Superior Gold Inc. (TSXV: SGI) released today its production results for Q4 and full-year 2021 from its 100%-owned Plutonic Gold operations in Western Australia. The report highlighted an annual production of 77,321 gold ounces, exceeding its 2021 guidance of 65,000-75,000 ounces.
The company is now projecting its 2022 production to be 80,000-90,000 ounces.
“In 2021, the Company delivered on the first goal of its growth strategy, namely a sustainable operation between 70,000-85,000 ounces per annum. In 2022 the Company will progress towards delivering the second goal of its growth strategy to deliver an operation of scale,” said Superior Gold CEO Chris Jordaan.
Jordaan added that part of the second goal is “to increase production sustainably to approximately 100,000 ounces/annum.”
The annual production is also an increase from 63,065 ounces in 2020. In addition, the firm also sold 77,061 gold ounces during the year.
For Q4 2021, the mining firm produced 20,983 ounces and sold 21,143 ounces, both up from 19,379 ounces produced and 19,282 ounces sold in Q3 2021.
The company also mined more stope material this quarter at 180,375 tonnes compared to last quarter’s 175,143 tonnes, with the stope grade also increasing to 3.14 g/t gold from the previous quarter’s 2.95 g/t gold.
The gold producer milled a total of 388,920 tonnes of material yielding a 1.93 g/t gold grade for the quarter, compared to last quarter’s 405,315 tonnes of material milled with a 1.72 g/t gold grade.
On the other hand, the company ended the quarter and the year with US$23.8 million in cash and cash equivalents, after the full repayment of its Auramet gold loan, capital expenditures, and commitments on an underground exploration program.
On top of the 2022 production guidance, the company also shared its estimated all-in sustaining costs for next year to be $1,450-$1,600 per ounce.
The mining firm said it expects to release its detailed financials for Q4 and full-year 2021 in March 2022.
Superior Gold Inc. last traded at $0.76 on the TSX Venture.
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