How is Kingsgate Consolidated Reviving Chatree Gold Mine’s Production?

Steady Progress at Chatree Gold Mine

Kingsgate Consolidated Limited (ASX:KCN) has reported a successful October at the Chatree Gold Mine, with the pouring of more than 3,000 ounces of gold. The total gold production reached 21,859 ounces and 270,058 ounces of silver as of November 2 since the mine's reopening in late March. This progress marks a positive trajectory for the company's efforts to revitalize the mine's operations.

Record Haulage Achievements and Operational Updates

The mining contractor, LotusHall Mining, achieved a monthly rehandle haulage record of 288,069 tonnes in October, transported to the Run of Mine Pad. Plant #2, running at an average of 405 tonnes throughput per hour, exceeded its nameplate capacity. The operation maintained an average head grade of 0. 46 g/t Au.

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Notably, the recovery rates for gold and silver remained consistently strong at 83. 4% and 53. 7%, respectively.

Throughout October, the crushing operations processed 269,109 tonnes at an average throughput of 471 tonnes per hour, while 274,864 tonnes were milled. Additionally, the commissioning of the first blast hole Epiroc T45 drill rig was successful, completing an initial blast pattern of 210 holes.

Financial Management and Agreements

Kingsgate emphasized prudent cash flow management. The company also announced an agreement with the Akara Preference Shareholder, deferring the repayment of two shareholder advances for at least another 12 months. This financial strategy aims to further stabilize the company’s position during the ramp-up phase.

Executive’s Perspective and Acknowledgments

Mr. Ross Smyth-Kirk OAM, Kingsgate’s Executive Chairman, expressed satisfaction with the continued positive momentum at the Chatree Gold Mine. He emphasized the ongoing progress towards full production, anticipated by early 2024. Smyth-Kirk also expressed gratitude to Ms. Nucharee Sailasuta, a fellow board member and Akara Preference Shareholder, for her unwavering support of Kingsgate.

Conclusion

Kingsgate Consolidated Limited remains committed to the revival and stabilization of operations at the Chatree Gold Mine. The recent achievements and milestones signal promising advancements, steering the company closer to its goal of full production by 2024. These updates denote not only operational success but also strategic financial decisions that underpin Kingsgate’s path to sustained growth.

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