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Antioquia Gold Reports 2020 Second Quarter Financial Results 18/08/2020

Antioquia Gold Reports 2020 Second Quarter
Financial Results

Calgary, Alberta–(Newsfile Corp. – August 18, 2020) – Antioquia Gold Inc. (TSXV: AGD) (OTC Pink: AGDXF) (“Antioquia Gold” or the “Corporation”) is pleased to announce a summary of its financial results for the second quarter ended June 30, 2020. All amounts are in Canadian dollars, unless otherwise indicated.

For the second quarter of 2020, the company has shown a significant improvement in its financial performance. The improvement is attributable to constant improvements in mine planning and mining operations, process plant optimizations and an increase in third-party mineralized material processing. Increases in gold and silver prices during Q2 of 2020 also played an important role.

The main operational and financial results for the second quarter 2020 are as follows (1) :

– Total mineral treated for the second quarter of 2020 was 38,668 tonnes with an average grade of 3.87 g Au/t, compared to 35,366 tonnes in the first quarter of 2020 with an average grade of 2.66 g Au/t (a 9.3% tonnage increase and a 45% grade increase), and 47,529 tonnes in the second quarter of 2019 with an average grade of 2.69 g au/t.

– Gold production for the second quarter of 2020 was 4,652 ounces, compared to 2,913 ounces in the first quarter of 2020 (a 60% increase), and 3,892 ounces in the second quarter of 2019.

– Total revenues for the second quarter of 2020 were $9.6M, compared to $ 5.1M in the first quarter of 2020 (an 88.1% increase), and $ 5.7M in the second quarter of 2019.

– Gains from the mine operation for the second quarter of 2020 was $1.8M, compared to a loss of $ 2.8M in the first quarter of 2020, and a loss of $ 3.1M in the second quarter of 2019.
– Adjusted EBITDA (2) for the second quarter of 2020 was $5.0M, compared to $ 0.2M in the first quarter of 2020 (a 3,084% increase), and a loss of $ 1.1M in the second quarter of 2019.
– Net gain for the second quarter of 2020 was $0.9M, compared to a loss of $ 4.8M in the first quarter of 2020, and a loss of $ 6.1M in the second quarter of 2019.
– The average realized gold price (2) for the second quarter of 2020 was US$ 1,655 / ounce compared to US$1,445 / ounce in the first quarter of 2020 (a 14.6% increase), and US$1,212 / ounce in the second quarter of 2019.
– Cash cost per ounce sold(2) for the second quarter of 2020 was US$ 903, compared to US$ 1,292 in the first quarter of 2020 (a 30% decrease), and US$ 1,355 in the second quarter of 2019.
– AISC per ounce sold(2) for the second quarter of 2020 was US$ 999, compared to US$ 1,428 in the first quarter of 2020 (a 30% decrease), and US$ 1,450 in the second quarter of 2019.

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