/NOT FOR DISSEMINATION OR DISTRIBUTION IN
(All financial figures are unaudited and denominated in US Dollars unless otherwise stated)
Key Highlights
- Consolidated full year gold production increased 20% year-on-year with 362,807 ounces produced.
- Consolidated fourth quarter 2021 gold production of 106,591 ounces, a 35% increase quarter-on-quarter.
- Unaudited consolidated All-In Sustaining Costs ("AISC") for the full year of
$1,247 per ounce and cash costs of$742 per ounce on gold sales of 381,562 ounces. - Unaudited consolidated AISC for the fourth quarter of
$1,326 per ounce on 105,336 ounces of gold sold. - Haile exceeded full year production guidance with an annual record of 189,975 ounces of gold produced.
- Didipio exceeded full year production guidance with 14,863 ounces of gold and 2,323 tonnes of copper produced over only two months; ramp-up to full production tracking ahead of schedule.
- Cash balance increased to
$133 million with total immediate available liquidity increasing to$163 million .
"
Table 1 – Fourth Quarter and Full Year 2021 Operational Results
Full Year 2021 | Haile | Didipio | Waihi | Macraes | Consolidated | |||||
2021 | 2020 | |||||||||
Production, Sales & Costs | ||||||||||
Gold Produced | koz | 190.0 | 14.9 | 27.7 | 130.3 | 362.8 | 301.7 | |||
Gold Sales | koz | 195.0 | 29.9 | 26.4 | 130.3 | 381.6 | 310.5 | |||
Average Gold Price | US$/oz | 1,801 | 1,809 | 1,776 | 1,864 | 1,821 | 1,597 (1) | |||
Copper Produced | kt | - | 2.3 | - | - | 2.3 | - | |||
Copper Sales | kt | - | 5.1 | - | - | 5.1 | - | |||
Average Copper Price | US$/lb | - | 4.39 | - | - | 4.39 | - | |||
Cash Costs | US$/oz | 649 | (116) | 1,293 | 968 | 742 | 866 | |||
Site AISC (2) | US$/oz | 1,060 | (25) | 1,701 | 1,468 | 1,247 | 1,278 | |||
Operating Physicals | ||||||||||
Material Mined | kt | 43,475 | 336 | 519 | 47,637 | 91,967 | 85,904 | |||
Waste Mined | kt | 40,261 | 7 | 230 | 42,729 | 83,227 | 75,296 | |||
Ore Mined | kt | 3,214 | 328 | 289 | 4,909 | 8,740 | 10,608 | |||
kt | 3,146 | 594 | 292 | 5,263 | 9,294 | 9,067 | ||||
g/t | 2.21 | 0.88 | 3.23 | 0.93 | 1.44 | 1.27 | ||||
Gold Recovery | % | 84.2 | 87.0 | 91.1 | 81.9 | 83.3 | 81.4 | |||
Quarter ended | Haile | Didipio | Waihi | Macraes | Consolidated | |||||||||||
Q4 2021 | Q4 2020 | |||||||||||||||
Production, Sales & Costs | ||||||||||||||||
Gold Produced | koz | 42.5 | 14.9 | 11.9 | 37.4 | 106.6 | 99.2 | |||||||||
Gold Sales | koz | 46.5 | 10.7 | 11.5 | 36.6 | 105.3 | 96.4 | |||||||||
Average Gold Price | US$/oz | 1,787 | 1,928 | 1,791 | 1,799 | 1,806 | 1,726 (1) | |||||||||
Copper Produced | kt | - | 2.3 | - | - | 2.3 | - | |||||||||
Copper Sales | kt | - | 1.7 | - | - | 1.7 | - | |||||||||
Average Copper Price | US$/lb | - | 4.74 | - | - | 4.74 | - | |||||||||
Cash Costs | US$/oz | 636 | (236) | 1,330 | 1,158 | 805 | 783 | |||||||||
Site AISC (2) | US$/oz | 1,161 | 16 | 1,845 | 1,469 | 1,326 | 1,080 | |||||||||
Operating Physicals | ||||||||||||||||
Material Mined | kt | 10,483 | 336 | 228 | 12,387 | 23,433 | 21,574 | |||||||||
Waste Mined | kt | 9,776 | 7 | 113 | 10,862 | 20,759 | 17,770 | |||||||||
Ore Mined | kt | 707 | 328 | 115 | 1,525 | 2,674 | 3,804 | |||||||||
kt | 843 | 594 | 119 | 1,528 | 3,084 | 2,374 | ||||||||||
g/t | 1.85 | 0.88 | 3.35 | 0.93 | 1.27 | 1.54 | ||||||||||
Gold Recovery | % | 82.7 | 87.0 | 92.6 | 81.6 | 83.4 | 84.1 |
(1) Realised gains and losses on gold hedging are included in the consolidated average gold price. Realised gains and losses on |
(2) Site AISC are exclusive of Corporate general and administrative expenses and have been restated in prior periods; accordingly, |
For the full year,
On a consolidated basis, the Company recorded an AISC of
For the full year, Haile produced an annual record of 189,975 ounces of gold, exceeding its full year production guidance range of 175,000 to 180,000 ounces, a range that was lifted twice over the course of 2021. Haile's year-on-year production increased nearly 40% as a result of higher grades mined and processed as well as operational and productivity improvements implemented throughout the year. Haile's fourth quarter gold production was 42,484 ounces, slightly lower than the previous quarter as guided however, the result exceeded expectation due to continued mining and processing of higher grades. Full year AISC at Haile was
The Haile Technical Review is ongoing, and the Company now expects to release the preliminary results of the study in the first quarter. The Company continues to expect the SEIS Final Record of Decision in the first quarter and anticipates receipt of subsequent operating permits shortly thereafter. The permits are necessary to allow underground mine development, expansion of the operating footprint to accommodate the build-out of future waste storage facilities and increased water discharge rates. As previously guided, the ongoing delay in the finalisation of the SEIS is impacting productivity at Haile, where mining rates are limited by additional material and water re-handling, reducing output and increasing costs. Upon receipt of the necessary permits, the Company expects more efficient operations with fewer constraints and lower mining unit costs to be delivered progressively over a two-year period.
At Didipio, following the restart of processing in early November, the operation produced 14,863 ounces of gold and 2,323 tonnes of copper, exceeding the Company's 2021 guidance range of 7,000 to 12,000 ounces of gold and 1,000 tonnes of copper. Didipio's by-product AISC for the year was negative
At Macraes, the operation produced 130,287 ounces of gold for the full year, including 37,385 ounces in the fourth quarter. Although the full year result is below the lower end of guidance, the quarter-on-quarter production increased 45% on the back of a higher head grade and increased mill feed. Full year production was impacted by inclement weather early in 2021 resulting in delayed access to higher grade zones, mill disruptions related to mill motor failures, geotechnical challenges at Coronation North and COVID-19 restrictions in the second and third quarters. In the fourth quarter, the operation delivered first production from Golden Point Underground as expected.
Full year AISC was
The Waihi operation produced 27,682 ounces of gold for the full year, including 11,859 ounces in the fourth quarter, which was 57% higher than the previous quarter. The production increase was attributed to the continued ramp-up of mining rates from the Martha Underground leading to higher mill feed where continuous processing commenced at the end of the second quarter. Production was impacted by various local and regional COVID-19 restrictions and isolation requirements following the lifting of the Government mandated lockdowns and from negative reconciliation, which was previously flagged. The Company continues to increase drilling to assist mine planning efforts and does not expect long-term impacts related to the resource model.
For the full year, Waihi's AISC was
2021 Full Year Results Webcast
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Our global exploration, development, and operating experience has created a significant pipeline of organic growth opportunities and a portfolio of established operating assets including
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