Golconda Gold CEO Nick Brodie set to retire
Golconda Gold Ltd. [GG-TSXV, GGGOF-OTCQB] has announced that its CEO Nicholas Brodie will be retiring from his executive position and from the board on November 30, 2024. The company said he will be replaced by Ravi Sood, the Golconda founder, Executive Chairman and former CEO.
Golconda is an un-hedged gold producer and explorer with operations that include one of the oldest gold mines in South Africa (the Galaxy mine).
Sood has been the Executive Chairman of Golconda since its inception and previously served as its CEO from October 2013 to November 2014. He is an accomplished executive and investor having been the CEO of Navina Asset Management Inc., an investment management firm responsible for a variety of mandates that was acquired in 2009.
“In my time as CEO, we revived the fortunes of Mupane Gold in Botswana before its sale to the in-country management team, acquired and restarted Galaxy Gold setting it on a path for exponential growth and acquired the Summit mine (New Mexico), which represents great potential to expand production even further,’’ said Brodie.
Brodie recently said he has no doubt that the company can meet its long-term goal of annual production of over 40,000 ounces at Galaxy. In its third quarter, 2024 statement, the company said it had produced 5,482 ounces of gold year to date, including 2,384 ounces in the third quarter.
Earlier this year, the company said it had commenced mining and delivered the first ore to the processing plant, from Princeton Top, a key step in its development plan to significantly increase production at Galaxy.
Princeton Top contains an indicated resource of 912,846 tonnes at 3.04 g/t gold, containing 89,200 ounces of gold.
Golconda said it used the funds from a recently closed investment from Empress Royalty Holding Corp, a unit of Empress Royalty Corp. [EMPR-TSXV, EMPYF-OTCQX], to re-equip the 3.2-kilometre access ramp, install a new compressor, reinstate the historic ore pass to its existing operations on Level 17 and mobilize a mining fleet to recommence mining.
“This is a key step in our development plan to increase mining volumes, to utilize spare capacity in Galaxy’s new larger milling circuit and to ultimately more than double production this year,’’ said Brodie said.
Golconda shares rose 1.6% or $0.005 to 32 cents on Wednesday. The shares trade in a 52-week range of 38 cents and $0.10.
Galaxy is situated 8.0 kilometres west of the town of Barberton and 45 kilometres west of the provincial capital of Nelspruit in the Mpumalanga Province. The property covers 58.6 square kilometres and is part of the prolific Barberton Greenstone Belt.
Galaxy consists of 22 ore bodies, all of which can be accessed via adits at level 17 and 22. The current mine plan includes the mining of the Galaxy Ore Body and Prince Ore Body using a mechanized cut and fill mining method. There are also extensive tailings around the Galaxy mine which Golconda intends to use to supplement production.