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- Despite a “challenging” operating environment, Silver Lake Resources (SLR) reports making good progress across its project portfolio over the September quarter
- For the three months to September 31, the company produced 59,935 ounces of gold and 273 tonnes of copper
- Silver Lake sold 58,794 ounces of gold and 246 tonnes of copper at an average gold sales price of A$2502 per ounce and all-in sustaining costs (AISC) of A$2052 per ounce
- Moving forward, SLV says it remains focused on maintaining its FY23 sales forecast of between 260,000 and 290,000 ounces at an AISC range of $1850 to $2050 per ounce
- Silver Lake shares are down 8.4 per cent and trading at $1.12 at 3:28 pm AEDT
Despite a “challenging” operating environment, Silver Lake Resources (SLR) has reported making good progress across its project portfolio over the September quarter.
For the three months to September 31, the company produced 59,935 ounces of gold and 273 tonnes of copper.
Silver Lake sold 58,794 ounces of gold and 246 tonnes of copper at an average gold sales price of A$2502 per ounce and all-in sustaining costs (AISC) of A$2052 per ounce.
This comes as pressures from skilled labour availability, absenteeism and constrained supply chains weighed on operations at various stages throughout the quarter.
Silver Lake said it would continue to respond to the operating climate to preserve margin over ounces, particularly given the multiple feed sources available at its Western Australian operations.
In terms of financials, SLR said it had maintained its 2023 financial year sales forecast of between 260,000 and 290,000 ounces at an AISC range of $1850 to $2050 per ounce.
Over the quarter, the company said exploration delivered “excellent results”, demonstrating the potential of its organic growth options to deliver life-of-mine extensions and production growth.
Silver Lake ends the quarter with cash and bullion totalling $289 million, which is lower than the previous quarter due to investment at the Sugar Zone and the development of Tank South at Mount Monger contributing to an underlying $14.2 million cash outflow.
Meanwhile, the company also returned $2.9 million to shareholders during the quarter through the repurchase of 2.6 million shares.
Moving forward, Silver Lake said it would focus on maintaining its FY23 group sales guidance.
Company shares were down 8.4 per cent and trading at $1.12 at 3:28 pm AEDT.
