April 13, 2024
Companies

Antioquia Gold Posts 2Q 2022 Net Profit, Reversing Net Loss in 2Q 2021

Vancouver, Canada-based Antioquia Gold on August 26 announced a second quarter (2Q) 2022 net profit of CAD$474,000 (US$364,500), a big improvement over the CAD$2.6 million (US$2 million) net loss for 2Q 2021.

Revenues from the company’s sole asset – its Cisneros, Antioquia mining operations — nearly doubled year-on-year, to CAD$30.5 million (US$23 million), while adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) likewise improved, to CAD$7.3 million (US$5.6 million), more than double the CAD$3.3 million (US$2.5 million) EBITDA in 2Q 2021.

Gold production at Cisneros soared to 13,489 ounces, up from 9,543 ounces in 2Q 2021, while average realized gold price rose to US$1,734/ounce, up from US$1,624/ounce in 2Q 2021, according to the company.

As for first half (1H) 2022 operating results, Antioquia gold reported production of 24,856 ounces of gold so far this year, while sales of 24,500 ounces of gold netted an average realized price of US$1,723 per ounce.

Cash costs so far this year have averaged US$1,275 per ounce of gold sold, up from US$1,187 in 2Q 2021, while all-in sustaining costs have averaged US$1,393 per ounce of gold sold, up from US$1,305 in 2Q 2021.

The year-on-year boost in revenues “reflects the increase in production along with an increase in the average realized gold price,” the company explained.

The Cisneros underground gold operation consists of two underground mines in the Guaico and Guayabito rural districts, a processing plant located outside Medellin, and “exploration and development of additional properties,” the company noted.

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