Post by
Bully88 on Jan 13, 2023 9:29am
Old West Investment Management mentions MAI
https://www.oldwestim.com/_files/ugd/718a37_b5e09c9e75554a4ebe50235180d1f940.pdf
Great read, however they mention that minera is currently running at a rate of 35,000oz a year, which, for me seems a little exagerated unless they know something we dont. those kind of numbers have not been mentioned by mai in any of their releases.
i am reading the MD&A from november and this is the last mention of production rates i can find
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Following the onset of the seasonal rains toward the end of June 2022, the Company was able to ramp up gold recovery operations in the third quarter to those more representative of planned commercial levels. July gold recovery was approximately 2,275 oz, almost twice that of any previous month this year. Throughout the quarter monthly mine production rates were maintained at near commercial production targets (approximately 300,000 tonnes). As of October, a total of 23,0000 oz had been stacked on the leach pads of which 9,923 oz have been sold to date. Gold recoveries from areas under leach for in excess of 30 days have consistently trended towards 75% or greater with residual leaching ongoing and ultimate recoveries on track to approach those from test pad operations conducted prior to the Santana gold project construction decision.
Despite heavy rainfall in August 2022 that helped to recharge many local reservoirs, the drought conditions experienced in northern Mexico since 2020 remain a challenge. Current forecasts call for the warmer/drier conditions related to a La Nina event now entering an unprecedented third straight winter to dissipate in the first half of 2023. Until such time that there is a clearer outlook on the overall water conditions in the region, the Company remains cautious with respect to short term mine planning activities. As a result of the continued strengthening of the balance sheet during 2022, consideration is being given to the acceleration of some waste removal (“pre-stripping”) activities during Q4 and into Q1 of 2023 which are not reliant on water availability. This work in addition to further planned exploration targeting other new gold-bearing breccia pipes outside of the currently mined areas (delayed during the pandemic period) will provide longer term planning information for the growth of the Santana operations beyond the starter pits and leach pad.
The Company recorded sales of $9,094,324 on 4,236 ounces of gold during the third quarter of 2022 and sales of $21,523,592 on 9,522 ounces of gold during the nine months ended September 30, 2022. Direct costs of production were $1,047 per ounce (US$805 per ounce) in the third quarter of 2022 and $1,045 per ounce (US$804 per ounce) for the nine month period ended September 30, 2022.
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Not sure if anyone reading this has access to CEO.ca where they can ask doug to clarify this or comment on this.
cheers,
Bully
Comment by
loonietunes on Jan 13, 2023 10:15am
That's the full year expectation once things start cooking. If you have twitter Dougs' a pretty easy guy to talk to. Full year run rate is expected to be around 40k per year. The goal from previous presentations is about 120k from the 3 mines?