LRTNF - Pure Gold: A Better H2 Ahead As Mining Rates Improve
- Pure Gold finally reached commercial production in August and reported its production results for July.
- The company produced 3,730 ounces of gold for the month in what was expected to be a soft quarter for grades, translating to a quarterly run rate of ~11,200 ounces.
- Based on guidance, the company does not expect to generate any meaningful income in H2, with all-in costs likely to come in above $1,700/oz.
- While Pure Gold will see costs decline in FY2022 as production increases, I continue to see better value propositions elsewhere in the sector.
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Pure Gold: A Better H2 Ahead As Mining Rates Improve