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March 2, 2024
PI Global Investments

Mineros gold production fell well within guidance for 2023

Mineros S.A. (TSX: MSA) produced 250,769 ounces of gold in 2023, which is within the company’s guidance range of 239,000 to 262,000 ounces.

The company made this announcement on Tuesday and also set guidance ranges of 209,000 to 229,000 for 2024. This range reflects a decrease of approximately 13 per cent compared to its 2023 guidance, which is attributed to the sale of the Gualcamayo Property in September.

Mineros expects the expected cash cost per ounce of gold sold in 2024 is set to increase slightly, ranging between $1,180 to $1,270, as compared to the range of $1,170 to $1,270 outlined in its 2023 guidance.

Additionally, the company forecasts a slight decrease in the all-in sustaining cost (AISC) per ounce of gold sold in 2024, falling within the range of $1,430 to $1,530, in contrast to the range of $1,440 to $1,540 presented in its 2023 guidance.

In 2023, Mineros achieved an annual gold production of 93,757 ounces from the Nechí Alluvial Property, which exceeded the higher end of its 2023 guidance and represented a 1 per cent increase compared to its 2022 production. This increase in production in 2023, relative to the previous year, resulted from improved operational efficiencies and a 28 per cent higher average gold grade at the Nechí Alluvial Property.

Mineros produced 125,951 gold ounces and met the company’s 2023 guidance in Nicaragua.  Additionally, it was 5 per cent lower than its 2022 annual production. This reduction was due to a two-week suspension of operations at the main processing plant at the Hemco Property during Q3. This suspension was necessary to facilitate enhancements in tailings detoxification capacity at the San José Tailings Dam.

Read more: Calibre Mining sets gold production record in 2023, reports 52% cash balance increase

Read more: Calibre Mining joins Mining Association of Canada

Nicaragua projections strong for 2024

Mineros anticipates a slight increase in annual gold production between 86,000 to 96,000 ounces at the Nechí Alluvial Property in Colombia in 2024.  This represents an approximate 2 per cent increase from the 2023 production guidance.

The company foresees an increase of approximately 7 to 8 per cent in cash cost per ounce of gold sold at the Nechí Alluvial Property in Colombia.

At the Hemco Property in Nicaragua, the company expects an annual gold production of 123,000 to 133,000 ounces in 2024.  This factors in a 90,000 to 98,000 ounces of gold from artisanal production.  This is consistent with the 2023 production levels.

Mineros’ relationship with the artisanal mining community has strengthened over the years, ensuring stability in mineral purchasing and predictability. In 2024, the company anticipates a 5 to 6 per cent increase in cash cost per ounce of gold sold.  Also, approximately a 7 per cent increase in AISC per ounce of gold sold, compared to the 2023 guidance.

Participating companies have found Nicaragua to be a rather lucrative gold jurisdiction, and this is expected to continue in 2024.

Calibre Mining (TSX: CXB) (OTCQX: CXBMF) will capitalize on a series of promising new targets in Nicaragua this year. Calibre anticipates producing between 275,000 and 300,000 gold ounces spread between its Nicaragua and Nevada operations. These numbers don’t factor in Calibre’s recent merger with Marathon Gold Corporation (TSX: MOZ).

The Ontario Superior Court of Justice granted final approval for the arrangement between Marathon and Calibre. This court sanction paves the way for the completion of the transaction, expected to take place on January 24, 2024.

Prior to the merger, Calibre acquired environmental approvals for the Valentine Gold Project in Newfoundland & Labrador. The company anticipates that the project to produce 195,000 ounces of gold annually over a twelve-year period.


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