Superior Gold Inc. (TSXV: SGI) released today its production results for Q1 2022, highlighting gold production of 16,747 ounces from its 100%-owned Plutonic Gold operations in Western Australia. This is a drop from Q4 2021’s 20,983 ounces and Q1 2021’s 17,603 ounces.
The company said that the year-on-year decrease is within its expectations due to its planned 15-day mill maintenance shutdown during the quarter.
The firm mined more stope material this quarter at 185,540 tonnes compared to 137,191 tonnes for the comparable period last year. However, the stope grade for Q1 2022 is at 2.58 g/t gold, down from last year’s 3.54 g/t gold.
“We had planned for the first quarter to be our softest this year, as noted in previous news releases,” said CEO Chris Jordaan. “However, stope grades were in line with plan, and tonnes hoisted from underground exceeded our plan for the quarter.”
The gold producer milled a total of 359,872 tonnes of material yielding a 1.71 g/t gold grade for the quarter, compared to last year’s 355,678 tonnes of material milled with a 1.78 g/t gold grade.
The Canadian gold producer also sold 15,823 gold ounces this quarter, down from 21,143 ounces last quarter and 17,538 ounces last year. On the other hand, the company ended the quarter with US$19.9 million in cash and cash equivalents, an increase from the year-ago period balance of US$17.9 million.
The company said it is in line with its previously announced full-year 2022 guidance of 80,000 – 90,000 ounces of gold production.
Superior Gold Inc. last traded at $1.13 on the TSX Venture.
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