CGG:CC - China Gold International Resources Reports 2023 Year-End Results and Provides 2024 Guidance

(TheNewswire)

VANCOUVER, March 28 , 202 4 – China Gold International Resources report s 202 3 Year-EndResults and provide s 202 4 Guidance .

For detailed information, please read the Company’sfinancial statements and Management Discussion and Analysis for theyear ended December 31, 2023 which are available on SEDAR atwww.sedar.com, The Stock Exchange of Hong Kong Limited’s website atwww.hkex.com.hk, the Company's website at www.chinagoldintl.com, callthe Company at +1-604-609-0598 or email toinfo@chinagoldintl.com.

FINANCIAL,PRODUCTION AND OPERATION HIGHLIGHTS

202 3 FOURTH QUARTER

•        Revenue decreased by 72% to US$71.3million from US$253.9 million for the same period in 2022.

•        Mine operating loss of US$1.9 million, decreased byUS$98.5million from mine operating earnings of US$ 96.6 million for the same period in2022.

•        Net loss of US$17.5 million , decreased by US$66.0 million from netincome of US$48.5 million for the same period in 2022.

• Cash flow used inoperation of US$20.9 million, decreased fromcash flow from operation of US$89.1 million for the same period in2022.

•        Total gold production decreased by 57 % to 25,500 ounces from 59,992 ounces for the same period in2022.

•        Total copper production was 184,077pounds (approximately 83 tonnes) as limited production at the Jiamamine resumed on December 15, 2023. Copper production was 4 5 .1 million pounds (approximately 20,472 tonnes) for the same period in 2022.

202 3 ANNUAL RESULTS

•        Revenue decreased by 58% to US$459.4million from US$1,104.9 million for the same period in 2022.

•        Mine operating earnings decreased by 80 % to US$ 80.4 million from US$ 395.6 million for the same period in2022.

•        Net loss of US$23.0 million decreasedfrom net income of US$225.4 million for the same period in2022.

• Cash flow fromoperation decreased to US$1.6 million fromUS$447.3 million for the same period in 2022.

•        Total gold production decreased by 38 % to 147,963 ounces from 238,836 ounces for the same period in 2022.

•        Total copper production decreased by 76% to 44.2 million pounds (approximately 20,051 tonnes) from 187.4 millionpounds (approximately 85,004 tonnes) for the same period in2022.

202 4 GUIDANCE

The Jiama Mine has gradually resumed production starting from the Phase Iprocessing plant on December 15, 2023, with a daily processingcapacity of 6,000 tonnes of ore.  As the resumption of the Phase IIprocessing plant is subject to the results of the government’sreview of the tailings discharge scheme, the timing of resumption isuncertain. Against this backdrop, the Company report s separate production guidance to thetwo mines in 2024.

CSH Mine:

• It is expectedthat the gold production range will be 106,097 ounces to 112,528ounces (approximately 3.3 tonnes to 3.5 tonnes) in 2024.

Jiama Mine :

•        The Company expects to receivegovernment ’s approvalfor the resumption of operations at the beginning of May 2024 . Upon receipt of the approval,Jiama Mine will resume production at the Phase II plant's designedprocessing capacity of approximately 34,000 tonnes per day (tpd).Given that the actual timing of the production resumption depends onthe final date of government ’s approval, the annual production guidance is subject touncertainty.

• It is expectedthat the copper production range will be 95.0 million pounds to 98.0 million pounds (approximately 4 3 , 2 00 tonnes to 44 , 5 00 tonnes) in 2024;

• It is expectedthat the gold production range will be4 2 , 439 ounces to 45 , 333 ounces (approximately1. 32 tonnes to1. 41 tonnes) in2024.

The Company’s Chairman and CEO, Mr. Junhu Tong, said,“Despite the severe challenges faced by the Company in 2023, ourteam has maintained a tenacious working spirit and completed somecritical objectives, including the resumption of the Phase Iprocessing plant of the Jiama Mine and the return of mining at the CSHMine to normal levels. In 2024, the Company will focus on promotingthe full resumption of the Jiama Mine as soon as possible, maintainingthe stable operation of the CSH Gold Mine, and strictly controllingthe cost level to fully improve the Company’s production andfinancial performances.”

AboutChina Gold International Resources

China Gold International Resources is a gold and basemetal mining company incorporated in BC, Canada and operates twomines, the C hang Shan Hao Gold Mine in Inner Mongolia, China and the Jiama Copper-GoldPolymetallic Mine in Tibet, China. The Company’s objective is tobuild shareholder value through growing production at its currentmining operations, expanding its resource base, and acquiring anddeveloping new projects internationally. The Company is listed on theToronto Stock Exchange (TSX: CGG) and the Main Board of The StockExchange of Hong Kong Limited (HKE X : 2099).

For further information on the Company, please refer toSEDAR’s website at www.sedar.com, The Stock Exchange of Hong KongLimited’s website at www.hkex.com.hk, the Company's website atwww.chinagoldintl.com, or call the Company at +1-604-609-0598 andemail to info@chinagoldintl.com.

Cautionary NoteAbout Forward-Looking Statements

Certain information regarding ChinaGold International Resources contained herein may constituteforward-looking statements within the meaning of applicable securitieslaws. Forward-looking statements may include estimates, plans,expectations, opinions, forecasts, projections, guidance or otherstatements that are not statements of fact. Although China GoldInternational Resources believes that the expectations reflected insuch forward-looking statements are reasonable, it can give noassurance that such expectations will prove to have been correct.China Gold International Resources cautions that actual performancewill be affected by a number of factors, most of which are beyond itscontrol, and that future events and results may vary substantiallyfrom what China Gold International Resources currently foresees.Factors that could cause actual results to differ materially fromthose in forward-looking statements include market prices,exploitation and exploration results, continued availability ofcapital and financing and general economic, market or businessconditions. The forward-looking statements are expressly qualified intheir entirety by this cautionary statement. The information containedherein is stated as of the current date and subject to change afterthat date.

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