Antioquia Gold earns $1.5 million in Q3 2020

Antioquia Gold Inc. [AGD-TSXV; AGDXF-OTCQX] has released a summary of its financial results for the third quarter ended Sept. 30, 2020. The company is a gold exploration and development company that is in production at its wholly owned flagship Cisneros Mine in Antioquia, Colombia. The project is located in the central portion of the department of Antioquia, roughly 55 km northeast of Medellin.

For Q3 2020, the company has again shown a significant improvement in its financial performance. The improvement is attributable to constant improvements in mine planning and mining operations, process plant optimizations and an increase in processing third-party mineralized material. Increases in the price of gold and silver during Q3 of 2020 also played an important role.

The main operational and financial results for the third quarter 2020 are as follows:

Total mineral treated for Q3 2020 was 64,418 tonnes averaging 3.13 g/t gold, compared to 38,668 tonnes in Q2 2020 averaging 3.87 g/t gold (a 67% tonnage increase and a 19% grade decrease), and 49,981 tonnes in Q3 2019 averaging 2.43 g/t gold.

Gold production for Q3 2020 was 6,259 oz, compared to 4,652 oz in Q2 2020 (a 35% increase), and 3,705 oz in Q3 2019.

Total revenues for Q3 2020 were $15.9M, compared to $9.6M in Q2 2020 (a 66% increase), and $7M in Q3 2019.

Adjusted EBITDA for Q3 2020 was $6.5M, compared to $5.0M in Q2 2020 (a 31% increase), and a loss of $0.3M in Q3 2019.

Net gain for Q3 2020 was $1.5M, compared to $0.9M inQ2 2020 (a 63% increase), and a loss of $4.5M in Q3 2019.

The average realized gold price for Q3 2020 was US$1,825/oz compared to US$1,655/oz in Q2 2020 (a 10% increase), and US$1,444/oz in Q3 2019.

Cash cost/oz sold forQ3 2020 was US$978, compared to US$903 in Q2 2020 (a 8.3% decrease), and US$1,435 in Q3 2019.

AISC per ounce sold for Q3 2020 was US$1,066, compared to US$999 in Q2 2020 (a 6.7% increase), and US$1,543 in Q3 2019.