ALTYN PLC: 1st Quarter Results
May 11 2021 - 1:00AM
UK Regulatory
TIDMALTN
AltynGold Plc
("AltynGold" or the "Company")
First quarter production results and financial update
AltynGold is pleased to announce its 1Q21 production results and
financial update.
Highlights:
-- Revenues soared by almost 120% year-over-year mainly driven by improved
gold poured production and also by higher gold price during the 1Q21
compared to 1Q20.
-- Production went up by almost 43% year-over-year and the quantity of
contained gold increase more than by 70% year-over-year. The positive
momentum in production growth and improving contained gold is expected to
be increased over the coming quarters.
-- Average grade improved by almost 20% year-over-year from 1.49g/t to
1.78g/t. The Company plans improving grade further in the upcoming
quarters due to the new equipment.
-- After the planned maintenance completed in 3Q20 the Company demonstrated
uninterrupted production in 4Q20 and continued demonstrating it during
1Q21 as well. Despite of more severe weather conditions during cold and
snowy first three months of 2021, growth of milled ore production
increased by 43% year-over-year.
-- In September 2019 the Company agreed a facility with Bank Center Credit
JSC (BCC) for an amount of US$17m. As of 1Q21 the Company has repaid
US$4.71m of the bank facility.
-- The Company has significantly improved its financial position in 2020 and
1Q21. The Company's Net Debt to EBITDA ratio has steadily improved over
the last years: 5.6x in 2018, 4.7x in 2019 and 1.6x in 2020. Management
maintains a positive view on the Company's capacity to raise funding for
the Company's upcoming capital requirements at attractive terms.
-- On COVID-19 update, the Company did not experience any negative effect or
interruptions on its production operations during the quarter. All
operational processes continued at a regular pace despite of unfavorable
weather conditions during the quarter. The management of the Company
continues cooperating with the authorities and monitoring the situation
on the virus with regular PCR testing of all staff. The health and safety
of our employees is the top priority of the Company.
1Q20 1Q21
Ore mined tons 92,324 131,733
Contained gold ounces 4,376 7,462
Ore milled tons 92,909 132,834
Average gold grade gr/tone 1.49 1.78
Gold poured ounces 3,380 6,272
Revenue USD m 4.58 10.06
Further Information:
For further information please contact:
AltynGold Plc
Rajinder Basra
+44 (0) 207 932 2455
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014.
Information on the Company
AltynGold Plc (LSE:ALTN) is an exploration and development
company, which is listed on the main market segment of the London
Stock Exchange.
To read more about AltynGold Plc please visit our website
www.altyngold.uk
View source version on businesswire.com:
https://www.businesswire.com/news/home/20210510005654/en/
CONTACT:
Altyn Plc
SOURCE: Altyn Plc
Copyright Business Wire 2021
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