Scotgold Resources Limited revised production guidance for the third quarter ending September 30, 2022 and provided production guidance for the fourth quarter of 2022. Third quarter of 2022 revised production guidance of approximately 2,000 ounces of gold (previous guidance of 2,900 to 3,500 ounces of gold) due to the successful but delayed commissioning of the power and ventilation project, delaying mine development on the waste ramp which allows access to cut and fill stope 3.
Fourth quarter of 2022 production is expected to be in line with mine plan and significantly ahead of second quarter /third quarter 2022 production and achieve Optimisation Phase Production run rate of approximately 16,000 ounces p.a. of gold. This is a significant step towards achieving Phase 2 production levels of 23,500 ounces p.a. run rate of gold as planned by end of first quarter of 2023.