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Antioquia Gold Reports First Quarter of 2021 and Fourth Quarter of 2020 Financial Results 31/05/2021

Antioquia Gold Reports First Quarter of 2021
and Fourth Quarter of 2020 Financial Results

Calgary, Alberta–(Newsfile Corp. – May 31, 2021) – 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 fourth quarter ended December 31, 2020 and the first quarter ended March 31, 2021. All amounts are in Canadian dollars, unless otherwise indicated.

For the first quarter of 2021, the company has again shown a significant improvement in its financial performance in comparison to the previous year. The improvement is attributable to constant improvements in mine planning and mining operations, process plant optimizations and an increase in processing third-party mineralized material. The high price of gold and silver during Q1 of 2021 and Q4 of 2020 also played an important role.

The main operational and financial results for the first quarter 2021 are as follows (1) :

– Total mineral treated for the first quarter of 2021 was 87,166 with an average grade of Au 2.54 g/t compared to 75,488 with an average grade of Au 2.74 g/t of the fourth quarter of 2020, (a 15% tonnage increase and a 7% grade decrease), and 43,066 tonnes in the fourth quarter of 2019 with an average grade of 2.23 g Au/t.

– Gold production for the first quarter of 2021 was 6,923 ounces compared to 6,477 ounces for the fourth quarter of (a 7% increase), and 2,914 ounces in the fourth quarter of 2019.

– Total revenues for the first quarter of 2021 were $15.4M compared to $13.3M for the fourth quarter of 2020 (a 16% increase), and $ 5.9M in the fourth quarter of 2019.

– Adjusted EBITDA (2) for the first quarter of 2021 was $3.0M compared to $2.3M for the fourth quarter of 2020 (a 30% increase), and a loss of $ 2.3M in the fourth quarter of 2019.

– Net loss for the first quarter of 2021 was $2.5M compared to $3.7M for the fourth quarter of 2020 and a loss of $ 3.8M in the fourth quarter of 2019.

– The average realized gold price (2) for the first quarter of 2021 was US$1,685/ounce compared to US$1,769/ounce for the fourth quarter of 2020 (a 5% decrease), and US$1,411 / ounce in the fourth quarter of 2019.

– Cash cost per ounce sold (2) for the first quarter of 2021 was US$1,261 compared to $1,426 for the fourth quarter 2020 (a 11.6% decrease), and US$ 1,571 in the fourth quarter of 2019.

– AISC per ounce sold (2) for the first quarter of 2021 was US$1,396 compared to $1,733 for the fourth quarter of 2020 (a 20% decrease), and US$ 1,770 in the third quarter of 2019.

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