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Magna Gold Produces 34,601 oz of Gold in its First Two Full Quarters of Commercial Production

Gestapelte Goldbarren. ©unsplash.com

PR Newswire

TORONTO, Jan. 26, 2022

TORONTO, Jan. 26, 2022 /PRNewswire/ - Magna Gold Corp. (TSXV: MGR) (OTCQB: MGLQF) ("Magna" or the "Company") is pleased to report it achieved its previously stated production guidance for the fiscal year ("FY") 2021. The Company produced 56,099 oz of gold from its San Francisco Mine in Sonora, Mexico in 2021. In Q4 2021, the mine produced 15,499 oz of gold, which represents a production increase of 107% from the same quarter in 2020. Preliminary (un-audited) cash costs for Q4 2021 and FY 2021 were USD$1,123 and USD$1,299 per oz respectively. Additionally, the strip ratio during the quarter was 4.46, an increase from the previous quarter. This increase is in line with the current mine plan, and it is expected that the strip ratio will trend towards the life of mine average of 2.5 going forward. Gold sold during the quarter was 16,305 ounces at an average realized gold price of USD$1,780 per ounce ⁽¹⁾.

TABLE 1: Q4 2021 OPERATIONAL HIGHLIGHTS

Three months ended

Change

Change %

Dec-21

Dec-20

ARIVA.DE Börsen-Geflüster

Kurse

Affiliated Managers Group, Inc. 6.375% Senior Notes due 2042

0,00%

Magna Gold Corp.

0,00%

MINING

Ore mined (kt)

1,456

427

1,029

241%

Ore mined grade (g/t Au)

0.44

0.30

0.14

49%

Waste mined (kt)

6,497

2,954

3,543

120%

Total mined (kt)

7,953

3,381

4,572

135%

Strip ratio

4.46

6.92

(2.46)

(36%)

Avg. total mined (t/d)

86,449

36,746

49,703

135%

CRUSHING AND PROCESSING

Ore processed (kt) - From open pit

1,473

416

1,057

254%

Ore processed grade (g/t Au) - From open pit

0.41

0.25

0.16

64%

Ore processed (kt) - All sources

1,688

746

942

126%

Ore processed grade (g/t Au) - All sources

0.39

Gold placed on pads (ozs) - All sources

21,209

9,411

11,798

125%

PRODUCTION

Gold ounces produced (ozs)

15,499

7,485

8,014

107%

Silver ounces produced (ozs)

5,712

4,609

1,103

24%

Gold ounces sold (ozs)

16,305

7,827

8,478

108%

Silver ounces sold (ozs)

6,177

3,756

2,421

64%

Realized gold price (USD$)

1,780

1,856

(76)

(4%)

Magna plans to release its full year and fourth quarter 2021 financial and operational results on or around March 31, 2022. Operating metrics will be reported with the quarterly results.

Arturo Bonillas, President & CEO of Magna, stated:

"When we began the year, a very aggressive production target of 55-65K ozs was set - aggressive considering we were in the process of re-establishing production and ramping up at San Francisco. I am proud of the team as they exceeded our production targets in what was a challenging year industry-wide."

Mr. Bonillas, continues:

"Looking forward, the future of this company excites me. 2022 will be a transformative year for Magna as we look to generate meaningful cash flow, increase production at our operation and continue our aggressive growth plans through both organic and M&A driven initiatives."

⁽¹⁾

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