VANCOUVER, BC / ACCESSWIRE / August 25, 2021 / FIORE GOLD LTD. (TSXV:F)(OTCQB:FIOGF)(FSE:2FO) ("Fiore" or the "Company") is pleased to announce that its financial statements and management's discussion and analysis for the third fiscal quarter ("Q3 2021") ended June 30, 2021, have been filed with the securities regulatory authorities and are available at www.sedar.com and on the Company's website at www.fioregold.com .
Fiscal Q3 2021 Highlights
(all figures in U.S. dollars unless otherwise indicated)
Operating & Financial
- Q3 gold production of 11,751 ounces, an 8% increase compared to Q2 2021 as heap leach pH and alkalinity levels improved during the quarter
- Gold sales of 11,741 ounces at an average realized price of $1,815 per ounce
- First ore placed on the new leach pad in June 2021 and irrigation commenced in early July, which is expected to further improve gold production in fiscal Q4
- Mined ore production in Q3 of 12,557 tons per day ("tpd") with a stripping ratio of 1.8:1.0 and grade of 0.46 grams per tonne ("g/t") or 0.013 ounces/ton ("opt")
- 82,028 total site hours worked in Q3 with no reportable environmental incidents at a Total Recordable Injury Frequency Rate ("TRIFR") of 3.7
- Q3 cash costs per ounce sold 1 of $1,073
- Q3 Pan Mine AISC 1 per ounce sold of $1,100 and Fiore consolidated AISC 1 of $1,247
- Recorded quarterly revenues of $21.3 million with mine operating income of $7.2 million
- Generated Pan operating cash flow 1 of $6.9 million and consolidated operating cash flow of $6.0 million
- Net income of $4.1 million and $0.04 net earnings per share
- Closing cash balance of $18.5 million at June 30, 2021, an increase in cash from March 31, 2021 despite investment in the expansion of the Pan heap leach pad to accommodate added mine life and on-going drilling and Feasibility Study activities to advance Gold Rock
Organic Growth
- During the quarter, we agreed to acquire a 100% interest in the past producing Illipah project, adding further exploration ground in Nevada (refer to our June 14, 2021 news release for additional details) and subsequent to quarter end on July 22, 2021, announced the completion of the acquisition
- Gold Rock drill results announced during the quarter were headlined by 24.4 metres of 2.85 g/t gold and 40.3 metres of 0.70 g/t gold
1 This is a non-IFRS financial measure. Please refer to "Non-IFRS Financial Measures" at the end of this news release for a description of these non-IFRS financial measures and to the Non-IFRS Financial measures in the June 30, 2021 Management's Discussion and Analysis for a reconciliation to operating costs from the Company's interim financial statements.
Tim Warman, Fiore's CEO commented, "Strong gold production continued to drive strong operating cash flow of $6.0 million in the quarter, as Pan continues to fire on all cylinders. Cash balance and working capital both increased despite ongoing investment in our leach pad expansion and additional Gold Rock drilling. We expect further production improvement in fiscal Q4 as we irrigate fresh ore directly above the liner on the new leach pad. With Pan performing well, we plan to invest in an aggressive exploration program over the next 12-18 months covering our 200 km 2 Pan and Gold Rock land package, as well as our newly acquired Illipah project. Given the success of previous drill programs at both Pan and Gold Rock, we are confident that this expanded exploration program will demonstrate the longer-term potential of all our Nevada assets."
https://www.accesswire.com/661394/Fiore-Golds-Fiscal-Q3-Delivers-60-Million-Operating-Cash-Flow