Signal Gold Inc T.SGNL

Q4 results

[VillaManya]

Signal Gold Announces Q4 and Full Year 2022 Production Results and Provides Update on the Point Rousse Project

1/31/2023
TORONTO, ON / ACCESSWIRE / January 31, 2023 / Signal Gold Inc. ("Signal Gold" or the "Company") (TSX:SGNL)(OTCQX:SGNLF) is pleased to report its production results and certain preliminary and unaudited financial information for the three months and year ended December 31, 2022, and to provide an update on the winding down of the Point Rousse operation to care and maintenance. All dollar amounts are in Canadian Dollars. The Company expects to file its full audited annual financial statements and management discussion and analysis by March 2, 2023.
As announced on October 25, 2022, the Company has begun winding down its current operations at Point Rousse and has now completed mining at the Argyle Mine. As of the date of this press release, all ore from the Argyle Mine has been hauled to the Pine Cove Mill. During the fourth quarter of 2022, Point Rousse produced 4,712 ounces of gold, resulting in annual production of 17,948 ounces for 2022. The Company sold 18,078 ounces of gold in 2022 to generate metals revenue of $41.7 million, including 4,874 gold ounces in Q4 2022 to generate metals revenue of $11.3 million, and the Company ended the year with a cash balance of $9.2 million. Production for 2022 was lower than the revised annual guidance of 20,000 to 21,000 ounces due to operational constraints related to blasting and mucking of the final benches in the pit late in the fourth quarter and lower than planned mill availability due to weather related issues in the crushing circuit, which deferred ore production into January of 2023. The remaining ore stockpiles are expected to be processed by early March and the site has already commenced certain progressive rehabilitation activities, including the backfilling of the settlement pond at Argyle and the reclamation of tailings storage #1. The Company continues to review strategic alternatives to maximize the value of its Newfoundland assets.
"I would like to thank the committed employees of our Point Rousse operation for their safe and professional work over the past quarter as we wind down mining and processing activities. After continuous mining at Point Rouse since 2010, all employees and stakeholders at Point Rousse have much to be proud of from their hard work and dedication, extending the operation well beyond the original life of mine. During the fourth quarter, the Company sold 4,874 ounces of gold to generate $11.3 million in metals revenue, and the Company expects to process and sell up to another 2,500 ounces in Q1 2023 as the operation transitions to care and maintenance. The Company continues to consider strategic alternatives for its Newfoundland assets, which include the only permitted gold processing facility in Newfoundland, a deep water port, and a permitted in-pit tailings facility with long-term capacity, and ~15,000 hectares of highly prospective mineral property, including those adjacent to the past producing, high-grade Nugget Pond Mine at its Tilt Cove Gold Project."
~Kevin Bullock, President and CEO, Signal Gold Inc.

[VillaManya]

so whilst they missed their own update given during Q4, once the 2500 oz still to be processed are added they will finish at approx 20500 for the year. I suspect noone will penalise them for being 4 weeks late given the shut-down of the mine. given the recent increase in the gold price the delay could even be described as fortuitous

[rinagek]

This post has been removed in accordance with Community Policy

[karlschranz]

Like always under this CEO: Overpromiswd and underdelivered!

[nozzpack]

Yep. This management team needs a serious reappraisal by shareholders . And, that opportunity is the May AGM. If they have never built a mine or run a mine, then this is what you expect . Who is up to detail the mining records of our top executives to confirm their glowing appraisal of them selves .

[DoumDiDoum]

nozzpack: who are you proposing as a replacement? Did you think about that? Kicking a team out might be easier than finding a management that tickles all the boxes from your wish list: deep pocket with tons of shares in the company, management having built mines with success, management that does not get paid high salary, management that will consider your spin out strategy, management that will

[GoldinMind123]

DoumDiDoum, I don't know if the timing is right to oust the management team right now. My only shred of hope is that their background is advancing, financing, and building projects. Right now all that's left of Signal Gold is Goldboro. Advancing and financing it is supposedly their strength. Let's hope they have that left in them. That said, if anyone is serious about their investment

[Beersy24]

Who cares about q4 results. The management is doing a good job at progressing Goldboro and that's where the value is for share holders. I highly doubt that this will change any analysts guidance because they only ever really cared about Goldboro. The mine in Newfoundland was never thought of as a high grade long life mine. 

[GoldinMind123]

I get that. Last week I said whether they hit the guidance or not wasn't going to matter and that the stock already prices out the NL assets. I agree the eye is and has been squarely on Godboro for some time.  However, we can't just nonchalantly ignore the fact that this managment team failed to do anything to maximize value out of the NL assets when there was still time to do

[DoumDiDoum]

GoldMind123: I don't know if the timing is right to oust the management team right now. My only shred of hope is that their background is advancing, financing, and building projects. Right now all that's left of Signal Gold is Goldboro. Advancing and financing it is supposedly their strength. Let's hope they have that left in them. That said, if anyone is serious about their

[DoumDiDoum]

Yep, we cannot disagree with that!

[JKTL00]

Even the Corporate Presentation that was updated just rescently in January states 20,000 ozs. Surely they had to know this a couple of months ago. I topped up my position in last few weeks with extra 20,000 shares based on having a great quarter. Many people on this site bought lately with the same expectation. Why do they knowingly give false information or lack of information to share holders