China Gold International Resources Reports 2023 Year-End Results and Provides 2024 Guidance

(via TheNewswire)

VANCOUVER, March28, 2024 –China GoldInternational Resources reports2023Year-End Resultsandprovides2024 Guidance.

For detailed information, please read the Company’s financial statements and Management Discussion and Analysis for the year ended December 31, 2023 which are available on SEDAR at www.sedar.com, The Stock Exchange of Hong Kong Limited’s website at www.hkex.com.hk, the Company's website at www.chinagoldintl.com, call the Company at [phone] or email to [e-mail].

FINANCIAL, PRODUCTION AND OPERATION HIGHLIGHTS

2023FOURTH QUARTER

•        Revenue decreased by 72% to US$71.3 million from US$253.9 million for the same period in 2022.

•        Mine operating loss of US$1.9 million,decreasedby US$98.5million from mine operating earnings of US$96.6million for the same period in 2022.        

•        Net loss of US$17.5 million,decreased by US$66.0 million from net income of US$48.5 million for the same period in 2022.

•       Cash flow used in operation of US$20.9 million, decreasedfrom cash flow from operation of US$89.1 million for the same period in 2022.

•        Total gold productiondecreasedby57% to25,500ounces from59,992ounces for the same period in 2022.

•        Total copper production was 184,077 pounds (approximately 83 tonnes) as limited production at the Jiama mine resumed on December 15, 2023. Copper production was 45.1 million pounds (approximately20,472tonnes) for the same period in 2022.

2023ANNUALRESULTS

•        Revenue decreased by 58% to US$459.4 million from US$1,104.9 million for the same period in 2022.

•        Mine operating earningsdecreasedby80% to US$80.4million from US$395.6million for the same period in 2022.

•        Net loss of US$23.0 million decreased from net income of US$225.4 million for the same period in 2022.

•       Cash flow from operation decreasedto US$1.6 million from US$447.3 million for the same period in 2022.

•        Total gold productiondecreasedby38% to147,963ounces from238,836ounces for the same period in 2022.

•        Total copper production decreased by76%to44.2million pounds (approximately20,051tonnes) from187.4million pounds (approximately85,004tonnes) for the same period in 2022.

2024 GUIDANCE

The JiamaMinehas gradually resumed production starting from the Phase I processing plant on December 15, 2023, with a daily processing capacity of 6,000 tonnes of ore.  As the resumption of the Phase II processing plant is subject to the results of the government’s review of the tailings discharge scheme, the timing of resumption is uncertain. Against this backdrop, the Company reportsseparate production guidance to the two mines in 2024.

CSH Mine:

•       It is expected that the gold production range will be 106,097 ounces to 112,528 ounces (approximately 3.3 tonnes to 3.5 tonnes) in 2024.

JiamaMine:

•        The Company expects to receive government’sapproval for the resumption of operations at the beginning of May2024. Upon receipt of the approval, Jiama Mine will resume production at the Phase II plant's designed processing capacity of approximately 34,000 tonnes per day (tpd). Given that the actual timing of the production resumption depends on the final date of government’sapproval, the annual production guidance is subject to uncertainty.

•       It is expected that the copper production range will be95.0million pounds to98.0million pounds (approximately 43,200 tonnes to44,500 tonnes) in 2024;

•       It is expected that the gold production range will be 42,439ounces to45,333ounces (approximately 1.32tonnes to 1.41tonnes) in 2024.

The Company’s Chairman and CEO, Mr. Junhu Tong, said, “Despite the severe challenges faced by the Company in 2023, our team has maintained a tenacious working spirit and completed some critical objectives, including the resumption of the Phase I processing plant of the Jiama Mine and the return of mining at the CSH Mine to normal levels. In 2024, the Company will focus on promoting the full resumption of the Jiama Mine as soon as possible, maintaining the stable operation of the CSH Gold Mine, and strictly controlling the cost level to fully improve the Company’s production and financial performances.”

About China Gold International Resources

China Gold International Resources is a gold and base metal mining company incorporated in BC, Canada and operates two mines, the Chang Shan HaoGold Mine in Inner Mongolia, China and the Jiama Copper-Gold Polymetallic Mine in Tibet, China. The Company’s objective is to build shareholder value through growing production at its current mining operations, expanding its resource base, and acquiring and developing new projects internationally. The Company is listed on the Toronto Stock Exchange (TSX: CGG) and the Main Board of The Stock Exchange of Hong Kong Limited (HKEX: 2099).

For further information on the Company, please refer to SEDAR’s website at www.sedar.com, The Stock Exchange of Hong Kong Limited’s website at www.hkex.com.hk, the Company's website at www.chinagoldintl.com, or call the Company at [phone] and email to [e-mail].

Cautionary Note About Forward-Looking Statements

Certain information regarding China Gold International Resources contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although China Gold International Resources believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. China Gold International Resources cautions that actual performance will be affected by a number of factors, most of which are beyond its control, and that future events and results may vary substantially from what China Gold International Resources currently foresees. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration results, continued availability of capital and financing and general economic, market or business conditions. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and subject to change after that date.

 

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