Elevation Gold Mining Corporation announce financial results for year ended December 31, 2022. By announcing summary for the three months and year ended December 31, 2022 reported that Elevation produced 9,193 ounces of gold and 52,329 ounces of silver for the three months ended December 31, 2022, and 31,094 ounces of gold and 160,480 ounces of silver for the year ended December 31, 2022.
The Company generated total revenue of $17.1 million during the 2022 fourth quarter, an increase of 24% compared to the 2021 fourth quarter, on 9,060 ounces of gold and 67,624 ounces of silver sold. For the year ended December 31, 2022 the Company generated $62.0 million in revenue on 31,666 ounces of gold and 257,659 ounces of silver sold.
The average realized price of gold per ounce sold for the 2022 fourth quarter and year was $1,732 and $1,786, respectively. Income from mine operations before depreciation and depletion of $2.4 million for the year ended December 31, 2022.
Tim Swendseid, Elevation Gold CEO, stated “Our Q4 2022 financial results reflect continuing improvement in operations at the Moss Mine, with total revenue increasing 24% over Q4 2021 and gold ounces sold increasing 33% from Q4 2021. We just missed our sales guidance for 2022 of total ounces sold (actual was 31,666 vs guidance of between 32,000 and 34,000 for the year).
During Q4, we switched out mining contractors and now have in place Ledcor, a very efficient miner who is on track to continually improve efficiencies throughout 2023. Despite gold prices at the start of the fourth quarter being at a 2 ½ year low, and the disruptions from the mining contractor replacement, our mine operating income before depreciation and depletion was the strongest for the year, at $2.7 million.
Going forward, we are currently benefiting from strong gold prices, which we expect will continue, plus we have sold a portion of future production at outstanding prices. Our sales guidance for 2023 remains between 34,000-36,000 ounces, as previously announced, conveniently weighted towards the latter half of the year.
The entire Moss Mine team has done an outstanding job rising to the challenges we have faced, and the very promising drilling results we have announced from the Reynolds Pit area remain very exciting for our future.”
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