Silver Lake Resources Limited (ASX: SLR) – an increasing gold production

  • Jul 20, 2018 AEST
  • Team Kalkine
Silver Lake Resources Limited (ASX: SLR) – an increasing gold production

Silver Lake has seen a rise in gold production with quarterly figure of 42,258 ounces at Mount Monger, and the total production for FY18 was of 157,936 ounces, which is a 16% increase on FY17. The company’s Aldiss mining center is operational with overburden removal commenced and infrastructure projects on track first ore to the mill in 2Q 2019. Maiden JORC 2012 Karonie Ore Reserve increased Aldiss mining center ore reserves by 75% to 203,000 oz.

An $18.3 million increase on 31 March data was noted, despite investment of A$6.8 million in exploration and capital (largely associated with growth capital establishing the Aldiss Mining Centre). At an average price of A$1,714/oz, the quarterly gold sale stands at 37,340 ounces. Ahead of upgraded guidance at an average price of A$1,684/oz, FY18 saw gold sales of 151,250 ounces. At an average hedge price of A$1,726/oz, Hedge book is of 129,000 ounces.

For FY 19, the gold sales guidance is at 140,000-150,000 ounces, reflecting impact of non-cash stock movement expense associated with stockpile treatment in 1H FY19 and the relative low grade of stockpiles prior to the introduction of Harry’s Hill ore in 2Q FY19. To build on the success of FY18, exploration spend is of A$12m.

Silver Lake Resources Limited (ASX: SLR) traded at a market price of $0.575 on July 20, 2018, before market close; and the stock has seen a performance change of 29.21% over the past 12 months.

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