Galena Mining

Activities Report for the Quarter Ended 31 December 2023

GALENA MINING LTD. (“Galena” or the “Company”) (ASX: G1A) reports on its activities for the quarter ended 31 December 2023 (the “Quarter”), focused on the ongoing production ramp-up of both the underground mine and the processing plant to achieve steady-state production at its 60%- owned Abra Base Metals Mine (“Abra” or the “Project”) located in the Gascoyne region of Western Australia.


HIGHLIGHTS

  • Ore mined of 279,744t at 5.6% lead and 20.3g/t silver, and new quarterly record for ore processed.
  • 25,020t of lead concentrate produced.
  • Lead concentrate sales of 20,936t generating revenue of ~A$43.2 million.
  • After quarter-end Abra completed its ninth lead concentrate shipment of approximately 9,256wmt on 14 January 2024.
  • Underground development achieved a new quarterly record of 2,444m advance with the decline reaching 1,193mRL (357m vertically below the surface). New quarter underground ore drive development record of 1,584m with stope production of 177,506t at 5.9% lead.
  • Lead grade is expected to continue improvement as new work areas are established and the ratio of stoping ore to development ore increases towards steady state planned levels.
  • Group cash balance at Quarter-end of A$3.8 million.
  • March 2024 quarter mining plans set to match processing plans, mining and processing over 350,000t for the quarter (including 240,000t of stope ore). Over 2,400m of development is scheduled to be achieved. Lead concentrate shipments are expected to be between 25- 30kt which will generate increased operating cash flows.
  • The Company is in suspension pending a strategic review of operations with an initial focus on better matching the capital structure of Abra to the operation’s expected performance.
Managing Director, Tony James commented,“In the December quarter, processing throughput set a new project high with the processing plant consistently reaching levels above the original design criteria of 1.3Mtpa. Mining and specifically stoping has not reached the levels required to match the plant which resulted in low-grade material being used as additional mill feed lowering the overall processing grade.

The mining performance and grade is expected to continue to improve in 2024 as the mine expands with depth, providing additional work areas and higher stope production quantities. During the December quarter significant progress was made on the geological understanding of the ore body in relation to the core veins, which has generated a revision in the mine designs and schedules for 2024. This technical work is nearing completion, and it will form the basis of the 2024 production outlook which is an important part of the ongoing discussions with key stakeholders.”


Click here for the full ASX Release

This article includes content from Galena Mining, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.


G1A:AU
Galena Mining

Galena Mining Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
Galena Mining (ASX:G1A)

Galena Mining


Keep reading...Show less
Galena Mining

Abra Construction At 97% Complete – First Ore Stockpiled For January Processing

GALENA MINING LTD. (“Galena” or the “Company”) (ASX: G1A) is pleased to announce that the construction progress at its Abra Base Metals Mine (“Abra” or the “Project”) has reached 97% complete as of 30 November 2022. Processing plant commissioning is progressing quickly with practical completion now expected in December 2022. Ore currently being mined from underground is being stockpiled in readiness for processing to begin in January 2023. Concentrate production will commence January 2023.

Keep reading...Show less
Galena Mining

Abra Construction At 92% Complete – Reaches First Ore Underground

GALENA MINING LTD. (“Galena” or the “Company”) (ASX: G1A) is pleased to announce that the construction progress at its Abra Base Metals Mine (“Abra” or the “Project”) has reached 92% complete as of 31 October 2022. Underground mine has reached the first ore (see ASX announcement 14 November 2022) and plant commissioning continues in several key areas with the project focussed on achieving first concentrate production in Q1 2023.
Keep reading...Show less
Galena Mining

Abra Mine Reaches Ore

GALENA MINING LTD. (“Galena” or the “Company”) (ASX: G1A) is pleased to announce that the underground development at its Abra Base Metals Mine (“Abra” or the “Project”) has reached the Abra orebody. Commissioning has commenced in several key areas of the processing facility and the Power Station (Pacific Energy) completed full integration of the hybrid gas/solar/battery energy storage system (BESS) power station on 10 November. The project remains on track for first concentrate production in Q1 2023.
Keep reading...Show less
Galena Mining

Galena Mining Activities Report For Quarter Ended 30 September 2022

GALENA MINING LTD. (“Galena” or the “Company”) (ASX: G1A) reports on its activities for the quarter ended 30 September 2022 (the “Quarter”), primarily focused on construction of its 60%- owned Abra Base Metals Mine (“Abra” or the “Project”) located in the Gascoyne region of Western Australia.

Keep reading...Show less

SilverCrest Reports Third Quarter 2024 Financial Results

Strong Free Cash Flow Continues, Supporting 29% Growth in Treasury Assets

TSX: SIL | NYSE American: SILV

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

MAG Silver Reports Third Quarter Financial Results

MAG Silver Corp. (TSX NYSE American: MAG) ("MAG", or the "Company") announces the Company's unaudited consolidated financial results for the three months ended September 30, 2024 ("Q3 2024"). For details of the unaudited condensed interim consolidated financial statements of the Company for the three and nine months ended September 30, 2024 ("Q3 2024 Financial Statements") and management's discussion and analysis for the three and nine months ended September 30, 2024 ("Q3 2024 MD&A"), please see the Company's filings on the System for Electronic Document Analysis and Retrieval Plus ("SEDAR+") at ( www.sedarplus.ca ) or on the Electronic Data Gathering, Analysis, and Retrieval ("EDGAR") at ( www.sec.gov ).

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Wooden blocks with check mark on them.

Pan American Silver Releases Quarterly Results, Gets Canada's Approval for La Arena Sale

Pan American Silver (TSX:PAAS,NASDAQ:PAAS) said on Tuesday (November 5) that it has received final regulatory approval from the Canadian government for the sale of its La Arena assets in Peru.

The company is selling the La Arena gold mine and development-stage La Arena II copper-gold project to Jinteng (Singapore) Mining, a subsidiary of Zijin Mining Group (OTC Pink:ZIJMF,HKEX:2899).

Under the terms of the deal, Zijin will pay US$245 million in cash for the properties. Pan American will also receive a 1.5 percent life-of-mine net smelter return royalty on gold production from La Arena II.

Keep reading...Show less

First Majestic Announces Financial Results for Q3 2024 and Quarterly Dividend Payment

First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce the Company's unaudited condensed interim consolidated financial results for the third quarter ended September 30, 2024. The full version of the financial statements and the accompanying management's discussion and analysis can be viewed on the Company's website at www.firstmajestic.com or on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.govedgar. All amounts are in U.S. dollars unless stated otherwise.

THIRD QUARTER HIGHLIGHTS

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Galena Mining

Galena Mining Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News

×