Medusa Mining produced 16% less gold in Q2 2020 y-o-y

Highlights:

  • Production: 21,947 ounces at average head grade of 6.59 g/t gold (Mar 2020 Qtr: 24,802 ounces at 6.25 g/t gold).
  • Cash Costs:  US$692 per ounce (Mar 2020 Qtr: US$657 per ounce).
  • All-In-Sustaining-Costs (“AISC”): US$1,116 per ounce (Mar 2020 Qtr: US$1,118 per ounce).
  • Mill performance: Gold recovery averaged 95.8% (Mar 2020 Qtr: 95.2%).
  • Mine development: Total advance of 8,087 metres of horizontal and vertical development (Mar 2020 Qtr: 8,420 metres).
  • FY2020 production guidance achieved: 95,057 ounces of gold produced in FY2020 was within guidance and AISC of US$1,132 per ounce was marginally above the top end of guidance.
  • COVID-19: Measures taken to reduce the health risk to our people while at work and no COVID-19 cases recorded at site. A general community quarantine directive remains in place at end of quarter.

Co-O Mine Exploration

  • Underground resource drilling

Total drilling for the quarter was 6,187 metres with highlights including:

  • Reserve drilling at levels 8, 9 & 10 totalled 3,512 metres from 23 holes;
  • Resource drilling at level 10 totalled 2,675 metres from 3 holes; and
  • High-grade results returned in resource drilling included 1.40 metres @ 22.00 g/t gold; 0.70 metres @ 35.17 g/t gold; 0.85 metres @ 18.07 g/t gold and 0.30 metres @ 44.40 g/t gold.

Regional and Near Mine Exploration

  • Co-O near mine exploration:
  • Due to the COVID-19 work/travel restrictions and general community quarantine directive, field work was suspended for most of the quarter with no significant activities to report.

Corporate and Financial

  • Total cash and cash equivalent on metal account at quarter end increased by approximately 45% to US$47.1 million (Mar 2020 Qtr: US$32.5 million) after creditors, tax, interest charges and working capital movements.
  • Simon Mottram appointed Non-Executive Director.
  • Chairman Andrew Teo assumes the role of interim Chief Executive Officer following the resignation of David McGowan in early June.
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