Allied Gold Corporation reporting its financial and operational results for the second quarter (2Q) of 2024. During the quarter, the Company produced 88,135 gold ounces (oz) and sold 84,611 oz at total cost of sales, cash costs and all-in sustaining costs per oz sold of $1,547, $1,355, and $1,498, respectively.
Importantly, Allied continues to deliver on its sustainable production base at sequentially lower costs, and has made significant investments during the quarter to meet both its current guidance and industry-leading growth plans, including: Additional Oxide Ore Feed at Sadiola: As anticipated, ore from Diba was exposed and became available for mining in late June.
Limited quantities were processed as part of industrial-scale tests to assess plant behavior, yielding positive results. Further production and initial sales of gold from Diba are expected to commence during the third quarter, subject to the receipt of authorizations for processing at Sadiola, which are currently in progress.
Gold production was 133,062 oz which was comprised of 83,910 oz in concentrate and 49,152 oz as doré.
The mine maintained its strong operating performance during the quarter with 419,173 tonnes mined at an average grade of 10.5 g/t. The mill processed 424,899 tonnes at an average throughput rate of 4,669 tpd which was achieved from continued debottlenecking. The average grade of ore milled was 11.0 g/t with average recovery at 89.0%.
In the row, the Outlook say, the first half performance puts the Company firmly on track to meet its production guidance of 450,000 to 500,000 oz. Record gold prices have also allowed the Company to realize significant revenues and adjusted earnings1 to date which in turn have increased royalties and accrued profit sharing.
These costs have an impact on the Company’s cash operating cost1 and AISC1 per oz sold which have trended toward the upper end of cost guidance that were set based on a gold price assumption of $1,900 per oz. The process plant expansion project is still on track to increase throughput to 5,000 tpd and is expected to improve recoveries by approximately 3% by year end.
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