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Scotgold Resources Ltd on Thursday said it is on track to meet or exceed its second quarter targets as it posts record production.
Shares in the silver and gold mining company were up 8.7% to 76.65 pence each in London on Thursday morning.
Commenting on its operational progress at the Cononish Gold Mine in Scotland, Scotgold said it has posted record production in April and May, totalling 1,984 ounces of gold and 10,810 ounces of silver.
With these results, the company said that it is on track to achieve the upper quartile or exceed its second-quarter target of 2,600 to 3,200 ounces of gold.
Chief Executive Phil Day said: ‘We are pleased to report that April and May have delivered record profitable gold production, a trend we expect to continue in June and the rest of 2022, in line with our mine schedule.’
Further, Scotgold reported sales of 226.6 dry metric tonnes of gold concentrate for £2.4 million in April and May. Gold concentrate is processed gold-bearing ore, containing mostly iron.
Scotgold has drawn down £1.9 million of its £3 million loan facility with Fern Wealth GmbH.
‘With £1.9 million now received and drawn from our Fern Wealth Debt Facility, I am looking-forward to the second half of 2022 as we commission the tailings thickener and deliver step changes in performance, gold grade, stability of production and reduced costs per tonne of ore mining,’ Day added.
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