Trans-Siberian Gold on track for full-year guidance after stable first half

The AIM-traded firm said second quarter silver production was “largely unchanged” at 27,629 ounces, rising from 26,456 ounces.

It reported a 33% increase in average quarterly gold grade at 8.4 grams per tonne, with gold revenue rising 11.5% to $13.28m.

The company saw a 442.8% increase in silver revenue to $0.48m, with total second quarter revenues rising 14.7% to $13.76m.

Its realised gold price remained flat at $1,313 per ounce, compared to $1,300 per ounce a year earlier, with the firm reporting four minor lost-time injuries during the period.

Looking at the first half as a whole, Trans-Siberian reported record revenue of $29.998m, up 8.6% year-on-year.

Gold production was ahead 26% at 21,889 ounces, with silver production increasing “significantly”, by 42%, to 59,787 ounces.

Average gold grades for the first half were 39% higher at 8.6 grams per tonne, with the estimated average selling price for gold remaining flat at $1,312 per ounce, compared to $1,324 per ounce in the first half of the 2018 financial year.

Trans-Siberian Gold said it was on track to meet its full-year production guidance.

“We are very pleased to announce record interim revenues of nearly $30m for 2019, reflecting a very strong performance for the first six months of the year,” said chief executive officer Alexander Dorogov.

“We reiterate that we are on track to meet our previously guided full year production target of 40koz-44koz.

“During the quarter, we were pleased to announce the appointments of a new highly experienced mine manager at Asacha and a new chief financial officer to strengthen the team.”