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June 14, 2024
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Elevation Gold Shares Drop on Lower 4Q Gold Production


Published: Jan. 10, 2024 at 11:15 a.m. ET

By Adriano Marchese

Elevation Gold Mining shares were sharply lower late Wednesday morning after the company reported lower gold production in its fourth quarter due to problems at its crushing plant.

At 11:09 a.m. ET, shares were down 14% at 9 Canadian cents (7 cents).

The…

By Adriano Marchese

Elevation Gold Mining shares were sharply lower late Wednesday morning after the company reported lower gold production in its fourth quarter due to problems at its crushing plant.

At 11:09 a.m. ET, shares were down 14% at 9 Canadian cents (7 cents).

The miner produced 7,989 ounces of gold in the quarter, down from 9,183 ounces a year ago, bringing full-year production to virtually equal levels as in 2022, at 31,047 ounces.

The company mined a smaller volume of ore as well, falling to 620,039 metric tons from 723,418 tons.

Silver production rose to 60,706 ounces, up from 52,329 ounces.

Chief Executive Tim Swendseid said in the quarter that the company faced challenges in and around the its crushing plant, all of which were rectified by quarter end.

Write to Adriano Marchese at adriano.marchese@wsj.com



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