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December quarter good for gold

Silver Lake Resources and Emerald Resources have announced their production results for the December 2023 quarter, demonstrating strong gold sales.

Silver Lake Resources

 The gold producer sold 57,360 ounces (oz) of gold and 239 tonnes (t) of copper.

It also reported selling 122,781oz and 534t in the first half of the 2023–24 financial year (FY24), with 115,563oz coming from Silver Lake’s Western Australian operations.

“Sales from both the Deflector and Mount Monger operations were consistent with FY24 guidance,” the company said.

“Silver Lake ended the half year with cash and bullion of $285 million, with no debt and listed investments of $136 million for a net cash, bullion and liquid investments position of $421 million.

“The strong operating performance and cash generation has Silver Lake well positioned to build on its nine consecutive years of meeting guidance and continues the demonstrated track record of organically strengthening the balance sheet.”

Emerald Resources

The company’s wholly owned Okvau gold mine in Cambodia produced 29,184oz, with 30,425oz being poured.

This result is at the upper end of guidance of 25,000–30,000oz per quarter, positioning Emerald to remain on track to meet its FY24 production guidance.

The gold explorer also sold 30,447oz at an average price of $US1983 ($2960) per ounce, and its cash and bullion holdings increased to $US94.2 million ($141 million) by the end of the quarter.

Emerald said its indicative all in sustaining cost for the quarter remains in line with previously disclosed guidance and it has poured over 9000 kilograms of gold doré from Okvau.