 16 – UnitedHealth (UNH), Bank of America (BAC), Progressive (PGR), Morgan Stanley (IN), PNC Financial (PNC) and JB Hunt Transport (JBHT). See the full earnings calendar.

Earnings Highlight: Wednesday, July 17 – Johnson & Johnson (JNJ), US Bancorp (USB), Morgan Children (KMI), United Airlines (UAL) and Ally Financial (ALLY). See the full earnings calendar.

Earnings Highlight: Thursday, July 18 – Netflix (NFLX), Abbott Laboratories (ABT), Black stone (BX), Domino’s pizza (ZDP) and Taiwan Semiconductor Manufacturing (TSM). See the full earnings calendar.

Earnings Highlight: Friday, July 19 – American Express (AXP), Halliburton (THANKS) and Travelers (VRT (return to recoverable value)) See the full earnings calendar.

IPO Observation: Hospital and healthcare clinic operator Ardent Health Partners (TARDT), insurance service provider Twfg (TWFG) and the biotechnology company Lirum Therapeutics (LRTX) are expected to price their IPOs and begin trading next week. The analyst quiet period ends at Rectitude (RECT) to free up analysts to publish ratings.

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News

Trump shooting: Gold could hit record high, dollar and cryptocurrencies set to jump

Published

6 months ago

14 July, 2024

FinCrypto Staff

Police cars outside the residence of Thomas Matthew Crooks, the alleged shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. In the aftermath of the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being killed by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)

Police cars outside the residence of Thomas Matthew Crooks, the suspected shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. Following the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being shot dead by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)

Investors will initially favor traditional safe-haven assets and may lean toward trades more closely tied to former President Donald Trump’s chances of winning the White House after he survived an assassination attempt, according to market watchers.

“There will undoubtedly be some protectionist or safe-haven flows into Asia early this morning,” said Nick Twidale, chief market analyst at ATFX Global Markets. “I suspect gold could test all-time highs, we’ll see the yen being bought and the dollar, and flows into Treasuries as well.”

Early market commentary suggested Trump’s shooting at a rally in Pennsylvania on Saturday could also prompt traders to increase his likelihood of success in the November election. His support for looser fiscal policy and higher tariffs is generally seen as likely to benefit the dollar and weaken Treasuries.

An indicator of market sentiment heading into the weekend: Bitcoin surged above $60,000, likely reflecting Trump’s pro-crypto stance.

Other assets positively linked to the so-called Trump trade include stocks of energy companies, private prisons, credit card companies and health insurers.

Traders will also be closely watching market measures of expected volatility on Monday, such as those in the tariff-sensitive Chinese yuan and Mexican peso, which have begun to price in the U.S. vote.

Trump said he was shot in the right ear after a shooting at his rally. His campaign said in a statement that he was “fine” after the incident, which prompted him to rush off the stage.

“Currencies will be the first major market on Monday in Asia to react to the weekend’s shots. There’s potential for extra volatility, and getting a clear reading could be especially difficult because liquidity will be hurt by Japan’s national holiday,” said Garfield Reynolds, Asia team leader for Bloomberg Markets Live.

Strategists had already expected a volatile run-up to the election, particularly as Democrats are still agonizing over President Joe Biden’s candidacy after his poor performance in last month’s debate raised questions about his age. Investors were also grappling with the possibility that the election could end in a drawn-out dispute or political violence.

But there is little precedent for events like those in Pennsylvania. When President Ronald Reagan was shot four decades ago, the stock market plunged before closing early. The next day, March 31, 1981, the S&P 500 rose more than 1% and benchmark 10-year Treasury yields fell 9 basis points to 13.13%, according to data compiled by Bloomberg.

Bond investors should pay particular attention as the attack is likely to boost Trump’s election chances and ultimately lead to concerns about the fiscal outlook, according to Marko Papic, chief strategist at California-based BCA Research Inc.

“The bond market must at some point become aware of President Trump’s greater chances of winning the White House than any of his rivals,” Papic wrote. “And I continue to believe that as his chances increase, so too must the likelihood of a bond market revolt.”

Kyle Rodda, senior financial markets analyst at Capital.com, said he was seeing client flows into Bitcoin and gold following the shooting.

“This news marks a turning point in American policy norms,” he said. “For markets, it means safe-haven trades, but more tilted toward non-traditional safe-havens.”

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News

Latest Business News Live Updates Today, July 11, 2024

Published

6 months ago

14 July, 2024

FinCrypto Staff

Latest Business News Live Updates Today, July 11, 2024

Follow us for stories on Bill Gates, Elon Musk, Mukesh Ambani, Gautam Adani as we bring you everything that’s happening in the business world. Follow the latest gold and silver prices here too. Stay in the know on all things business with us.

Latest news on July 11, 2024: Airtel says its new Xstream Fiber plans bundle over 350 live TV channels (Official Photo) (Reuters) Disclaimer: This is an AI-generated live blog and has not been edited by Hindustan Times staff.

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News / Business / Latest Business News Live Updates Today, July 11, 2024

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Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?

Published

6 months ago

14 July, 2024

FinCrypto Staff

Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?

Q1 2024 Results: Jio Financial Share Price will be in focus on Monday as the Reliance Group company has a fixed board meeting on July 15, 2024 to consider and approve the company’s unaudited standalone and consolidated financial results. Trust Group company informed about the Q1 2024 Results date on Wednesday last week via an exchange filing. According to stock market experts, Jio Financial Services Limited is poised to deliver impressive Q1 results for FY25 on solid operating income. They have forecast a healthy QoQ PAT for the company in Q1 FY25.

Jio Financial Services News

Speaking on the Jio Financial Services Q1 2024 results, Manish Chowdhury, Head of Research, StoxBox, said, “We believe Jio Financial Services is poised to deliver impressive results in Q1FY25 aided by its operating income, which is likely to show robust growth driven by strong investment income, which in turn should lead to healthy PAT growth on a sequential basis. Jio Financial Services continues to make strategic moves such as launching digital products and expanding its ecosystem, with a clear focus on future growth. The company has announced plans to introduce products for lending against stocks and mutual funds, leveraging Jio’s large user base, which could be a significant growth driver in the coming quarters.”

“Furthermore, with the NBFC receiving RBI approval to become a primary investment company, Jio Financial Services is well-positioned to unlock value from its investments. Overall, we expect the company to report robust numbers in the upcoming quarter,” the StoxBox expert added.

Jio Financial Stock Target Price

Speaking about the technical outlook of Jio Financial share price, Ganesh Dongre, Senior Manager, Technical Research at Anand Rathi, said, “Jio Financial Services share price is poised to make a fresh high at the ₹260 apiece level. If the stock breaks above this mark, the Reliance Group stock could make a fresh high by touching the ₹290-₹295 zone. Hence, those with Jio Finance stock in their portfolio are advised to stick to the script by keeping a stop loss at ₹205. If the stock breaks above ₹260 decisively, then one can upgrade the stop loss at ₹240 for the near-term target of ₹295.”

On the advice to new buyers regarding Jio Financial stock, Ganesh Dongre said, “New buyers are advised to wait for the breakout. Once the stock breaks above ₹260, one can buy this Reliance Group stock at the short term target of ₹295, keeping a stop loss of ₹240 apiece.”

Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. Investors are advised to consult with certified experts before making any investment decisions.

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