Magna Gold Meets 2021 Production Guidance With 56,099 Ounces
Magna Gold Corp. (TSXV: MGR) has released preliminary production results for the fourth quarter and full-year 2021. While no further annual metrics have been shared, the firm said it has produced 56,099 gold ounces for the year out of its San Francisco mine in Sonora, Mexico.
The mine achieved full-scale commercial production in June 2021. The annual gold production also met the previously announced guidance of 55,000 – 65,000 ounces.
For Q4 2021, the firm produced 15,499 gold ounces and 5,712 silver ounces, down from Q3 2021’s production of 19,102 gold ounces and 7,115 silver ounces. Cash costs ended at US$1,123 per ounce compared to last quarter’s US$1,134 per ounce.
Gold sales for the quarter came in at 16,305 gold ounces at an average realized price of US$1,780 per ounce vis-a-vis last quarter’s sales of 18,276 gold ounces at US$1,776 per ounce.
The company also mined an average of 86,449 tonnes per day during the quarter, up from last quarter’s 67,907 tonnes per day.
For 2022, the mining firm is estimating a gold production of 65,000 – 75,000 ounces at cash costs of US$1,250 – US$1,350 per ounce.
Magna Gold Corp. last traded on the TSX Venture at $1.03.
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