Kingsgate Consolidated Limited's Quarterly Report Shows Strong Operational Performance

Kingsgate Consolidated Limited has released its quarterly report covering the period ending 30 June 2023, showcasing a robust operational performance at the Chatree Gold Mine.

Positive Results at Chatree Gold Mine

As of 30 June 2023, the Chatree Gold Mine has produced approximately 10,000 ounces of gold and 110,000 ounces of silver, exceeding the expected performance levels. The plant #2 operations exceeded the nameplate capacity of 2. 7 million tonnes per annum with notable progress advancing on the Process Plant #1 Overhaul Project. The drilling contract has been finalised with LotusHall Mining to mobilise mining plant and equipment for mining operations at the Quartz Lease in the September quarter.

Resource Expansion and Leadership Changes

Kingsgate announced a significant increase in resource expansion through a stockpile density assessment, indicating one million additional tonnes of ore which equates to an additional 14,338 ounces of gold and 248,426 ounces of silver. Furthermore, the Board of Investment Certificate which outlines a range of incentives available to Akara over an eight-year period, including an exemption from the 20% corporate income tax rate up to a cap of 3.

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25 billion Thai Baht (A$138 million), was received. The company also appointed Jamie Gibson as Chief Executive Officer, Olivia (Xian) Shang as Acting Chief Financial Officer, and Bronwyn Parry as General Manager, Corporate and External Relations.

Financial and Sustainability Targets

At the end of June 2023, Kingsgate Consolidated Limited held cash and bullion totalling A$16. 1 million, with ongoing discussions with Akara's preference shareholder to defer the repayment of advances for another 12 months. The report highlighted the occurrence of one lost time injury related to a minor hand injury during the quarter with corrective and preventative action implemented. No significant environmental or hazardous personal injury incidents were reported.

Overall, Kingsgate Consolidated Limited's new leadership team is set to prioritise the continued strong operational performance of the Chatree Gold Mine and leverage growth opportunities while maintaining sustainable business practices.

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