News and Press-releases

GV Gold Increased Gold Production by 34% in Q1 2022

GV Gold (Vysochaishy, PJSC), together with its subsidiaries (hereinafter referred to as “GV Gold”, “Vysochaishy” or “the Company”), one of the largest and fast-growing gold mining companies in Russia, hereby releases its operating results for the 3 months ended March 31, 2022.

In Q1 2022, GV Gold increased production by 34% y-o-y to 55 koz of gold, including 7.5 koz in concentrate. The y-o-y growth was achieved through an improvement in mining performance of the GV Gold Group: ore mined increased by 48%, ore processed - by 12%.

The Ugakhan Mine performed the best (+45%). Its Mill throughput was improved by involving only crushed ore in the processing. The performance qualification launch of the crushing facility was at the end of 2021.

At the Golets Vysochaishy Mine, gold production increased by 30% thanks to an increase in gold grades of feeding ore and up of gold recovery rate which was associated with optimization of the process flowsheet.

The Marakan Mine built up its processing capacity and achieved the gold production at the level of the previous year — 1.6 koz y-o-y. 

The Taryn Mine produced 15.6 koz of gold in Q1 2022, including 7.5 koz in concentrate. In January, the enterprise stopped operation of the mining and hauling complex for the period of abnormally low temperatures. Even so, the ore processed and gold produced increased compared to the previous year owing to the uninterrupted supply of ore through the use of stock reserves.

At the placer asset, Bolshoy Kuranakh (buried placer), the repair and preparation works were carried out in Q1 2022. The washing season started in the first days of April.

GV Gold Operational Results

Q1 2021 Q1 2022     Y-o-Y
Rock moved, kt      21,032      25,575      22 %
Stripping, kt      19,073      22,677      19 %
 Ore mined, kt      1,959      2,898      48 %
 Stripping rate, t/t      10       8      (20 %)
 Ore processed, t      2,399      2,689      12 %
 Total gold production, koz      41.16      55.01      34 %

Refined Gold Production by Mine, koz

Q1 2021 Q1 2022  Y-o-Y
    Golets Vysochaishy     13.81      18.03      30 %
    Marakan      1.57      1.57     (0,3 %)
    Ugakhan      13.66      19.81      45 %
    Taryn      6.57         8.12     24 %
     Bolshoy Kuranakh (placer deposit)      —      —     —
     Refined gold production, koz      35.62      47.53      33 %
    Gold in concentrate, koz      5.54     7.49      35 %
    Total gold production, koz     41.16     55.01       34 %

Company Profile

GV Gold (Vysochaishy, PJSC) is one of the largest and fastest growing Russian gold mining companies. It develops open pit deposits and washes gold at the country’s largest alluvial deposit. In 2021, its assets produced 276 koz of gold.

GV Gold’s key operating assets are located in the Irkutsk Region and the Republic of Sakha (Yakutia). The Company operates four mines with a total capacity of 10.5 Mtpa of ore and holds 42 mining and exploration licenses.

GV Gold boasts an extensive resource base, with JORC reserves and resources estimated at 5.3 Moz and 10.8 Moz, respectively.