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Mangazeya Mining Ltd. announces its production results for the third quarter and the nine months ended September 30th, 2021

Publish date: 29.11.2021

Print version

TORONTO, ONTARIO, November 29th, 2021 – Mangazeya Mining Ltd. (“Mangazeya” or the “Company”) (NEX: MGZ.H) aannounces its production results for the third quarter and the nine months ended September 30th, 2021:

Q3 2021 Q3 2020 Change, % 9M 2021 9M 2020 Change, %
Total rock moved, ‘000 m3 1,445 911 58.6% 3,796 2,421 56.8%
Kochkovskoye 537 191 181.0% 1,257 1,278 -1.6%
Nasedkino 908 720 26.1% 2,539 1,143 122.2%
Stripping, ‘000 m3 1,219 771 58.0% 3,268 2,009 62.7%
Kochkovskoye 456 168 171.2% 1,088 1,028 5.9%
Nasedkino 763 603 26.5% 2,180 981 122.2%
Ore mined, kt 594 379 56.6% 1,397 1,041 34.2%
Kochkovskoye 189 52 263.8% 392 591 -33.7%
Nasedkino 404 327 23.7% 1,005 ,450 123.3%
Stripping ratio, m3/t 2.05 2.03 0.9% 2.34 1.93 21.3%
Kochkovskoye 2.41 3.23 -25.5% 2.78 1.74 59.7%
Nasedkino 1.89 1.84 2.3% 2.17 2.18 -0.5%
Average grade in ore mined, g/t 2.04 1.23 65.7% 1.82 1.38 31.7%
Kochkovskoye 1.61 1.28 25.6% 1.59 1.48 7.7%
Nasedkino 2.25 1.22 83.6% 1.91 1.24 54.4%
Gold in ore mined, kg 1,212 467 159.5% 2,547 1,431 78.0%
Kochkovskoye 304 ,67 353.5% 623 873 -28.6%
Nasedkino 908 400 127.0% 1,924 558 244.9%
Ore processing, kt 415 561 -26.1% 965 1,014 -4.8%
Savkino 10 -100.0% 59 -100.0%
Kochkovskoye 250 370 -32.3% 433 ,774 -44.0%
Nasedkino 165 181 -8.6% 532 ,181 194.1%
Average grade in ore processed, g/t 2.07 1.45 42.7% 2.08 1.47 41.1%
Savkino 0.50 -100.0% 1.03 -100.0%
Kochkovskoye 1.49 1.39 6.6% 1.54 1.47 5.0%
Nasedkino 2.94 1.61 81.9% 2.51 1.61 55.5%
Gold in ore processed, kg 858 813 5.5% 2,004 1,491 34.4%
Savkino 5 -100.0% 61 -100.0%
Kochkovskoye 372 516 -27.9% 669 1,138 -41.2%
Nasedkino 486 292 66.3% 1,335 292 357.2%
Gold production, ounces 19.84 20.08 -1.2% 50.82 4.23 48.5%
Savkino -% 1.74% -100.0%% -% 4.78% -100.0%%
Kochkovskoye 5.52 12.08 -54.3% 10.09 23.19 -56.5%
including
Gold from hard-rock deposit 5.29 11.43 -53.7% 9.85 22.28 -55.8%
Gold from placers 0.23 0.65 -64.1% 0.23 0.91 -74.4%
Nasedkino 14.32 6.26 128.7% 40.73 6.26 550.7%
Refining gold, ounces 19.67 17.68 11.2% 48.70 29.66 64.2%
Savkino -% 0.70% -100.0%% -% 3.85% -100.0%%
Kochkovskoye 5.71 12.63 -54.8% 9.08 21.46 -57.7%
including
Gold from hard-rock deposit 5.56 11.97 -53.5% 8.93 20.70 -56.9%
Gold from placers 0.15 0.66 -77.0% 0.15 0.76 -80.0%
Nasedkino 13.95 4.35 220.7% 39.62 4.35 810.9%
Gold sold, ounces 19.88 17.48 13.7% 49.10 31.00 58.4%
Savkino 0.73 -100.0% 5.44 -100.0%
Kochkovskoye 5.71 12.70 -55.0% 9.67 21.51 -55.0%
including
Gold from hard-rock deposit 5.56 12.04 -53.8% 9.36 20.75 -54.9%
Gold from placers 0.15 0.66 -77.0% 0.31 0.76 -58.7%
Nasedkino 14.16 4.05 249.6% 39.43 4.05 873.5%

General analysis

  • In 3Q of 2021 the Company continued the mining and production of gold started at Nasedkino and Kochkovskoye deposit.
  • The stripping ratio in 3Q and 9 months of 2021 was 2.1 m3/t and 2.3m3/t respectively.
  • The gold in ore mined in 3Q 2021 was 1,212 kg which is 160% more than in the same quarter of the previous year due to the increase in ore mined by 57% as well as the increase of the average gold grade in ore mined by 66%. In the 9 months of 2021 there were 2,547 kg of gold mined, which is a 78% increase in respect of 9 months of 2020.
  • The gold production in 3Q 2021 and 9 months of 2021 amounted to 19.8k ounces and 50.8 k ounces respectively. The increase for 9 months of 49% as compared to the same period of the previous year was due to the volumes produced at Nasedkino deposit.
  • The gold sales in 3Q 2021 and 9 months of 2021 amounted to 19.9 and 49.1 k ounces respectively. The increase in respect of the same periods of the prior year is attributed to higher mining and production volumes.

Nasedkino deposit

  • The volume of mining in the 3Q and 9 months of 2021 was 404k and 1,005k tons respectively. The increase in respect of the comparative periods of the previous year is due to the increased mining and stripping activity along the whole area of the deposit in the current period.
  • The average gold grade in ore mined is 2.2 g/t for the 3Q 2021 and 1.9 g/t for the 9 months of 2021 that is higher than the indicators of the previous period (1.2 g/t). This is related to the development of the blocks with a higher concentration of gold on Zhelanny area as specified in the production plan for 2021.
  • 165k and 532 tons of ore were processed in the 3Q and 9 months of 2021 respectively. The gold grade in ore processed is 2.9 and 2.5 g/t for the 3Q and 9 months of 2021 respectively that is higher than in the previous period (1.6 g/t). The higher concentration in ore processed is in line with the higher gold grade in ore mined.
  • During the 3Q and 9 months of 2021 the production of gold was 14.3k and 40.7k ounces of gold respectively.
  • During the 3Q and 9 months of 2021 the sales of gold were 14.2k and 39.4 ounces of gold respectively.

Kochkovskoye deposit

  • The volume of mined ore in 3Q 2021 was 189 tons, which is by 263% higher than in the same period of the previous year due to exploration works and identification of additional mining areas. For the 9 months of 2021 the volume of ore mined was 392 tons, representing a decrease of 34% compared to previous year.
  • The average gold grade in ore mined for the 3Q and 9 months of 2021 is 1.6 g/t.
  • In 3Q and 9 months of 2021 respectively 250k and 433k tons of ore were stacked, representing a decrease of 32% and 44% respectively against the comparative periods of the previous year. The decrease is due to the lower amount of ore mined. The average gold grade in ore stacked was 1.5 g/t.
  • In 3Q and 9 months of 2021 5.5k and 10.1k ounces of gold were produced, lower than in the same periods of the previous year due to the reduction in mining volumes and planned reduction in production.
  • The gold sales in 3Q and 9 months of 2021 amounted to 5.7k and 9.7k ounces. The reduction respect to the same periods of the previous year is due to lower production volumes.

About Mangazeya Mining Ltd.
Mangazeya Mining Ltd. is a NEX-listed mining and exploration company, focused on the development of mineral resources in the Russian Federation.

Contact:
Anton Grigoryev
Corporate Secretary
Mangazeya Mining Ltd.
a.grigoryev@mangazeya.ru