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TORONTO, April 30, 2025 (GLOBE NEWSWIRE) -- Golconda Gold Ltd. (“Golconda Gold” or the “Company”) (TSX-V: GG; OTCQB: GGGOF) is pleased to announce the release of its financial results for the year ended December 31, 2024. All amounts are in United States dollars unless otherwise indicated.
A copy of the audited consolidated financial statements for the year ended December 31, 2024, prepared in accordance with International Financial Reporting Standards, and the corresponding management’s discussion and analysis (“MD&A”) are available under the Company’s profile on www.sedarplus.ca.
2024 Highlights
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For the year ended December 31, 2024, the Company:
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mined 87,695 tonnes of ore, from its Galaxy and Princeton ore bodies, with an average grade of 3.18 grammes per tonne (g/t) compared to 63,386 tonnes at 3.30 g/t in the year ended December 31, 2023, a 38% increase in ore tonnes mined;
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produced 6,661 tonnes of concentrate at an average grade of 36.0 g/t containing 7,712 ounces of gold compared to 5,146 tonnes at 38.3 g/t containing 6,339 ounces of gold in the year ended December 31, 2023, a 22% increase in gold production;
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generated revenue of $13.8 million from the sale of 7,652 contained ounces (6,049 payable ounces) of gold at an operating cash cost of $1,721 per payable ounce compared to revenue of $9.4 million for the year ended December 31, 2023 at an operating cash cost of $1,596 per payable ounce(1); and
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comparing the second half of 2024 with the first half of 2024, ore mined was 91% higher, waste development was 95% higher and gold produced was 49% higher.
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Golconda Gold CEO, Ravi Sood commented: “2024 was a year of two halves for Golconda, with the significant improvements seen in operating and financial performance at Galaxy in the second half setting us on the path to sustainable production growth into the future. We are enjoying the benefits of record gold prices and are well positioned to further capitalise on our production growth in 2025 and beyond.(2)”
About Golconda Gold
Golconda Gold is an un-hedged gold producer and explorer with mining operations and exploration tenements in South Africa and New Mexico. Golconda Gold is a public company and its shares are quoted on the TSX Venture Exchange under the symbol “GG” and the OTCQB under the symbol “GGGOF”. Golconda Gold’s management team is comprised of senior mining professionals with extensive experience in managing mining and processing operations and large-scale exploration programmes. Golconda Gold is committed to operating at world-class standards, focused on the safety of its employees, respecting the environment, and contributing to the communities in which it operates.