CGG:CC - China Gold International Resources Reports 2024 First Quarter Results

(TheNewswire)

VA NCOU VE R, May 15 , 202 4 – TheNewswire – C h i n a G o l d I n t e rn a ti o na l R es o u r c es C o rp . L t d . ( T S X : C G G; H KE X : 2099 ) (“ C h i n a G o ld I n t e r na t i ona l R es o u r c e s ” o rt h e “ C o m p a n y ” ) report s financialand operational results for the three months ended March 31,202 4 (“ Q1 ”,“ first quarter ” or “ firstquarter of 202 4 ”). This news release should be read in conjunction withthe Company’s Financial Statements, Notes to the FinancialStatements and Management’s Discussion and Analysis (“ MD&A ”).

For detailed information, please read the Company’sFinancial Statements and MD&A for the quarter ended March 31, 2024which are available on SEDAR’s website at www.sedar.com, The StockExchange of Hong Kong Limited’s website at www.hkex.com.hk, theCompany's website at www.chinagoldintl.com, or call the Company at+1-604-609-0598 and email to info@chinagoldintl.com.

202 4 FIRST QUARTER FINANCIAL , PRODUCTION ANDOPERATION HIGHLIGHTS

•        Revenue decreased by 76% to US$60.5million from US$252.8 million for the same period in 2023.

•        Mine operating loss of US$1 1 . 5 million, compared to mine operating earnings ofUS$ 102.7 million for thesame period in 2023.

•        Net loss of US$2 6 . 0 million , compared to netincome of US$78.7 million for the same period in 2023.

• Cash flow fromoperation of US$7. 2 million, compared to US$127.7 million for thesame period in 2023.

•        Total gold production of 20,714 ounces , a decrease by 61 % from 52,827 ounces for the sameperiod in 2023.

•        Total copper production of 4.6 million pounds (approximately2,093 tonnes) as partial production at the Jiama mine resumed on December 15, 2023 , compared to 44.1 million pounds (approximately 20,025 tonnes) for the same period in2023.

The decrease in production and profit in the firstquarter was mainly attributed to the suspension of operations of theJiama Mine and the lower-than-expected production of CSH Mine due tothe cold climate and the lower mining rate last year. At present, theCompany is in preparations for the full resumption of production inthe Jiama Mine. It is expected that the Company will obtain thegovernment’s final approval before the end of May 2024.

The Company’s Chairman and CEO, Mr. Junhu Tong,stated, “The performance of the Company in the first quarter of 2024continued to be negatively affected by the suspension of Jiama Mineoperation. With the Phase I processing plant at Jiama M ineachieving stable production, we anticipate thePhase II processing plant operation at Jiama M ine to fully resume by the end of May,2024, assuming that safety and environmentalprotection measures are fully implemented and accepted by the government. Despite the cold weather in thefirst quarter impacting CSH M ine’s production, we are confident that CSH Mine’sproduction will return to normal level in thesecond quarter. The development of CSH Mine’s underground resourcesis on schedule and has made significant progress. We will continue tooperate our business with a high degree of responsibility. Thanks toour shareholders and stakeholders for their understanding andsupport.”

AboutChina Gold International Resources

China Gold International Resources is a gold and basemetal mining company incorporated in BC, Canada and operates twomines, the CSH Gold Mine in Inner Mongolia, China and the JiamaCopper-Gold Polymetallic Mine in Tibet, China. The Company’sobjective is to build shareholder value through growing production atits current mining operations, expanding its resource base, andacquiring and developing new projects internationally. The Company islisted on the Toronto Stock Exchange (TSX: CGG) and the Main Board ofThe Stock Exchange 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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