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Silver Lake Resources (ASX:SLR) reports ‘good progress’ in September quarter despite operational challenges – The Market Herald

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  • Despite a ‘challenging’ operating environment, Silver Lake Resources (SLR) reports good progress on its project portfolio for the September quarter
  • In the three months to September 31, the company produced 59,935 ounces of gold and 273 tons of copper.
  • Silver Lake sold 58,794 ounces of gold and 246 tonnes of copper at an average gold selling price of A$2,502 per ounce and all-in sustaining costs (AISC) of A$2,052 per ounce.
  • Moving forward, SLV says it remains focused on maintaining its own FY23 sales are forecast at 260,000 to 290,000 ounces at an AISC range of $1,850 to $2,050 per ounce
  • Shares of Silver Lake fell 8.4 percent to trade at $1.12 as of 3:28 p.m. ET.

Despite a “challenging” operating environment, Silver Lake Resources (SLR) reported good progress on its project portfolio for the September quarter.

In the three months to September 31, the company produced 59,935 ounces of gold and 273 tons of copper.

Silver Lake sold 58,794 ounces of gold and 246 tonnes of copper at an average gold selling price of A$2,502 per ounce and all-in holding costs (AISC) of A$2,052 per ounce.

This was as various phases of operations during the quarter were affected by pressures due to availability of skilled labour, absenteeism and constrained supply chains.

Silver Lake said it would continue to respond to the operating climate to maintain profitability per ounce, particularly with multiple feed sources available at Western Australian facilities.

On the financial front, SLR said it maintained its fiscal 2023 sales forecast in the range of 260,000 to 290,000 ounces at an AISC range of $1,850 to $2,050 per ounce.

During the quarter, the company said exploration produced “excellent results,” demonstrating the potential of its organic growth options to extend mine life and increase production.

Silver Lake ends the quarter with cash and bullion totaling $289 million, down from the previous quarter, thanks to investments in the Sugar Zone and the Tank South development at Mount Monger, which contributed $14.2 million in cash outflows .

Meanwhile, the company also returned $2.9 million to shareholders during the quarter by repurchasing 2.6 million shares.

Moving forward, Silver Lake said it will focus on maintaining group sales guidance for FY23.

The company’s shares fell 8.4 percent to trade at $1.12 at 3:28 p.m. ET.

https://themarketherald.com.au/silver-lake-resources-asxslr-reports-good-progress-in-september-quarter-despite-operational-challenges-2022-10-28/

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