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Anaconda Mining Reports Q1 2022 Production Results

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At April 18, 2022 ANX published its   production results and certain financial information from the three months ended March 31, 2022 ("Q1 2022"), as well as providing a production update with regards to a water management issue at the Argyle open pit mine ("Argyle") which impacted mining operations. All dollar amounts are in Canadian Dollars. The Company expects to file its first quarter financial statements and management discussion and analysis by April 28, 2022.


First Quarter 2022 Highlights:


Anaconda sold 3,491 ounces of gold in Q1 2022, generating metal revenue of $8.0 million at an average realized gold price1 of $2,296 (US$1,813) per ounce sold.

Point Rousse produced 2,813 ounces of gold in Q1 2022, an 11% increase compared to Q1 2021, however lower than planned due to operational challenges in the Argyle Pit which required mill throughput to be maintained with low-grade Pine Cove stockpiles.

Mine operations moved 68,877 tons of ore during the first quarter from Argyle, an increase over the previous year but behind plan for 2022, as water management issues impacted the mine's ability to drill and blast in March.

The Pine Cove Mill processed 104,495 tons during Q1 2022, of which 28,301 tons were from low-grade Pine Cove stockpiles. The mill achieved a strong average recovery rate of 86.1% despite the lower-grade profile of mill throughput.

For Stog'er Tight, the Company is finalizing internal pit designs in anticipation of a potential development scenario; the Company has now received tree cutting and Crown Land permits and is in the process of finalizing the Mining Lease.

Exploration drilling at Point Rousse identified two new mineralized systems within the Golden Ville Trend, intersecting 2.09 g/t over 5.7 meters and 1.38 g/t over 5.7 meters (press release dated March 31, 2022).

As of March 31, 2022, the Company had a cash balance of $3.6 million and an undrawn revolving credit facility of $3.0 million. Preliminary working capital deficit1 at the end of the quarter was $6.5 million, which includes $3.2 million in deferred revenue associated with a gold prepayment facility which will be delivered into over the next six months. The deficit also reflects the short-term impact of the cessation of mining due to the water management issue.


Anaconda Mining is a TSX and OTCQX-listed gold mining, development, and exploration company, focused in the top-tier Canadian mining jurisdictions of Newfoundland and Nova Scotia

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